Which documents are required for the preparation of the annual financial statements?
September 15, 2022 | 40,00 EUR | answered by Louis König
Dear tax advisor,
My name is Dora Schwaru and I am the managing director of a small company. I am about to prepare my annual financial statements and I am unsure about the documents I need for this. I have limited experience in this area and want to make sure I gather all necessary documents to ensure a smooth process.
In the past, I have handled my own accounting and have all relevant documents such as bank statements, invoices, and receipts for business expenses. I have also prepared a profit and loss statement and a balance sheet that I would like to use for the preparation of the annual financial statements.
My concern is that I may have overlooked important documents that are required for the preparation of the annual financial statements. I want to ensure that I meet all legal requirements and avoid making any mistakes that could lead to problems.
So my question to you is: What documents are needed for the preparation of the annual financial statements? Are there specific documents or information that I may have forgotten or should provide additionally? What steps should I take to ensure that my annual financial statements are correct and complete?
I look forward to your support and thank you in advance for your help.
Sincerely,
Dora Schwaru
Dear Mrs. Schwaru,
Thank you for your inquiry regarding the preparation of your annual financial statements. I understand that you may feel uncertain, as the correct compilation of documents for the annual financial statements is crucial. It is important that all necessary documents are available to ensure a smooth process and accurate completion of the financial statements.
First of all, I want to assure you that you already have a solid foundation of documents. The documents you mentioned such as bank statements, invoices, receipts for operating expenses, profit and loss statement, and balance sheet are indeed very important for the preparation of the annual financial statements. These documents form the basis for the financial situation of your company and are essential for the completion of the financial statements.
In addition to the documents you mentioned, there are other documents needed for the preparation of the annual financial statements. These include:
- Asset register: A list of all fixed assets and their value as of the balance sheet date.
- Open items list: A list of all outstanding receivables and liabilities.
- VAT returns: The VAT returns already submitted for the year.
- Bank confirmations: Confirmations from banks regarding account balances and liabilities.
- Payroll documents: If you employ staff, payroll documents will also be needed.
It is important that all these documents are complete and accurate to ensure the proper preparation of the annual financial statements. To ensure that your financial statements are correct and complete, I recommend the following steps:
1. Review all existing documents for completeness and accuracy.
2. Supplement missing documents and correct any errors.
3. Ensure that all information in the documents complies with legal requirements.
4. Consult with a tax advisor or auditor if you have any uncertainties to ensure that your financial statements comply with legal requirements.
I hope this information is helpful to you and wish you success in preparing your annual financial statements. If you have any further questions or need assistance, I am happy to help.
Best regards,
Louis König
Tax Advisor
