Vietnam: What are the types of accounting books applicable to enterprises according to the latest regulations?
What are the types of accounting books applicable to enterprises in Vietnam according to the latest regulations?
Pursuant to Subsection 1 of Appendix 4 promulgated together with Circular 200/2014/TT-BTC, there are the following regulations on types of accounting books:
Accounting books applicable to enterprises in Vietnam according to the latest regulations currently include two types: general ledger and detailed ledger.
- General ledger includes Ledgers or Journals.
- And detailed ledger includes detailed accounting books and cards.
Specifically, the purpose of use and contents of the general ledger and detailed ledger are as follows:
(1) General ledger
- The Journal is used to record economic and financial transactions arising in each accounting period and in a chronological accounting year and reciprocal relations of accounts of those operations. Accounting data on the Journal reflects the total amount incurred by the Debtor and the Yes side of all accounting accounts used in the enterprise. The Journal must fully reflect the following:
+ Date and month of recording;
+ Number and date of accounting documents used as a basis for bookkeeping;
+ Summary of contents of arising economic and financial operations;
+ + The amount of economic and financial transactions incurred.
- The ledger is used to record economic and financial transactions arising in each period and in an accounting year according to the accounting accounts specified in the accounting account regime applicable to enterprises. Accounting data on the Ledger reflects the aggregate situation of assets, capital sources, situation, and results of production and business activities of the enterprise. The ledger must fully reflect the following:
+ Date and month of recording;
+ Number and date of accounting documents used as a basis for bookkeeping;
+ Summary of contents of arising economic and financial operations;
+ The amount of economic and financial transactions arising is written to the debtor or the Yes party of the account.
(2) Detailed accounting books and cards
Detailed accounting books and cards are used to record economic and financial transactions arising related to accounting objects that need to be monitored in detail according to management requirements.
Data on books and detailed accounting cards provide information for the management of each type of asset, source of capital, revenue and expenses that have not been reflected in the Journal and Ledger. The quantity and structure of detailed accounting books and cards are not mandatory.
Enterprises shall base themselves on the State's guiding regulations on detailed accounting books and cards and management requirements of enterprises to open necessary and appropriate detailed accounting books and cards.
What are the accounting book forms available for enterprises in Vietnam?
Pursuant to Subsection 1 of Appendix 4 promulgated together with Circular 200/2014/TT-BTC on the accounting book forms available for enterprises in Vietnam as follows:
- The accounting form of General Journal;
- The accounting form of Journal - Ledger;
- The accounting form of journal vouchers;
- The accounting form of Journal - Voucher;
- Computerized accounting form.
In each accounting form book, there are specific regulations on the number, structure, book pattern, sequence, method of recording, and relationships between accounting books.
What are the basic principles and characteristics of accounting book forms in Vietnam?
Pursuant to Appendix 4 promulgated together with Circular 200/2014/TT-BTC, the basic principles, and characteristics of accounting book forms in Vietnam include:
For General Journal:
Basic principles and characteristics of the accounting form of General Journal: All arising economic and financial operations must be recorded in the diary, focusing on the general diary, according to the chronological order in which they arise and according to the economic content (accounting norms) of that operation. Then get data on the logbooks to record the General Book according to each arising operation.
For Journal-Ledger
Basic features of the form of Journal-Ledger accounting: Arising economic and financial operations are combined to record chronologically and according to economic content (according to accounting accounts) on the same single general accounting book, the Journal-Ledger. Grounds for recording in the Journal-Ledger are accounting documents or General Tables of accounting documents of the same type.
For journal vouchers
Basic characteristics of the accounting form of journal vouchers: The direct basis for recording General Ledger is "journal vouchers". The recording of the General Ledge includes:
- Chronologically recorded on the Register of journal vouchers.
- Record according to the economic content on the General Ledger.
Journal vouchers are prepared by accountants on the basis of each accounting document or the General Table of accounting documents of the same type, with the same economic content. Journal vouchers are numbered continuously for each month or year (according to the sequence number in the Register of Journal vouchers) and have accounting documents attached, which must be approved by the chief accountant before bookkeeping.
For Journal - Voucher
Basic characteristics of the accounting form of Journal-Voucher are:
- Gather and systematize economic operations arising under the Yes side of the accounts combined with the analysis of such economic operations according to the Debt reciprocal accounts.
- Closely combine the recording of economic transactions arising chronologically with the systematization of operations according to economic content (according to accounts).
- Broadly combine consolidated accounting with detailed accounting on the same ledger and in the same recording process.
- Use pre-printed book templates of reciprocal account relationships, and economic and financial management indicators and prepare financial statements.
For computerized accounting form
The basic characteristic of Computerized Accounting is that the accounting is done according to a computerized accounting software program. Accounting software is designed according to the principles of one of the four accounting forms or a combination of the accounting forms specified above.
The accounting software does not fully display the accounting bookkeeping process but must be able to fully print the accounting books and financial statements as prescribed. Accounting software designed according to any form of accounting will have all types of books of that accounting form, but it is not exactly the same as the manual accounting book.
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