Vietnam: Regulations on accounting books in accounting policies in the civil judgment enforcement from October 1, 2020

Types of accounting books in Circular 78/2020/TT-BTC guiding the accounting policies in the civil judgment enforcement in Vietnam are specified in Article 11 as follows:

Vietnam: Regulations on accounting books in accounting policies in the civil judgment enforcement from October 1, 2020 (illustrative image)

- General Provisions:

- Each unit shall use only one accounting book system for an annual accounting period, including general and subsidiary accounting books. The unit must fully open all general accounting books, and subsidiary accounting books and perform fully, and accurately the content, sequence, and method of recording for each type of accounting book.

- 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, 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.

Note: The list of accounting books, accounting book templates, explanation of contents and methods of recording shall follow the provisions in Appendix No. 03 "Accounting Book System" issued together with this Circular.

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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