Updated last 26.03.2021
In what form and how long should the company’s accounting information be stored?
The company’s accounting information is stored as a hardcopy and / or on technical carrier, and may be stored both in the company itself, or in private or state archive institutions. Depending on the type of information the Accountancy Act stipulates the following terms for its storage:
- Payroll (for example, recapitulations, payroll ledgers, etc.): 50 years, as of 1 January of the reporting period following the reporting period they relate to;
- Accounting ledgers and financial statements (for example, annual financial statements, trial balances, fiscal device reports, etc.), including tax control documents, audit and subsequent financial inspections: 10 years, as of 1 January of the reporting period following the reporting period they relate to;
- Tax and social security control documents (for example, sale and purchase invoices,tax returns, VAT returns, purchase ledgers, etc.): 5 years after the expiry of the statute of limitation for the payment of the public liability they are related to;
- All other accounting information carriers (for example, rent agreements, bank statements, etc.): 3 years, as of 1 January of the reporting period following the reporting period they relate to.
After the expiration of the term for their storage, the carriers of accounting information (paper or technical) may be destroyed unless they are subject to transfer to the National Archive Fund or to the National Social Security Institute.
|Important to know|
It is recommended to store for a term of at least 12 years all documents that might be required as part of a tax audit.
What is the procedure in case of termination of the company?
- In case of termination of the company through transformation the accounting information is submitted to the accepting entity and / or to the newly established entity / entities;
- In case of termination of the company or when there is no successor of the company payroll ledgers are submitted to the National Social Security Institute under the provisions of art. 5, para 10 of the Social Security Code.
What is the procedure in case of termination of certain relations?
- In case of termination of the relations with the person responsible for the accounting of the company (regardless whether that person is a full-time accountant or an external accounting firm), the accounting documentation is submitted to a person appointed by the general manager in the presence of a committee appointed by the management. The entire accounting information is submitted (including a qualified electronic signature) and it should be listed in detail in an acceptance – submission protocol, which should be signed by the accepting and the submitting party;
In case of termination of a relation with the general manager of the company, the latter is obliged to submit to a person, appointed by the respective competent body of the company, the entire accounting and other business documentation the former general manager is holding. The submission is verified with a submission – acceptance protocol, listing in detail the information submitted.
|For more information |
Additional information regarding the storage of accounting information and the related regulatory framework may be found in Section III of the Accountancy Act.