Vietnam: What does accounting record content include? What does an e-record include?

Vietnam: What does accounting record content include? What does an e-record include?

accounting records must include the contents stipulated in Article 16 of the Accounting Law 2015:

Content of accounting records

1. accounting records must have the following essential contents:

a) Name and number of the accounting record;

b) Date, month, and year of the accounting record issuance;

c) Name and address of the agency, organization, unit, or individual issuing the accounting record;

d) Name and address of the agency, organization, unit, or individual receiving the accounting record;

đ) Content of economic and financial transactions incurred;

e) Quantity, unit price, and amount of the economic and financial transaction recorded in numbers; the total amount of the accounting record used for receipt or payment recorded in numbers and words;

g) Signature, full name of the person who issues, the person who approves, and others related to the accounting record.

2. In addition to the essential contents of accounting records as stipulated in clause 1 of this Article, accounting records may have additional contents based on each type of record.

accounting records must have the following essential contents:

- Name and number of the accounting record;

- Date, month, and year of the accounting record issuance;

- Name and address of the agency, organization, unit, or individual issuing the accounting record;

- Name and address of the agency, organization, unit, or individual receiving the accounting record;

- Content of economic and financial transactions incurred;

- Quantity, unit price, and amount of the economic and financial transaction recorded in numbers; the total amount of the accounting record used for receipt or payment recorded in numbers and words;

- Signature, full name of the person who issues, the person who approves, and others related to the accounting record.

- Other content based on each type of record.

According to the provisions of Article 17 of the Accounting Law 2015, e-records are considered accounting records when they contain the contents specified in Article 16 of the Accounting Law 2015 and are presented in an e-data format, encrypted without alteration during transmission over a computer network, telecommunications network, or on information carriers like magnetic tapes, magnetic disks, and payment cards.

Vietnam: What does accounting record content include? What does an e-record include? (Image from the Internet)

How many types of e-records are there in Vietnam?

Based on Article 6 of Circular 19/2021/TT-BTC, regulations on e-records in e-tax transactions include the following types:

[1] e-tax documents include:

- Taxpayer registration documents;

- Tax declaration documents; confirmation of tax obligation fulfillment;

- Examination and verification of tax payment information;

- Procedures for offsetting overpaid tax, late payment, fines;

- Tax refund documents; tax reduction or exemption documents; late payment interest exemption documents;

- Documents for tax debt deferral; tax debt forgiveness documents, late payment, penalties; tax payment extension; installment tax debt payment, and other e-documents, texts on tax as stipulated in the Law on Tax Administration and guiding documents.

[2] e-state budget payment records: state budget payment records as per Decree 11/2020/ND-CP, in e-format, in case of tax payment through the e-payment form of banks or intermediary payment service providers, the state budget payment record is the transaction record of the bank or intermediary payment service provider which must ensure full information on the state budget payment record form.

[3] Notifications, decisions, and other documents from the tax authorities in e-format.

[4] The e-records as per this clause must be electronically signed as stipulated in Article 7 of Circular 19/2021/TT-BTC.

In cases where e-tax documents have accompanying paper documents, they must be converted to e-format in accordance with the Law on e-Transactions, Decree 165/2018/ND-CP.

Thus, there are basically four types of e-records, including specific types of documents listed above.

When do e-records have legal value in Vietnam?

Based on clause 2 of Article 6 of Circular 19/2021/TT-BTC, it is regulated as follows:

e-records in e-Tax Transactions

...

2. Legal value of e-records: e-records as regulated in this Circular have the same value as paper files, records, notifications, and documents. e-records have the value as original documents if they are carried out using one of the measures stipulated in Article 5 of Decree 165/2018/ND-CP.

Furthermore, referring to Article 5 of Decree 165/2018/ND-CP specifically as follows:

Legal Value of e-records

1. e-records must fulfill all state management requirements, in accordance with specialized legal regulations. The form, creation, sending, receiving of e-records and their legal value are implemented according to the e-Transactions Law.

2. e-records have the legal value as original documents when implemented by one of the following measures:

a) e-records are digitally signed by the agency, organization, or individual who initiated the e-record, and by those related as per specialized legal regulations.

b) The information system has measures to ensure the integrity of e-records during transmission, receipt, and storage on the system; records the agency, organization, or individual who initiated the e-record and those related who participated in processing the e-record and applies one of the following measures to authenticate the agency, organization, or individual who initiated the e-record and those related participating in processing the e-record: authentication by digital certificate, biometric authentication, two-factor authentication including a one-time password or random verification code.

c) Other measures agreed upon by the parties involved in the transaction, ensuring data integrity, authenticity, non-repudiation, in compliance with the e-Transactions Law.

Accordingly, referencing the above regulation, e-records must fully meet state management requirements, comply with specialized law, and also ensure other factors to have legal value.