- Opening balance to be reconciled with last year audited balance sheet.
- All sales, purchase invoices and expenses vouchers should be posted upto March 2018.
- All debit and credit notes related to goods returned , expiries, discounts , breakage etc are booked up to March 18
- Stock Register must be reconciled with Physical Stock held as on 31st March 18.
- All bank account must be reconciled and supported by bank statement.
- All provisional entries including expenses payable entries as on 31st March 2018 must be posted as on 31st March 2018 must be transferred.
- Cash Payment in excess of Rs. 10000/- should be identified.
- Opening Prepaid Expenses must be reversed on 01st April 2017 and prepaid expenses as on 31st March 2018 must be transferred.
2.GOODS AND SERVICE TAX:-
- Electronic Cash Register, Electronic Credit Register, Electronic Liability Register should be posted/reconciled with books of accounts.
- All sales/ Purchase/ GST Liability/ GST Input must be reconciled with GSTR-3B Returns and if differences found then same must be accounted for in GSTR-3B of March 2018.
- Reversal of Input Tax Credit if payment not made to suppliers within 180 days.Accordingly ageing analysis of debtors and creditors is to be done.
- Final Calculation of ITC of common inputs/input services in ratio of Annual Exempted Turnover to Annual Aggregate Turnover has to be done immediately, latest by due date of return of September 2018
Filing of Form GST TRANS 2:-
Tax Payers who have filed the TRANS-1 and have taken the credit of Excise Duty Paid, without duty paying documents, they have to file the details of Outward Supplies for six months in form TRANS 2 for availing 40%/60% credit.
Filing of Form GST TRANS 1:-
Those who have earlier submitted the TRANS 1 but could not file due to technical difficulties, have the option to file TRANS 1 again as the option to file is available on site.
Filing of Form GSTR-2:-
Purchase Details should be filed in FORM GSTR-2 and must be reconciled with GSTR-2A.
Reverse Charge Payment:-
a)GST payment on reverse charge basis u/s 9(3) of CGST Act as per the notification should must be paid and posted in books of accounts.
b)GST payment on supplies from unregistered supplier u/s 9(4) of CGST Act should must be paid and posted in books of accounts for period July, 2017 to 13th October 2017.
3.VAT /SERVICE TAX/ EXCISE DUTY POINTERS:-
- All sales, purchase, service income, and taxes must be reconciled with returns for first quarter of FY 2017-18.
- Mismatch of 2A and 2B must be verified.
- All pending forms must have been issued.
- Input Credit carried forward in Vat/Service Tax/Excise returns must be posted in books of accounts and reconciled with TRANS-1 Form.
- If Payment has not been made to supplier against which input tax credit in service tax and excise duty claim within 180 days from date of invoice, then the same must be reversed.
- TDS/TCS under each section must be reconciled with TDS Returns for all four quarter of FY 2017-18.
5.OLD OUTSTANDING AND ADVANCES MORE THAN 3 MONTHS:-
- Ageing analysis of Debtors and Creditors must be done and outstanding more than 3 months must be adjusted.
- Advance received from and paid to parties must be adjusted.
6.LABOUR WELFARE/ESI/EPF/GRATUITY & LEAVE ENCASHMENT:-
- Valuation for Gratuity and Leave Encashment must be get done from Registered Valuer and journal entry of the same must be posted in books of accounts.
- All PF and ESI Return should be filed and must be supported by challans for each month.
All pending outstanding demands and litigation must be noticed.