Domain name management using BUSY accounting

[Guest]

Hello, 

I have a question regarding domain names management in accounting software BUSY.

Details:

I am Domainer from UP. I buy sell domain names, its domain trading business. To maintain all records clearly, i use BUSY as accounting software for general accounting.

I buy domains from market, and sell to the market, if i dont like any name, i drop it.

As usual, all is going well with my accounting software.

Here is my QUESTION:

How can i manage inventory in software, when i drop a domain, which means i am removing a domain name from my inventory?

I need following action from software:

1. Inventory should get deducted with the number of domains dropped.

2. The amount should get deducted, for which I buyed the domain earlier.

Please help me with your suggestions.

Thanks

Bipin Tripathi

[Madhukar N Hiregange]

Query not related to ST. If there is any question on the tax please elaborate.

AI Summary

Inventory management for domain trading: record derecognition entries to remove dropped domains and their costs. A domainer using BUSY seeks a method to record removal of unwanted domain names so that inventory quantities are reduced and the previously capitalised purchase cost is deducted. The forum reply indicates the issue is not service-tax related and suggests providing more tax details if needed. The practical fix is to create a disposal/derecognition entry in the accounting system to decrease inventory and remove associated cost, with supporting records for audit and potential tax reporting.