Account finalization is the process of preparing and presenting the financial statements of a business at the end of a financial year. It involves reconciling all accounts, making adjustments, reviewing and analyzing the results, filing tax returns, and complying with regulations.
The steps involved in account finalization may vary depending on the nature and size of the business, but generally, they include the following:
If an expense is incurred to generate income and serves a legitimate business purpose, it is considered tax-deductible. Here are a few examples:
In the case of an Sdn Bhd account, upon completion of the report, the next steps involve:
REPORT | PURPOSE | DEADLINE |
---|---|---|
Audited report / Financial Statement | To make sure the management report accurately & fairly represents the company's financial figures. | 6 months after the financial year-end |
Tax Computation | To show annual chargeable tax adjustments/tax return to profit of the company to LHDN | 7 months after financial year-end |
Lodgement of Annual Report | The audited financial statement lodged with SSM | Within 30 days after the audited financial statements have been circulated to members |
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