Advanced Excel Skills for Accounting Finance Professionals

 Advanced Excel Skills for Accounting Finance Professionals

When you’re getting ready to work in accounting, you’ll need to know how to make accounting work for others. You spend a lot of time managing the ledger and preparing reports. You can’t do any of this, though, if you don’t know how to make the reports make sense.

When you manipulate data in reports, you remove columns or rows that help you get to the bottom line. People will become confused or bored if you do not get to the bottom line.

You must also ensure that you understand how to collaborate with other financial institutions. You are the person who is responsible for working with the IRS during tax season and for submitting payroll payments throughout the year. To handle these accounts, you’ll need people skills as well as the ability to create an environment where everyone in the office is aware of what’s going on.

Any good firm, particularly its accounting and financial records, relies heavily on records.  is a useful tool for financial and accounting professionals that need to make reports, analyze data, and plan financial strategies. You may have a basic understanding of , but you may be unaware of specialized functions that can make your job easier.

If you work in accounting or , you almost certainly use  regularly. Because of its flexibility, versatility, and user-friendly design, this classic spreadsheet tool has remained relevant for decades.

Excel may also aid with company choices and client suggestions by providing data-driven insights. It also contains built-in math skills, making it incredibly useful in a variety of situations.

However, if you want to work in accounting or finance, you’ll need to be familiar with some of Excel’s more advanced features. Here are a few abilities you must have if you want to succeed in your career.

Functions and formulas

Excel’s mathematical abilities are what propelled it to prominence in the accounting and finance professions.

Accounting and financial professionals must have a thorough grasp of the available formulas and functions. If you’re not comfortable with them, it’s a good idea to brush up on your skills to enhance your profession.

Analysis of Pivot Tables

Accounting and financial professionals can use pivot tables and pivot charts to extract useful information from data. They have access to a variety of data sources and can facilitate a thorough dive into the information.

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All about GST Registration

 

What is GST Registration

In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration. The GST registration process can be completed within 6 working days. GST registration can be easily done on the online GST portal. Business owners can fill a form on the GST portal and submit the necessary documents for registration. Businesses must complete the GST registration process.

CBIC has notified the increase in threshold turnover from Rs 20 lakhs to Rs 40 lakhs. The notification will come into effect from 1st April 2019.

GST Registration is a process by which a taxpayer gets himself registered under GST. Once a business is successfully registered, a unique registration number is assigned to them known as the Goods and Services Tax Identification Number (GSTIN). This is a 15-digit number assigned by the central government after the taxpayers obtain registration.

Please note – If you are operating from more than one state, then you will have to take separate registration for each state you are operating from.

Now, you must be wondering if every business is required to register under GST? Let’s understand GST registration and its procedure in detail.

Who is eligible to register under GST?

    GST Registration must be completed by the following individuals and businesses:

    Individuals who have registered under the tax services before the GST law came into effect.

    Non-Resident Taxable Person and Casual Taxable Person

    Individuals who pay tax under the reverse charge mechanism

    All e-commerce aggregators

    Businesses that have a turnover that exceeds Rs.40 lakh. In the case of Uttarakhand, Himachal Pradesh, Jammu & Kashmir, and North-Eastern states, the turnover of the business should exceed Rs.10 lakh.

    Input service distributors and agents of a supplier

    Individuals who supply goods through an e-commerce aggregator.

    Individuals providing database access and online information from outside India to people who live in India other than those who are registered taxable persons.

    Any service provider

    TDS/TCS deductor

Types of GST Registration

Under the GST Act, GST Registration can be of various types. You must be aware of the different types of GST Registration before selecting the appropriate one. The different types of GST Registration are:

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All about E-Way Bill

All about E-Way Bill

E-way bill or Electronic-way bill is a document introduced under the GST regime that needs to be generated before transporting or shipping goods worth more than INR 50,000 within state or inter-state. The physical copy of e-way bill must be present with the transporter or the person in charge of the conveyance and should include information such as goods, recipient, consignor and transporter. The e-way bill was rolled out nationwide on 1st April 2018.

What is GST E-Way Bill?

