books of account

Posted in Category(ies):  Latest News
Kathryn Maybury

Posted by Kathryn Maybury on Tuesday, 6 November 2018

A post by Kathryn Maybury | Managing Director | KOMSEC Limited | Company Secretarial Services | Corporate Governance | Compliance |

Tel: +353 (0) 1 2107595 Email: kmaybury@komsec.ie

 

 

All companies are required to keep adequate accounting records but, what precisely does “adequate accounting records” mean?

 

Adequate accounting records are records which:

  • correctly record and explain transactions of a company;
  • detail assets, liabilities, financial position, profit or loss of a company; and
  • enable directors to prepare annual financial statements.

 

The type of information which must be contained within the accounting records should cover information such as outlined below.

  • All monies received and spent
  • All assets and debts
  • All purchases and sales
  • Records of stock held
  • Records of services purchased or provided
  • Record of all goods bought and sold, including a record of itemised invoices

 

Time is money so, handling all of the above personally may not be the most cost effective option for a company. 

Consider:


-          having a qualified book-keeper (part-time or full-time)

-          retaining information in a simple format - does not have to be a costly bespoke piece of software.

Share |

Add your comment below!
Please note that comments are reviewed by the administrator prior being visible.


notify me by email of further comments posted on this topic.
Verification Code, please type in below
Please enter the above verification code
<< Back <<

Blog categories

Blog Archive


 

USEFUL LINKS