Instructions issued by the auditor for the Physical stock verification and inventory verification

Auditing is a regular activity that is conducted by the auditors for a company, organization or business. Auditing helps the company in certain ways. With the help of auditing a company can analyze their flaws in the daily operation and can correct them for the future growth. Auditing can be done of processes, products, quality, and inventory and for many other components in a company. 

Auditing can be of two types and that are the internal audit and external audit. Internal audit is conducted by the in-house auditors whereas external audit is conducted by the external auditors. There is some of the instruction that is issued to the company by the auditors for the physical stock verification or inventory verification. Some of these guidelines are discussed below that can help a company or business:

• The list of the physical stocks or inventory is to be provided according to the item and location. 

• The purchases that are not recognized should be always marked separately. 

• The stock that is being sold but not delivered to the customer should be kept separate and marked properly. 

• The stocks and inventory that is being used regularly should be issued in advance so that there will be no hamper in the production line. 

• Old stocks should be market separate.

• The list of the inventory should be maintained properly and accurately. 

These are some of the common instruction given. For more details on physical stock verification and inventory verification, call us at +91-11- 66797769 or e-mail at info@boundlessindia.com or visit us at http://www.boundlessindia.com.

Benefits of Hiring a service tax consultant in Delhi

Service tax compliances are of much importance to any organization, business or company. Service tax compliance filing needs time and knowledge and one can apply to him if they have all those spare time. But most of the people rely on the service tax consultants to get their filing procedures done smoothly and efficiently. If you are looking someone for service tax compliances, then there are many benefits that a service tax consultant in Delhi can provide you with.

Expertise in the Service tax filing

There is a huge difference between an amateur filing for your service tax forms and an expert working over the same. With the help of an expert, you can be assured that there will be no mistakes in your form filing and can rely upon them completely. The expert of service tax compliances know about their work and can get your procedure done successfully in a very minimal time.

Help with the complicated details

These expert service tax consultants in Delhi can handle all of your complicated details. They help their clients with the examination of all of the data, organizing it and then prepare for the form. Only an experienced and skilled service tax consultants are able to handle such complicated tasks, so always choose the best and experienced consultants.

They save a lot of time

These tasks are their regular work and they are expert in it. So they tend to make no mistake which saves a lot of time.

For more details on service tax compliances and service tax consultants in Delhi, call us at +91-11- 66797769 or e-mail at info@boundlessindia.com or visit us at http://www.boundlessindia.com.

The benefits of Accounting Outsourcing Solutions in India

The Growth of a company totally depends on the financial transparency and expertise of the people handling the accounts of the company. With the help of transparent financial transaction a company not only ensures its growth but it also helps in the financial expansion and sustainability with the time. Most of the companies depends on in house individuals for bookkeeping. This not only costs the company more but also decrease the efficiency of work of the charted accountants because of huge responsibility for them.  They are not mere people that do the bookkeeping but they are the key to all of the financial advice needed for the growth.

The best way to consider for all of the financial solutions is Accounting Outsourcing Solutions. There are certain advantages of these outsourcing solutions and some of them are

1.  They have the team of Accountants, so when the time comes you could access them easily.

2. These firms are experienced in all type of financial needs like mergers and acquisitions, Financial transactions, Expansion, budgeting, Risk management etc. So you will get a one-stop solution for all.

3.  They are ready to help you at every moment when you needed them the most.

4. Accounting Outsourcing Solutions not only provide you with advice but also helps in reducing the cost to the company.

5.   They are credible and has a huge track record of positive reviews from their clients.

For more on Accounting Outsourcing solutions, call us at +91-11- 66797769 or e-mail at info@boundlessindia.com or visit us at http://www.boundlessindia.com.

How to choose the Corporate Advisory services?

Corporate Advisors are those professional consultants that provide their clients with consultancy for the governance of the corporate identity. These Corporate Advisory Firms helps their clients in a wide array, that ranges from Financial Advice to Risk Management services. If you are having a corporate company in India then these advisory firms can be of great use to you. 

Let's have a look at the services provided by them.

