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					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
                        (c)
                            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
                            2
                              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
                            1
                              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
                              returns filed.
                              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.
                            1
                               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
                              payment.

                              Invoices - International
                              While preparing the internation invoices, we need to have the following details for
                            1
                              each invoice:

                        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
                        b
                                received.

                                Fixed Asset Register for the period April 11 to March 12 to be maintained in the
Asset Register
                                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
Accounts
                         expenses.
                         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
                         decided.
                         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
                         monthly/bimonthly basis.
                         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
                         the individuals.
Adodis Technologies Pvt. Ltd.

Check list of action for Accounts/Admin

      Head                                        Description

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
                        Statutory Audit
    Period    Due dates     Action by   Action by




Monthly      20th
Monthly      7th
Monthly      20th

             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

Daily                      Accts
Daily                      Accts
Daily                      Accts
Daily                      Accts
Monthly                    Accts
Wednesdays                 Accts
Monthly
                           Accts        RJN
Weekly                     Accts        RJN
Monthly      10th          Accts        RJN
Annual              15-May RJN/Accts    RJN/HV

				
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