The chart of accounts for entrepreneurs consists of the following accounting classes:
0. Non-current assets 1. Inventory 2. Financial accounts
4. Capital accounts and non-current liabilities 5. Expenses accounts
3. Debtors and creditors
7. Closing accounts and off-balance sheet
A company is required to design its own chart of accounts, which must contain the prescribed accounts and additionally may contain other accounts or sub-accounts necessary for the recording of all accounting transactions and for the preparation of the financial statements.
The statutory chart of accounts is not mandatory for those companies which prepare their financial statements according to EU-IFRS (see section Preparation and submission of individual financial statements below for more details).
Slovak bookkeeping rules do not differ very much from those commonly employed worldwide (entries are made on a double-entry basis, chronologically and mainly on a historic cost basis and have to be documented). All accounting books and financial statements must be prepared and maintained in Slovak language and in Euro currency (except where companies prepare their financial statements according to EU-IFRS and have a different functional currency).
All source documents, accounting books, schedule of depreciation and amortisation, protocols of physical count, confirmation procedures etc. must, as a rule, be retained for a period of five years; however, the annual financial statements and annual report must be kept for ten years.
Companies may use any type of processing method, as long as they provide all the information needed to prepare statutory financial statements. If the company maintains accounting records in electronic form, it is required to convert the accounting records into a legible form.
Companies may select a 12 month accounting period that may be different from the calendar year. A notice to tax authorities at least 15 days before the intended change of the accounting period or within 30 days from the date of establishment of the company is required.
A company must reconcile cash on hand at least four times during the accounting period. Physical stocktaking of fixed assets must be performed at least every two years.
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