Miracle Software Simplifies Non-Operating Revenue Entry
Introduction:
When it comes to managing non-operating revenue efficiently, Miracle Accounting Software simplifies the process, making it the Best Accounting Software in Surat for businesses. In this tutorial, we will guide you on how to enter GST income for non-operating revenue, such as rent income, in Miracle Accounting Software. We’ll also explore scenarios where this feature becomes particularly useful.
What is GST Income Entry for Non-Operating Revenue?
In accounting, non-operating revenue refers to income generated from activities outside your primary business operations, such as rental income, interest earned, or dividends. With the Best Accounting Software in Surat, managing these income streams and ensuring proper GST compliance is seamless. This tutorial will focus on how to record GST income from rental revenue, but you can apply these steps to other forms of non-operating revenue as well.
When Do You Need GST Income Entry?
GST income entries are made when a business earns income from non-sales-related activities. Since no actual sale of goods is taking place, and the inventory isn’t affected, it falls under non-operating revenue. The Best Accounting Software in Surat, Miracle Accounting Software, allows you to record these types of income, ensuring that your books reflect accurate GST calculations and financial records.
For example, let’s say Vishal Marketing rents a property and pays monthly rent to a party. That rental income needs to be recorded under GST as a non-operating revenue entry. With the Best Accounting Software in Surat, this process is quick and efficient.
Step-by-Step Guide to Entering GST Income in Miracle Accounting Software
Here’s a simple guide on how to enter GST income for non-operating revenue in Miracle Accounting Software, the Best Accounting Software in Surat.
- Add the Account as Non-Sales Income
When recording non-operating revenue, the first step is to ensure that the income account is properly categorized. In Miracle Accounting Software:
Select “Income (other than sales)” when creating the account.
This ensures the system knows that this income isn’t related to the sale of goods or services but is still subject to GST.
By correctly categorizing this income, the Best Accounting Software in Surat allows for accurate GST reporting.
- Set Up the GST Commodity
Next, you need to set up the GST commodity in Miracle Accounting Software. Here’s how to do it:
Navigate to GST Master > GST Commodity and click ‘Add.’
In the description, input “Rent Income” and apply the GST rate. In our example, we’re applying an 18% GST slab.
Select “Services” in the Commodity Type and choose GST 18% as the tax rate.
You’ll also need to input the correct HSN code related to rental income.
Once you’ve set these details, the Best Accounting Software in Surat ensures that this setup is stored for future entries, making the process even more efficient.
- Enter GST Income
Now that the GST commodity is set up, it’s time to enter the income:
Go to GST > GST Income and click ‘Add.’
Select the party from whom you’ve received the rent (e.g., Vishal Marketing).
In the income account column, choose the relevant income account you set up earlier.
In the commodity section, select “Rent Income 18%.”
Enter the assessable amount and save the entry.
With Miracle, the Best Accounting Software in Surat, this straightforward process ensures that GST income entries are accurately reflected in your financial records.
- View the Entry in GST Returns
One of the advantages of using the Best Accounting Software in Surat is how easily you can view your GST entries in the returns section. Once the entry is made, you can:
View it in the GSTR-3B report under outward supply as per the book.
See it in the GSTR-1 report under B2B transactions.
Miracle Accounting Software, the Best Accounting Software in Surat, ensures complete compliance with GST reporting, offering a hassle-free experience for managing your taxes.
Additional Features of the Best Accounting Software in Surat
Miracle Accounting Software provides additional benefits such as the option to print or save entries as PDFs. This feature is particularly useful when you need to keep hard copies of your GST income entries for record-keeping or audits. You can either print these documents directly or save them as PDFs, depending on your preference.
The flexibility and comprehensive features of Miracle Accounting Software make it the Best Accounting Software in Surat. It is trusted by businesses across industries for managing not only their sales but also their non-operating revenues like rent income, ensuring that their financial records are always up to date and GST-compliant.
Conclusion
Recording GST income for non-operating revenue, such as rent income, is essential for maintaining accurate financial records. Miracle Accounting Software, the Best Accounting Software in Surat, simplifies this process with easy-to-use features that ensure GST compliance. By following the steps outlined in this guide, you’ll be able to efficiently manage your non-operating income, streamline your GST reporting, and keep your business running smoothly.
So, if you are looking for software that covers all aspects of accounting, including GST for non-operating revenue, look no further than Miracle, the Best Accounting Software in Surat.