Commerce Academy

Commerce Academy is an ed-tech platform offering the world's most advanced courses in accounting & Indian Taxation with some unique features.  

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Today Live Class at 4:00 PM

January GST return filing Doubts and Query Answered Link 🔗 https://m.youtube.com/c/AcademyCommerce

#Januarygstreturn #commerceacademy #IFF

QRMP - IFF | IFF file FAQ| Invoice Furnishing Facility.

In this video, we learn how to file IFF in January GST return with live example. Invoice Furnishing Facility

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Call & Whatsapp  [phone] www.commerceacademy.net #QRMP​ #AcademyCommerce​​ #GSTReturn​​ #compeltegstreturn​​ #gstreturninhindi​​ #gstreturnfilinginhindi​​ #januarygstreturn

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A debtor is an individual or entity that owes money to a creditor. The concept can apply to individual transactions, so that someone could be a debtor in regard to a specific supplier invoice, while being a creditor in relation to its own billings to customers. Even a very wealthy person or company is a debtor in some respects, since there are always unpaid invoices payable to suppliers. The only entity that is not a debtor is one that pays up-front in cash for all transactions. Thus, an entity could be a debtor in relation to specific payables, while being flush with cash in all other respects. A debtor is considered to be in default if it does not pay a debt within the payment terms of the debt agreement. Thus, a short payment or late payment could trigger a default. In a situation where there is a possibility, but not a probability, of a liability, there is no liability to record. This means that the person or entity to which the event applies is not considered a debtor until such time as the liability becomes probable and it is possible to estimate the amount of the loss. Click on campsite.bio/commerceacademy to connect with us. We have an ongoing series/playlist on YouTube poised towards Basic Accountancy. Check out our YouTube channel by clicking the above link.

#commerceacademy #academycommerce #learningcommerce #AccountingOnline #asset #assets #LearnCommerce #learnaccounts #elearning #elearningplatform #staysafe #likeforlike #followforfollow #capital #capitalaccounting #capitalgains #debit #debitor #liability #default #GSTR3B

[commerceacademy]

E-way bill is an electronic document generated on the GST portal evidencing movement of goods. It has two Components-Part A comprising of details of GSTIN of recipient, place of delivery, invoice or challan number and date, value of goods, HSN code, transport document number and reasons for transportation; and Part B comprising of transporter details.

E-way bill is to be generated by the consignor or consignee himself if the transportation is being done in own/hired conveyance or by railways by air or by Vessel. If the goods are handed over to a transporter for transportation by road, E-way bill is to be generated by the Transporter.

E-way bill is a mechanism to ensure that goods being transported comply with the GST Law and is an effective tool to track movement of goods and check tax evasion.

Click on campsite.bio/commerceacademy to connect with us.

We have an ongoing series/playlist on YouTube poised towards GST and latest reforms pertaining to it. Check out our YouTube channel by clicking the above link. 

#commerceacademy #academycommerce #learningcommerce #AccountingOnline #asset #assets #LearnCommerce #learnaccounts #elearning #elearningplatform #staysafe #likeforlike #followforfollow #capital #capitalaccounting #capitalgains #ewb #ewaybill #gst #gstreturn #gstn #ewaybillgst #StayHomeStaySafe #gstr1 #GSTR3B

[commerceacademy]

Drawings are the amounts taken by the owner of a business for his personal use in anticipation of profit. Drawings are usually made in the form of cash, but there could be other assets or goods withdrawn by the owner for his personal use. Drawings by the owner of the company will need to be recorded in the balance sheet as a reduction in the assets and a reduction in the owner’s equity as an accounting record needs to be maintained to track money withdrawn from the business by its owners. An account is set up in the balance sheet to record the transactions taken place of money removed from the company by the owners. This is known as the ‘drawing account’. In the drawing account, the amount withdrawn by the owner is recorded as a debit. If goods are withdrawn, the amount recorded is at cost value. 

Click on campsite.bio/commerceacademy to connect with us. 

We have an ongoing series/playlist on YouTube poised towards Basic Accountancy. Check out our YouTube channel by clicking the above link. 

