Accounting, financial, tax reporting forms

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

In order to find out the financial and property condition of an enterprise, the legislation has developed special accounting statements that systematize the accumulated data for a certain period of time, and also analyze the result of economic activity. Information data is distributed in the reporting in the form of tables.

Who and how should submit reports

All enterprises submit accounting and tax reports, regardless of whether they conducted business activities for the specified period or not. It is very important that the reporting forms are completed correctly, as inaccurate data may result in a fine. A professional accountant should be involved in filling out the accounting documentation, and he must also have a good knowledge of the tax document flow.

Varieties of reporting forms

Forms of accounting financial statements can be annual and interim. Currently, such documentation is required to be submitted only once.in year. In some cases, companies may need interim reporting, for example, to obtain a loan or attract other investments. Also, quite often, the quarterly form is provided for participation in various tenders and competitions. Such documents are filled out in exceptional cases.

One of the main types of reporting is the balance sheet. It is a summary table structured according to the principle of active and passive articles. This form is an information guide reflecting the economic condition of the organization. Using it, you can get a clear picture of the amount of working capital, but you cannot analyze the movement of money.

The next equally important register is the income statement. This form of reporting of the organization most clearly reflects the financial result, which is calculated on the basis of an analysis of income and expenditure items. The data tells about the profitability or unprofitability of the firm.

The third most important is the statement of changes in equity. Such a register is filled in in the event of a change in the reserve or statutory fund. Also from the table you can find out about the amount of retained earnings of the organization or uncovered loss.

The cash flow statement will be the last in a group of important forms of financial reporting. This register most clearly reflects the changes in all funds for a certain period. This form is most often requested by banks when considering a loan application.

All reporting forms reflectinformation is quite conservative. Confidential information, which should not be made public, remains outside the scope of the document. A summary of the data is the basic principle for filling such registers.

Degree of demand for reporting documents

Reporting forms, which are available upon request, have varying degrees of demand. The most rated is the balance sheet. It is provided to regulatory authorities, credit organizations, as well as at the request of counterparties when concluding contractual relations.

The second most popular can be considered a report on changes in capital. Such information is most often of interest to financial institutions and potential investors. The remaining financial reports are less in demand and are mainly provided only to the tax authorities.

What is tax reporting and what is its role

Tax reporting forms are designed to systematize the data of the financial and economic activities of the company. Such documents are filled out in relation to accrued taxes and represent a specific set of tables.

A tax return is a final document that reflects the taxpayer's income and expenses, as well as the amounts of necessary transfers and contributions. Completing the reporting forms depends on the taxation system that the organization uses. The maximum amount of documentation is rented according to the general regime. Also, the number of completed declarations is quite often associated with the size of the company, types ofactivities and the number of employees.

Tax reporting forms are submitted to the territorial regulatory authority at the place of registration of the company. Such documentation can also be quarterly and annual.

Most important declarations

The general system of taxation involves the submission of a fairly large number of declarations. In order of importance, they can be distributed as follows:

• Declaration of income shall be submitted before the 28th day of the month following the quarter. Such a document reflects the company's income and expenses, the amount of accrued profit and interest deductions to the budget.
• VAT report is submitted by enterprises applying the basic taxation regime. This form is provided within twenty days of the end of the reporting period.
• Subject to the calculation of wages for hired employees, the company is required to fill out a personal income tax return. Such a register is rented once a year until the first of April.
• Declaration on property tax, as well as a report on advance payments are submitted to the tax authority by firms that have fixed assets on their balance sheet.

• The transport declaration is filled in if the company is the official owner of the car, which is subject to taxation. This form is annual and must be submitted by February 1st.
• A land declaration is provided if the organization has the rightproperty or long-term lease on land.

Which forms are optional

Some reporting forms are filled out only by those enterprises that are legally recognized as payers of such deductions. These can be taxes on gambling business, water resources, various excises. Companies that use the simplified taxation system have a much easier life, since they do not need to submit most of the declarations. Financial and tax reporting is submitted within a strictly defined period. The tax authorities are very closely monitoring non-compliance with such deadlines and, in case of delay, immediately apply pen alties.