Asad Accounting Bookkeeping and Taxes

Dear LinkedIn Community, 🌸শুভ নববর্ষ ১৪৩২!🌸 As we step into the Bengali New Year, all of us at Asad Accounting Bookkeeping and Taxes would like to take a moment to extend our warmest wishes to you and your family. May this new year bring with it renewed hope, prosperity, and joy. Let 1432 be a year filled with meaningful achievements, lasting partnerships, and continued growth—both personally and professionally. We are truly grateful for the opportunity to work with you and look forward to supporting your success in the coming year. নতুন বছরের জন্য রইল অনেক শুভেচ্ছা আর ভালোবাসা। আগামির বছর হোক মনে রাখার মত, হোক পূরণ সব ইচ্ছে, হোক জীবন আনন্দময়। Asad Accounting Bookkeeping and Taxes

Eid ul-Fitr Greetings from Asad Accounting Bookkeeping and Taxes As the holy month of Ramadan comes to a close, we at Asad Accounting, Bookkeeping, and Taxes extend our warmest wishes to our valued clients, partners, and well-wishers on this joyous occasion of Eid ul-Fitr! Eid ul-Fitr, the "Festival of Breaking the Fast," is a time of gratitude, reflection, and unity. It marks the end of a month filled with faith, self-discipline, and devotion, reminding us of the importance of compassion, generosity, and sharing our blessings with those in need. At Asad Accounting Bookkeeping and Taxes, we believe that financial well-being is more than just numbers—it’s about creating opportunities, fostering security, and ensuring prosperity for individuals and businesses alike. Just as Eid signifies renewal and hope, we remain dedicated to helping you achieve financial clarity and success throughout the year.

#ভ্যাট বিআইএন গ্রহণের পর একটি প্রতিষ্ঠান এর ভ্যাট আইনের সকল আইন ও বিধি পরিপালন করা আবশ্যক। বর্তমান ও ভবিষ্যতে অনাকাঙ্ক্ষিত জরিমানা ও হয়রানি থেকে বাঁচতে অবশ্যই উপস্থাপিত আইন ও বিধি পরিপালন করা উচিত। শতভাগ মূসক-৬.৩ ইস্যুর পাশাপাশি একটি প্রতিষ্ঠানকে আর কি কি বিষয় মেনে চলতে হয়- ১/ ধারা-১০৭ ও বিধি ৪০ ও ৪১ অনুযায়ী রেকর্ড পত্র সংরক্ষণ করতে হবে। ২/ ধারা-৩২(৫ক) ও বিধি২১ (সেবা ব্যতীত অন্যান্য পণ্য) দ্বারা নির্ধারিত পদ্ধতিতে উপকরণ উৎপাদ সহগ ঘোষণা জমা প্রদান করতে হবে। ৩/ ধারা-৪৯ পরিপালন ও উৎসে কর কর্তন বিধিমালা-২০২১ অনুসরণ করতে হবে (যদি উৎসে কর্তনকারী সত্ত্বা হয়)। ৪/ ধারা-৬৪ অনুযায়ী পরবর্তী মাসের ১৫ তারিখের মধ্যে মাসিক রিটার্ন দাখিল করতে হবে(সরকারি ছুটি থাকলে পরবর্তী কর্ম দিবস)। ৫/ রেয়াত গ্রহণকারী প্রতিষ্ঠান হলে ধারা-২(১৮ক) ও ধারা-৪৬ (১) এ যে ১৫ দফা আছে সঠিকভাবে পরিপালন করতে হবে। *উল্লেখিত বিষয়গুলো ছাড়াওঃ* * ১২ মাসের দাখিল পত্রের বিক্রয়ের যোগফল ও অডিট রিপোর্ট এ প্রদর্শিত বিক্রয়ের যোগফল সমান হতে হবে। * উৎসে কর্তনকারী সত্ত্বা হলে অডিট রিপোর্ট এ প্রদর্শিত ক্রয় ও খরচের যথাযথ মূসক-৬.৩ না থাকলে উৎসে মূসক কর্তন করে জমা দেওয়া। যদি কোন গুরুত্বপূর্ণ পয়েন্ট মিস করে থাকি কমেন্ট করে অবশ্যই জানাবেন #happy_learning

