Newbies opening a company must know! 5 accounting documents that you absolutely must not throw away
One of the classic problems accounting firms often encounter with new entrepreneurs is "missing documents" or "not knowing which documents to keep." Incomplete documentation not only leads to accounting errors but also results in the business losing the opportunity to deduct expenses for tax purposes. Today, Lamour Accounting summarizes 5 crucial documents you "never need to throw away" when starting a company.
5 important accounting documents that companies must keep.
1. Tax Invoice
This is the most important document for businesses registered for VAT! Both purchase tax invoices (received upon payment) and sales tax invoices (issued to customers) must be kept in their original form as proof for filing Form P.P.30. Do not lose them under any circumstances.
2. Receipt
Proof that confirms we have actually made the payment should clearly state our company's name and address, so that it can be legally recorded as a "company expense" according to tax law.
3. Withholding Tax Certificate (Form 50 Twi)
When a customer pays us and withholds tax, they will give us this certificate. We must keep this certificate to use as a “tax credit” to offset our annual tax payment.
4. Invoice / Billing Note
Used to follow up and collect debts from customers and to record debt creation in the accounting system.
5. Bank Statement
Bank statements for all company accounts must be submitted to the accountant monthly for bank reconciliation to verify that incoming and outgoing funds match the bills.
Having trouble organizing your bills? Lamour can help with OneDrive!
We understand that SME entrepreneurs are often too busy finding clients to organize documents. Lamour Accounting Co., Ltd. is therefore using technology to help solve this problem!
Our Monthly Accounting Package includes a free online folder system via OneDrive! Simply upload photos of bills or PDF files to a shared folder. Documents are secure, won't be lost, and can be accessed anytime, anywhere.
No more lost documents or messy accounts! Let us help you set up the system.
Contact us for initial accounting system setup inquiries. Call 064-893-6651 or add LINE: @Lamouraccounting