Your Chances for Tax Submission With Ease

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Ordinary accounting in 2020 will consist of the maintenance of accounting records

Companies or enterprises who adopt the conventional accounting system are required to maintain a variety of accounting records, which include the following:

  • VAT registers; depreciable asset registers
  • Depreciable asset registries
  • Operation logbook, in which all business-related transactions and transactions related to business operations are recorded in chronological sequence
  • Inventory book, ledger, and warehouse writings are all examples of inventory management.

However, enterprises may choose not to retain VAT records by entering the invoices issued, the fees charged, and the purchase invoices in the journal instead of keeping records. Similar rules apply to the register of depreciable assets; in this instance, any comments made to assets must be documented in the inventory book.

How can I make the transition from simplified to regular accounting?

Is there a certain date when the shift from simplified accounting to conventional accounting occurs? Companies that were formerly subject to the simplified accounting system migrate to the conventional accounting regime for two reasons:

The prior year’s revenues were more than the allowed limit

The assets and liabilities that were existing at the beginning of the tax period are appraised in accordance with the standards stipulated by Presidential Decree 689/1974 and documented in the inventory book or on a special prospectus by choice

How to maintain routine financial records

What is the procedure for doing routine accounting? The use of specialist accounting software, which may streamline the data collecting process, is required in order to maintain a standard accounting regime.

Today’s accounting software is becoming more sophisticated, and it may be used not just to maintain financial records, but also to develop a company’s operations or to assist people who want to start their own firm.

Conclusion

However, it is essential to understand how to choose regular accounting software that is appropriate for the company’s operations. As a general rule, excellent software must possess the following properties.

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