Under GST, the process and procedural aspects for the movement of goods are prescribed in the e-way bill rules. E-way bill stands for Electronic Way Bill. It is usually a unique bill number generated for the specific consignment involving the movement of goods. However, it is to be noted that the e-way bill implementation was deferred when GST came into being on the 1st of July, in order to give more time to the government, businesses and transporters to prepare for its full and final implementation. States like Gujarat continued to have Form 402 in GST, and clear rules were laid down as to how to help businesses fill a GST Form 402 online till the implementation of the GST e-way bill is complete.

When is the E-Way Bill applicable?

It is applicable for any consignment value exceeding INR 50,000. Even in case of inward supply of goods from unregistered person, E-Way Bill is applicable.

What is the validity of E-Way Bill?

1.      Less than 100 KM: 1 Day

2.      Every 100 Km or part thereof thereafter – 1 additional day

The validity period will be counted from the time of generation of the E-Way Bill. The validity period of the E-Way Bill may be extended by the commissioner for certain categories of goods, as specified in the notification issued in this regard.

Who should generate the E-Way Bill?

1.      When goods are transported by a registered person, either acting as a consignee or consignor in his own vehicle, hired vehicle, railways, by air or by vessel, the supplier or recipient of the goods should generate the E-Way Bill.

2.      When the goods are handed over to a transporter, the E-Way Bill should be generated by the transporter. In this case, the registered person should declare the details of the goods in a common portal.

3.      In case of inward supplies from an unregistered person, either the recipient of supply or the transporter should generate the E-Way Bill.

Documents, Inspection and Verification for E-Way Bill

The transporter or the person in charge of a conveyance should carry the following documents:

1.      The invoice or bill of supply or delivery challan, and

2.      A physical copy of the E-Way Bill or the E-Way Bill number.

At the place of verification, the officer may intercept any vehicle to verify the E-Way Bill or the E-Way Bill number in physical form for all interstate and intrastate movement of goods. On the ground of suspicion of tax evasion, a physical verification of the vehicle can be carried out by an officer after obtaining necessary approval from the commissioner or an officer authorized on his behalf. If the physical verification of vehicle is done at one place –within the state or in any other state, no further physical verification will be carried out again during the transit, unless specific information of tax evasion is made available subsequently.

After every inspection, the officer needs to record the details of the inspection of goods in Part A of Form GST EWB 03 within 24 hrs of inspection and the final report must be recorded in Part B of Form GST EWB 03 within 3 days of inspection. If the vehicle is detained for more than 30 minutes, the transporter has an option to complain by uploading the details in Form GST EWB 04.

GST E-Way Bill Format

The E-Way Bill format in GST comprises of 2 parts – Part A and Part B....

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All you need to Know about Interview Skills & Techniques

All you need to Know about Interview Skills & Techniques

Hey guys...

Hope you all are doing great!

Tired of getting rejected?

We know that you did prepare very well for an interview. Don't worry we are here to help you out from this phase. You don’t have to wait until you have an interview scheduled to begin preparing.

So let's Begin.........!

Do you know?

The interview is how 90% of hiring decisions will be made, be prepared to sell yourself. How you do that will influence the likelihood of an offer and the better the interview, the better the offer potentially!

The best advice on preparation is… to actually prepare!

If you’re reading this, it looks like you are putting in some preparation so give yourself a applause, you’re thumping in the right direction.

Can I give you a relax breath?

Interviewer's questions is absolutely depends on your answers.  (What you want to allow them to ask)

I suggest making sure that you is ‘in it to win it’. Don’t go to an interview to ‘check them out’ or to ‘see what they have to say’. Go to an interview with the intention of winning a great job offer.   

You can easily find lists of common interview questions—but don’t prepare by writing out your entire answer  instead jute down a few notes or bullet points and keep them on hand for the interview itself.

Most asked questions by an interviewer are:

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What are Debit, Credit Note and their Formats?

What are Debit, Credit Note and their Formats?                                             

You might be well aware of the term statement or bill or bill of materials. An invoice is used to maintain a record of sales. So, what happens when there is a change in the value of those invoices. Will you go about editing those invoices? It does not make sense to do so. You have already generated the invoice and recorded those transactions in the journal.

