ECOVIS Kapital Network provides a wide range of accounting services including the establishment and maintenance of a well working accounting system; booking the da ily, monthly, quarterly and annual accounting transactions; preparation of the budgets, forecasts, cash flows with the participiation of a dedicated Partner and a team with qualified members who are working in a well organized cross check mechanism.
The accounting services are detailed as below:
- Initial Set-up of the accounting system and chart of accounts.
* Chart of accounts set-up
* Preparation of the budgets
* Notification to the tax authorities of the location the statutory books are kept for new clients and of any change in accounting books.
* Analysis, documentation and configuration of new company code within local accounting system including the input of opening general ledger balances as well as any open sales and purchase ledger items.
* Set-up of fixed assets register.
* Set-up of inventory data base.
* Input of asset information, depreciation rates, acquisition costs and accumulated
- Daily Accounting Transactions
* Maintenance of accounting records in accordance with the guidelines and requirements of the local commercial code and with the applicable accounting and tax legislations.
* Generating and maintaining customer and supplier base data.
* Recording bank payments and receipts and matching to the related invoices/documents where appropriate.
* Maintaining sales and purchase ledger accounts.
* Maintaining fixed assets register and accounting for all movements relating to fixed assets and inventory items including acquisitions/purchases and disposals/dispatches, as well as the calculation of profits/losses on any fixed assets disposals/sales.
* Booking employee expenses and all other petty cash transactions.
- Monthly Accounting Transactions
* Recording any payroll related transactions.
* Calculating and recording of foreign exchange differences.
* Recording monthly accruals, prepayments, provisions and other similar journal transactions.
* Calculating and recording depreciation/amortization of fixed asset items in accordance with requirements of the local commercial code and with the applicable accounting and tax legislation.
* Calculating the cost of the disposals/dispatches that realized during the month and the evaluation of the closing inventory for any obsolete, slow moving or nonsalable items and allowing for any obsolescence or loss of value.
- Annual Accounting Transactions
* Confirmation of year-end balances with customers and, upon request, suppliers.
* Accounting for adjustments arising from physical verifications of inventory and fixed assets .
* Recording annual accruals, prepayments, provisions and other similar journal transactions.
* Preparation of annual statutory financial statements and filing them with the tax authorities.
- Other Accounting Services
* Financial Statements Preparation for any governmental and independent audits
* Bank balances reconciliation.
* Suppliers and customers reconciliation.
* Billing out the Customers on behalf of you if it is requested.
* Issuing credit / debit memos if it is requsted.