Monthly MIS

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Sweta (Querist)
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03 October 2010 Hi
Can anyone tell me how to prepare monthly MIS - monthly P&L and Balance sheet.
How to give effect to prepaid expenses, proposed tax, provision, depreciation etc on a monthly basis. & which entries are to be reversed in the following month.

regards
sweta

CA SMR

CA SMR (Expert)
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05 October 2010 Normally any FA package will generate monthly PL & BS.However proper schedule wise BS can be prepared every month.Schedules like,
1.Fixed Assets
2.Cash & Bank
3.Accounts Receivables
4.Other Receivables
5.Advance to Employees
6.Provision for Bad Debts
7.Inventories-RM & FG
8.Provision for Inventory obsolescence
9.Advance to Suppliers
10.Prepaid Expenses
11.Other Current Assets(Rental deposits,supplier deposits,Deposits to sales tax ,electricity,telephone)
12.Accounts Payable
13.Accrued Expense
14.Taxes payable(TDS,Itax,PF ,Ptax,Sales Tax,VAT,Service tax,Excise)
15.Other Current Liabilities(Security deposit from dealers)
16.Short term borrowings(OD,Term loan)

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CA SMR

CA SMR (Expert)
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05 October 2010 For each month end several activities are to be followed religiously(and of course proper analysis must be done )
1.Depreciation of Fixed assets
2.Prepaid schedule at the month end and write off
3.Accrual of expenditure (e.g. certain expenses incurred but invoice towards the same is not received,these can be reversed at the beginning of the next month and new accrual can be done on the basis of new information/analysis)
4.Revaluation of foreign currency balances
5.Provision for bad debts/return provision
6.Income accrual(again can be reversed next month)
7.Provision for obsolesence
8.Provision for Income tax
9.TDS payable checking
10.Checking of VAT/Central Excise/Service tax payable

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Sweta

Sweta (Querist)
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06 October 2010 thank you!!

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