1. Risk Advisory Services 

2. Mergers and Acquisitions 

3. Strategic Advice 

4. Financial Restructuring 

5. Debt Management 

6. And on all of the Financial Governance matters.

Choosing a corporate advisory service is not as easy as it sounds because all of your financial strategies are biased with the consultancy that these Financial Advisors provides to you. If you keep some of these below-mentioned points in mind then it will not serve as a daunting task to you.

1. Experience: Experience always matters while choosing Corporate Advisory services. Always choose the one with a history of good records. You should check whether the Corporate Advisory firm has a relevant experience? 

2. Credibility: It is very important that these advisors are credible, experienced and well qualified. Always read the reviews about them by their clients while opting for the one for yourself. 

3. Confidentiality: These Corporate Advisory firms need to preserve the confidentiality of their clients at every moment of time. All of the processes need to be conducted confidentially. So always sign an agreement of Confidentiality. 

For more on Corporate or Risk advisory services, call us at +91-11- 66797769 or e-mail at info@boundlessindia.com or visit us at http://www.boundlessindia.com.

Accounts Payable Processing: An understanding

Accounts payable, also known as trade payables or may be simply as payable are basically the payment due to one’s suppliers. This is a book item that features under liabilities in the Balance Sheet. One needs to keep a track of these accounts payables and at the time of accounts payable processing, carefully update the accounts and clear the amount from the payables. Since it is sometimes not conducive to maintain records of the deals done on credit or on delayed payments, these are entered in account books as payables while in the lender’s books as account receivables or receivables in their assets. The same are carried forward to the next year books of accounts until these are settled.

Accounts Payable Outsourcing is an arrangement when you hire professional services from experts to take care of your accounts payable entirely. This includes, document maintenance, account payable processing which includes invoices management, approval of invoices, resolution of issues and fallacies, disbursement of the payments etc. All this is very conveniently done by professional organizations and is a big industry today.

If you ever want to outsource accounts payable services you can contact one of these professional organizations and just sit back and relax for a convenient handling of the payments on your behalf. There is no harm in getting things managed from outside which actually has proved to be beneficial on account of cost saving, accuracy and smooth handling. One can easily rely on these companies and be free of the hassle of maintaining hefty records of payables.

For more on accounts payable, call us at +91-11- 66797769 or e-mail at info@boundlessindia.com or visit us at http://www.boundlessindia.com.

Implementing ISO 14001 & ISO 27001

What is ISO 14001?

It is the international set practice or standard about maintaining your business operations with an efficient use of your resources. In simpler terms, the practice is set to ensure that there is least wastage of resources and there are more economies of scale generated for your profitable and viable operations. The ISO 14001 implementation does not require any much support other than a checklist which can be obtained from third party accreditors. Once this is done, you may apply it in your organization at appropriate checkpoints and reap the benefits.

There is more to efficient usage than what meets the eye. Lesser wastage would lead to competitive advantages which would mean your business would be able to sustain for longer, there is more resistance to competition and there is more to trust built in the stakeholders.

What is ISO 27001?

ISO 27001 is the International standard set for better management of information; it deals mainly with information security. It is imperative today for organizations to have all their proprietary information safeguarded to avoid any kind of mishap like data theft to happen.

It is again not obligatory to get ISO 27001 certification prior to implementation. However there is no hazard in getting your business attuned to best practices which have proven results.

Both these certifications are suited to all organizations irrespective of their operational size. There is a global acceptance to this standard which is also a kind of reassurance to their clients that the information has been properly secured and safeguarded.

Much need implementation support on these certifications can be availed through specialized consultancies.

For more on inventory management, call us at +91-11-66797769 or e-mail at info@boundlessindia.comor visit us at http://www.boundlessindia.com.

Best Practices of Inventory Management

Boundless helps you in inventory management and have collated what is called best practices in it.

With these, you can grow your business by leaps and bounds and augment gains.

1. Having an intact inventory control system is best. Two commonly used systems are periodic and perpetual.  Periodic are the ones, which refurbishes ledger periodically i.e. weekly, monthly and quarterly. Perpetual systems are the ones, which updates inventory after each purchase, sale and adjustment. The more frequently it is updated, the easier it is for a business to plan.

