Finance

Finance is built for Indian service businesses. You raise GST invoices and credit notes, record payments and the tax your clients withhold, and log purchase bills. GigRoot keeps double-entry books from all of it. It is wired into the rest of GigRoot, so time, projects, and deals become revenue without re-entry.

• GST invoicing — place of supply, CGST + SGST or IGST, exports under LUT, and the Rule 46 particulars.
• Credit notes — corrections against an invoice, in their own numbering series.
• TDS — on payments you receive, and on bills you pay.
• Accounting — P&L, balance sheet, trial balance, ledgers and day book, April to March.
• GST returns — GSTR-1 and GSTR-3B summaries to file on the GST portal.

Finance → Dashboard opens with charts drawn from your live books: Cash in vs out, How late is money owed (receivables ageing), Expected collections over the next eight weeks, Top clients, and Where money goes. Revenue counts every recorded payment, converted to rupees; demo invoices are left out. The same charts can be added to any dashboard.

Create invoices manually or generate them from time entries, milestones, or project events. GigRoot works out the place of supply under section 12 of the IGST Act. For a B2B client that's the state in their GSTIN. For a B2C client it's their address, or your own state if there's no address. It then charges CGST + SGST when that matches your state and IGST when it doesn't. Exports and SEZ supplies go out zero-rated under your LUT (the endorsement is printed) or with IGST paid. Invoices can also be marked reverse charge.

Each line has its own GST rate and HSN/SAC code. Discounts come off the taxable value before GST is worked out. The total is rounded to the rupee and printed in words. GSTINs are checked, including the check digit. Every tax invoice prints the Rule 46 particulars: both parties' GSTINs, state names and codes, and the place of supply. Estimates and SOWs turn a proposal into an approved quote and then into an invoice in a click.

• HSN/SAC codes — type a code or a description on any invoice or estimate line and pick from the suggestions, each showing its usual GST rate (the rate on the line is still yours to set). A code that isn't listed can be added as a custom code with its description and GST rate, for the whole agency.
• Estimates — have a title and open in a sheet over the list, with Print, Download PDF, Send to client and Convert to Invoice.
• Currency — each invoice shows its currency. If the client is billed in another one, use it for this invoice only or set it as the client's currency from now on. An issued invoice keeps the currency it was issued in.

Drafts have no number. An invoice is numbered only when it's issued, so the series has no gaps. A format like INV/{FY}/{0000} restarts every April, and GigRoot holds numbers to the 16-character GST limit.

Once an invoice has a payment or a credit note against it, its amounts can't be edited. Correct it with a credit note instead. A voided invoice keeps its number, so the series stays complete.

Raise a credit note under section 34 of the CGST Act from the invoice. It can credit the whole invoice or part of it. Credit notes have their own series (for example CN/26-27/0001), and the tax is reversed in the same proportion as the invoice's own tax.

When a client pays, record what arrived and what they held back: TDS, GST-TDS, and bank charges. The invoice is settled in full, and the withheld tax becomes a receivable. The TDS receivable report lists it per client, so you can match it against Form 26AS or Form 168.

Record each expense as a purchase bill with the vendor's GSTIN, the GST on the bill, whether you can claim input tax credit, whether it falls under reverse charge, any TDS you withheld, and whether it's paid. Payables ageing shows what you owe and flags MSME vendors past the 45-day limit.

Staff submit expense claims with receipts; GigRoot helps categorize them and match them to the right project. Approved claims become reimbursements to pay back team members. This keeps project profitability accurate because real costs are captured, not guessed.

Payroll is generated each month from real activity, for three kinds of people:

• Salaried — paid a monthly salary for attendance. Weekly offs, holidays and approved paid leave within the person's balance are paid days; unexcused absence, unpaid leave and paid leave beyond the balance are Loss of Pay (see Leave & holidays). Days before joining are not paid.
• Hybrid — a fixed base paid for availability, the same way, plus per-deliverable pay on top.
• Freelancer — paid per approved deliverable, with no salary and no employee deductions.

The per-day rate is the monthly salary divided by the calendar days in the month, the usual Indian practice. For salaried and hybrid staff GigRoot works out the statutory deductions: EPF (12% of basic wages up to the ₹15,000 ceiling, with the employer's share split into EPF and pension), ESI (for pay up to ₹21,000 a month), Professional Tax on your state's slabs, and income tax (TDS) projected over the financial year under the new or old regime. Each can be switched off in Settings → Finance → Deductions if the agency isn't registered for it; TDS on freelancer fees can be switched on there. If the agency sets a minimum efficiency, salaried and hybrid staff below it get a Low-efficiency adjustment line — see Performance.

Each employee's statutory details — Professional Tax state, tax regime, UAN, ESIC number, and pay already received this year before moving to GigRoot — are on their staff record. Payslips list earnings, deductions, and the employer's own contributions (EPF, pension, EDLI, ESI, gratuity), which are part of cost to company and never deducted from pay. Generate a month for everyone, review each payslip, then approve and mark it paid. Salaries, PF, ESI, Professional Tax, TDS and gratuity then post to their own accounts in the books.

GigRoot keeps double-entry books for you. Invoices, receipts, credit notes, expenses, reimbursement claims and payroll all post automatically to a Schedule III chart of accounts, and you can add accounts of your own. The books follow the Indian financial year, April to March. From them you get the profit & loss, balance sheet, trial balance, account ledgers and a day book.

Use manual journals for entries nothing else creates: opening balances, capital, GST set-off and challans, and depreciation. A posted journal is never edited. To change one, reverse it and post a new one.

The GSTR-1 summary covers B2B, B2C large and small, exports, nil-rated supplies, credit notes, the HSN summary split into B2B and B2C, and documents issued. The GSTR-3B summary covers tables 3.1 and 3.2, input tax credit in Table 4, set-off in the legal order, and the cash payable. Both download as CSV or JSON.

Close a period once you've filed for it. After that, nothing dated inside it can be added, edited or voided. GigRoot also keeps an audit trail of every change: who made it, when, and the values before and after. The Companies (Accounts) Rules have required this since April 2023.

The earnings (income wallet) tracks what each person has earned — from delivered work, closed deals, commissions, and other credited activity — including activity points for freelancers when the agency pays for them. Wallet balances can feed performance-based payroll, giving team members a clear, running view of their income.

• Budgets — set budgets and track actual spend against them so projects and the business stay on plan.
• Bank statements — upload statements and reconcile transactions against invoices and expenses. Banking and reconciliation are limited to owners and managers.
• Finance reports — revenue, outstanding invoices, expenses, and profitability, exportable for your accountant. The statutory reports are under Accounting.