Zoom Meeting – MCA – Editing and Audit Trail mandatory in ERP Softwares

All posts by skgupta

Zoom Meeting – MCA – Editing and Audit Trail mandatory in ERP Softwares

Finsys ERP Team is inviting you to Two important Zoom meetings.

Topic: New MCA Notification on Accounting Software- Importance & Implications

Time: 04:00 PM
Date: Today 30th March 2021, Tuesday

The New Law
w.e.f. 1st April 2021, every company shall use accounting software with a complete Editing log. What you have to do, and how it effects you

First Seminar on Zoom
First : Only for MD’s, Directors, and CFO’s
30th March 2021 – Tuesday – 4.00pm (Today)
Conducted in Collaboration IamSMEof India,
Speakers Mr Rajiv Chawla, Chairman, IamSMEof India, Mr Sangeet Kr Gupta, Mr Puneet Gupta and Mrs Mayuri Gupta.
Must attend: Business Owners, Directors, CEOs, CFOs, Top Management
Register in advance for this meeting: https://us02web.zoom.us/meeting/register/tZIpdemqqz8qHdOYpFJvCCVz1Mn3qakh7WDp

Link capacity : for first 300 only


Second Seminar :
For all relevant Staff – Accounts , Purchase and Despatch Department

31st March 2021 – Wednesday – 4.00pm

Topics : Editing Trail in Finsys ERP : Operative aspect, What is to be done. What is not to be done. Changes due to E invoicing, Changes in Invoice numbering, Other guidelines for the April 2021 onwards.

Speakers : Mr Sangeet Kr Gupta, Mr Puneet Gupta and Mrs Mayuri Gupta.

Zoom Link for 2nd seminar : to Register in advance :
https://us02web.zoom.us/meeting/register/tZMtd–prTgvHN2LjbJD4dHz_nBwthUuN_6z

 

Youtube – Companies Act – 2013 Schedule III Compulsory Rounding off in Balance Sheets … to Rs Lakhs, Crores…

Companies Act – 2013: Schedule III — Compulsory Rounding off in Balance Sheets … to Rs Lakhs, Crores…


G.S.R. 207(E).— New Delhi, 24th March, 2021

 

Rajive Chawla, Chairman, IamSMEofIndia

Sangeet Kr Gupta, Hony. Consultant, IamSMEofIndia


Integrated Association of Micro, Small & Medium Enterprises of India

www.iamsmeofindia.com info@iamsmeofindia.com, +91-9711123111 (Executive Secretary)


GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
Notification

G.S.R. 207(E).— New Delhi, 24th March, 2021


  • In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013(18 of 2013), the Central Government hereby makes the following further
  • amendments in Schedule III to the said Act
  • with effect from 1st day of April, 2021, namely:-

  • In the said Schedule,-
  • (a) in Division I,-
  • (i) under the heading “General instructions for preparation of Balance Sheet and statement of Profit and Loss of a company”, under sub-heading “General instructions”, in paragraph 4, in clause (i), for the word “may” the word “shall” and for the word “Turnover”, at both the places where it occurs, the words “Total Income” shall be substituted;

1.Rental income

2.Interest income

3.Other income, write off’s… Anything …


Meaning May vs Shall

1.May meant : Company had a choice

2.Shall means : compulsory to use one of these

  • (i) under the heading “General instructions for preparation of Balance Sheet and statement of Profit and Loss of a company”, under sub-heading “General instructions”, in paragraph 4, in clause (i), for the word “may” the word “shall” …..shall be substituted;

(ii) Once a unit of measurement is used, it shall be used uniformly in the Financial Statements.

For queries, suggestions and feedback , you can e-mail us 

  • Sangeet Kumar Gupta, FCA, DISA, ACMA, PGDMM, B.Com(Hons),
  • Honorary Consultant, Integrated Association of Micro Small and Medium Enterprises of India 93126-08426,
  • Camp Off : TB-06, 3rd Floor, Crown Plaza, Sector-15A, Faridabad, Haryana, India

.

