Accounting and Finance Questions

A company may also have various company codes across the different locations. There will be exchange of services between these company codes. These goods and services which are shared or exchanged between these company codes are bring to terms during the month end process. The exchange difference has to be settled by a company code in the way of money transfer.

This process is known as Intercompany Settlement. 

 Accounts receivables help small businesses by providing quick-time period liquidity. Additionally continued sales on credit provide the  much-needed continuity for small companies.

Payroll reports gives information about the total 'cost to Company' for the Employee Salary, Benefits (Cash and Non-Cash), Taxes, Total Hours worked. 

All these information is helpful for the Management decisions.

Accounts Receivables help small businesses by providing short-term liquidity. Also continued sales on credit provide the much needed continuity for small businesses.

A deposit in transit is cash (currency, coins, checks, electronic transfers) that a company has received and is rightfully reported as Cash on its balance sheet, but does not appear on the bank statement until a later date.

Capital Gains Tax on Property:

1. Short term,

2. Long term

Short Term Capital Gain on property is considered as a gain from selling a property which was held by you for less than 36 months. As a taxpayer, you are liable to pay tax on short term capital gain on property as per your applicable marginal income tax slab.

* Current Short Term Capital Gains tax rate is 30%.

Long Term Capital Gain

When you sell your property that is owned by you for more than three years, any gain arising from such sale will be considered as long term capital gain. Long term capital gain is calculated as the difference between net sales consideration and indexed cost of property.

* Current Long Term Capital Gains tax rate is 20%.