Panwa Accounting and Auditing - Thailand ,
Therefore, it is only sensible that a single firm handles foreign business accounting matters in order to comply with Generally Accepted Accounting Principles and Thai regulations. Panwa Group of companies offers you the perfect solution to managing your accounts for your Thai business and we focus on your success.
We specialize in assisting foreign companies in Thailand and we have especial expertise in translating and interpreting Thai business practices in use for foreign company. We have licensed accountants, auditors as well as experienced and dedicated bookkeepers on our staffs. We are able to provide accounting services and documents, both in English and Thai language as follows
Income – Juristic company or partnership should record income according to the regulation of accrued income or monthly accrual basis of expenses; any income arises from services or products rendered, though cash have not yet received, should be recognized as income. The received income should be deposited to bank for selling and receiving control.
Expenses – Juristic company or partnership should record expenses according to the regulation of accrued expenses or monthly accrual basis of expenses; any expenses incurred, though not yet paid, should be recorded as expenses. The expenses should be business related to show the actual status of financial statement. The recorded expenses should have supporting documents as evidence to prove that:
Some expenses can not be uses in tax computation; we call these “Un-deductible Expenses”. But according to the principles of accounting, these have to be recorded to show the correct status of financial statement. Below are some examples of un-deductible expenses:
Accounting Period: A newly-established company or partnership should close accounts within 12 months from the date of its registration. Thereafter, the accounts should be closed every 12 months. The performance record is to be certified by the company auditor, approved by shareholders, and filed with the Business Development Office, Ministry of Commerce, within five months of the end of the fiscal year, and with the Revenue Department, Ministry of Finance, within 150 days of the end of the fiscal year.
Accounting Principles: In general, the basic accounting principles practiced in the United States are accepted in Thailand, as are accounting methods and conventions as sanctioned by law. The Institute of Certified Accountants and Auditors of Thailand is the authoritative group promoting the application of generally accepted accounting principles.
Rules in maintaining book of accounts ( Section 12, Accounts Act of 2000) - In keeping accounts, the person with duty to keep accounts must hand over the documents required for making accounting entries to the bookkeeper, correctly and completely, in order that the accounts so kept may show the results of operations, financial position or changes of financial position according to facts and accounting standards.
Bookkeeping activities - Our day-to-day bookkeeping activities merely consist of :
We also use specialized accounting software, spreadsheets, and databases to make our bookkeeping services more convenient for our clients. This makes us save more time and to do additional responsibilities and services, such as payroll, procurement, and billing. Many of these responsibilities need writing and sending letters, email and fax messages and making phone calls to clients.
Some of our major accounting functions and your benefits includes:
Furthermore, our services shall be practiced carefully under the Accounting Act of B.E 2000. The Accounting Act provides the basic requirements relating to financial reporting by all business entities incorporated in Thailand. It requires that, registered partnerships, limited companies, public limited companies established under Thai Law, and joint ventures and foreign entities operating in Thailand under the Revenue Code have a duty to maintain books of accounts. According to the rules prescribed under the Accounting Act; such accounts must be kept for a period of at least 5 years after the accounting period. The rules prescribe that Thai Accounting Standards (TAS) are mandatory for accounting and financial reporting by all business entities. The Ministry of Commerce, Bureau of Business Supervision of the Department of Business Development, is responsible for administering and implementing the accounting act.
For more information, please feel free to contact us: