Maintenance of Accounts

The law requires businesses to maintain proper books of account — companies under the Companies Act, and others under the Income-tax Act — kept on an accrual basis, properly classified, and retained for the prescribed years.

The firm maintains a complete, compliant set of books, so the statutory requirement is met and the accounts are ready for audit and assessment.

Maintenance of accounts includes:

• A complete set of books on the accrual basis
• Classification consistent with Schedule III / the applicable framework
• Ledgers, registers, and subsidiary records
• Periodic reconciliation and review
• Retention of records for the prescribed period

1. 01

   Set up the framework

   Establish the chart of accounts and the records required for your entity.

2. 02

   Maintain

   Keep the books complete and current on an agreed cycle.

3. 03

   Reconcile & review

   Reconcile balances and review for completeness and accuracy.

4. 04

   Retain

   Archive the records for the statutory retention period.

PBT keeps a compliant set of books so you meet the statutory requirement.

• Books that satisfy the Companies Act / Income-tax Act requirements
• Proper classification and reconciliation
• Ready for audit and assessment
• Secure retention of records
• Scope, deliverables, and fees agreed in writing up front

• How long must books of account be kept?

  Companies must keep them for at least eight financial years; income-tax records are generally kept for the relevant assessment-year periods. We retain them accordingly.

• How is this different from bookkeeping?

  Bookkeeping is the recording of transactions; maintenance of accounts is keeping the complete, classified, statutorily-compliant set of books — they go together.

• How long does it take?

  Setup takes a few days; the books are then maintained continuously on an agreed cycle.