 |
What records must the company keep?
The law makes each director responsible for the records and record-keeping of the company. A director must keep up
to date financial records that can:
- correctly record and explain its transactions (including any transactions as a trustee), and
- explain the company's financial position and performance.
This must be done so that financial statements of the company can be prepared if required by a 3rd party authority or person.
If the company is small then it generally won't have to prepare and lodge financial returns with ASIC. Companies must still however
prepare and maintain good financial records as this will aid in the calculation and filing of tax returns etc.
What type of financial records should a company keep?
Below is summary (it is not a complete list) of the sorts of financial records a company should be keeping. There is a wide
range of software on the market that can aid in the management of these records.
- General ledger
- income
- expenses
- assets & liabilities
- Cash records
- bank statements
- deposit books
- cheque butts
- Debtor and sales records
- debtors list
- invoices and statements issued
- a list of all sales transactions
- Creditor and purchases records
- purchase orders
- invoices and statements received and paid
- a list of all creditors and their balances
- Tax returns and worksheets
- income tax
- GST returns
- fringe benefit returns
- All contacts, deeds and agreements
As with all matters, if you have any doubts or concerns then we recommend seeking the advice of a professional.
What other records are you obligated to keep?
Along with financial based records, each company must also keep records that pertain to the members of the company and
their involvment in it.
- registers of members (shareholders)
- registers of option holders (if you have them)
- minutes of general meetings
- minutes of meetings of directors
- registers of charges created by the company over company property
What software is available to me?
There is a range of software throughout Australia that can make record-keeping a lot easier. We have provided links
below to some of the major software providers.
|
|
|
|
|
|
 |
|
Your site is one of the most simple, yet comprehensive sites I've had the pleasure of using, a truly fantastic product.
Callum Gillman
Moorooka
Your website is fantastic. It is so nice to see a company genuinely simplify a process rather than complicate it.
Chris Elliot
Sydney
Read more testimonials
|
|
|
 |
|
 |
|
Phone us nationwide on 1300 306 656 or email us.
|
|
|
 |
 |
 |
|
Record keeping