#commerceacademy #academycommerce #learningcommerce #AccountingOnline #asset #assets #LearnCommerce #learnaccounts #elearning #elearningplatform #staysafe #likeforlike #followforfollow #capital #capitalaccounting #capitalgains

[commerceacademy]

Capital is a term for financial assets, such as funds held in deposit accounts and/or funds obtained from special financing sources. Capital can also be associated with capital assets of a company that requires significant amounts of capital to finance or expand. Capital can be held through financial assets or raised from debt or equity financing. Businesses will typically focus on three types of business capital: working capital, equity capital, and debt capital. While it may seem that the term capital is almost the same as money, there is an important difference between the two. Money is used for the purchase and sale of goods or services within a company or between two companies or individuals and therefore has a more immediate purpose. Capital, however, also includes assets such as investments, stocks, and other assets that are more long-term and could benefit the company in the future. Capital involves the aspects of a company that help build and improve it, that form its base for generating revenues. 

Click on campsite.bio/commerceacademy to connect with us. We have an ongoing series/playlist on YouTube poised towards Basic Accountancy. Check out our YouTube channel by clicking the above link. 

 #commerceacademy #academycommerce #learningcommerce #AccountingOnline #asset #assets #LearnCommerce #learnaccounts #elearning #elearningplatform #staysafe #likeforlike #followforfollow #capital #capitalaccounting #capitalgains

[commerceacademy]

Invoice Furnishing Facility (IFF) allows small taxpayers to upload their invoices every month. The Central Board of Indirect Taxes & Customs (CBIC) had notified the Invoice Furnishing Facility on 10.11.2020 via notification number 82 /2020-Central Tax. A quarterly GSTR-1 filer is a small taxpayer with a turnover of up to Rs.1.5 crore. The taxpayers whose aggregate turnover is less than Rs.1.5 crore in the preceding financial year can file their GSTR-1 every quarter. This is allowed to reduce the compliance burden on small taxpayers. As the Invoice Furnishing Facility is optional for the quarterly GSTR-1 filers, the GST portal may give a timeline to opt-in for the same. Once the small taxpayers opt for it, the GST portal will provide this facility to these quarterly filers for the first two months of the quarter. The invoices should be uploaded in IFF from 1st to the 13th of the subsequent month. The scheme shall come into effect from 1 January 2021.

Click on campsite.bio/commerceacademy to connect with us. We have an ongoing series/playlist on YouTube poised towards GST and latest reforms pertaining to it. Check out our YouTube channel by clicking the above link. 

#commerceacademy #academycommerce #learningcommerce #AccountingOnline #asset #assets #LearnCommerce #learnaccounts #elearning #elearningplatform #staysafe #likeforlike #followforfollow

[commerceacademy]

An asset represents an economic resource for a company or represents access that other individuals or firms do not have. A right or other access is legally enforceable, which means economic resources can be used at a company's discretion, and its use can be precluded or limited by an owner. For an asset to be present, a company must possess a right to it as of the date of the financial statements. An economic resource is something that is scarce and has the ability to produce economic benefit by generating cash inflows or decreasing cash outflows. Assets are reported on a company's balance sheet and are bought or created to increase a firm's value or benefit the firm's operations. An asset can be thought of as something that, in the future, can generate cash flow, reduce expenses, or improve sales, regardless of whether it's manufacturing equipment or a patent. Assets can be broadly categorized into short-term (or current) assets, fixed assets, financial investments, and intangible assets. 

 Click on campsite.bio/commerceacademy to connect with us. We have an ongoing series/playlist on YouTube poised towards Basic Accountancy. Check out our YouTube channel by clicking the above link. 

 #commerceacademy #academycommerce #learningcommerce #AccountingOnline #asset #assets #LearnCommerce #learnaccounts #elearning #elearningplatform #staysafe #likeforlike #followforfollow

[commerceacademy]