The only way out is to make additional entries that indicate a change in the original invoice value and provide a document for further proof of the actual value of the sale made. These documents are called credit and debit notes.

In the sections that follow, we shall understand what debit note and credit is. We would also learn what should be mentioned within the debit note and credit note and what should be the format of a debit or credit note? Glance through a few examples of debit notes and credit notes.

Debit Note And Credit Note Explained

What is a debit note?

A debit note is also known as a debit memo. It is a document that is issued from a buyer to a seller indicating a request to return funds as a result of incorrect or damaged goods or services or cancellation of purchase. A debit note is issued before a credit note can be issued by the supplier and acts as a buyer’s formal request to issue a credit note.

A debit note can be issued by a buyer to the seller requesting the return of the partial or whole amount of payment already made. It could be due to incorrect or damaged goods received or cancellation of the order, or other special circumstances. A debit note serves as evidence of a purchase return in the buyer’s accounting books. On the other hand, a credit note is proof of a sales return.

It is issued when, as a Client , you receive goods or services that may not be of expected standard while you are in receipt of the final invoice from the seller. As a buyer of goods from a supplier, if you would like to return the purchased goods for any valid reason, you can issue a debit note.

Some common reasons for issuing debit notes:

1.      Damaged or Imperfect goods received.

2.      The purchaser has overbilled the invoice.

3.      Incorrect invoice amount

Let’s look at a debit note example.

Company A is the purchaser, and Company B is the seller or supplier. The sequence of events below will lead to the issuance of a debit note...

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Banking utilities in TallyPrime

 

Banking utilities in TallyPrime

As a business owner, if you use a specific bank to manage your transactions write receiving and making payments, TallyPrime offers you a host of utilities including:

1. Auto bank reconciliation
2. Cheque management
3. E-payments
4. Deposit Slip

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How to create bank ledger in TallyPrime?

Bank ledgers contain crucial information about a bank that you use to make or receive payments. You can provide information such as Bank name, Account no., IFS code, and address while creating bank ledgers.

Simply go to Gateway of Tally > Create > type or select Ledger and press Enter.

OR

Alt+G (Go To) > Create Master > type or select Ledger and press Enter.

Fill in the required details such as;

Name of the bank

Bank Accounts (Saving Account (Bank Account), Over Draft account ( Bank OD), Cash Credit account (Bank OCC))

Account details – Account holder’s name, A/C number, IFSC, Branch, etc.

Auto Bank reconciliation

Reconciling company’s bank books with the banker’s statement is a regular task of accounting. Thus, TallyPrime offers you bank reconciliation capability, which explains the difference between the bank balance shown in an organization’s bank statement, as supplied by the bank, and the corresponding amount shown in the organization’s own [accounting] records at a particular point of time. With TallyPrime, you can:

1. Check correctness of reconciliation
   
2. Recover reconciliation of any date
3. Auto Bank Reconciliation
4. Reconcile manually

TallyPrime’s auto bank reconciliation enables users to reconcile bank statements with a long list of transactions, in the most simplified manner. All you got to do is simply import the bank statements, and the reconciliation will happen, automatically. Yes, it is that simple!

You need to enable the option provided for auto bank reconciliation in the bank ledger to reconcile the transactions made with that bank.

Cheque management

With TallyPrime, you can manage a host of pre-defined cheque formats, multiple cheque books and powerful cheque register, manage your banking needs effortlessly. You can maintain record of all payment made using cheques or if you have received payments through cheques from your parties. In TallyPrime, you can configure the cheques based on the type of cheque book you use in your business. Configure the cheques as your need and get them printed to suit your business needs.

In order to print a self cheque in TallyPrime, cheque printing has to be configured. Then you have to pass a contra entry by entering Self as the Favouring Name in the Bank Allocation screen.

1. Gateway of Tally > Vouchers > press F4 (Contra). Credit the bank account
   
2. Enter the amount in the Credit column
3. Press Enter to go to the Bank Allocations screen
4. Press F12(Configure) > set Show favouring name as Yes, to enter Self as the Favouring name.

