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Step 1: Visit the Zoho website (https://www.zoho.com/) and click on the “Sign in” button on the homepage. Step 1: Click on the “ Gear Icon” present on the top side of the right corner of the page and then select “Organisation Profile”. Items might be products that you buy from suppliers and resell to clients or they can be services that you provide and receive payment for. Anybody who purchases and sells products or services is referred to as a vendor in general. After buying goods and services, a vendor resells them to a different business or person. A customer is an individual or company that purchases products or services from another company. Clients are important since they bring in money. Businesses would cease to exist without them. You must add Customer to create sales transactions such as sales orders and invoices. A general ledger, sometimes known as a ledger, is a document that documents the financial activities of a company. It lists all of the company's earnings and outlays together with the debts and assets that are owing. A purchase order is a formal document that a customer uses to place an order with a supplier. For a purchase from the vendor, a purchase order details the products, quantities, costs, and terms of credit. When a vendor accepts a purchase order, it turns into a binding legal agreement. A sales order is a business document that a seller prepares and sends to a buyer. It attests to the sale of products or services and specifies all of the details of the transaction, such as the amount, cost, and caliber of the delivered items or services. Along with other terms and sale logistics, it provides information on the expected delivery date, delivery address, and terms of payment. When goods & services are purchased in cash or credit, donated, lost, or withdrawn for personal use, in all these cases, Goods & Services are denoted as Purchases A/c. An organization uses a buying journal, a specialized type of accounting log, to track and document orders and purchases. Following the receipt of an order, a business will post the transaction to the purchase record with the use of an invoice document. In the purchase record, inventory is often represented by a debit to the "Payments" account, and the supplier is represented by a credit to the "Accounts Payable" account. A sale is the process by which ownership of certain items or properties is passed, in exchange for a fee, from one individual (the seller) to another (the buyer). You can begin billing your clients once you have established customers in Zoho Books. If there are quality problems or other grounds to return the products, the buyer of the goods gives the seller a debit note. The cause for the return of the goods is stated in a debit notice. Debit note are also known as purchase returns. When the buyer's amount due to the seller decreases, the seller issues a commercial document called a credit note, sometimes referred to as a credit memo. The seller guarantees that the reduced amount will be reimbursed or adjusted in a later transaction by issuing a credit note. An organization's procure-to-pay or purchase-to-pay cycle begins with vendor payments. Paying outside suppliers or vendors of a company to buy products, services, or both by putting in place a workable procedure and system that works for the company is known as vendor payments. Every payment you get from a client can be tracked down and used to settle all of their unpaid bills. You can also view the payments recorded for the invoices. Additionally, you may see the invoice payments that have been made. According to Section 194C, any party is obligated to pay the resident contractor any amount for performing any work (including providing labor) following an agreement between the contractor and any of the following The Income Tax Act's Section 194J addresses the tax deduction at source (TDS) for technical services and professional fees. Before sending the money to the receiver, the payer must withhold a certain amount for taxes. According to Section 194I, rent is defined as a sum of money paid under a lease, sublease, tenancy, or any other arrangement for the use of land, buildings, machinery, plant, equipment, furnishings, fittings, or land that is an adjunct to a structure. regardless of whether it is owned by the payee. Subletting is also seen as a kind of rent payment.
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