FlipAccounts blog

• Petty cash without the headache: ATM withdrawals, vouchers and the ₹10,000 rule

  A practical guide to running petty cash in a small Indian business: why the ATM withdrawal is a transfer and not an expense, how an imprest float with one custodian keeps the box tied to the books, and what six fields every voucher needs. It also works through the real cost of breaching the ₹10,000 cash rule under section 40A(3), with a worked FY 2026-27 example showing the cash lost and the extra tax paid on top.

  26 Oct 2026

• Director and Shareholder Loans: A Ledger That Writes Its Own RPT Note

  Small companies routinely dump every director and shareholder loan into one catch-all account, then spend audit season re-reading bank statements to find opening balances, gross receipts and repayments, maximum amounts outstanding and interest terms. This piece sets out a ledger structure — one named liability account per lender, interest kept separate, a related-party parent head — plus the three documents to have in place before the transfer and the four journal entries that cover the entire life of such a loan.

  26 Oct 2026

• The Year-End Handover File: What Your CA Actually Asks For

  A step-by-step checklist of everything a chartered accountant asks for at year end, in the order they actually use it: complete bank statements and reconciliation, receivables and payables with ageing, accrued expenses, GSTR-1 and GSTR-2B gaps, and both sides of TDS. It includes journal entries, the three transfer types that inflate turnover, and a worked 44ADA example for FY 2026-27.

  26 Oct 2026

• Billing a foreign client in dollars: LUT, FIRC and the books, in order

  A step-by-step routine for Indian freelancers and small firms raising their first invoice in USD, covering the export conditions under the IGST Act, the annual LUT filing, what an export invoice must show, and the journal entries for forex gain and bank charges. It ends with the evidence file — contract, invoice, FIRC/FIRA, bank line — that a GST refund officer will ask for.

  26 Oct 2026

• GSTR-1 vs GSTR-3B: a monthly routine that keeps the two in agreement

  GSTR-1 reports the invoices you issued and feeds your customers' input tax credit; GSTR-3B is the summary return where tax is actually paid, and the two are compared by the system. The article works a September month for a Pune printer in rupees, including the entry that parks unmatched credit in an "ITC pending in 2B" ledger, and sets out a dated monthly checklist that keeps filings and books aligned.

  26 Oct 2026

• Ten Tax Practices for a Private Limited Company — With the Entries

  A working guide to ten routine practices — director's pay mix, employer NPS, TDS at bill entry, rent to a director, GSTR-2B matching, depreciation, year-end accruals and reimbursements — that cut a small private limited company's tax bill legally. Each practice comes with the journal entry it needs in the ledger, plus worked figures at the 25% domestic company rate for FY 2026-27.

  26 Oct 2026

• Salary plus freelance income FY 2026-27: which regime costs less

  Using one complete set of numbers for FY 2026-27, this piece compares the new and old regimes for someone who draws a salary and also invoices clients under section 44ADA. It shows the slab-by-slab working, derives the deduction level at which the old regime would break even, and lists the cases where the old regime still wins.

  26 Oct 2026

• The monthly bank reconciliation routine that saves your CA three days in July

  A practical first-week-of-the-month reconciliation routine: download the full statement, tick entries largest first, and keep only the four differences that are legitimately allowed to remain. A worked example shows how three months of ticking moved a proprietary firm's FY 2026-27 profit by ₹59,100, changed the 15 December advance tax instalment, and flagged input tax credit that needed reversing.

  26 Oct 2026

• Cutting Taxable Income in a Small Private Limited Company Through Accurate Journal Entries

  Small private limited companies often pay higher advance tax because expenses are recorded late or without supporting entries the Income Tax Act accepts. Correct journal entries for depreciation, bonuses, PF, donations, interest and repairs lower taxable profits while staying compliant.

  13 Oct 2026

• New vs old regime tax for salaried with ₹8 lakh freelance receipts FY 2026-27

  A salaried person with ₹15 lakh salary and ₹8 lakh freelance fees under 44ADA can reduce tax by choosing the new regime when deductions are modest. The article walks through exact slab calculations, standard deductions and the ₹53,300 difference between the two regimes.

  13 Oct 2026

• Monthly Bank Reconciliation Prevents 234B/234C Interest and ITR Errors

  Monthly bank reconciliation identifies discrepancies while details are fresh, preventing incorrect profit figures that trigger advance-tax shortfalls and interest under sections 234B and 234C. It also ensures TDS appears in Form 26AS before the 31 July ITR due date and creates a clean audit trail.

  13 Oct 2026

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