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Shortcut Keys in Tally Prime

 

Shortcut Keys in Tally Prime

Tally Prime is the only accounting software which is considered worldwide by individuals and business corporates for maintaining their Accounts. Therefore, Accountants must learn tips and tricks taught in Tally courses. Tally is the most capable software in handling all kind of businesses.

Tally has great scope as it largely benefits fresher’s pursuing career in accounting. There are many Institutes that provide Tally training courses in Nagpur. Anyone can opt to learn Tally Prime, irrespective of their field.

Tally Prime has shortcuts to almost all functions. You do not need to use the mouse to activate any function if you use these tally shortcuts. These keys are an alternative to using the mouse by using your keyboard instead.

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Tally Hidden keys:

Shortcut Keys	Function
Esc	Goes back to the previous screen by closing the current open screen
	Removes the inputs that are provided or selected for any field
F11	Opens Company Features screen
Ctrl + Up/Down	Moves the first or last menu in a section
Ctrl+  Left/Right	Moves to the left-most or right-most drop-down top menu
Home & PgUp	Moves from a line to the first line in any list
Home	Moves from a point in any field to the beginning of the text in that field
End & PgDn	Moves from a line to the last line in any list
End	Moves from a point in any field to the end of the text in that field
Up arrow	Moves one line up
	Moves to the previous field
Down arrow	Moves one line down in any list
	Moves to next field

Read More Tally Prime Shortcut Keys

How to Create Ledgers in Tally Prime

 How to create Ledgers in Tally Prime? After creating a company in Tally, the next step is to create a Groups & Ledgers account. A ledger is an actual account used to identify business transactions and are used in all accounting vouchers. For example, purchase, payments, sales, receipts, and others account heads are ledger accounts. Without a ledger, you cannot record any transaction.

All ledgers accounts have to be classified under groups. These groups and ledgers are classified into profit and loss or balance sheets. There are two already set ledgers in Tally Prime: Cash ledger & Profit and loss account. In this article, we have explained various ways to create Ledgers in Tally Prime. AIAT is the Best Tally Prime Class in Nagpur. They Provide Tally Prime with GST Training in Nagpur.

Create Ledgers One by One

1.      Go to Gateway of Tally > Create > type or select Ledger and press Enter.

2.      Alternatively, press Alt+G (Go To) > Create Master > type or select Ledger and press Enter.

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How to Create Company in Tally Prime?

 How to Create Company in Tally Prime?

A company in Tally Prime is a book in which all the financial transactions of a company are recorded. In simple words, it’s just like how you create a book for recording your business transactions, you need to create a company to record the transactions in Tally Prime.

If you have just brought or moved to Tally Prime, company creation is the first step after you have installed and activated Tally Prime license. Before you start with company creation, here is a quick tip that will be useful for navigating to different fields that you see on the screen.

“Enter” key to navigate down or forward

“Backspace” key to navigate up or backwards

How to Create a company in TallyPrime?

Below are the steps to create a company in TallyPrime.

• To being with, press “Enter” on “Create Company”

• Type the name of your company. For example, “Max Electronics”
• Type your address and select your state or province
• Country will be selected automatically
• Type your Pin code        
• Mention the contact details of your company
• Next, specify the financial year from which you want to maintain your books in TallyPrime

• If you wish to add more details, press F12 for configure and enable options as required. You can enable “Use User Access Control” to set password for company data as well as to manage user roles & logins. Press “Enter” to accept the configurations
• Move to the last field on the screen. You will get a message asking whether you would like to accept the settings. Press “Y” to accept and “N” to continue editing the screen

• Done! Your company is created

Configure company features in TallyPrime

Next, you will be asked to set the features that are required to manage your books.  To see advanced features, set ‘Show more features’ to Yes

Set ‘Yes’ to features that are required. You can do it anytime by navigating to the features screen by pressing F11 for features

Move to the last field on the screen and Press ‘Y’ to accept the screen. Now, you are now ready to record transactions

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