Managing debt in a company refers to the process of ensuring that a business borrows money in a responsible and sustainable manner, while also meeting its financial obligations. Here is the process: Evaluate borrowing needs: Evaluate the need for borrowing and the amount of debt that can be sustainably managed by the business. This helps […]
HOW TO DO BOOKKEEPING IN PAKISTAN? (ACCOUNTANT)
Bookkeeping is the process of recording and maintaining a systematic and organized record of financial transactions of a business. Here’s how a teacher would explain the process: Record transactions: Keep a record of all financial transactions of the business, including sales, purchases, payments, and receipts. This can be done manually in a ledger book or […]
HOW TO MANAGE PAYABLES?
Managing payables refers to the process of ensuring that a business pays its bills in a timely and efficient manner, while also maintaining accurate and up-to-date records of what it owes. Following are the processes involved: Record purchase transactions: Record all purchases made on credit in a purchase ledger or accounting software. This includes the […]
HOW TO MANAGE RECEIVEABLES? (ACCOUNTANT)
Managing receivables refers to the process of ensuring that a business’s customers pay their bills in a timely manner and that the business has accurate and up-to-date records of what is owed to it. Here is how you can manage your receivables: Set credit policies: Establish clear and fair credit policies for customers, including the […]
HOW TO PREPARE ACCOUNTS IN PAKISTAN?(ACCOUNTANT)
Preparation of accounts is an important task for any business in Pakistan. Here’s how a teacher would explain the process: Record transactions: Keep a record of all financial transactions of the business, including sales, purchases, payments, and receipts. This can be done manually in a ledger book or using accounting software. Classify transactions: Classify the […]
WHAT IS ACTIVE TAX PAYER LIST (ATL) AND NON ACTIVE TAX PAYER LIST (NON ATL) IN PAKISTAN?
In Pakistan, the Federal Board of Revenue (FBR) classifies taxpayers as either “Active Taxpayers List (ATL)” or “Non-Active Taxpayers List (Non-ATL)”. Active Taxpayers List (ATL) is a list of taxpayers who are considered to be in compliance with tax regulations and have a good track record of filing tax returns and paying taxes. Non-Active Taxpayers […]
HOW TO REGISTER A COPYRIGHT IN PAKISTAN?
Copyright is form of legal protection for creative works, such as books, music, films, software and other original works of authorships. It gives the creators of these works the exclusive right to control their use and distribution, including the right to make copies, sell the work, perform the work in public, or display the work […]
HOW TO REGISTER A BRAND IN PAKISTAN?
To register a brand in Pakistan, you will need to follow the following steps: Conduct a trademark search: Before applying for trademark registration, it is important to conduct a search to ensure that the brand name or logo is not already in use by another entity. This can be done through the Intellectual Property Organization […]
HOW TO REGISTER PATENT IN PAKISTAN?
To register a patent in Pakistan, you will need to follow the following steps: Conduct a patent search: Before applying for a patent, it is important to conduct a patent search to ensure that the invention is novel and non-obvious and that it is not already patented by someone else. This can be done through […]
HOW TO FILE INCOME TAX IN PAKISTAN?
In Pakistan, individuals and businesses are required to pay income tax if their taxable income exceeds the minimum taxable limit. Here are some of the groups that are eligible for income tax: Salaried individuals: Employees who receive a salary from an employer are required to pay income tax on their earnings. Businesses: Sole proprietorships, partnerships, […]