Accounts & Compliance (NoteItEasy)

Hello All! In this blog I am going to show the common observations that are being reported during internal audit in Finance & Accounts Department: 1. Cash receipt of ₹ 20,000 or more towards deposit (Section 269SS of Income Tax Act 1961) As per Section 269SS of Income Tax Act 1961,  No person shall take or accept from any other person any loan or deposit otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account, if,— ( a )  the amount of such loan or deposit or the aggregate amount of such loan, deposit: or ( b )  on the date of taking or accepting such loan or deposit, any loan or deposit taken or accepted earlier by such person from the depositor is remaining unpaid (whether repayment has fallen due or not), the amount or the aggregate amount remaining unpaid; or ( c )  the amount or the aggregate amount referred to in clause ( a ) together with the amount or the aggregate am...

Hello All! Here I am again, now with the checklist showing data to be obtained from Engineering & Maintenance Department in a factory for audit. Here we go. 1. Approved budgets of the department. 2. List of equipments covered under third party Annual Maintenance Contract (AMC). 3. AMC terms document of the equipments covered under AMC. 4. Service reports issued by the contractor during the AMC visits. 5. Preventive Maintenance Schedule of equipments and actual data of preventive maintenance carried out. 6. Electricity and water consumption records. 7. Monthly Inventory report of engineering stores and spares. 8. Minimum stock policy regarding critical spares. 9. Energy audit reports.

Hello viewers! If you are also one among those who dont know the difference between material movements 201 and 261, here I am to clarify the same. Every movement type entry in MB51 is mapped to the corresponding ledgers. Lets go ahead. To understand the difference between the above mentioned movement types, first we need to discuss about two storage locations namely stores and shop floor. Stores location is where all the materials including raw materials are received and stored. Shop floor is a storage location under the control of production department but not stores department. Issues of materials for consumption from stores can be of two types i.e, direct consumption by the cost centre (Indirect materials), consumed in the production process (Direct Materials). In case of indirect materials where the materials are consumed by the user department directly and are not direct materials, then for such material consumptions the stores department passes 201 movement type. In case...

Welcome back! In this blog I'll brief you about MB51 which feel I as the heart of the material module in SAP. Basically for every movement of material in the factory it should be entered in SAP as per the suitable material movement which are as under: 1. Movement Type 101 & 102 If any material is given with the movement type 101, it indicates receipt of material to the factory either on account of purchase or on account of stock transfer from other factory (GRN preparation). Movement type 102 indicates reversal entry of movement type 101. 2. Movement Type 201 & 202 If any material is given with the movement 201, it indicates direct consumption of material from stores department to the respective user department. Such movement is used in case of indirect materials and consumables like spares, diesel to generator etc. 3. Movement Type 261 & 262 Movement type 261 indicates consumption of materials from production department. i.e, material issued to produc...

Hello! In this blog I am going to show the lesser known shortcut keys of Windows 10. Here we go, 1. This PC ( Windows Key + E) To open file explorer instantly, you may use Windows Key + E to open the window. 2. Opening the apps on the taskbar (Windows Key + Numbers) Using any app so frequently? Here how to access them quickly. Say, you use Google Chrome more frequently. Instead of conventionally double clicking the icon on the desktop, you can add the chrome shortcut to taskbar and press Windows key + Number of position of the Chrome on the taskbar. Here it is third position as shown below. So click Windows key + 3 to instantly open chrome. Just the same way, Windows key + 1 to open calculator, Windows key + 2 to open excel. It all depends on the positions allotted on the taskbar. 3. To close any open window or apps of microsoft, open tabs in chrome (Ctrl+W) With the shortcut Ctrl+W you can close the open windows, open tabs in chrome and internet explorer with ea...

Welcome back! In this blog we will be discussing the Tcodes relating to material module like purchase of materials, consumption of materials, sale of materials and all other movements of materials. For audit of any manufacturing concern using SAP the main Tcode which is helpful and provides all the material movements and is also heart of the material module is MB51 which will be discussed in detailed version in another blog along with movement types and description. 1. To see material movements (MB51) The Tcode MB51 provides us all the information of both quantity and value of materials procured and their consumption or sale or scrapping of materials. To be precise, once the materials enters the plant, how it is moved or used internally can be tracked through MB51 for every material. 2. To view a material movement document (MB03) With the Tcode MB03 you can view the journal entry for the material movements for the material document generated in MB51. Say, an item of raw mat...