Payroll Reconciliation https://lnkd.in/daQdeVfp https://lnkd.in/dyaSta2h https://lnkd.in/dixHB6r6 Payroll reconciliation is the process of ensuring that the financial records related to payroll are accurate and aligned with various sources of information. Reconciling payroll involves comparing different sets of data to identify and resolve any discrepancies. Here's a general guide on how to perform payroll reconciliation. 1. #Collect_Payroll_Data: Gather all relevant payroll data, including payroll reports, bank statements showing payroll transactions, and any supporting documents. 2. #Review_Employee_Data: Verify that all employee details, such as tax codes, salary, and deductions, are accurate and up-to-date. 3. #Compare_Payroll_Reports: Compare payroll reports generated by your payroll system with the corresponding bank statements and tax reports. 4. #Verify_Tax_Deductions: Ensure that the correct amount of taxes (PAYE and National Insurance) has been deducted and matches the figures submitted to tax authorities. 5. #Check_Benefits_and_Deductions: Verify that all employee benefits and deductions are accurately reflected in the payroll records. 6. #Review_Accruals_and_Liabilities: Check for any accrued payroll liabilities that need to be recorded, such as vacation accruals or bonuses. 7. #Bank_Reconciliation: Reconcile payroll transactions on your bank statement with the payroll figures in your accounting records. Ensure that the net pay amounts match. 8. #Verify_Direct_Deposits: If your employees receive direct deposits, ensure that the amounts match the payroll records and bank transactions. 9. #Review_Compliance: Ensure that your payroll practices comply with relevant tax regulations and employment laws. 10. #Address_Discrepancies: If you identify any discrepancies, investigate and rectify them promptly. This may involve correcting entries, updating employee records, or adjusting future payroll runs. 11. #Generate_Payroll_Journal_Entries: If you use manual journal entries for payroll, ensure that these entries align with the figures in your payroll reports. 12. #Document_Reconciliation_Process: Maintain documentation of your reconciliation process, including any adjustments made, for audit and record-keeping purposes. 13. #Perform_Regular_Reconciliations: Schedule regular payroll reconciliations, ideally monthly, to catch discrepancies early and ensure ongoing accuracy. 14. #Use_Payroll_Software_Features: If you use payroll software, leverage features that automate reconciliation processes and provide detailed reports.

Payroll processing https://lnkd.in/dkKHRWng https://lnkd.in/dHhng95v https://lnkd.in/dcu3ahgK Here are ten key points related to payroll processing: #Employee_Information: Accurate and up-to-date employee information is fundamental for payroll processing. This includes details such as employee names, addresses, tax withholding forms (W-4 in the U.S.), and other relevant personal and employment information. #Time_and_Attendance_Tracking Recording employee work hours accurately is critical. This can involve various methods such as timecards, electronic timekeeping systems, or biometric systems to track attendance and hours worked. #Gross_Salary_Calculation Calculate gross pay based on the employee's hourly rate or salary and the number of hours worked. This should include any overtime, bonuses, or commissions earned during the pay period. #Deductions Deductions from gross pay include taxes, both federal and state (if applicable), Social Security, Medicare, and any other authorized deductions such as health insurance premiums or retirement contributions. #Net_Pay_Calculation Net pay is the amount employees receive after all deductions are subtracted from their gross pay. It represents the actual amount employees take home. #Payroll_Taxes Employers are responsible for withholding and remitting payroll taxes on behalf of employees. This includes federal and state income taxes, Social Security, and Medicare taxes. Understanding tax laws and staying compliant is crucial. #Benefits_Administration Managing employee benefits, such as health insurance, retirement plans, and other perks, is part of the payroll process. Deductions for benefits and contributions to retirement plans must be accurately reflected. #Record_Keeping Maintain thorough and organized records of payroll transactions, including pay stubs, tax forms, and any other relevant documentation. Compliance with record-keeping requirements is essential for audits and regulatory purposes. #Compliance_with_Labor_Laws Stay informed about local, state, and federal labor laws to ensure compliance with minimum wage requirements, overtime regulations, and other relevant statutes. Failure to comply can result in penalties and legal issues. #Direct_Deposits_and_Payroll_Distribution Ensure timely and accurate payment to employees through direct deposits or physical paychecks. Provide detailed pay stubs that outline earnings, deductions, and net pay. Effective payroll processing is crucial for maintaining a positive employer-employee relationship, ensuring legal compliance, and contributing to overall organizational success.