Sales refers to the volume of goods and services sold by a business during a reporting period. A sale determines that the seller provides the buyer with a good or service in exchange for a specific amount of money or specified assets. To complete a sale, both the buyer and the seller have to be considered to be competent enough to make the transaction. They also have to be in agreement regarding the specific terms of the sale. In addition, the good or service that is being offered has to actually be available to purchase, and the seller has to have the authority to transfer the item or service to the buyer. When quantified into a monetary amount, it is positioned at the top of the income statement, after which operating and other expenses are subtracted to arrive at a profit or loss figure. The term can also refer to the selling organization of a business, and the activities this group engages in to secure orders from customers. Connecting with us is easier now. Just click on https://campsite.bio/commerceacademy to access our online presence. #commerceacademy #learningcommerce #academycommerce #GST #gstn #gstreforms #accounts #accountingbasics #elearning #youtuber #youtube #accountingonline #staysafe #learncommerce #learnaccounts #basics #likeforlike #followforfollow https://www.instagram.com/p/CJWQDLEBss2/?igshid=87fmblttpm7t

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The Central Board of Indirect Taxes & Customs (CBIC) introduced Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme under Goods and Services Tax (GST) to help small taxpayers whose turnover is less than Rs.5 crores. The QRMP scheme allows the taxpayers to file GSTR-3B on a quarterly basis and pay tax every month. We did a separate video introducing this new reform a while back. Click on the following link to watch it: https://youtu.be/H853FManxEM. To learn more about accounting, head onto our YouTube channel: youtube.com/c/AcademyCommerce. #commerceacademy #learningcommerce #academycommerce #GST #gstn #gstreforms #accounts #accountingbasics #elearning #youtuber #youtube #accountingonline #staysafe #learncommerce #learnaccounts #basics #likeforlike #followforfollow https://www.instagram.com/p/CJV71nXhgnu/?igshid=u6wrhwkkypem

[commerceacademy]

A purchase means to take possession of a given asset, property, item or right by paying a predetermined amount of money for the transaction to be completed successfully. In other words, its’ an exchange of money for a particular good or service. It is a routinely operation carried by both individuals and corporations. The purpose of this financial transaction is to transfer the ownership of a piece of property physical, intellectual, virtual or else. It is therefore a kind of expense and is hence included in the income statement within the cost of goods sold. Purchases may also include buying of raw materials in the case of a manufacturing concern or finished goods in the case of a retail business. However, in accounting, we have to differentiate between purchases as explained above and other purchases such as those involving the procurement of a fixed assets (e.g. factory machine or building). Such purchases are capitalized in the statement of financial position of the entity (i.e. recognized as assets of the entity) rather than being expensed in the income statement. To learn more about accounting basics, head onto our YouTube channel. We have started e new series poised towards accounting and commerce basics. Or visit https://youtu.be/bNQSdNjaAng. #commerceacademy #learningcommerce #academycommerce #goods #finishedgoods #accounts #accountingbasics #elearning #youtuber #youtube #accountingonline #staysafe #learncommerce #learnaccounts #basics #likeforlike #followforfollow https://www.instagram.com/p/CJTx5fHBSVF/?igshid=1sikfuxiryxid

[commerceacademy]

Goods are inventory items unique to manufacturers. As retailers purchase their inventory in completed form, there’s no need to categorise or segment their inventory. Goods and products that have been purchased ready for sale are known as merchandise. The finished goods inventory is recorded on a company’s income statement as a short-term or current asset, as it is assumed that the finished goods will be sold within a year.At the end of the accounting period, the finished goods inventory is usually combined with raw materials and work in process under one single ‘Inventory’ line on a company’s balance sheet.Finished goods will often undergo a markup, meaning that the price for which they are sold is increased from the original purchase price. Markup amounts can differ, but it is not uncommon for markups to be around 50% more than the price of the original manufacturer. To learn more about accounting basics, head onto our YouTube channel. We have started e new series poised towards accounting and commerce basics. Or visit https://youtu.be/bNQSdNjaAng. #commerceacademy #learningcommerce #academycommerce #goods #finishedgoods #accounts #accounting basics #elearning #youtuber #youtube #accountingonline #staysafe #learncommerce #learnaccounts #basics #likeforlike #followforfollow https://www.instagram.com/p/CJQ7vOJhaqQ/?igshid=1b1mjtj3cjpk3

[commerceacademy]

