Table of Contents
Maintenance of Books of Accounts
- The sales and purchases of goods, money received and expended, and the assets and liabilities of the company must be recorded in the company’s Books of Accounts.
- The books of accounts must be maintained as per double entry system and on accrual basis.
- The books of accounts must give a true and fair view of the state of the affairs of the company.
- Records, vouchers, books, papers and financial statements should pertain to a specific period or financial year only.
- It is mandatory to maintain and keep all Books of accounts at the registered office of the company. If any company requires to keep the Books of Accounts at any place other than its registered office in India, the company needs to intimate the Registrar of Companies about the changed address in full within 7 days of the passing of a Board Resolution in this respect.
- The books of accounts and other books can be maintained both in electronic mode or on papers. For maintaining company accounts in electronic format you can use Tally or QuickBooks accounting softwares for accuracy and speed. However, it is recommended to maintain company accounts in both formats.
- Managing Director,
- Whole-Time Director, in charge of finance.
- Chief Financial Officer
- Any other person of a company charged by the Board with duty of complying with provisions of section 128.