25 important note reporting financial settlement tax year 2024

Financial reporting is the most important task of the business for the authorities concerned. And this point also the stage most strenuous of the team who do the accounting. To minimize the errors, “short”, “disorder” when making the report, with more than 20 years with the business, Lac Viet Computing recommend that you only need note the important steps below to have a winter settlement tax success

1. 25 note should know when preparing financial statements, year-end

Experts from the Center for Corporate Finance (AFC) of Vietnam share 25 important note when reporting financial settlement tax year 2016.

1. Record license tax at the beginning of the fiscal year.

2. Carryover of undistributed profits at the beginning of the year.

3. Calculate and pay provisional corporate income tax -> accounting.

4. Cash source: If businesses spend money out of pocket to buy goods and pay expenses but do not have documents, the fund will be in short supply and need to make a loan contract to compensate.

5. Bank money: If the business has many bank accounts, it is necessary to take the corresponding number of subsidiary books for comparison, including accounts that do not arise.

6. Deducted VAT: Check to see if the balance in item 43 on the December 2015 or fourth quarter 2015 VAT declaration compares with the balance in Account 1331. Same for the December 2016 or VAT declaration. April 2016 quarter.

7. Receivables - payables: Make a record of reconciliation of receivables - payables until December 31, 2016.

8. Advance: Check and compare to refund.

9.  Inventory: Check and compare actual quantities and books.

10. Allocation of upfront costs.

11. Fixed assets.

12. Tax payable: If you want to quickly, you can go to the Tax Department to ask for the tax situation in 2016 for comparison.

13. Salary, social insurance, health insurance, unemployment insurance, labor insurance, personal income tax

14. Borrowed and borrowed money: Check and compare carefully to repay.

15. Revenue: Check and compare which revenue is subject to corporate income tax and which is not.

16. Cost price: Check the difference between deductible cost price and non-deductible cost price.

17. Costs: Check which costs are reasonable and which are not.

18. Transfer of revenue and expenses: Note that accounts from types 5 to 9 do not have ending balances.

19. Prepare corporate income tax finalization: Determine the tax amount payable.

20. Prepare personal income tax finalization: Determine the tax amount payable.

21. Based on CIT finalization to account in the software.

22. Based on personal income tax finalization to adjust tax reduction - salary increase or tax increase - salary reduction into the software.

23. Carryover 8211->911, carryover 922->4212.

24. Financial reporting: Completing the above steps and build financial statements.

25. Audit financial statements before submitting to tax authorities according to regulations.

2. Financial management business efficiency with LV-DX

There are plenty of ways to be able to minimize the time, errors when drawing up financial statements or tax settlement, and most businesses are geared towards the solution uses software tools to support people in managing this. For example, this time the settlement personal income tax always makes HR take a lot of time – especially for companies large-scale and there are many expenses to pay from salary and bonuses, with the form of individual or cumulative in months. Solution LV-DX can support the hr professionals minimize time and errors in “sprint”, as well as support the other stitches in the personnel management in the long term.

In particular, for the medium and large business – especially in the commercial sector – can the application LV-DX with modules such as general accounting, cost analysis, asset Management, fixed... and the subsystem options as financial analysis (BIS), management reports (MAC), merge data, multi-branch (Consolidation)... to support management, comprehensive financial management for your business. In addition to saving time, manpower and money for these errors don't have this solution also helps to provide seamless information control, revenue/cost rigorously, analysis, training, deep data, accounting helps the management to find out the cause of the problem and from there bring out the logical solution of the same business decisions efficiently.