A journal entry is a record of the business transactions in the accounting books of a business. A properly documented journal entry consists of the correct date, amounts to be debited and credited, description of the transaction and a unique refrence number. A journal entry is the first step in the accounting cycle. A journal details all financial transactions of a business and makes note of the accounts that are affected. Since most businesses use a double-entry accounting system, every financial transaction impact at least two accounts, while one account is debited, another account is credited. This means that a journal entry has equal debit and credit amounts. To learn more about accounting basics, head onto our YouTube channel. We have started a new series poised towards accounting and commerce basics. Or visit https://youtu.be/bNQSdNjaAng.  Thanks to freepik.com for graphic assistance. #commerceacademy #learningcommerce #academy #academycommerce #account #accounts #elearning #youtuber #youtube #accountingonline #stayhomestaysafe #learncommerce #learnaccounts #basics #likeforlike #followforfollow https://www.instagram.com/p/CI8JezrBhuv/?igshid=19w93c3fn08aj

[commerceacademy]

Account is the individual record of an asset, a liability, a revenue, an expense or capital, in a summarised manner. This statement basically rounds up the definition of 'an Account' for simpletons. But what does it mean for the accounting world ? An account can have several meanings in the accounting profession. Firstly, it is a Record, a record in a system accounting in which a business records debits and credits as evidence of accounting transactions. These records are stored in the general ledger. Secondly, it can denote a Customer. An account can be considered the same as a customer. Under this meaning, an account is another entity or person for whom a business acts as a supplier, and with whom there may ge an outstanding accounts receivable balance. Lastly, it can also resonate a Future Payment. If a sale is "on account," this means that the buyer will pay the seller at a later date, based on the credit terms associated with the transaction. To learn more about accounting basics, head onto our YouTube channel. We have started a new series poised towards accounting and commerce basics. Or visit https://youtu.be/bNQSdNjaAng. Thanks to freepik.com for graphic assistance. #commerceacademy #learningcommerce #academy #academycommerce #account #accounts #elearning #youtuber #youtube #accountingonline #stayhomestaysafe #learncommerce #learnaccounts #basics #likeforlike #followforfollow https://www.instagram.com/p/CI50-cah-pW/?igshid=18e1q04ixs1ty

[commerceacademy]

Or is it ? It is also described as a business event that has a monetary impact on an entity's financial statements, and is recorded as an entry in its accounting records. But in business bookkeeping, this definition again gets complicated. A transaction will be recorded earlier or later depending on whether the company uses active accounting rather than cash accounting. The accrual accounting method requires a transaction to be recorded when it occurs, regardless of when the money is received or the expenses are paid. The cash accounting method records a transaction only when the money is received or the expenses are paid. To learn more about accounting basics, head onto our YouTube channel. We have started a new series poised towards accounting and commerce basics. Or visit https://youtu.be/bNQSdNjaAng. For refrence you may head onto investopedia.com. Thanks to freepik.com for their assistance with graphics. #commerceacademy #learningcommerce #commerce #accounts #accounting #learncommerce #learnaccounts #basics #transaction https://www.instagram.com/p/CI5L7vMBb_1/?igshid=vuvjmbvv10nw

[commerceacademy]

Are you an online seller ? Or just want to know how these businesses handle their GST returns ? Head over to our YouTube channel @ http://youtube.com/c/AcademyCommerce…. Or just click this link: http://youtu.be/w741rfkMOao. 

  #GST #gstreturn #commerceacademy #Taxpayers

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New video will be out today. It will be addressing the concerns about filing GSTR-1 returns using GST Portal's offline utilities. Click on the link to view the video http://youtu.be/I8nbpTaEQkg. 

  #gst #gstr1 #gst1 #returnfiling #Offline #taxes #TaxPayers #accounting

[commerceacademy]

Still dreading about your GST return ? Or do you want to equip yourself with the capability to file GST returns ? Maybe you are just finding your way around on the GST Portal. Whatever your problem is, we have got a solution. Head onto our YouTube channel from the link in our Bio or click on this link: https://www.youtube.com/playlist?list=PLBxOF2WsDKV7E3KWIYloqz80Nin6BLgSK You can visit our website or DM us for more information. #gst #gstreturn #gstportal #tax #taxes #payyourdues #learningcommerce #commerceacademy #elearning #accounting #accountancy #accountant #skills https://www.instagram.com/p/CHpQyPsh92c/?igshid=160ygi87tt56u