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Accounts and bookkeeping

The accounting side of KJB — where the trading day ends up, and how to read it.

Understand

  • Day Summary — one day of sales, money received and cash in the drawer, and whether every sale is recorded in your accounts.
  • GST returns — what to enter on the GST portal each month: GSTR-1 and GSTR-3B, laid out as the portal's tables.
  • Day Book, Ledger and Journals — every voucher by date, one account's balance, and the entries you make by hand.
  • Chart of Accounts — groups, ledgers, opening balances, and GST you cannot claim.
  • Purchases — what you bought from suppliers, what you owe them, what you have paid, and the GST credit (ITC) you can claim.
  • Expenses — rent, salaries, power and other money paid out: GST you can claim, reverse charge on rent, and TDS you deducted.
  • Profit & Loss, Balance Sheet and Trial Balance — did the business make money, what it owns and owes, and whether every ledger adds up.
  • ITR figures — every business figure of your income tax return (ITR-4), filled from your books, and what to check before you file.
  • Receipts and Payments — money in and out of cash and bank that is not a sale, a bill or an expense: receipts, payments and contras, with cheque and UTR numbers.
  • Bank Reconciliation — upload your bank statement, match it to your vouchers, and bring the difference to 0.00, with the GST on bank charges and card or UPI fees.
  • Cheques — every cheque you gave or received, whether it has cleared, spoiled cheques, and cheque printing.
  • Bank accounts — add a bank in Chart of Accounts with its details, opening balance, date to reconcile from and cheque books.
  • Year Close — the "No entries before this date" that protects a year you have filed.

Reference

  • Tally — send your vouchers to your CA's TallyPrime: a file for a date range, or automatically each day.
  • Edit Log — who created, altered, cancelled or deleted each voucher, and why GST law needs it.

  • Close the day — the operational close, which a period close depends on but is not.

  • Reading a report — the operational reports, and what to check before believing a figure.

  • Books at a glance — the owner's summary of the same money.