( 30/05/2023 - Công ty Luật TNHH SLF )
At the beginning of the financial year, make a journal entry transfer of distribution profit this year (account 4212) to profit distribution last year (account 4211)
– Enter the cash book to check and make sure the cash is not negative at any time.
– Check ending balance must match the cash inventory record as of 31 December.
– Get the supplementary books of all the banks that the company has opened.
– Compare arising numbers and balances from time to time between the Bank sub-book and account detail book 112 and make sure they match.
– For foreign currency accounts: Re-evaluate monetary items of foreign currency origin
– At the end of the year, check whether the bonds and stocks match with the balance confirmation of the depository company.
– Making provision for securities investments. Revalue these investments at market prices as at 31 December.
– Compare the company’s loan with other objects.
– Make a periodic table of loan interest and issue a VAT invoice (No tax rate).
– Financial revenue recognition.
– Proceeddebt comparison customers and ensure that the debts between the two parties match.
– Make provision for doubtful receivables according to regulations (if any).
– This account only has the debit balance, reflecting the deductible input tax amount that is refunded but has not been refunded by the state budget.
– At the end of the period, to determine the amount of input VAT to be deducted from the output VAT amount when determining the payable VAT amount in the period, the following accounts shall be recorded:
Dr 3331 – VAT payable (33311)
Account 133 – Deductible VAT.
– Account balance 133 (If any) as of December 31 must match item 41 “VAT has not been deducted at the end of this period” on declaration 01/GTGT December or quarter 4.
– Reconcile advance debt with employees and ensure that the debts between the two parties match.
– Set up advance provisions for those who have quit their jobs and cannot claim them.
– Actual quantity inventory tools against the list on the books and make sure they match.
– Check the table of allocation of tools and equipment with the number recorded in the K.Math books.
– This account only has an outstanding balance, reflecting the actual value of ending inventory.
– Take inventory of actual quantities and ensure they match the book numbers.
– Check the details of the goods shipped from the warehouse that has been correctly priced (PP Usually applied is the weighted average).
– Provision for devaluation of inventories, if any: is the provision for devaluation of inventories if there is a decrease in net realizable value compared to the original cost of inventories.
– Prepare a depreciation schedule for fixed assets.
– Compare the fixed asset depreciation spreadsheet with the arising number and balance of accounts 211, 213, 214.
– Prepare a table of prepaid expenses.
– Compare the prepaid expense allocation table with the arising amount and balance of Account 242.
– Reconcile the debt with the supplier and ensure the debt between the two parties match.
– Account 3331: VAT payable
+ The credit balance of this account reflects the payable VAT amount, if any, this value must be equal to the value of item 40 (VAT payable in the period) on declaration 01/GTGT in December or quarter 4.
– Account 33312 – VAT on imported goods:
+ Used to reflect the amount of VAT on imported goods to be paid, paid, and still to be remitted into the State budget.
+ Check whether the paid import VAT amount (if any) has been recorded in the deductible input VAT (account 133) or not.
– Account 3332 – Special consumption tax:
+ Reflect the payable, paid, and still payable excise tax amount to the State budget.
+ Check whether the paid excise tax (if any) has been recognized in the historical cost of goods or assets.
– Account 3333 – Import tax:
+ Reflect the amount of import tax payable, paid and still payable to the state budget
+ Check whether the paid import tax amount (if any) has been recognized in the historical cost of goods or assets.
– Account 3334 – Corporate income tax:
+ Reflect the payable, paid and still payable enterprise income tax amount to the State budget.
+ Calculate and pay provisional CIT on a quarterly or monthly basis.
Based on the amount of corporate income tax payable to the State budget quarterly according to the following regulations:
Dr. 8211
Account 3334
When paying corporate income tax into the state budget, the following accounts shall be recorded:
Dr. 3334
There are Cr 111, 112,. . .
At the end of the year, when determining the payable corporate income tax amount of the fiscal year:
If the actual payable corporate income tax amount is smaller than the quarterly temporarily paid corporate income tax amount in the year, the difference shall be recorded as follows:
Dr. 3334
Cr 8211
If the actual payable corporate income tax amount is larger than the quarterly temporarily paid corporate income tax amount in the year, the underpaid difference, the following accounts shall be recorded:
Dr. 8211
Account 3334
When actually paying the difference in corporate income tax to the State budget, the following accounts shall be recorded:
Dr. 3334
There are accounts 111, 112
– Account 3335 – Personal income tax:
+ Reflect the payable, paid and still payable personal income tax amount to the State budget.
+ Check whether the PIT section on the books matches the quarterly PIT declaration?
– Account 3338 – Environmental protection tax and other taxes
+ Record the license fee at the beginning of the fiscal year, accounting:
Dr. 6422/6425
Account 3338
+ When paying license tax, accounting:
Debt 3338
There are 111/112
*** Note: At the end of the period, contact the tax authority to request a confirmation of tax payment obligation and ensure that: The balance of accounts payable to the state on the books must match the confirmation of payment obligation. taxes by the tax authorities.
– Check the labor contract, timesheet, and payroll.
– Check the arising number of accounts 334 and 338 against the monthly salary sheet.
– Balance of account 334 at the end of the period not yet spent or advanced: make a reconciliation with employees.
– The balance of each insurance period must match the insurance notice.
– For personal loans:
+ Compare the company’s loans with other objects.
+ Prepare a periodical loan interest calculation table and deduct 5% PIT for each interest payment
+ Financial expense recognition
+ Recognition of 5% personal income tax
+ When paying loan interest
– For loans from other companies:
+ Compare the company’s loan with other companies.
+ Prepare a periodic table of loan interest and request the other party to issue an invoice for each interest payment
+ Financial expense recognition
+ When paying loan interest
– For bank loans:
+ Reconcile the company’s loan with the bank.
+ Prepare a periodical loan interest calculation table and compare it with the Bank’s loan interest calculation table.
+ Record financial expenses.
– Check whether the revenue recognition is eligible for recognition or not? There are 5 conditions for revenue recognition.
– Check that the revenue recorded matches the revenue on the monthly VAT declaration or not?
– Has the revenue been accounted, collected, and transferred yet?
– Check deductible and non-deductible cost of expenses when determining reasonable expenses
– What is the basis for cost calculation? Is it over the allowable limit?
– Have you accounted, collected, and transferred the cost of capital yet?
– What costs are reasonable? Which costs are not reasonable?
– Have you accounted, collected, and transferred costs yet?
*** Note: The account on the Business Plan has no opening balance and ending balance.
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