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.