2. Have Inventory categorisation. As 80-20 rule applies majorly to inventory, it is better to set priorities straight. (80% sales come from 20% of the products).

3. Have a proper inventory adjuring system. You should know what you need, how much you need and when you need it. This saves one from unwanted circumstances such as inflated inventory costs and longer lead times.

4. Imbrute the inventory system. This standardises the process, saves time and money, increases accuracy and simplifies documentation.

5. Forecast demand as sales may vary due to vicissitude in trends, seasons etc. Thus, demand forecast can help better plan inventory requirements to maintain levels.

6. Perform physical inventory counts. A rubric to control inventory and attune it to the amounts in periodic or perpetual system on the books, physical inventory is normally done once a year normally at the end of the fiscal year. Larger businesses and those preferring periodic or seasonal inventory counts, do it more frequently.

7. Make acclimation as required for goods unsold, obsolete, stolen, damaged or for goods whose market value is lower than the cost of the good.

For more on inventory, call us at +91-11-66797769 or e-mail at info@boundlessindia.com or visit us at http://www.boundlessindia.com.

How to aggrandise supply chain management?

Boundless helps your supply chain management through process convalescent by enhancing communication, refining information, which aids in decision-making and efficient transaction processing. More methods are listed as follows for you to attain effective business.

The ways to enhance management of supply chain are:

1. Communicating with customer and vendors electronically can help with standardising, ordering, receiving and invoicing processes thereby eliminating manual errors. The electronic formats can be interchanged between habitués and vendors after their sign-off.

2. Vendor -managed inventories (VMI) is the need of the hour. In vendor-managed inventories, all incubus of the customer's stock level lies with the vendor. For a businesses, such offering is a differentiator between various vendors. VMI further aids in maintaining customer relationships.

3.  In an effort to guesstimate vendor performance, enterprises need to capture data and need to have some performance metrics. Some of the metrics include lead times, over and short shipments, quality issues, in- time delivery, invoice, order accuracy etc.

4. Boundless offers content updation of portals and for supply chain management to be effective, vendor and customer portals need to be updated as they provide good information. Such portals can provide information on orders open, shipment dates etc. Request for action can be taken care of. Self-services such as order placement and payment transactions too can be facilitated through them. They also provide with delivery dates which further aids in providing production schedules.

5. Pay on receipts systems should be there too which takes information from purchase orders primarily.

Stay tuned to this space for more on supply chain management as we will continue to  provide you with such useful techniques. Boundless offers effective management offerings. And for more on supply chain management, call us at +91-11-66797769 or e-mail at info@boundlessindia.com or visit us at http://www.boundlessindia.com.

Issues In Warehousing

There are certain issues that might affect warehousing big time. Some of them are listed as follows:

Market and product stability

The long-term market growth and the product's stability will influence the size of the warehouse as well as its location. This will also affect the prospective space / location of the warehouse. These considerations can also affect the kind of warehouses and the technology, which is to be used.

Kinds of materials to be stored / handled

Materials can be raw materials, original equipment manufacturer auto spare parts, packaging materials and finished goods. The units stored can vary and be such as carton boxes, containers for liquid boxes, drums, sacks and loads. In case of perishables, special requirements can also be met for temperature and humidity. All this will influence the kind of warehouses and the technology level used.

Warehouse facility: kind, size and location

A warehouse's kind, size and location will also depend on the position of the warehouse in a supply chain network. The inventory level, customer base, the requirement for inventory optimization and overall customer levels should also be considered when deciding the kind, size and location of the warehouse.

Choice of unit load

The selection of unit load such as tote bins, pallets, rolls etc. will depend on the kind of materials stored in the warehouse. Inside a warehouse, it can influence the kinds of storage systems and the options of equipment handling. In terms of transport, it can affect its operations in terms of vehicle loading and unloading and vehicle utilisation.

