Books of Account - what do I need to keep?
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: firstname.lastname@example.org
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.
- 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.
Add your comment below!
Please note that comments are reviewed by the administrator prior being visible.
- All Categories
- Company Law
- Latest News
- Annual Returns
- Anti-Corruption Legislation
- Beneficial Ownership (1)
- March 2020 (2)
- February 2020 (3)
- October 2019 (1)
- August 2019 (1)
- June 2019 (1)
- April 2019 (1)
- March 2019 (1)
- February 2019 (1)
- January 2019 (1)
- November 2018 (3)
- October 2018 (1)
- September 2018 (2)
- August 2018 (1)
- July 2018 (1)
- May 2018 (2)
- View older Posts (48)