Guidence in streamlining the accounting system

Hello Members...

I have just joined a concern as a Controller Finance & Accounts to streamline the Accounting system prevailing over there..My fortay is Stat. Audits and Compliance so I have not done this kind of work earlier....The Concern is Basically having problems in Inter Company transactions... As there is no Formal system in place for Inter Co. transactions.... and each Concern makes payment or receive on other concern's behalf.......And the Accounting Dept. at the lasr sit together to recincile their accounts....So there's a Need of timely reconciliations of Accounts...... Please give ur views on the Streamlining of Accounting System....

 

Regards

CA Manish

 

Replies (4)

I am not sure about the complications involved, however i am of the opinion that you need to make all head of finance of different entities/ branches responsible to report outstanding balance every quater end.

the foremost control point, in your job would be to verify if teh balances between the concerns reconcile each month.  If the volume of the trasnactions is very large, then reconciliation can be performed say daily, weekly depending upon the volume of the transactions.

The bank account should be also reconciled properly.  the transactions should preferably be routed through the Bank, so that the statment would provide a proof fo teh trasnactions, if there is any mismatch between the accounts.  the vouchers should be properly authorized & preferably should bear a number on it as per the system, so that it can know easily to get the original document.

hi,

 

can any body help how to maintain agriculture based company ,it means  taking land on contract basis from govt to do cultivation and do marketing that products so please can any body give guidance from start ing accounting in tally.

account has to be reconciled at the fixed time convenient to both the party. if still there is not tally then final conclusion is that at the time of finalisation of balance sheet the difference of one company can be done in the below mentioned details

 

expenses a/c dr __

to xyz co a/c

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