Incorporated 5 Months A Go. Do I Need Pay To Do A Balance Sheet Already?

[tingtongmaak]

Incorporated 5 months a go. Do I need pay to do a balance sheet already?

My accountants has told me I need to do a balance sheet now. We incorporated 5 months ago. They said if we had incorporated in Jan we could have waited for a year.

What I understand may be the reason for this is so that we can act alike a business set up in January so our accounts run for the year like most Thai businesses. This way the goverment is less likely to check our annual reports as thoroughly as they might if we were running our accountants on another date.

However, someone else has told me that a new business does not have to do a balance sheet in their first year or for 15 months or similar.

The obvious reason I ask this question as I do not want to keep throwing money at the already rich accountants.

[Nickthegreek]

Tingtongmaak,

I originally incorporated my business in September and if I recall I was then told I needed to do this at the end of 06 for a company that had yet to trade,after a discussion with my accountant it became clear for a small fee,about 300\500 baht you could change the accounting dates for the company...( we did this ourselves for 300\500 baht)

It was worth it in the end but a bucket load of hassle...

depends on how well the wife reads and writes English..!! We have worked out that you can do most of this stuff yourself and save costly accountant bills....

Nick

Edited April 3, 2008 by Nickthegreek

[Irene]

Incorporated 5 months a go. Do I need pay to do a balance sheet already?

My accountants has told me I need to do a balance sheet now. We incorporated 5 months ago. They said if we had incorporated in Jan we could have waited for a year.

What I understand may be the reason for this is so that we can act alike a business set up in January so our accounts run for the year like most Thai businesses. This way the goverment is less likely to check our annual reports as thoroughly as they might if we were running our accountants on another date.

However, someone else has told me that a new business does not have to do a balance sheet in their first year or for 15 months or similar.

The obvious reason I ask this question as I do not want to keep throwing money at the already rich accountants.

For the first accounting period, you can close your accounts any date you like, so long as it does not exceed a twelve month period. Thereafter, that date has to be your closing date for twelve months each year.

[Wekhin]

See your copy of company setup documents, accounting period is already stated in the document when it is submitted. If it is stated that a/c period is Jan-Dec, you must do 2007 financial statements (balance sheet, income statement, etc.).