Boundless helps you with the warehouse management process. It studies and then proposes alternate improvements, so that you never land in trouble. The issues that affect warehousing such as listed above are taken care of by us. For more on warehousing, call us at +91-11-66797769 or e-mail at info@boundlessindia.com or visit us at http://www.boundlessindia.com.

Objectives of Inventory Management

Through inventory management, the following objectives are met which are related to investment cost and service level. 
• The control process should be designed to premeditate policies in quantitative parameters so that consistency in operation can be achieved.

• Give decision rules in terms of quantitativeness that ushers in inventory control response.

• Adopt the simplest mathematical methods to make sure that daily calculations are performed. 

• Provide unpredented reporting for non-routine situations accurately.

• Provide appropriate levels of information to challenge and to replace system decisions. 

Boundless helps you effectuate all the above objectives accurately. 

The four basic components of inventory management, which Boundless has identified basis its experience, are as follows:

• Replenishment Stock- Determined by the ordering frequency and the quantity ordered, this is a stock resulting from policy ordering.

• Safety Stock - This kind of stock is stored for being perseverent with the demand / supply uncertainty.

• Anticipation Stock - Stock procured in advance of requirement.

• Movement Stock - This kind of stock can be dis jointly identified and is the kind which is in infiltration between suppliers and the customers. 

Boundless sees two main factors when it comes to inventory management:

• Tracking of quantity of stock in hand - This kind of monitoring ensures that there are sufficient products to meet the customer's requirements. The quantity is measured by stocktaking method on a regular basis. 

• Tracking of product's quality - This kind of monitoring guarantees, that the available products in stock are of high quality. The quality is measured by regular visual inspection of the stock and by ensuring that stores are kept in good order. 

If you are one of those ensembles that maintains inventory then Boundless helps you keep up with the above two major factors in inventory management. For more on inventory, call us at +91-11-66797769 or e-mail at info@boundlessindia.com or visit us at http://www.boundlessindia.com.

Ledgers: An Effective Way To Maintain All Business Transactions

Ledgers are books of accounts used for reporting economic transactions measured in monetary terms. Each financial transaction is noted inside a ledger. It depends on the size and structure of the organisation that the number of journal entries vary from hundreds to millions.

General ledger accounts are basically nothing but chart of accounts.

It helps in consolidating journal entries at a single place which are of same nature. Transfer of several journal entries in a single ledger account is termed as posting. For example, 100 entries of journal passed can be posted into a single sales account created. Post that, several sales transactions can be noted in that account date-wise.

Boundless helps you in doing this and maintaining ledgers all the while for your business.

Some important points that relate to ledger are:

1.  Each side of a journal entry is made on the same side of the ledger i.e. debit entry is made on the debit side while credit entry is made on the credit side.

2. Expenses and assets represent debit balance while income and liabilities represent credit balance including capital balance.

3. Debit balance in the statement represents amounts receivable while credit balance in the statement represents amounts payable. While amount receivables are noted in assets, amount payables are represented in liabilities.

4. While credit side represents income earned, debit side represents an organisation's expenses.

5. A cash book's debit balance means cash in hand.

6. Bank book's debit side is balance at bank and bank book's credit balance is bank overdraft.

7. However, real and personal account balances are represented in balance sheet and are carried onto next financial years.

For more on ledger services and related, call us at +91-11-66797769 or e-mail at info@boundlessindia.comor visit us at http://www.boundlessindia.com.

Implementing 5s In Warehouses

Boundless is one company that helps in implementing 5s, the Japanese methodology built in 1970s.  

We implement 5s in varied workplaces for you and warehouse in one such place where 5s when executed bring beautiful results. 

                                     

Sort or Seiri - This phase in 5s sorts the workplace i.e. unwanted things are removed for making space. This way new things can be accommodated in warehouse and existing  things that need space can get storage. The phase helps you retain essential things only which are required. One also can set priorities using last-in-last-out method or first-in-first-out. Boundless helps you do just that.

Tools that might be required include:

     1. Red tags

     2. Equipment tags

Straighten or Seiton - The phase helps streamline the warehousing process and eliminates wastage. Boundless helps you with seiton in reducing wastage of time and resources.

