Receipts Manager by Zybra

Zybra Accounting Software is an easy to use cloud based accounting software for Small & Medium scale business. It makes Accounting EffortLess and can be accessed Anytime & Anywhere. Zybra is a feature rich software with many features including 1. Dashboard – Real-time updates of data in graphical form. Shows graphs of Total Receivables, Total Payables, Cash Flow, Top Expenses, Income vs Expenses and more. 2. Contact – User can manage all the contacts of Customers & Vendors. User can also view the receivables & payables of each of them & generate customer/vendor statements. 3. Inventory – User can manage basic inventory of items/services. 4. Banking – All Cash & Bank Accounts can be added & managed here. 5. Sales – User can Add/Send/Edit/Covert Estimates/Invoices/Recurring Invoices/Credit Notes/Payment Received for sales related transactions the business. 6. Purchase – User can Add/Send/Edit/Covert POs/Bills/Recurring Bills/Vendor Credits/Payment Made/Expense/Recurring Expense for purchase related transactions the business. 7. Accountant – All chart of accountants & Journal Entries can be managed here. 8. Taxes – User can create different Taxes, Compound Taxes for sales & purchase entries. 9. Documents – This is a basic DMS for all bookkeeping related documents(Invoices/Bills/Receipts/Bank Statements)[this works well with Receipts Manager App]. 10. Reports – Gives access to 40+ different reports including P&L, Cashflow & Balance Sheet 11. Organization Profile – User can manage details about their organization & add logo for each transaction document that is generated. 12. Opening Balances – to enter the opening balance of the last Financial Year when starting to use the software 13. User & Role Management – Apart from basic accounting features, user can also invite/control access to different users for Add/View/Delete rights for different section. 14. Module Preferences – Activate/Inactivate modules when not needed for the business. 15. Live Chat Support – a 24x7 live chat support is provided inside the software.
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Audit Under GST

Audit-under-GST-Regime-Audit-in-GST-Law

The term ‘audit’ under GST means the examination of records, returns and other documents of a registered person to verify that the turnover declared, taxes paid, refund claimed an input tax credit availed are correct.

Types of Audit in GST:

1. Annual Audit by CA:

The GST Council has specified GST audit applicability as per the GST audit limit. The GST Audit turnover limit is Rs. 2 crores, so any registered person having a turnover above Rs. 2 crores has to get his accounts audited by a Chartered Accountant. While making an annual return in Form GSTR-9, one has to submit a copy of the audited accounts and a reconciliation statement.

2. Audit by GST Authorities:

A. General Audit:

Under General audit, the Commissioner or any officer authorised by him can undertake audit of any registered person.

General GST Audit process:

  • The audit will be conducted at the registered person’s place of business or in his/her office.
  • The person will be informed about the audit by a notice at least 15 working days prior to the date of the audit.
  • The GST audit due date will be 3 months from the date of commencement of the audit, i.e. audit has to be completed within 90 days. If the Commissioner feels that the audit cannot be completed in 3 months, then it can be extended by another 6 months.The reasons for the extension have to be recorded in writing.
  • After the audit is completed, the Officer should inform the registered person, within 30 days, about the findings, reasons for the findings and his rights and obligations.
  • The Officer will initiate action for recovery of the tax if the audit results in detection of tax not paid or short paid or wrongly refunded or input tax credit wrongly availed.

B. Special Audit:

During a process of scrutiny, inquiry or investigation, if an Officer feels that the value of tax has not been correctly declared or wrong credit has been availed, he can initiate a Special Audit. Under Special audit, the registered person will be directed towards a Chartered Accountant to get their accounts audited. Within 90 days, the nominated chartered accountant has to submit the GST Audit report. This period can be extended for another 90 days if needed.The officer will initiate the action for recovery of the tax if the audit results in the detection of tax not paid or wrongly refunded or input tax credit availed falsely.

  • Posted on Oct 31, 2017
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  • By Dhruv
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  • 0 Comments

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