Cleanup and Error-fixing in QuickBooks https://lnkd.in/dcnjvyaq https://lnkd.in/dRVR6R58 https://lnkd.in/dPVmxtmX Cleaning up and fixing errors in QuickBooks is crucial to ensure accurate financial records and reporting. Here are some general steps you can follow to clean up and fix errors in QuickBooks #Backup_Your_Company_File Before making any changes, create a backup of your QuickBooks company file to avoid data loss. #Reconcile_Bank_and_Credit_Card_Accounts Ensure that all bank and credit card accounts are reconciled regularly. Reconciliation helps identify and correct discrepancies between your QuickBooks records and bank statements. #Review_and_Correct_Transactions Go through your transactions to identify any duplicates, missing entries, or errors. Correct any inaccuracies in amounts, dates, or categorization. #Fix_Duplicate_Entries Use the "Find and Merge" option in QuickBooks to identify and merge duplicate entries. This helps streamline your data and prevents reporting errors. #Check_for_Unapplied_Payments_and_Credits Identify any unapplied payments or credits and apply them to the appropriate invoices or bills. This ensures that your accounts accurately reflect your financial transactions. #Audit_Inventory If you manage inventory, conduct a thorough audit to ensure that your inventory records match the actual physical inventory. Make adjustments as needed. #Review_Accounts_Receivable_and_Payable Check your accounts receivable and payable reports. Follow up on overdue invoices and pay outstanding bills. Ensure that your aging reports are accurate. #Run_Financial_Reports Generate financial reports such as the Profit and Loss statement and Balance Sheet. Review these reports for any anomalies or discrepancies. #Use_the_Verify_and_Rebuild_Utilities QuickBooks includes utilities like "Verify" and "Rebuild" that can help identify and fix data integrity issues. Go to File > Utilities > Verify Data to check for issues and then use the Rebuild Data option if necessary. #Update_QuickBooks Ensure that you are using the latest version of QuickBooks. Updates often include bug fixes and improvements that can help address issues. #Consult_QuickBooks_Support If you encounter persistent errors or issues, consider reaching out to QuickBooks support. They can provide guidance and assistance based on the specific nature of the problem. Remember, the steps may vary slightly depending on the version of QuickBooks you're using. Always consult the QuickBooks user guide or help resources for your specific version for detailed instructions.

