sales of company

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vikas

vikas (Querist)

22 February 2008 how to do sales reconciliation

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)

22 February 2008 CHECK THE SALES FIGURE IN BOOKS OF ACCOUNT WITH THE VAT RETURN FILED FOR THAT PERIOD

R.V.RAO

R.V.RAO (Expert)

22 February 2008 YES, I AGREE WITH MR. MAHESWARI AND ADD THAT YOUR MONTHLY SALES INVOICES TOTAL UPTO A CERTAIN FIGURE WHICH SHOULD TALLY WITH YOUR MONTHLY VAT RETURNS AND IN YOUR MONTHLY MIS TO MANAGEMENT ALSO THIS FIGURE SHOULD TALLY WITH THE SALES WHICH YOU REPORT EVERY MONTH.
IF TO ANY OTHER GOVT. DEPT. ALSO( LIKE CENTRAL EXCISE DEPT./DEPT. OF INDUSTRIES) YOU ARE FURNISHING MONTHLY SALES DETAILS , SEE THAT THERE IS NO VARIANCE.
IN OTHER WORDS, SALES WHEREVER YOU REPORT, THERE SHOLULD BE UNIFORMITY OF FINANCIAL FIGURES/QUANTITIES.
AFTER FINANCIAL RECONCILIATION COMES QTY. RECONCILIATION WHICH IS RECONCILING BETWEEN YOUR DESPATCHES/ QUANTITIES REPORTED AS SALES MINUS RETURNS IF ANY AS PER YOUR RECORDS AND EXCISE RECORDS.
ALSO PL. ENSURE THERE IS NO DIFFERENCE BETWEEN ANY VOLUME/QTY OF SALES REPORTED TO ANY AUTHORITY LIKE JDGFT (FOR EXPORTS IF SUBMITTED )AND OR DEPT. OF INDUSTRIES OR ANY OTHER GOVT. DEPT.
SALES ARE ALSO REPORTED TO STOCK EXCHANGES( FOR LISTED COMPANIES) IN QRTRLY RESULTS
( OF COURSE NOW THAT A 10% VARIANCE BETWEEN QRTRLY RESULTS AND FINAL YEAR END FIGURES UNDER IMPORTANT HEADS OF ACCOUNTS ARE ALLOWED BY STOCK EXCHANGES AS PER LISTING AGREEMENT .
EXPORTS FIGURES OF SALES SHOULD ALSO TALLY WITH THE BANKS REALISATION CERTIFICATE.
DOMESTIC SALES SHOULD ALSO TALLY WITH BANK STATEMENT EXCEPT WHEN IT IS A CASH SALE.
DO NOT FORGET DR. NOTES AND CR. NOTES ISSUED/RECEIVED BY THE COMPANY DURING THE YEAR.
R.V.RAO

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