  • The contents of this circular are for Private circulation & intended for the members only. We do not warrant that this email is free of mistakes, errors or any other defect.
  • Care has been taken to provide authentic information, but it is advisable to confirm/verify with qualified legal practitioners, professionals before implementing any suggestions.
  • The views expressed are not necessarily those of the Association.
  • We encourage readers, our Members to write to us their opinions, suggestions, ideas, comments, thoughts and bring to our knowledge mistakes, omissions etc. which we’d be pleased to correct/implement

E invoice news – 26 March 2021 ( 2 topics : E invoices and HSN Code )

E invoice news – 26 March 2021

( 2 topics : E invoices and HSN Code )



E invoices

  • If your Turnover was 50 cr to 100 Cr in any of last 3 years :

  • Read this carefully. Get E invoice ready immediately. Else big loss possible.

 


  • If your Turnover was over 35 crores and have more than 1 plant , check this above again. The GST invoices made for intra company , but inter state sales, say your Gurgaon plant ( Haryana) to your Pune Plant ( Maharashtra) …..it is to be added for this eligibility

 


If you are below 35 Cr , relax


if you are over 100 cr already. Your staff must have already done this


HSN Code – 6 Digit

IRRESPECTIVE OF YOUR TURNOVER

HSN Code: From April 1, 2021, Now you must mention 4 digit HSN Code/ 6 digit HSN code in invoices… you also and your vendors also…

https://taxguru.in/goods-and-service-tax/hsn-code-mandatory-irrespective-turnover-01-04-2021.html

IRRESPECTIVE OF YOUR TURNOVER, YOU MUST FOLLOW THIS

Serial Number

Aggregate Turnover in the preceding Financial Year

Number of Digits of Harmonised System of Nomenclature Code (HSN Code)

(1)

(2)

(3)

1.

Up to rupees five crores

4 DIGITS

2.

more than rupees five crores

6 DIGITS

 


Notes

E-Invoicing: From April 1, 2021, E-invoicing compulsory if your turnover exceeded Rs 50 Cr in ANY of the financial years starting from FY 2017-18 upto FY 2019-20. … Note : Add the even inter plant sales , and Interest income, rent income to see the total figure of 50 crores.


Beware
and Be Aware

GST Penalties / onroad problems should be avoided by awareness
and doing things “First time right”
Remember…Educate your Vendors too .. Else you will lose all your ITC on those bills…
and a possible penalty of Rs 25000 for incorrect invoicing ….per invoice


See the detailed demo files on the Google drive link below

click here to access the Google Drive


Powerpoint

Powerpoints and Manuals

1 IRN – Invoice Regn number – PPT irn_ppt_18pg – Click here

2 IRN – Invoice Registration_manual -31pg – Click here

3 IRN GENERATION IN FINSYS ERP_31pg landscape

4 How to QR_code_invoice_dt 21 March 2021 and DSC

5 How to do the QR_VERIFICATION_dt 21 March 2021

these other files on the Google drive link below


Finsys at your service

Another large electroplating company in Haryana chooses Finsys ERP.

Congratulations. After having done 15 plants already. Finsys is now a Pro in this line. So, this is a Metal Treatment company doing, Electroplating, Zinc Plating, Zinc Nickel Alloy Plating & Zinc Iron Alloy Plating Services and Electroless Nickel  etc. They are also service providers of CED Coating Services, Electro Coatings Services, Plating Services, Zinc Coatings Services etc. Their services find application in automobile industry, metal industry, chemical industry and various other industries.

They serve the Tier 1, Tier 2 and Tier 3 vendors of companies like Maruti, Honda, Hero Motocorp, Honda Motorcycles etc

ERP Software for Electroplating

ERP Software for CED Solutions

ERP Software for Zinc Plating

ERP Software for Tier 2, Tier 3 Vendors