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Restoration of Business Accounting and Tax Accounting Using 1C: Enterprise

Restoration of Business Accounting and Tax Accounting Using 1C: Enterprise

It is the end of a quarter again, a high time to submit quarterly reports on single tax payment, personal income tax and so on? Are you waiting for an upcoming tax inspection? Probably you don’t have time or wish for dealing with boring accountancy?

If the thoughts described above come to your mind, its time to bring the accountancy in order with professional help so that to avoid probable penalties from tax inspection for incorrect business accounting or its complete absence.

In this article we try to reveal the essence of complete or partial business accounting recovery for small and medium business with involvement of 1C or any other software.

In which cases is restoration of accounting necessary?

Restoration of business and tax accounting is necessary in the following cases:

1. Discovery of unreliable primary data.

2. Lack of business accounting at all or lack of account for a long period.

3. You want to keep the firm regardless mistakes and problems with tax inspection.

4. Primary documentation is lost completely or partially.

5. You have documentation but account data is lost

Types of business accounting restoration

Accounting Services can be divided into the following types:

1. Full restoration of accounting that involves recovery and bookkeeping since the founding date of an organization;

2. Partial restoration of accounting and tax accounting during a particular period;

3. Restoration of accounting in certain areas (accounting restoration of fixed assets, cash operations and current accounts, wages and charges, movement of inventory).

Preparation procedure

Before offering service on accounting restoration, experts analyze current state of affairs of companys accounting and determine existing problems. Then, they estimate the consequences of the situation and offer the best way out. During this process the possibility of formation and submission of adjusted tax and financial statements for the restored period is estimated.

The following procedures are carried out before the process starts:

1. Analysis of companys business accounting practices;

2. Probability of all lost ledgers or tax registers restoration.

Stages of accounting restoration

Accounting restoration is held in four stages:

1. Primary processing of all documents a costumer has

2. Identification of missing documents

3. Restoration and processing of missing documents

4. Formation of accounting register

What does an accounting restoration expert do?

Results of an accounting restoration experts work are appropriate state of companys business and tax accounting and development of recommendations for registration of financial-economic activities of the organization, taking into consideration the peculiarities of your business. Moreover, an expert on accounting restoration carries out the following activities:

1. Detailed analysis of current accounting, determines the availability of all necessary documents according to applicable law;

2. Sorting and processing of primary documentation;

3. Restoration of primary documentation (if necessary), correction of accounting records and writing of business and tax accountings on their basis;

4. Input of primary documents and accounting restoration into an accounting programme;

5. Analysis of your business source documents for compliance;

6. Check of the correctness of documents execution;

7. Check of the correctness of tax assessment and tax reporting;

8. Development and submission of tax returns for a given period;

9. Protection the results from tax inspection.

A useful part of accounting restoration procedure is analysis of reports formation on accounting and taxation of all types of operations (e.g., wholesale and retail trade, commission business, rendering of services, production, etc.) with consideration of changes in Regulations to Decrees of Ministry of Finance, Ministry of Economy and State Tax Committee. This also includes the following:

1. Calculation of Single Tax Payment according to Regulation “On procedure for calculation and payment of single tax payment given the introduction of minimum amount of single tax payment.”

2. Calculation of Single Social Payment according to Regulation On procedure for calculation and payment of single social payment given the introduction of minimum amount of single social payment.

3. Restoration of fixed assets revaluation given the index of fixed assets, equipment to be installed and ongoing projects according to Regulation On procedure of annual value adjustment as at 1st of January and other related documents.

4. Restoration of organized human resources records management including remuneration of labour.

5. Restoration of accounting services to third parties that have an impact on the cost of goods (additional services) and their distribution.

6. Reflection of information on customs fees and duties (if import is involved) recorded in customs declaration.

7. Reflection of commission trade (reports by commission agents to committees)

8. Record of raw materials supplied by the customer.

We would like to provide you with example from our practice with clients.

1. Accounting was completely restored for the period from 2008 to 2010 in XXX company, which field is services provision due to purchase of 1C: Enterprise 8.1.

2. Accounting was completely restored for the period from 2006 to 2010 in YYY company, which field is production and services. The reason was an incomplete record-keeping in 1C: Enterprise V.7.7 and switching to an upgraded version of the programme (1C: Enterprise V.8.1.).

3. A database, which was lost for technical reasons beyond the control of the human factor, was fully restored on a ZZZ dairy plant.

Mentioning 1C: Enterprise Programme, our business accounting specialist will help you to cope with the following problems:

1) the programme displays errors connected with monthly accounting closing, and

2) the programme argues due to inappropriate tax calculations or other seeming deadlocks.

Accounting restoration is a quite complex process requiring professional knowledge, high qualification and time.

Cost of this service varies from UZS 500,000 to several millions. All in all, it is more profitable to invite an experienced accountant once than to deal with tax inspection about blocked bank accounts and pay penalties.

The price is determined basing on amount and difficulty of companys operations, availability of accounting database, costumers bank and basic documents.

You may get preliminary price bycontacting us. All you need to do is to explain your problem and your business peculiarities briefly. After a thorough analysis of your application, our partners accounting consultants will contact you.

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