Accounting

Accounting

Section 51C of the Inland Revenue Ordinance requires every person carrying on a trade, profession or business in Hong Kong to keep sufficient records in the English or Chinese language of his income and expenditure to enable the assessable profits to be readily ascertained.

• Such records shall be retained for a period of not less than 7 years.
• Failure to comply with the requirements of the Ordinance without reasonable excuse maybe
• Liable to a maximum fine of $100,000.
• The records prescribed in the Ordinance include books of accounts recording receipts and payments, vouchers, bank statements, invoices, receipts; records of the assets and liabilities; statements of trading stock, etc.

The Focus of Bookkeeping Services

• Preparing books of accounts monthly, quarterly or yearly.
  
• Managing old book of accounts.
  
• Preparing annual financial statements include Balance Sheet and Income Statement.
  
• Helping in setting up accounting system.
  
• Arranging stock-taking, etc.

Content of Bookkeeping Services

• Managing accounting materials, filing systematically and computerized bookkeeping
  
• Preparing general ledgers, cash books, bank books, accounts receivable books and accounts
  
• Payable books.
  
• Preparing statement of bank reconciliation.
  
• Preparing annual financial statements including Balance Sheet and Income Statement.