Differences between Bookkeeping and Accounting https://lnkd.in/d-swAyG4 https://lnkd.in/dvhy5P6h https://lnkd.in/dtNbW7xJ Bookkeeping and accounting are closely related fields, but they serve different purposes within the financial management of a business. Here are the key differences between bookkeeping and accounting: #Scope_and_Purpose Bookkeeping: It involves the systematic recording of financial transactions, including purchases, sales, receipts, and payments, in chronological order. Bookkeeping is primarily concerned with the accurate and organized recording of financial data. Accounting: It encompasses a broader range of activities, including the interpretation, analysis, classification, summarization, and communication of financial information. Accounting goes beyond recording transactions to provide insights into the financial health and performance of a business. #Nature_of_Work Bookkeeping: Involves routine and repetitive tasks such as data entry, maintaining ledgers, reconciling accounts, and generating basic financial reports. It is more focused on day-to-day financial transactions. Accounting: This requires a deeper level of analysis and interpretation. Accountants use the data provided by bookkeepers to create financial statements, perform financial analysis, and make strategic financial decisions. #Timeline Bookkeeping: Generally, it is an ongoing and continuous process that involves daily or regular recording of transactions. Accounting: It often involves periodic tasks, such as preparing financial statements at the end of a specific accounting period (e.g., monthly, quarterly, or annually). #Roles_and_Responsibilities Bookkeeping: Involves maintaining accurate records, ensuring that transactions are categorized correctly, and reconciling accounts. Bookkeepers are usually responsible for the accuracy of the financial data. Accounting: Requires a higher level of skill and involves interpreting financial data, preparing financial statements, analyzing trends, and making recommendations based on financial information. Accountants play a more strategic role in guiding business decisions. #Qualifications_and_Skills Bookkeeping: This typically requires basic accounting knowledge and attention to detail. Bookkeepers may have a certificate or associate's degree in bookkeeping or a related field. Accounting: This requires a higher level of education, such as a bachelor's or master's degree in accounting or a related field. Accountants often have a broader understanding of financial principles and may be certified (e.g., as a Certified Public Accountant or CPA). In summary, while bookkeeping is focused on the accurate recording of financial transactions, accounting involves a more comprehensive analysis of financial data to provide valuable insights for decision-making.

Bookkeeping Process in QuickBooks https://lnkd.in/dtfVuMnq https://lnkd.in/djSt_UDj https://lnkd.in/dQghx5uf The bookkeeping process in QuickBooks involves recording and managing financial transactions to keep accurate and up-to-date financial records for a business. Here's a general overview of the bookkeeping process in QuickBooks #Set_Up_Your_Company: When you first open QuickBooks, you'll need to set up your company profile. This includes entering basic information about your business, such as its name, address, industry, and fiscal year. #Chart_of_Accounts: Customize your Chart of Accounts to match your business structure. The Chart of Accounts is a list of all accounts used by your business, such as assets, liabilities, income, and expenses. #Connect_Bank_Accounts: Link your business bank and credit card accounts to QuickBooks. This allows QuickBooks to automatically download and categorize transactions, making reconciliation easier. #Recording_Transactions: Enter transactions manually or download them from your connected bank accounts. Common transactions include sales, expenses, bills, and payments. QuickBooks provides a variety of templates for different transaction types. #Invoicing_and_Sales_Receipts: Create and send invoices to customers for goods or services rendered. Record sales receipts for immediate payments. QuickBooks allows you to track outstanding invoices and customer payments. #Expense_Tracking: Record all business expenses, including bills, credit card charges, and other payments. Categorize expenses appropriately to help with financial reporting and tax preparation. #Reconcile_Bank_and_Credit_Card_Accounts: Regularly reconcile your bank and credit card accounts to ensure that your records match your actual bank statements. This helps identify and resolve discrepancies. #Payroll_Processing: If your business has employees, use QuickBooks to process payroll. This includes recording salary/wage payments, withholding taxes, and issuing paychecks. #Financial_Reporting: Utilize QuickBooks' reporting features to generate financial reports such as Profit and Loss statements, Balance Sheets, and Cash Flow Statements. These reports provide insights into your business's financial health. #Tax_Preparation: Use QuickBooks to organize your financial data for tax purposes. QuickBooks can generate reports and summaries that simplify the tax preparation process. #Backup_and_Regular_Maintenance: Regularly back up your QuickBooks data to prevent data loss. Additionally, perform routine maintenance tasks, such as cleaning up outdated transactions and ensuring data accuracy. Remember, while QuickBooks streamlines the bookkeeping process, it's crucial to have a good understanding of accounting principles to accurately interpret and manage your financial data. If you're unsure about specific transactions or accounting practices, consider consulting with a professional accountant or bookkeeper.

Asad Accounting Bookkeeping and Taxes

Asad Accounting Bookkeeping and Taxes