Some points to note in Circular No. 88/2021/TT-BTC of the Ministry of Finance

1. Scope of regulation (Article 1)

📌 The Ministry of Finance has issued Circular No. 88/2021/TT-BTC dated October 11, 2021 to guide the making of accounting vouchers and recording of bookkeeping of business households and individuals.

2. The objects of application (Article 2)

🍀 Business households and individuals pay tax according to the method of declaration according to the provisions of the tax law.

🍀 Business households and individuals that are not required to comply with the accounting regime but wish to comply with this Circular are encouraged to apply.

3. Organization of accounting work (Article 3)

⭐ The representative of business households and business individuals shall decide and arrange accountants of business households and individuals.

⭐ Business households and individuals shall comply with the accounting regime guided in this Circular or may choose to apply the micro-enterprise accounting regime to suit their management needs and characteristics of production and business activities of business households, business individuals.

⭐ Business households and individuals may apply the provisions of Article 41 of the Law on Accounting and Articles 9, 10, 11, 12, 13, 14, 15, 16, 17 of Decree No. 174/2016/ND-CP December 30, 2016 to preserve and storage accounting documents.

4. Accounting vouchers (Article 4)

️⛳ Contents of accounting vouchers:

• Accounting vouchers must contain the following principal contents:
• Name and number of the accounting voucher;
• Date, month and year of making accounting vouchers;
• Name and address of the agency, organization, unit or individual making the accounting voucher;
• Name and address of the agency, organization, unit or individual receiving the accounting voucher;
• Content of arising economic and financial operations;
• Quantity, unit price and amount of economic and financial operations written in numbers; total amount of accounting vouchers used for money collection and payment, written in numbers and words;
• Signatures, full names of the makers, reviewers and people related to the accounting vouchers.

 (In addition to the main contents of the above-mentioned accounting vouchers, the accounting vouchers may have other contents according to each type of voucher).

⛳ Making and storing accounting vouchers:

• The arising economic and financial operations related to the operation of the accounting unit must make accounting vouchers.
• Accounting vouchers are only made once for each economic and financial operation.
• Accounting vouchers must be made clearly, completely, timely and accurately according to the content specified on the form. In case the accounting voucher has no form, the accounting unit is allowed to make the accounting voucher by itself but must ensure fully the main contents of the above-mentioned accounting voucher.
• Contents of economic and financial operations on accounting vouchers must not be abbreviated, erased or modified; When writing, you must use a pen and ink, numbers and letters must be continuous, without interruption, and blank spaces must be crossed.
• The vouchers have been erased, corrected, have no payment value and are recorded in the bookkeeping. When writing wrong accounting vouchers, it must be canceled by crossing out the wrongly written vouchers.
• Accounting vouchers must be made with the prescribed number of copies. In case many accounting vouchers must be made for an economic or financial operation, the contents of the copies must be the same.
• Accounting vouchers made in the form of electronic vouchers must comply with the provisions of Article 17 of the Law on Accounting.

⛳ Signing accounting vouchers:

• Accounting vouchers must have full signatures according to the titles specified in the vouchers. Signatures on accounting vouchers must be signed with indelible ink.
• Accounting vouchers must not be signed in red ink or stamped with pre-engraved signatures. Signatures on accounting vouchers of one person must be consistent. Signatures on accounting vouchers of the blind must comply with the Government's regulations.

⛳ List of accounting documents

5. Accounting books (Article 5)

✨ Contents of bookkeeping, the opening, recording, closing and storage of bookkeeping of business households and individuals shall comply with the provisions of Articles 24, 25, and 26 of the Law on Accounting and practice according to specific instructions in Appendix 2 "Forms and methods of recording accounting books".

✨ Business households and individuals may apply regulations on opening, recording, closing and storing bookkeeping on electronic means as prescribed in Article 26 of the Law on Accounting.

✨ Business households and individuals may apply the provisions on correcting bookkeeping in Article 27 of the Law on Accounting.

List of accounting books:

6. Determination of revenue, expenses and tax obligations (Article 6)

💢 The determination of revenue, expenses, and tax obligations for each business field and line of business of business households and individuals shall comply with the provisions of the tax law.

💢 Specifically, from August 1, 2021, the determination of revenue, expenses, etc. of business households is carried out in accordance with Circular 40/2021/TT-BTC.

7. Effect

🍃 Circular No. 88/2021/TT-BTC takes effect from January 1, 2022.

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