You may be familiar with accounting policies or may have heard about them before. In this entry, we will introduce you to the most important aspects of accounting policies and what you should know about them. Through our accounting service, our certified accountants can advise you and help you in the development of these policies. You can learn more about this by clicking here.
Accounting policies are documents that record the accounting operations of individuals or firms. These may be physical or digital, and the registrations must be done within five days after the operation has been conducted.
Types of accounting policies:
● Statement of cash flows: They register accounting operations that involve disbursements (when said disbursement is done by check, it is called cash disbursement policy).
● Income statement: This type of policy registers the money that comes into the business, whether it is in the form of cash, transfers, or checks.
● Balance sheet: They register the operations that affect the firm’s financial position
Taxpayers who are obligated to carry out e-accounting (which, as we know from previous discussions, is intended to optimize business processes) must create XML format files that contain the accounting policies used by the company. These must then submitted to the Tax Administration Service (SAT) internet portal one month after the operations have been conducted.
You may be interested in our entry: What to know about e-accounting (electronic accounting).
E-accounting policies involve new elements to be considered, including:
● Journal entries for types of policy, and currency and banking transactions.
● Details of each transaction
● Distinguishable digital tax receipts (CDFI)
● Each accounting entry should include a ledger account, sub-account, and subsidiary accounts.
● For third-party operations, their RFC (Federal Taxpayer Registration) should be included.
● Information of related digital tax receipts
● Payment information
● Tax rates, tax shares, and their activities
We should remember that taxpayers are obligated to hand in their accounting registries to the corresponding authority electronically. Now that you know more about policies and their relationship with e-accounting, you will be able to carry it out correctly.
Do not forget to resort to experts who can orientate you. Contact us for more information.
Legal and Accounting Consulting in Playa del Carmen