Tools that might be required include:

      1. Warehouse signs

      2. Labels / inventory tags

      3. Floor identifiers / markers 

Shine or Seiso - In an effort to know where is efficiency lacks, the warehouse's shine is mandatory. Boundless helps recommend any spill or leak fixtures to prevent hazards. 

Tools that might be required include:

      1. Spill kits  

      2. Janitorial supplies

Standardise or Seiketsu - Boundless in order to bring efficiency, executes consistency. The standard procedures are well documented in terms of work manuals. Another way to standardise is to conduct regular training sessions where emergency management is taught. 

Tools that might be required include:

       1. Training manuals

       2. Work posters 

Sustain or shitsuke - It is human nature to roll back to older methods but it is quite important to hold on to new processes after all, 5s is striving towards continuous excellence rather than to get stuck with old rotten techniques. 

For more on 5s or warehousing services and related, call us at +91-11-66797769 or e-mail at info@boundlessindia.comor visit us at http://www.boundlessindia.com.

Offering The Best Warehousing Process Alternatives

Usually there are three kinds of warehouses

   •  High rack warehouses

      Offering a height of 50 metres, high rack warehouses provide maximum space utilisation. These kinds help store heavy and large volumes of goods. High rack warehouses can be further connected to a logistic centre's stations.  It should have essentials such as racks, delivery vehicles, stacker cranes and racking storage. It should have own control techniques that trigger effective material delivery.

  •  Small parts storage

    This kind of storage provides quick access to the goods stored. It enables high stock rotation. Through small parts storage, just in time production procedures are kept in place. The items in small parts storage are stored in small volume loading items like trays and plastic containers.  

     The storage aids in total space utilisation for a logistics centre and in ideal storage density. 

Centered around frequency of access of individual goods, the technique helps in multiple deep storage. The storage includes shuttle-systems, retrieval motor vehicles and racking storage. It also has a provision of electrical and mechanical maintenance.

     We at Boundless make a superb set of procedures that studies your small parts warehouses and do an extensive analysis of specific procedures. 

  •  Special warehouses

     Special kinds of storages includes load storages and coil storages.  A load storage creates space   for every kind of steel profile and individual components. And  in coil storages, the individual coils are packed so compactly that they offer a comprehensive solution. 

     Boundless provides customised solutions for above kinds of warehousing techniques. We provide alternate methods to improve your existing processes used in warehouses, so that you get the maximum benefit in terms of storage.

  For more on warehousing services and related, call us at +91-11-66797769 or e-mail at info@boundlessindia.com or visit us at http://www.boundlessindia.com.

Why Are Content Update Services Important For Your Business ?

To maintain an effective website, it is imperative to take care of workflow processes of content management and online content updates.

We have solutions for customised content management for your business organisation. Boundless has laid foundations when it comes to content updates for its customers. Based on requirements from the client, we can grow their business by leaps and bounds.

When the content update is spoken of then all exceptional writers are present with us. These individuals have great writing experience and are also contributors in print media industry writing for newspapers and e-papers. Their experience ranges in sectors such as real estate, food and entertainment, arts, travel, science, medicine, technology, government, banking etc.

Boundless also helps in content migration whenever a new website is created from an old one. Data migration is required to migrate data from an old website to a new one.

Content update services come useful when:

·         The existing content is out of date

·         You don't have time to update the content because you are tied up with other things

·         Search engines too like websites that evolve with time

If you do not change or update content

·         Your existing customers get disappointed as up to date information is missing

·         Hence, the visitors decline and so do the profitability

·         The rankings of your corporate web site decline

·         You start losing important prospects or business

·         In the long run, it can damage business' reputation in market

So, what are you waiting for folks? Take contact details of Boundless and dial or email us.

In a cost-effective manner, we shall make content changes on your website or any other online place.

For more on E-commerce support services such as content updates, call us at +91-11-66797769 or e-mail at info@boundlessindia.com or visit us at http://www.boundlessindia.com.

