Books of Account - what do I need to keep?

Posted in Category(ies):  Company Law
Kathryn Maybury

Posted by Kathryn Maybury on Wednesday, 12 February 2020

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.

 

As always, if you have any questions on this blog please contract myself or one of my colleagues.

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