Vietnam’s regulation on setting up public sector accounting books

1. Rules for setting up accounting books

An accounting book must be set up at the opening of accounting period or as soon as practicable after receiving the establishment decision of the accounting unit. The accounting book must be set up at the beginning of the fiscal year to transfer balance from the accounting book of the preceding year and record accrual economic events of the new fiscal year from January 01.

Figures in accounting books of receipt and use of state budget after December 31 shall be carried over from this year to preceding year for continuous monitoring of figures arising out during the adjustment period to serve the making of final accounts as prescribed.

The entity may set up detailed ledgers as its needs.

2. Manual setting up of accounting books:

The accounting unit must complete the legal procedures for accounting book as follows:

For accounting book in bound book form:

+ Cover’s left corner must bear accounting unit’s name, cover’s middle must bear book’s name, dates of setting up and closing book, full name and signature of the person setting up the book, signatures and seals of chief accountant or accountant in charge and unit head; dates of closing or transferring book.

+ Pages of accounting book must be numbered from 1 to the last page, any two pages must bear fan stamping of the accounting unit.

+ The accounting book is not considered legitimate until all above conditions are met.

For accounting book in separate sheet form:

+ Cover’s page must bear the unit's name, page number, book’s name, month of use, full name of the accountant who is keeping and recording the accounting book.

+ Separate-sheet book must bear signature and seal of the unit head and be registered before being used.

+ Separate-sheet book must be arranged in the account order and kept in a safe and easily seen place.

3. Electronic accounting books:

The electronic accounting book must contain elements of an accounting book in accordance with laws and regulations on accounting. If the accounting book is kept in the electronic device, a printed and bound general ledger is still required and all procedures prescribed in Point b Clause 5 Article 5 of Circular No. 107/2017/TT-BTC of the Ministry of Finance of Vietnam must be completed.

If remaining accounting books are printed but kept in electronic devices, the head of the accounting unit must ensure that data must be safe, secured and accessible during the keeping period.

View more provisions at: Circular No. 107/2017/TT-BTC of the Ministry of Finance of Vietnam takes effect from November 24, 2017.

- Nguyen Trinh -

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