Accounting and Book Keeping
KWS Fintech Services is one of the leading independent specialist VAT firms in the UAE
Accounting and Book Keeping in UAE
Whether you own a small, medium, or established large business, you need to get registered for VAT in UAE under the Emara tax law. Registering your business under the UAE VAT law“ We are specializes in helping businesses of all sizes and industries with their automated and manual accounting requirements.“
Accounting is the process of tracking income and expenses. The responsible for accountant is offering strategic financial advice in addition to being aware of the company’s financial situation. However, accounting is the overall practice of managing finances of a business or individual, while bookkeeping refers more specifically to the tasks and practices involved in recording the financial activities. Bookkeeping is all about recording of financial transactions, accounting deals with the interpretation, analysis, classification, reporting and summarization of the financial data of a business.
A bookkeeper is the official record keeper of your business’s financials. An accountant is your financial strategist. This professional is responsible for preparing for audits, helping you with tax planning, and offering business financial analysis and advice. Accounting and bookkeeping services can be handled by one individual but before you make any decisions, find out what each task typically involves. However, every trader and manufacturer shall have to maintained the following records:
- Purchase Invoices
- Sales Invoices
- Expenses
Accounting and Book Keeping in UAE KWS Fintech Services is one of the leading independent specialist VAT firms in the UAE
Purchase Invoices
In the eyes of the buyer, a purchase invoice refers to a document that details what the seller is billing the buyer for. On the invoice, you can expect to find a breakdown of what has been purchased, how much each item costs and how much in total the seller is due to be paid. Typically, an invoice contains invoice number, vendor information, credits/discounts availed, payment schedule/date, and total amount due. Purchases records to be maintained date wise and numerical order
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Sales Invoices
Sales records shows separately made at different tax rates, zero rated taxable sales and tax free sales. tax invoices related to taxable sales and to the invoices related to exempted sales shall be retained date wise and numerical order.Records of inter company transfer also properly documented. A document sent to a customer with a list of products or services they have bought and their prices, any sales tax, the total amount, and the date before which the customer must pay: Cost records are used to prepare the final account and sales invoice for the client.
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Expenses
Purchasing inventory and equipment, travel, business property, insurance and the cost of managing employees. The expense Records should be maintain properly. Accountants record expenses through one of two accounting methods: cash basis or accrual basis. Expense in double-entry book keeping are recorded as a debit . A corresponding credit entry is made that will reduce an asset or . Expenses are always recorded as debit entries in expense accounts and income items are always recorded as credit entries in income accounts.
Read MoreVAT Account “ We are specializes in helping businesses of all sizes and industries with their automated and manual accounting requirements.“
Total output tax, total input tax and net tax payable tax credit which to be refunded with the output tax. input tax calculation should be properly documented. Stock records Should be maintained properly . Total stock receipt, deliveries and manufacturing records.
Every manufacturer of taxable supply shall have to be maintained proper and complete records of supplied goods. The manufacturer and trader shall be maintained sufficient records to ensure that Vat liability can be readily assessed. Records must be complete and authentic to support all tax credit that may be claimed.