Key Points to Note When Preparing Financial Statements for the Year 2017

 FINANCIAL REPORT TEMPLATE IN ACCORDANCE WITH CIRCULAR 200/2014/TT-BTC

 FINANCIAL REPORT TEMPLATE IN ACCORDANCE WITH CIRCULAR 133/2016/TT-BTC

 FINANCIAL STATEMENT SOFTWARE IN ACCORDANCE WITH CIRCULAR 133/2016/TT-BTC AND CIRCULAR 200/2014/TT-BTC

1. For Account cash (111): Have a cash inventory report, reconcile with Account 111 ledger, fully provide receipt and payment vouchers, and related documents.

2. For Account 112: Reconcile with bank statements, ensure sufficient receipt notices, debit notices, UNC documents, and bank collection documents.

3. For Account 131, 331: Check receivables and payables, reconcile and prepare a debt reconciliation report as of December 31, 2017. Prepare a debt extension report if applicable.

4. For Account 1331, 3331: Cross-check with tax declarations, make input-output tax offset entries for each tax declaration period, and timely pay taxes if taxable amounts arise.

5. For Account 141: Verify employee advance and advance payment status.

6. For Accounts: 152, 153, 155, 156, 157: Check the inventory report, reconcile total inventory value with the balances of the respective accounts. Prepare an inventory comparison report of the books and actual inventory.

Review any inventory losses if there are any.

7. For Account 242: Prepare a prepaid expense allocation table.

8. For fixed assets: Prepare a fixed asset depreciation schedule according to Circular 45/2013/TT-BTC.

9. Check salary expenses and allowances.

10. Calculate social insurance and other salary-based deductions, and reconcile with the notice from the Insurance Authority.

11. Review revenue and revenue deductions.

See details of deductible and non-deductible items for corporate income tax calculation HERE.

12. Check expenses and cost of goods sold (both deductible and non-deductible).

13. Determine provisional corporate income tax payable quarterly and annually.

14. Prepare the corporate income tax finalization report.

The deadline to submit the corporate income tax finalization report is no later than March 30, 2018.

15. Determine prior years' losses carried over to 2017, if any.

16. Prepare the personal income tax finalization report.

The deadline to submit the personal income tax finalization report is no later than March 30, 2018.

17. Transfer profit and loss.

18. Prepare the financial statement and tax declarations using the HTKK software.

The latest deadline to perform this is before March 30, 2018.

19. Pay corporate income tax and personal income tax on time after finalization.

The latest tax payment deadline is the last day of the tax declaration submission period for taxpayers' self-assessment or the payment deadline indicated in the notice, decision, or document of the tax authority or other competent state authority.

- For monthly tax declarations: the latest tax payment deadline is the 20th of the following month;- For quarterly tax declarations and provisional quarterly calculations: the latest tax payment deadline is the 30th of the following quarter when the tax liability arises;- For annual tax declarations: the latest tax payment deadline is the 30th of the first month of the calendar year;- For declarations each time: the latest tax payment deadline is the 10th day after the tax liability arises;- For annual tax finalization declarations: the latest tax payment deadline is the 90th day after the end of the calendar year or fiscal year;

Legal Basis:

- Circular 200/2014/TT-BTC;- Circular 133/2016/TT-BTC;- Circular 156/2013/TT-BTC;- Circular 45/2013/TT-BTC.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE