What is TDS? Tax Deducted at Source (TDS) is a system introduced by Income Tax Department, where the person responsible for making specified payments such as salary, commission, professional fees, interest, rent, etc. is liable to deduct a certain percentage of tax before making payment in full to the receiver of the payment. As the…
One of the most popular methods of financing is borrowing. Loans can be short term, long term, secured, or unsecured and should be recorded accordingly. It is important to keep track of the principle and interest amount, and record them respectively in books for correct accounting. Classification is vital as ‘interest’ paid on loan is…
Owners or co-founders keep investing in their own businesses during early stage of their startup or even at later stage. This helps them to improve the company’s cashflow or make funds available for new equipment, paid marketing or hiring additional staff. Recording capital investments of your own money or your business partner’s money is important for keeping company accounts…
If you are providing your services to foreign clients, you might want to create invoices in currency that is different than your base currency. ProfitBooks supports multi currency accounting and invoicing. While creating new customers or vendors, you need to specify their currency & ProfitBooks will use that currency in invoices or other vouchers. Lets…