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Use this handy checklist to ensure you have the right accounting records on hand for your annual financial statement

by , 19 June 2014
The year is moving faster than you'd like and, before you know it, it'll be December. This means you'll soon need to start putting together that annual financial statement.
But did you know the groundwork for that starts now?

That's right. Your annual financial statement isn't just one or two financial documents. It's a collection of documents that all need to go together for your annual report.

To ensure you keep the right documents on hand for the rest of the year, use this checklist...

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What do SARS and CIPC say about accounting reports?
 
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Do you know why you need to have a complete annual financial statement on hand?

Your annual financial statement isn't just about helping your company keep track of your finances year after year.
You must keep each financial statement for a minimum of five years. This in case SARS audits you and wants to see your financial statements from the last five years.
 
But if you have documents missing, SARS may suspect foul play. To avoid this, use this checklist to ensure you have all the documents you need…
 

Use this checklist to ensure you have all seven documents you need for your annual financial statement

According to the Practical Accountancy Loose Leaf Service, when you put your annual financial report together, you'll need your:

1. Director's report;
2. Statement of financial position (balance sheet);
3. Statement of comprehensive income (income statement);
4. Statement of changes in equity;
5. Cash flow statement;
6. Accounting policy notes; and
7. Notes of financial statement. 
 
If you ensure you have up-to-date copies of these accounting records, your annual financial statement will hold up even under the toughest SARS scrutiny. 
 
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