Get Street-Smart By Outsourcing Payroll Management Today

The administration of an employee's financial record includes information on salaries, wages, bonuses, net pay and deductions. A record of an employee must be kept with an employer for at least four years. Also, there are at least 20 kinds of records that should be kept of an employee with an employer.

Payroll services may be outsourced to companies such as Boundless. The benefit of outsourcing is to keep the business head out of the overhead of changing laws and remembering them. This saves them time too and this time, can be involved in other business activities by them.

Cost is also saved by outsourcing payroll management to other companies. If there are more than 1000 number of employees in an organisation, then it is really crucial to outsource the services to a separate company  such as Boundless since managing this huge amount of data becomes difficult.

In this method of outsourcing, data is provided to the outsourced firms with the following functions also performed by them:

·         Quality audit procedure and planning

·         Employee insurance and provident fund processing

·         Medical claim processing

·         Payroll record analysis

·         Payroll tax analysis

Payroll may be managed monthly or yearly. When maintained monthly, house rent allowance, conveyance and other allowances such as mobile are considered. Some deductions are made such as taxes, provident fund etc.  Tax deductions are made only from an employees' salary where there are applicable for an employee. Dearness allowance and HRA are provided at a fixed rate while the provident fund is deducted on a monthly basis.

Annual payrolls, when provided, comprises annual bonuses, meal vouchers, medical reimbursements, incentives, leave travel allowances etc.

Bonuses, allowances, reimbursements and incentives are based on policies of an organisation. Some companies provide them on performance basis while some provide on a fixed rate basis.

For more on payroll management services, call us at +91-11-66797769 or e-mail at info@boundlessindia.com or visit us at http://www.boundlessindia.com.

What's In A Warehouse ?

A warehouse or a distribution centre as it is called interchangeably is a place used to store goods. The goods from there are distributed to consumers for consumption.

Warehouse management is the process of coordinating the incoming  goods in the warehouse, their storage, subsequent tracking inside the warehouse and eventually distribution outside to the product's destination. 

A warehouse is empty without any form of product inside it. The delivery to the warehouse is done by trucks, rails, or ships. The received goods are processed and then sent to warehouse for storage purposes. 

Inventory control is related to warehousing in a way that inventory control is the process of searching and finding the product inside the warehouse accurately so that it is delivered just-in-time. 

To complete the order, process of selecting products is called order picking.  Some order picking procedures are as follows:

• Pick-by-order - Selected products are picked on a per order basis. 
• Pick-by-article - Product multiples are selected to complete orders.  Products are aligned with a staging area and clubbed with other products to complete the order.
• Wave - Products are collected based on a shipping criteria. 
• Reverse Order - A part of an order is held so that it can be clubbed with another order.

Packaging and labelling are also a part of warehousing. Proper packaging is mandatory to prevent loss of goods due to damage. The exercise of Labelling is important in warehousing as it helps to easily identify, track and select a product to complete the order. 

Boundless is one company which helps you provide your order in time by providing excellent warehousing services. It helps deliver to your customer for consumption.

For more on warehouse management, call us at +91-11-66797769 or e-mail at info@boundlessindia.com or visit us at http://www.boundlessindia.com.

Effective Inventory management

Get The Best Car Title Loan Proposal Effective inventory management enables a distributor to meet the expectations of a customer in product availability with each item so that the distributor's net profits are increased. Boundless is one company that helps you achieve that.
Inventory is divided into:
Base stock: That part of inventory which is replenished after being sold to its customers.
Safety stock: The second part of inventory which is stored for safeguarding against the uncertainty impact.
Costs of Inventory:
There are two kinds of inventory costs: Visible and Hidden Costs
A. Visible Costs are as follows:
·         Ordering Costs - costs of reloading inventory which further includes transportation, receiving, costs spent while searching suppliers and clerical costs involved in creating purchase orders.
·         Carrying Costs - the cost of holding an inventory item in inventory which also includes storage space costs, security, theft, deterioration and insurance costs.
·         Shortage Costs -  sales loss - temporary or permanent when demand cannot be met that is caused due to employee's idleness and extra machinery set ups due to disrupted manufacturing when the material is not available. It also is caused when quantity discounts are not available on procured materials and when sales are lost leading towards unhappy customers.
B. Hidden Costs can be fatal to your business and cause
·         No incentive for process improvement
·         Quality problems which are not identified immediately
·         Underlying issues that remain hidden and thus become difficult to resolve
·         reduction in responsiveness
·         increased lead times
How inventories can increase?
1. If lead times are not accurately anticipated then an inventory might increase.
2. If there are quality problems occurring then inventory may increase.
3. If demand increases unexpectedly
4. If order deliveries are late.

