Accountancy

At ABZ Commercial, we provide professional services to our client in terms ofbookkeeping (monthly, quarterly, annually), financial statements (Trial Balance, Profit & Loss statement, Balance Sheet) financial performance review including aging analysis of inventory, receivables, and payables.

Let ABZ Commercial Removes the stress and hassle of dealer business by providing services like:

  • Bookkeeping
  • Financial Reporting
  • Auditing(Non-Statutory)
  • VAT Registration and services
  • Business Valuation
  • Business Plan
  • Financial Forecasting
  • Financial Modeling
  • Investment Advisory
  • Portfolio Management
  • Equity Valuation
  • Coasting and budgeting
  • Data compilation

Accounting & Bookkeeping Consists of following:-

  • Recording of Accounting Transactions
  • Reconciliation of Ledgers
  • Maintenance of Cash Book
  • Creating chart of accounts
  • Maintenance of Fixed Assets Register
  • Setting up the ledgers
  • Preparation of periodic Financial Statements
  • Preparation of Financial Statements for audit purpose

Recording of Accounting Transactions

Have you ever forgotten to record a check in your checking account register? I sure have. It wasn't a huge mistake on my part, but can you imagine what it would be for a business? Not recording something in the right place could significantly affect the financial statements for the business. That's why it's so important to record each and every business transaction that occurs in a business.

Recording business transactions is a multi-step process. The first step in recording business transactions is to examine the transaction and decide what accounts will be affected. The second step in recording business transactions is to decide what account will be debited and what account will be credited. The third step in recording business transactions is to actually document the transaction in a journal.

Reconciliation of Ledgers

A general ledger can be defined as the financial record of every transaction of a company. Commonly, it is referred to as the “books” of the company. In the general ledger each of the transactions are recorded twice, as both a subtraction (debit) and addition (credit). The general ledger is the main accounting record of the company.

Consequently, general ledger reconciliation is the process of ensuring that accounts contained in the general ledger are correct. In short, reconciliation is making sure that the appropriate credit and debit are placed in the associated accounts. Seemingly simple, this process requires an experienced bookkeeper when applied to small companies Complicated applications require the hand of a trained CFO or equivalent controller. In either situation, a general ledger reconciliation policy must by enacted to ensure consistency.

Maintenance of Cash Book

A Cash Book is a ledger that is used to keep the record of income and expenditure. Usually the cash book of FGEIs (C/G) schools and many other departments is maintained month wise. Each page is for one month. On the left side incomes during the month are shown while the right side is for expenditures during the same month. I have made the maintenance of Cash Book easy with the help of excel sheet. All the formulas have been put there. You just need to enter the incomes and expenditures and all the calculations will be made automatically.

Incomes in Cash Book

The right page is for incomes entry. Just enter the income in the column of “Cash Rs.” and “Bank Rs.”. Then you can distribute the main amount according to their categories.

Expenditures in Cash Book

The right page is for expenditures. As explained in income page just in the same way enter the expenditures at this page. All the calculations will be made automatically just mention the Balance as per bank statement that is obtained by the bank statement slip.

Maintenance of Fixed Assets Register

Fixed assets management is an accounting process that seeks to track fixed assets for the purposes of financial accounting, preventive maintenance, and theft deterrence.

Organizations face a significant challenge to track the location, quantity, condition, maintenance and depreciation status of their fixed assets. A popular approach to tracking fixed assets uses serial numbered asset tags, which are labels often with bar codes for easy and accurate reading. The owner of the assets can take inventory with a mobile bar code reader and then produce a report.

Off-the-shelf software packages for fixed asset management are marketed to businesses small and large. Some enterprise resource planning systems are available with fixed assets modules.

Some tracking methods automate the process, such as by using fixed scanners to read bar codes on railway freight cars or by attaching a radio-frequency identification (RFID) tag to an asset.

Setting up the ledgers

A general ledger contains all the accounts for recording transactions relating to a company's assets, liabilities, owners' equity, revenue, and expenses. In modern accounting software or ERP, the general ledger works as a central repository for accounting data transferred from all subledgers or modules like accounts payable, accounts receivable, cash management, fixed assets, purchasing and projects. The general ledger is the backbone of any accounting system which holds financial and non-financial data for an organization. The collection of all accounts is known as the general ledger. Each account is known as a ledger account. In a manual or non-computerized system this may be a large book.

The statement of financial position and the statement of income and comprehensive income are both derived from the general ledger.[2] Each account in the general ledger consists of one or more pages. The general ledger is where posting to the accounts occurs. Posting is the process of recording amounts as credits (right side), and amounts as debits (left side), in the pages of the general ledger. Additional columns to the right hold a running activity total (similar to a chequebook).

Preparation of periodic Financial Statements

Financial statements (or financial report) is a formal record of the financial activities and position of a business, person, or other entity.

Relevant financial information is presented in a structured manner and in a form easy to understand. They typically include basic financial statements, accompanied by a management discussion and analysis:

  • A balance sheet or statement of financial position, reports on a company's assets, liabilities, and owners equity at a given point in time.
  • An income statement or statement of comprehensive income, statement of revenue & expense, P&L or profit and loss report, reports on a company's income, expenses, and profits over a period of time. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period.
  • A Statement of changes in equity or equity statement or statement of retained earnings, reports on the changes in equity of the company during the stated period.
  • A Statement of changes in equity or equity statement or statement of retained earnings, reports on the changes in equity of the company during the stated period.
  • A cash flow statement reports on a company's cash flow activities, particularly its operating, investing and financing activities.

Preparation of Financial Statements for audit purpose

A financial audit is conducted to provide an opinion whether "financial statements" (the information being verified) are stated in accordance with specified criteria. Normally, the criteria are international accounting standards, although auditors may conduct audits of financial statements prepared using the cash basis or some other basis of accounting appropriate for the organisation. In providing an opinion whether financial statements are fairly stated in accordance with accounting standards, the auditor gathers evidence to determine whether the statements contain material errors or other misstatements.

The audit opinion is intended to provide reasonable assurance, but not absolute assurance, that the financial statements are presented fairly, in all material respects , and/or give a true and fair view in accordance with the financial reporting framework . The purpose of an audit is to provide an objective independent examination of the financial statements, which increases the value and credibility of the financial statements produced by management, thus increase user confidence in the financial statement, reduce investor risk and consequently reduce the cost of capital of the preparer of the financial statements