ACCOUNTING REGIMES OF ACCUMULATED FUNDS FOR REPAYMENT OF DEBTS
Accounting regimes of accumulated funds for repayment of debts is guided by the Ministry of Finance at the Circular No. 109/2018/TT-BTC dated November 15, 2018.
Accordingly, the accounting period includes accounting year or accounting quarter. To be specific: Accounting year is 12 months from January 01 to end of December 31 in a calendar year; Accounting quarter is three months from the start of the 1st day of the initial month of a quarter to the last day of the last month of that quarter.
When preparing accounting documents, the accountant must ensure the principles:
- All economic and financial transactions related to the Fund’s operations must be recorded in accounting documents. Each accounting document shall be prepared once to reflect an economic or financial transaction that may arise;
- Contents of each accounting document must be transparent and consistent with contents of economic or financial transactions that may arise;
- Texts inscribed on accounting documents must be clear and any erasure or abbreviation shall be prohibited;
- The amount written in words must be identical to the amount written in numbers;
- Each accounting document must have the required number of copies. As for accounting documents that need multiple copies, the same contents must be inscribed on these copies at once by using computers…
- Accounting documents prepared by computers must include prescribed information and ensure their legality…
This Circular takes effect on January 01, 2019.
