What are regulations on making and retention of accounting records in Vietnam?

What are regulations on making and retention of accounting records in Vietnam?

Pursuant to Article 18 of the Law on Accounting 2015, the specific regulations on the making and retention of accounting records are as follows:

[1] All economic and financial transactions related to the activities of an accounting unit must have accounting records prepared. Each economic and financial transaction may only have one accounting record prepared.

[2] accounting records must be prepared clearly, fully, promptly, and accurately according to the content regulated in the template. If there is no template available for an accounting record, the accounting unit may prepare one itself, but it must ensure all contents regulated in Article 16 of the Law on Accounting 2015 are fulfilled.

[3] Contents of economic and financial transactions on accounting records are not to be abbreviated, erased, or corrected; when writing, ink pens must be used, and numbers and text must be continuous, without interruption, and any empty spaces must be crossed out. Erased or corrected records have no value for payment and recording in accounting books. If an error is made on an accounting record, it must be voided by crossing it out.

[4] accounting records must be prepared in the required number of copies. In cases where multiple copies of an accounting record must be prepared for a single economic or financial transaction, the contents of the copies must be identical.

[5] The person who prepares, approves, and any others who sign the accounting record must be responsible for the contents of the accounting record.

[6] Electronic accounting records must comply with the provisions of Article 17, clauses 1 and 2 of Article 18 of the Law on Accounting 2015. Electronic records printed on paper and stored must comply with the provisions of Article 41 of the Law on Accounting 2015. If not printed on paper but stored electronically, the data must be kept safe and secure, ensuring accessibility within the storage period.

What are regulations on making and retention of accounting records in Vietnam? (Image from the Internet)

Do electronic records have to ensure security and integrity of data in Vietnam?

Pursuant to clause 2 of Article 17 of the Law on Accounting 2015, the specific regulations on electronic records are as follows:

Electronic records

1. Electronic records are considered accounting records when they include the contents regulated in Article 16 of this Law and are represented as electronic data, encrypted without alteration during transmission over computer networks, telecommunications networks, or on information storage media such as magnetic tapes, disks, or various payment cards.

2. Electronic records must ensure security and integrity of data, information during use and storage; they must be managed, checked against forms of exploitation, intrusion, copying, theft, or use of noncompliant electronic records. Electronic records are managed as accounting materials in their original form in which they were created, sent, or received but must have appropriate equipment for use.

3. When paper records are converted into electronic records for transactions, payments, or vice versa, the electronic record holds value for executing economic, financial transactions, and the paper record is only valid for recording, tracking, and review, not for transaction, payment tasks.

Thus, based on the above regulations, electronic records must ensure security and integrity of data.

Vietnam: What contents must accounting records include?

Pursuant to Article 16 of the Law on Accounting 2015, the specific contents of accounting records are stipulated as follows:

An accounting record must include the following main contents:

- The name and number of the accounting record;

- The day, month, and year of preparing the accounting record;

- The name, address of the agency, organization, unit, or individual that prepares the accounting record;

- The name, address of the agency, organization, unit, or individual receiving the accounting record;

- The content of the economic, financial transaction generated;

- The quantity, unit price, and amount of the economic, financial transaction recorded by number; total amount of accounting records for collection, payment recorded by number and in words;

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

Note:

In addition to the main contents regulated in clause 1 of this Article, accounting records may include other contents depending on each type of record.

What are regulations on management and use of accounting records in Vietnam?

Pursuant to Article 21 of the Law on Accounting 2015, the specific regulations on the management and use of accounting records are as follows:

[1] Information and data on accounting records are the basis for recording in accounting books.

[2] accounting records must be arranged according to economic content, in chronological order and safely stored as prescribed by law.

[3] Only competent state agencies have the right to temporarily hold, seize or seal accounting records. If accounting records are temporarily held or seized, the competent state agency must copy the records held, seized, sign the copies, and hand them to the accounting unit; simultaneously, compile a record clearly stating the reason and quantity of each type of accounting record temporarily held or seized, with signatures and seal.

[4] The authority to seal accounting records must prepare records, stating the reason and quantity of each type of accounting record sealed, with signatures and seal.