EazeMax Software for Share Accounting Management
Share Accounting is a specialized branch of financial accounting that focuses on recording, classifying, and analyzing financial transactions related to a company's shares. It also involves bifurcation of brokerages & taxes according to specific script-wise as well as transaction-wise, determination of Profit & Loss, and type of gains that occurred (Long-term/short-term/Intraday profits), which ultimately helps while conducting an Audit.
Shares Accounting Challenges
Use of Wrong reports for Accounting Purposes
Generally, people use Global reports provided by different trading accounts for accounting purposes, which is not correct. Users should use specific reports like trading P&L reports, script-wise reports, Transaction-wise reports, Inventory reports and Contract note-wise reports for the actual fetching of data for accounting purposes.
Less Use of Transaction Ledger
Generally, User does trading activity on their trading terminal but do not maintain or check their daily Transaction ledger, which creates imbalances while cross-checking it with the Trading fund balance.
Tax Implication
Majorly, users buy and sell shares frequently but do not account for the same in their books, which indirectly raises demand from the IT Department.
Capital Gain Liabilities
Sometimes User don't know about the type of gain they have accounted for in Their Tax Return Form, whether it is LTCG or STCG, which also leads to rising demand from the IT department.
Problems of Having Multiple Trading Accounts
Users who own multiple Trading accounts may face problems related to the actual holdings they have in all Trading accounts. They have to log in to numerous demat accounts for verification purposes, which is a very cumbersome process.
How EazeMax Overcome the Problems Related to Share Accounting?
Easy Access to Contract Note Summaries
Users can manage day-to-day contract note summaries in the software for easy access to details.
Brokerage Setup
Brokerage setup allows users to manage brokerage and tax calculation history of their respective broker (Demat) accounts for different segments like Equity, Currency, and Commodities.
Centralized Demat Account Record Keeping
Eazemax allows users to keep records of all their Demat account balances in one place.
Comprehensive Transaction Tracking
Users can track each transaction done on their respective Demat accounts, such as cash deposits, cash withdrawals, contract note statement details, etc.
Convenient Contract Note Import
Users can import contract note details via PDF or image directly into the software or manually enter details related to trading/investment to calculate actual profit & loss and brokerage details.
Trading Reports
Through Trading Reports, users can check their stock summary, stock holdings, trading profit & loss statement, script-wise trading profit & loss statement, and contract note-wise trading profit & loss statement in one place. This ultimately helps them understand the actual profit/loss related to the share market, along with the tax implications on Long-Term Capital Gain, Short-Term Capital Gain, Speculative Income, and Business Income.
Know the Process for Share Accounting
Contract Note
Users can import Contract notes from images/PDFs or can manually enter the entry-wise details to generate various trading reports like Industry-wise Reports, Script-Type Reports, Demat-wise Inventory reports, Trading P&L Reports, Stock summary reports, Contract note summary reports, Script bifurcation of brokerage & Taxes, Trading or Investment reports used for audit purpose. Users can manage these Important Trading reports for themselves as well as for their family members/ relatives having different Demat accounts in one software.
Inventory Report
Through the Inventory report, Users can check their holdings Trading account (which shows the actual holdings of different Stocks in each Trading account) as well as Particular Script/Stock available in different trading accounts & know the actual brokerage & Taxes levied as total on particular scripts based on transaction the user choose either it is trading or Investment.
Holding Wise Report
The script-wise report shows the selected stock/Script holdings in different Trading accounts for a particular period, with their actual long-term/short-term Term/Intraday profits calculations.
Trading P&L Reports
Through Trading Reports, users can check their stock summary, stock holdings, trading profit & loss statement, script-wise trading profit & loss statement, and contract note-wise trading profit & loss statement in one place. This ultimately helps them understand the actual profit/loss related to the share market, along with the tax implications on Long-Term Capital Gain, Short-Term Capital Gain, Speculative Income, and Business Income.