For more on inventory management, call us at +91-11-66797769 or e-mail at info@boundlessindia.com or visit us at http://www.boundlessindia.com.

Warehousing And Its Functions

Warehousing

A warehouse is a place used for storing goods. It is nothing but an assumption of a responsibility for storing goods or raw materials. The importance of warehousing is well known when the city hits a drought or flood or any other severe adverse climatic condition prevails. Warehouses allow the timely dispatch of goods, thereby making the situation better.

Functions of warehousing

There are certain functions that a warehouse provides. Boundless provides warehousing services and it is implied that these functions are provided by our warehousing facilities too.

The varied functions include:

1. Storage facilities- Quantities of goods and raw materials which are not required immediately are stored in the warehouse. They are supplied as and when they are needed. Thus, the primary function of a warehouse is to provide storage facilities.

2. Financing- Warehousing acts as a finance source. Many banks and financial institutions provide loans against warehouses. These institutions see goods stored in warehouses by business owners as a security. Banks also provide loans against warehouse receipts.

3. Price stability- Warehousing plays an effective role in stabilising prices of commodities. It is achieved by time utility. When supply is more, a decline in goods prices and when demand is more, the rise in prices are avoided by warehousing.

4. Packing and grading- Additional services provided by warehouses include packing, processing and grading. The goods are packed as per demanded by the owner who sees the market demand and is then distributed.

5. Risk Bearing- Warehouse materials are exposed to many risks such as theft, robbery, fire, exploration, deterioration, etc. Warehouses minimise such risks by entering the contract of bailment. According to the contract, the warehouse keeper is a bailee while the person keeping the goods in the warehouse acts as a bailor. Warehouse keeper is responsible for keeping goods risk-free in warehouses. In the case of damage to goods in the warehouse, the warehouse keeper, the bailee is liable to the owner of the goods, the bailor.

For more on warehousing, call us at +91-11-66797769 or e-mail at info@boundlessindia.com or visit us at http://www.boundlessindia.com.

Ledger And Its Kinds

Ledger comprises information from journals. Every month all information from journals are posted into ledgers.  Ledger's objective is to arrange individual transactions present in all the journals.

Ledger can also be termed as a book in which all accounts are kept.

There are five kinds of general ledgers which we create for management for our customers. The kinds include:

1. General Ledger- The book in which all other accounts are kept.

2. Purchases Ledger- The book has personal accounts of credit suppliers who are also known as creditors. The supplier's account balance signifies the amount which the business owes to its suppliers. Hence, the total amount of balances in the purchases ledger is the sum the business owes by its credit  suppliers. This sum is also called account payables or formerly known as trade payables which are displayed as a current liability on the balance sheet.

3. Sales Ledger- The book has personal account information of business' credit customers who are also known as debtors. What the customer owes to the business is the balance in his/her account. So, the total of balances shown in a sales ledger is the sum owed by the business by its credit customers. The sum amount over here is known as accounts receivables or formerly called trade receivables which are displayed as current assets in the balance sheet.

4. Debtors Ledger- This kind includes information from the sales journal. The objective of this kind of ledger is to give information on customers who owe money to the organisation and also information on how much money they owe.

5. Creditors Ledger- This kind of ledger has information from the purchases journal. The prime objective of this kind of journal is to provide knowledge about all suppliers the business owes money and how much money they owe.

For more on general ledgers, call us at +91-11-66797769 or e-mail at info@boundlessindia.com or visit us at http://www.boundlessindia.com.