This document provides guidance on book keeping and accounting procedures for AIESEC India local committees. It explains the standard chart of accounts (SCOA) used to categorize all transactions, ensuring efficient and transparent reporting. The SCOA defines each class of items that money is spent on or received for. Examples are provided of common mistakes made in categorization that can lead to wrong analysis. The document also distinguishes between invoices, receipts, bills, vouchers and expenses. It outlines important timelines for submitting physical book copies and completing external audits.

1. Book Keeping & Accounting
AIESEC India National Support Team

2. Accounting : The simple process
Income/Expense
Sheet
(Bank + Cash)
Categorize
transactions as
per SCOA
Accountant
verifies & enters
tally

3. The SCOA

4. The SCOA is the list of accounts which is usedto define each
class of items for which money or the equivalent is spent or
received.
In AIESEC IndiaLCs, we use the above standardfor the same
for efficient andtransparent reporting.

5. How to use the SCOA?
The categorization of all transactions is of vital importance, as
the way an expense is categorized is how it will reflect on the PnL,
and hence, will reflect where the cost is allocated according to the
budget. Wrong categorization will lead to wrong analysis. Some
examples of commonly made mistakes:
1. Rent (Misc Expense & GTo expense)
2. IRs & TMP/TLP Subsidy (Membership at IC)
3. Recon (Admin, TMP/TLP, Exchange)

6. How to fill SCOA

7. Book Keeping
Invoice
Receipt
Income
Bill
Voucher
Expense

8. Difference Between
Invoice :
An invoice is sent as an official communication to an entity which is supposed
to make a payment to your LC.
Receipt:
A slip served as a proof of having received payment.
Bill/Inward Invoice :
Inward invoice: An invoice received from another company against which the
LC makes the payment
Payment Voucher :
A slip attached to the bill for having made a payment

9. Important Timelines
1. Physical copies of all books should be submitted
every 15 days and need to reach the MC office
within the next 5 days along with updation of cash
flow & bank flow sheet.
2. External audits dates 1st January to 31st March
(2016) deadline 1st May and 1st April to 31st
December (2015 data) on February 1st.