Chapter IV
ACCOUNTING BOOKS
Article 81. Accounting books
1. Accounting books shall be intended for recording, systematizing and storing all of economic and financial transactions already arising according to economic contents and in chronological order in relation to microfinance institutions. Each microfinance institution shall use only one system of accounting books in an accounting period. Microfinance institutions must implement regulations on accounting books in the Law on Accounting, the Government’s Decree No. 174/2016/ND-CP dated December 30, 2016 elaborating on certain articles of the Law on Accounting, documents providing instructions on implementation of the Law on Accounting and other instruments providing instructions on amendments and supplements to the Law on Accounting.
2. Microfinance institutions may, of their own accord, create sample accounting books, but must ensure that information about economic transactions is transparent, sufficient, easy to be checked, controlled and collated.
3. Depending on business characteristics and managerial requirements, microfinance institutions may, on their own, choose the bookkeeping form provided that information about transactions is reflected in full, promptly, easily to be checked, controlled and collated.
Article 82. Responsibilities of bookkeepers
Accounting records must be strictly managed by persons clearly assigned to keep and record accounts in accounting records. If an accounting book is transferred to a staff member, that staff member shall be responsible for contents in that accounting book and safekeeping of such book during its useful life. If a staff member who keeps and records accounts in accounting records, chief accountant or a person in charge of accounting activities has been substituted, chief accountants must arrange the transfer of responsibilities for keeping and recording accounts in accounting books between the former and the new bookkeeper. The report on transfer of accounting books must carry the signature of the chief accountant.
Article 83. Opening and writing of accounting books and signatures
1. Opening of accounting books
Accounting books must be opened at the beginning of an accounting year. As for newly-established microfinance institutions, accounting books must be opened from the establishment date. Legal representatives and chief accountants of microfinance institutions shall be responsible for signing accounting books for ratification purposes. Accounting books may exist in the form of pages bound together into a book or separate sheets. Pages after being used must be bound into books for archive purposes. Before using accounting books, the following procedures must be implemented:
- As for accounting books in the form of pages bound together into a book, the first page must clearly specify microfinance institution’s name, book title, book opening date, accounting year, term of recording entries in books, full name and signature of bookkeeper, chief accountant and legal representative, book closing date or date of transfer of accounting books to other persons. Accounting books must be paginated from the first page to the last page, and must carry adjoining stamps between two pages.
- As for accounting books in the form of separate sheets, at the beginning of each book, the separate sheet must include microfinance institution’s name, ordinal number of each sheet, book title, useful months and bookkeeper’s full name. Before use, separate sheets must be signed and stamped by the General Director/Director of a microfinance institution, and recorded in the register for use of separate-sheet accounting books. Separate sheets must be arranged in order of bookkeeping accounts to ensure safety and easy traceability.
2. Writing of accounting books must be based on accounting documents proved to conform to regulations on accounting documents. All data input in accounting books must be proved by legitimate and relevant accounting documents.
3. Book closure: At the end of an accounting period, accounting books must be closed before preparation of financial statements. In addition, accounting books must be closed in case of inspection or in other cases in accordance with laws.
4. Bookkeepers of accounting service providers must sign and clearly give the numbers of their practicing certificates, names and addresses of accounting service providers. Bookkeepers as individuals practicing accounting must specify the numbers of their practicing certificates.
Article 84. Correction of accounting books
1. Whenever errors contained in accounting books are discovered, they must be corrected by using the method in compliance with regulations enshrined in the Law on Accounting.
2. In case where errors have been found previous accounting periods, microfinance institutions must make retroactive adjustments in accordance with the accounting standard “Changes in accounting policies, accounting estimation and errors”.
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