We maintain two types of Accounts and both are used differently in closing procedure. For balance sheet, the balance is carried forwarded to the same Account in the next year. But, in case of profit and loss statement, balance is carried forward to a retained earning account in SAP and the profit and loss Account is set to zero. When you define retained earning account in … [Read more...] about Retained Earning Account – Carrying Forward of Profit / Loss Account in SAP
Archives for June 2013
What is cost element in SAP controlling module
Cost element in SAP classifies the organization’s valuated consumption of production factors within a Controlling Area. Main function of cost element in sap controlling module is to carry cost to different cost objects and then assign it to the product that is about to manufacture. Broadly if you classify cost elements in sap Controlling then it will be divided under two … [Read more...] about What is cost element in SAP controlling module
Difference between partial payment and residual payment in SAP
Partial payment in SAP is a payment that is posted to an account without any open items being cleared. Allocation of this partial payment to an open item is to be carried out. When posting, the system marks the document number of the original open item in the line item for the partial payment. The original open item and the partial payment remain open. The system stores the … [Read more...] about Difference between partial payment and residual payment in SAP
ITRV Submission – Acknowledgement of your Income tax return
When you furnish your Income Tax return online with digital signature, on successful transmission of the data, an acknowledgement known as ITRV will be generated by the server of the IT departnement and will be available to the person in printable format. Tax acknowledgement copy or ITRV shall contain the acknowledgement number of the electronic transmission and the date of … [Read more...] about ITRV Submission – Acknowledgement of your Income tax return
What is a TIN Facilitation Center and How to find a TIN Facilitation Center
Tax information network or in short TIN has been in India to process various forms related to PAN and TDS of a person in India or abroad. These TIN Facilitation Centers cum PAN Centers are operated by NSDL and available across the country for applying of PAN and to fulfill other statutory requirements. Companies like Alankit Assignments Limited, Integrated Registry … [Read more...] about What is a TIN Facilitation Center and How to find a TIN Facilitation Center
What is company’s Annual Report – Relevance and Use
To a layman annual report is a report that is prepared every year. But, they do not know how annual reporting started and what this annual report contains. In this article you will know what an annual report contains and history of it. After the crash of stock market in 1929, regulatory have made it mandatory to become annual report as a part of the corporate financial … [Read more...] about What is company’s Annual Report – Relevance and Use
How to verify PAN Card details
PAN card is used as a identity proof and for deduction of TDS by the employer or deductor. In such cases its very important to verify pan card details of the person to know whether it's a genuine or not. There can also be situations where you do not know your Permanent Account Number and urgently require your card number to give it to someone. In this type of situation you … [Read more...] about How to verify PAN Card details
Track your PAN Card Application Status
PAN card status can be verified online with the help your acknowledgement number at NSDL site. With the details of acknowledgement number, Name and Date of birth, you can get the status of your PAN card online. You can even know when the card has been dispatched and the courier name. Link to track your Application status: … [Read more...] about Track your PAN Card Application Status
Important Parts of an Annual Report
Annual reports are prepared by the management every year for their stakeholders. It provide lots of information starting from financial viability to company's future visions or goal. We have listed four important parts of an annual report that one should look in to have a better view of company's financial condition; Auditors report to shareholdersFinancial statements … [Read more...] about Important Parts of an Annual Report
What is Annual Report – Difference between quarterly report and annual report
Annual Report is a comprehensive report prepared by an organization to showcase their yearly performance to shareholders or stakeholders. The objective of an annual report is to satisfy the needs of existing and possible future shareholders by providing financial and other information about a company. The annual report is an important document containing the … [Read more...] about What is Annual Report – Difference between quarterly report and annual report