Basic tasks of Accountants
- 11/05/2022 13:17
1. What is accounting?
🔰 Accounting is the measurement, processing, and conveying of financial and non-financial information about economic entities such as businesses and corporations. Accounting, known as the "language of business", measures an organization's economic performance and conveys this information to a wide range of users, including investors, creditors, management, and regulatory agencies. People who practice accounting are called accountants.
🔰 The recording and systematization of economic and financial activities are fully and accurately performed by the accountants, which will help managers to timely know all activities of the business, thereby giving appropriate policies and management plans. Besides, the jobs of accountants also help managers make timely and right decisions for the business.
2. Responsibilities of accountants:
⏩ Collect and process accounting information and data according to accounting objects and contents, according to accounting standards and accounting regimes.
⏩ Check and supervise financial revenues and expenditures, collection, payment, and debt payment obligations; inspect the management and use of assets and the sources of asset formation; detect and prevent violations of the law on finance and accounting.
⏩ Analyze accounting information and data; advise and propose solutions to serve the management requirements and economic and financial decisions of the accounting unit.
⏩ Providing accounting information and data in accordance with the law.
3. Accounting jobs:
✅ Information collection: Every day, you need to collect information about economic and financial activities arising in the unit and put it into accounting documents such as receipts, payment slips, receipts, receipts, and invoices. sales order,...
✅ Checking revenues and expenditures: Accountants must manage all revenues/expenditures arising in accordance with company regulations, cash funds, and attached documents.
✅ Receiving and controlling accounting vouchers: Every day, businesses generate many different revenue and expenditure activities, accountants must control related documents to ensure the accuracy of activities.
✅ Recording in bookkeeping: When economic activities arise, accountants will summarize and record all activities in a specific, accurate, honest, and timely manner. Based on these daily records, the accounting staff will summarize at the end of each month to put in the appropriate accounting books.
✅ Synthesize and prepare financial statements: Every month, accounting staff will summarize all data from recorded accounting books, and make detailed and specific reports to submit to the company's leaders, financial information is of great value in making appropriate adjustments decisions for the business's activities, helping the business to grow more and more.
3.1. First job of the year:
✔ Declare and pay license tax at the beginning of the year. The deadline for paying license tax is January 31
✔ Submit VAT, and PIT return in December or the fourth quarter
➥ If you declare by month, the deadline for submission is January 20
➥ If you declare quarterly, the submission deadline is January 30
✔ Submit the fourth quarter provisional CIT declaration
✔ Submit the report on the use of invoices in the fourth quarter. The deadline for submission is January 30.
3.2. Daily work:
✔ Collect all input and output invoices arising from the business;
✔ Check the reasonableness and validity of invoices such as: Company name, Tax code, address, the amount...
✔ Accounting and checking invoices and vouchers into accounting software;
✔ Organize and keep documents carefully and scientifically
✔ Do other jobs as required by the Director, Chief Accountant...
Note: Save invoices and accounting vouchers must ensure that invoices and accounting vouchers are not torn, crumpled, damaged....and acceptable by tax authorities.
3.3. Monthly job:
✔ Make a monthly VAT declaration (If the business declares VAT on a monthly basis).
➥ For output invoices, any month that is incurred must be stated in that month.
✔ Prepare monthly PIT declaration. (If the enterprise declares VAT on a monthly basis, and has the amount of PIT payable in the month).
✔ Make declarations of other taxes (if any).
✔ Prepare monthly invoice usage report (For newly established businesses under 12 months).
Note: The deadline for submitting the declaration is the 20th of the following month.
✔ Calculate inventory cost, and cost of goods sold.
✔ Calculating salary, insurance, and other allowances for employees.
✔ Calculate depreciation of fixed assets, and calculate the allocation of tools.
3.4. Quarterly work:
✔ Make quarterly VAT declaration (If your business declares VAT quarterly).
✔ Prepare quarterly tax returns for provisional CIT calculation.
✔ Make Quarterly Invoice Usage Report.
✔ Prepare quarterly PIT declaration (If enterprises declare quarterly).
✔ The deadline for submitting the above declarations is the 30th of the first month of the following quarter.
3.5. Year-end work:
✔ Making tax reports for the last month of the year and quarterly tax reports.
✔ Prepare annual PIT finalization report.
✔ Prepare annual CIT finalization report.
✔ Inventory of funds, inventory of warehouses and assets, reconciliation of liabilities.
✔ Make accounting books, and compare detailed books and general books.
✔ Prepare annual financial statements including: Balance Sheets. Business Performance Report. Statements of cash flows.
✔ Notes to Financial Statements, Balance Sheet of Accounts arising.
✔ Print accounting books and vouchers and sign them.
✔ Store vouchers and bookkeeping.
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