A company typically requires monthly reports that summarize a number of different types of activities. These include reports on accounts receivable and payable, payroll and withholding taxes, as well as other financial and management reports.
Withholding tax reports provide detail on all tax collected by deductions made from wages and service payments at the time the payments were made. The company is required to file a report and remit the tax withheld on a monthly basis.
A monthly VAT report is required by the Revenue Department on all sales and business transactions. Also, a report on social security payments for each of the company’s eligible employees, along with a remittance, is required monthly.
Juslaws & Consult advises its clients on other types of reports that may be suitable for their business needs.
Thailand’s Department of Revenue requires companies to file an accounting report, or financial statement, following the end of its fiscal year.
A company’s financial statements contain all financial information relevant to the business. There are generally four types of statements.
The first is the balance sheet, or statement of financial position, which is a report on a company’s assets, liabilities and equity on a given date. Next is the profit and loss statement. This is a report on a company’s income, expenses and profits covering its fiscal year.
Third is a statement of change in equity, detailing the changes in a company’s equity throughout the financial reporting period. The fourth is a statement of cash flow, reporting on a company’s activities that had an impact on its cash flow during the year.
The company’s balance sheet, certified by a qualified external auditor, must be filed with the Revenue Department every year.