ENTREPRENEUR´S BOOKKEEPING IN SLOVAKIA

 

What is the obligation of entrepreneur? How to proceed with bookkeeping?

Entrepreneurs registered in  Slovak Companies Register shall use a double entry bookkeeping system, which shall reflect the balance and the movements of their business assets and liabilities, net business property, costs, revenues and profits or losses.

Unless a special act provides otherwise, entrepreneurs, which are not registered in Slovak Companies Register, shall use a single entry booking system to record their receipts and expenditures, business assets and liabilities, in order to allow the determination of their net business property and the result of their operations.

Those entrepreneurs, which are not registered in the Companies Register may, instead of using the single entry booking system, use the double entry booking system, provided they use the same for the entire accounting period.

Annual and extraordinary financial statements of joint-stock companies must be audited by an auditor according to special legislation. Other types of partnerships and companies and cooperatives shall be liable to the above only if so prescribed by a special act. The entrepreneur shall be obliged to prepare and disclose to his auditor all the accounting documents and explanations required for the audit. The expenses associated with the audit shall be borne by the audited entrepreneur.

Joint stock companies, limited liability companies, co-operatives and State-owned enterprises shall file their ordinary individual financial statements and extraordinary individual financial statements into the Collection of Deeds after their approval by the respective body. The relevant body of the joint stock company, limited liability company, co-operative and State-owned enterprise shall submit the ordinary individual financial statements and extraordinary individual financial statements for their approval within six months after the last day of the accounting period.