How important is the closing of financial statements❓

How important is the closing of financial statements❓

closing of financial statements It is one of the duties of a legal entity. to submit financial statements to the Department of Business Development and Revenue to know the financial direction and must close the financial statements at least once a year as it is clearly stipulated by law. which can be filed online postage or you can file by yourself

👉 What is Financial Statement?

Financial statement is the accounting report of that business to know the financial condition. or the financial status of that business, including determining the direction of the administration of that business

👉🏻 Financial Statement Closing Procedure

- Prepare an account showing income - expenses of the business clearly separated from each other including systematic storage of various purchasing documents for easy account summary

- If a business registered for VAT Must have a complete report on input tax - sales tax. In addition, the purchase receipt must be attached.

- Prepare monthly statement (Statement) of the month to be complete and systematic for ease of inspection

- Systematically collect and collect documents for closing the financial statements for each accounting period for further business storage

And most importantly, do not forget to submit financial statements that have been closed financial statements to the Department of Business Development and the Revenue Department within 150 days from the end of the accounting period. to prevent legal fines which can now be submitted online at https://www.dbd.go.th/index.php

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