How to control Inventory?

How to do Grouping Correctly?

 How to Manage Data?

 

All these questions are answered by your Finsys.

Like wise an Aquarium with different marine animals inventory also have different sub-groups in itself named – raw material, work in process, semi-finished goods, bought out parts (BOP), capital goods  & finished goods.

Opening Proper code while entering and making proper code for grouping is the only way to group your data more accurately and manage in your ERP system.

It doesn’t bother how much your ERP system is good until you are doing mistakes while entering data.

 

 

For an example, you have made the Material Receipt Report (MRR) as it’s necessary for accounting but not enter Issue Slip and also procrastinating it, this will rot the data eventually.

We visited one of our customer where they told us that their system gets auto lock in 2 days if something like above situation happens.

If auto lock happens every one gets intimation for not able to put data in back dates and the it gets reported.

 

 

Timely entry of all the necessary data, grouping correctly and not editing transaction will prevent you from all this.

Try to use Finsys efficiently and effectively.

Finsys at your service.

 

Listen the YouTube video below made by the Co-Founder of Finsys Mr. Puneet Gupta for more clarity and you can stay in touch just by following and subscribing.

 

You can also Contact us.

 

Are you updated with your Closing Stock Report Daily ??

 

Closing Stock Report summary should be checked daily by MD Team/MIS Team/ MD right-hand Team/Store head/Purchase head.

Store Report should be daily taken out and work on these 6 summary Reports with copy of E-mail should be attached on top on daily basis-

 

1️⃣

Raw Material

 

2️⃣

Finished Goods

 

3️⃣

Customer rejection line with us

 

4️⃣

Vendor rejection line with us

 

5️⃣

Work in Progress as per ERP (70 series)

 

6️⃣

Work in Progress on the Floor (R.M series)

 

and

others if any…Important areas are – Consumer, Packaging Material

 

You should know the target of your ideal daily stock, if more or less comments should be written respectively.

 

Make this part of your daily working routine!!!

 

For more such information listen the video below by – Mr. Sangeet Kumar Gupta, F.C.A and Co-founder of Finsys.

Also Read: Why to attach hardcopy of vouchers with invoices ?

Facing Problem in Cash Flow while paying Advance Tax??

 

 

Here is the solution for you

 

 

 

Pay in EMI

Pay in Monthly Instalments

You can pay in 12 instalments even in 50 instalments by paying in every week.

 

Suppose you have to pay Rs.5,000,000 for the year start paying Rs.100,000 per year it will helps you in reducing burden of tax and solving the Cash Flow issue.

 

Enjoy your Accounting!!

 

 

CA Students training on TPO case completed..

MLG team gave detailed training to the CA Final Students of the current batch, on the Transfer pricing assignments and TP cases

this included

• Preparing the TP Study
• use of Capitaline Software
• Use of case studies
• TNMM method
• Meeting the TPO officers of IRS Rank
• Meeting the TPO junior officers of Inspector Ranks
• Discussion on the case
• Pros and Cons of the case
• Choosing the comparables
• excluding the non comparables
• Lot of other things
• Entire TP cycle
• Filing the Replies online
• Using the Income tax portal

Best part of the training was meeting the TPO officers themselves.

 

for theory see link the website of Govt : https://incometaxindia.gov.in/pages/international-taxation/transfer-pricing.aspx

​​​​​1.1-‘TRANSFER PRICE” AND “TRANSFER PRICING”​​

The expression “Transfer Price” is used in the Act in section 92CE and in Explanation to section 92CB of the Income-Tax Act, 1961 (hereinafter referred to as ‘the Act’). The expressions “Transfer Pricing” is used in section 92CA as part of the term “Tran​sfer Pricing Officer”. Though these two terms are used in Chapter X of the Act, they are not defined in the Act. The Income-Tax Rules, 1962 (‘the Rules’) also do not define these terms.

Transfer Price is the actual price charged in a transaction between related entities which are part of the same Multi National Enterprises (MNE) group. The tax rates vary from country to country. So, there is incentive for MNE group to set transfer prices for transactions between its group members such that tax liability for the group as a whole is minimized. This involves setting transfer prices in such a way that less profits are booked in countries with higher tax rates. For example, a company which is a member of group manufactures products in a high tax country. The company would sell them at a low price/ profit to its affiliates/associates in tax haven countries at lower prices/ profits. These prices are lower than the prices that would have obtained had these enterprises been unrelated and dealt at “arm’s length” and erode the tax revenues of the host country. Thus, transfer pricing refers to tax avoidance practiced by MNE groups by setting transfer prices of intra group transactions such that these differ from the prices that would be obtained had the group members been unrelated entities dealing at arm’s length.

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