EazeMax Software for Share Accounting Management
Share Accounting is a branch of financial accounting that concerns recording, classifying, and analyzing financial transactions of a company's shares. It involves bifurcation of brokerages and taxes as per 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 helps while conducting an Audit.
Shares Accounting Challenges
Use of Wrong reports for Accounting Purposes
People use the Global reports furnished via different trading accounts for accounting purposes, which is incorrect. Users need to 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
Users on their trading terminal does trading activity but does not keep or check their daily transaction ledger which builds imbalances while cross-checking it with the Trading fund balance.
Tax Implication
Users frequently buy and sell shares but often neglect to record these transactions in their accounts, which subsequently increases scrutiny from the IT Department.
Capital Gain Liabilities
Sometimes users are unsure about the type of gain they have reported in their Tax Return Form, whether it is LTCG or STCG, which can lead to increased scrutiny from the IT department.
Problems of Having Multiple Trading Accounts
The users having multiple trading accounts can encounter issues of the actual holdings they have in all trading accounts. They are required to log in to various demat accounts for the verification which is a difficult procedure.
How EazeMax Overcome the Problems Related to Share Accounting?
Easy Access to Contract Note Summaries
Users can easily manage summary details of contract notes in the software.
Brokerage Setup
Brokerage setup enables users to handle their brokerage and tax calculation history for various segments, including Equity, Currency, and Commodities.
Centralized Demat Account Record Keeping
Eazemax authorizes users to maintain records of all their Demat account balances in one place.
Comprehensive Transaction Tracking
Users can monitor each transaction accomplished on their respective Demat accounts, like cash deposits, cash withdrawals, contract note statement details, etc.
Convenient Contract Note Import
With the help of a PDF or an image, users can import contract note details into the software or manually enter details of trading/investment to compute actual profit and loss and brokerage details.
Trading Reports
Users via trading reports 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. The same supports them in comprehending the actual profit/loss concerning 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.
