Accounting

Maintaining of accounting records for physical and legal entities

• Maintaining of income and expenditure
• Accounting documents books
• Book of analytical records
• General ledger of balance, cost and revenue accounts
• Profit and loss accounts
• Balance sheet
• Payables and receivables ledger
• Maintaining records of tangible and intangible long-term assets
• Maintaining records of value added tax
• Log book, car registration
• Reconstruction of accounting
• Representing the client during the Tax Office control
• Tax returns
• Ensuring tax audits
• Tax return processing by a tax advisor
• Accounting of wages

Tax evidence (former single entry bookkeeping) - evidence of income and expenditure (for physical entities – entrepreneurs, in the case their turnover did not exceed CZK 15 mil. in the previous year)

Accounting of the limited scale 

Physical entities

Entrepreneurs whose final accounts need not to be verified by the auditor (audit shall be required if the return is higher than CZK 15 mil., on condition 2 of the following criteria are fulfilled: assets over CZK 40 mil., turnover exceeding CZK 80 mil., number of employees over 50).

Legal entities

Legal entities which have not been established for the business purposes and housing associations which are not the subject of audit (they do not fulfil 2 of the following criteria: assets up to CZK 40 mil., turnover up to CZK 80 mil., number of employees up to 50), their activities are fully or partially financed from the State Budget funds, incl. local self-government units and voluntary municipalities unions, in which for institutions receiving contributions from the State Budget the consent of the founder shall be required.

Accounting of the full scale (former double entry bookkeeping)

Accounting principles

• Accounting units shall account in one accounting book only
• It is possible to consolidate accounting in the book with accounting in the general ledger, in which without an obligation to maintain the book of analytical accounts and the book of off-balance accounts
• Charter of accounts may be limited to the level of accounting groups
• Limitation of using certain accounting methods, e.g. the obligation to appraise real value
• Accounting for reserves or provisions – only those whose creation is stipulated or enabled by a special legal regulation 
• Accounting for depreciation of assets