The civil judgment enforcement authority in Vietnam must open accounting books and record financial transactions

The civil judgment enforcement authority in Vietnam must open accounting books and record financial transactions (illustration)

Under Article 11 Circular 78/2020/TT-BTC on accounting books:

+ Implementation principles:

- Civil judgment enforcement authorities must open accounting books to record, systematize, and keep all arising economic and financial transactions related to civil judgment enforcement activities.

- Authorities must fully open general accounting books and detailed accounting books, and fully and correctly implement the content, sequence, and method of recording for each type of accounting book.

- It is strictly forbidden to exclude any income, expenditure, assets, funds, debts, and evidence related to civil judgment enforcement activities from the accounting books.

- The preservation and archival of accounting books shall follow the provisions of the law on accounting, relevant documents, and regulations in the Circular.

+ Types of accounting books:

- General accounting books:

+ Journal books are used to record economic and financial transactions arising in chronological order.

+ General ledgers are used to record economic and financial transactions arising according to economic content (by accounting account). The figures in the General ledgers provide a comprehensive picture of the income, expenditure related to enforcement activities; the management of enforced assets, funds arising during the enforcement process.

- Subsidiary accounting books and sheets:

+ They are used to keep detailed records of economic transactions related to accounting entities as required by management which are not detailed in the General ledgers, in order to provide detailed data on income and expenditure of enforcement funds, assets for each enforcement decision until the end of the enforcement case.

+ Based on management requirements and the accounting requirements of each specific accounting entity, the agency is allowed to add indicators (columns, rows) on Subsidiary accounting books and sheets to serve in preparing civil judgment enforcement operational reports and financial reports as required by management.

More details may be found in Circular 78/2020/TT-BTC effective from October 1, 2020, replacing Circular 91/2010/TT-BTC.

Long Binh

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