Adodis Technologies Pvt. Ltd.
Points for discussion during the proposed meeting on 30th April 2011
Payroll Present payroll software has provisions for:-
(a) Managing loan accounts
(b) IT TDS
Needs to be customised to exclude loan recovery in a particular month. This could
be done after discussing the issue with the supplier.
(d) IT TDS formats also needs to be customised in consultation with the suppleir.
Recommendation No Payroll software change is recommended for the time being.
Ms.Jansi's name to be included as authorised signatory in Axis Bank. This is
Bank Accounts 1
urgent, as at the moment we are left with only one signatory (Ms.Shereene)
To add one more signatory to ICICI and Axis bank, preferably Mani, who is
available in the office during the working hours.
The above points are considering the present situation of Sundaram.
Returns to be filed
TDS returns to be filed in next 15-20 days. Data to be compiled and provided to
Nair for finalisation and submission.
2 Professional Tax return to be filed by end May:
Employee salary statement for all 12 months. This should match with monthly
Annual return in Form 5
Copy of Bank statement for May 2010 to April 2011.
Renewal fee of Rs.2500/-
3 Service Tax return has already been filed.
Points for check list
Invoices - Domestic
Now Service Tax on domestic inoices is payable on mercantile basis. In other
words, the ST payable becomes due for payment as soon as the invoice is raised.
This is payable on or before 5th of the following month. Any adjustment,
credit/debit notes to be settled within 90 days from the invoice date.
Copies of invoices to be provided to Accounts department immediately on raising.
2 Accts to compile the tax payable data in consultaion with RJN and ensure timely
Invoices - International
While preparing the internation invoices, we need to have the following details for
a Exchange rate on the date of invoice or INR and FOREX value of invoice
Exchange rate on the date of receipt of payment or INR and FOREX value
Fixed Asset Register for the period April 11 to March 12 to be maintained in the
format provided. This avoid confusion at the time of audit.
Any asset with purchase value of less than Rs.2,000/- to be expensed out and not
to create Fixed Asset.
The present situation is not appreciated proper format is not followed and all sorts
of expenses are registered in FA Register.
Cash statement system to be followed. This will help easy montoring of cash
Cash payments to be restricted to the minimum and no payment without proper
voucher and supporting bills.
Bank Payments to followed as is done now. Cheque book counter foil and pay-in-
slip need to be maintained properly.
Proper supporting bills and authorised to be obtained for each payment. No
payment to be released without proper bill and authorisation. Authority to be
Tally entries to be completed on a daily basis.
Sales entries to be completed on a regular basis.
Bank reconciliation statement to be made ready by 7th of the following month. In
case non receipt of bank statement, the concerned person should immediately
obtain a copy from the bank and finish the work.
Receipt details of paypal, invoicing, bank receipt need to reconciled on a
As of now this is a grey area and needs a lot of improvements.
TDS on salary to be deducted regularly and deposited. TDS working to be
Salary related returns
completed in consultation with RJN/Varier.
IT return filing for the directors and Mr.Mani to be done through the Auditors. For
other staff member, Jagadeesh to contact a general practitioner for filing Staff
Income Tax returns, whereever necessary. The relevant expenses will be met by
Adodis Technologies Pvt. Ltd.
Check list of action for Accounts/Admin
Salary 1 Staff Loan to be monitored carefully.
Loan summary to be provided to Mr.Syed along with salary
2 statement for transfer of salary.
Payroll package to be customised to include Staff Loan
3 management, TDS deductions.
4 PT deduction and payment.
5 TDS on salary to be deducted regularly and deposited.
6 PF deposit
Service Tax 1 Domnestic invoice copies
2 Monthly Service Tax payment.
3 Half yearly return
Income Tax 1 IT return filing for the directors and Mr.Mani
TDS quarterly rerturn data to be provided to RJN by 2 weeks
2 before due dates.
3 TDS to be deposited by 7th of the following month
Asset Register 1 Fixed Asset Register
Accounts 1 Cash Management
2 Bank Accounts Management
3 Tally entries for Bank dealings
3 Tally entries for sales entries
4 Bank Reconciliation
5 Vendor payments
Monthly reconciliation of invoicing, receipt from paypal, bank
6 receipt etc
7 Regular audit
Monthly audit report
Period Due dates Action by Action by
Immediate KK Accounts
Monthly 5th Accts/RJN
Oct/Apr 25th Accts/RJN RJN
Annual May end Accts RJN
15th Accts/RJN RJN
Monthly 7th Accts RJN
Periodical immediate Accts RJN
Weekly Accts RJN
Monthly 10th Accts RJN
Annual 15-May RJN/Accts RJN/HV