Accounting and tax Advice on who to use to all Foreign Businesses and we offer all foreigners living in Thailand our services. This section describes good book keeping for the Thai Company for expats and foreigners.

If you are setting up a Thai Company or Limited partnership or accounting help it is vitally important to have a good accountant who you have confidence in and can provide the valued services you require. Over the years many foreigners have had to use Thai accountants who cannot speak English. Will this has changed somewhat as at 2010 but again we stress the importance of using someone who knows the field of service you want.Unqualified bookkeepers with 5 years experience must notify the CRD within 60 days of 10 August 2000. They will be required to take a 60-hour accounting course between January and May 2001 at any university offering accounting courses. There will be three fixed periods to choose from, with a 90% attendance required. Courses will cost 6,000 baht. After that they have to pass an examination with a minimum score of 60%.

There are comprehensive services covering all Thailand Accountancy practices. Not only that we are the only company that can provide everything from Law to exports to taxation to Real Estate and banking assistance  from one house. Accounting Standards in Thailand are issued by the Federation of Accounting Professions (FAP) which began in 2004. Before this accounting standards were issued by Institute of Certified Accountants and Auditors of Thailand (ICAAT).

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KEEPING GOOD ACCOUNTING BOOKS

For expats and foreigners with companies you must pay tyo have your books audited every year. The fee can range from approx 8000 baht to 20,000baht but it depends on just what your business is performing and how much is your yearly turnover. Please note the fee structure below is an approx price as all companies are different. It will vary according to the structure of the partnership/company and the work involved in what must be done. For individuals and expats we can advise you what to ask your accountant. There are many pitfalls with Thai accountants and its important to ask whoever you use what the up front costs will be before you commit to using them and also first of all what their speciality field is. Many know nothing about shipping and Customs etc so if in doubt go elesewhere but get the audit fee.

HERE ARE SOME TIPS REGARDING ACCOUNTING EXPENSES AND WHAT YOU NEED TO LOOK OUT FOR.

When opening a Company it pays to have staff that can assist in keepimng the accounts and books for you. For small businesses and a fee the accountant staff can do this for you which saves you.

ACCOUNTS AND GOOD BOOKKEEPING :

The below relate to both a Thai Partnership or a Thai Company

Rules maintaining accounts ( Section 12, Accounts Act of 2000) - must hand over the documents required for making accounting entries to the bookkeeper, correctly and completely. Accounting entries may be recorded in any foreign language, but there should be Thai translations as well which means you need to have an accounts employee or accountant assist you. The accounts will list expense and income account, profit and loss, financial bank accounts, payroll, procurement of goods and services, and billing changes and accounting standards. All accounting entries should be written in ink, typewritten, or printed but using MS Word or Office docs and Excel is a bonus as easy to print out then file. Keeping a good day to day record is important and dates noted so that you can reference any entry at will. This is also important if the revenue require information from you.

Some accounting firms will now teach your staff and train you to keep good accounting books as this is very important. However all bookkeepers must be qualified.

All services must be under the Accounting Act of B.E 2000. The Ministry of Commerce, Bureau of Business Supervision of the Department of Business Development, is responsible for administering and implementing the accounting act. The Accounting Act has information like financial reporting by all business entities incorporated in Thailand. This means that registered partnerships, limited companies, public limited companies established under Thai Law, and joint ventures and foreign entities operating in Thailand under the Revenue Code have a duty to maintain books of accounts. Under the Accounting Act; such accounts must be kept for at least 5 years after the accounting period. The rules prescribe that Thai Accounting Standards (TAS) are mandatory for accounting and financial reporting by all business entities. Under Section11 item 4, registered partnership may be exempt from audit provided they have a CRD announcement of exemption. Usually juristic persons are required to have an auditor. But because there are a lot of registered partnership, mostly family business, they may apply for exemption. However, the Revenue Department will probably insist on a tax auditor looking at the books instead. 

Section 12 requires the bookkeeper to do a good job in accordance with standard accounting procedures and the person responsible for the accounts to provide the proper documents.Under Section 19 the person responsible for accounts has to supervise the bookkeeper to prepare accurate accounts.Besides keeping accurate accounts, bookkeepers have to make all entries in the Thai language, translating foreign entries into Thai.In Section 14, the time to keep accounts records has been reduced from 10 years to 5 years. However, if applying for tax refunds, entities will still have to keep records for 10 years, because that law is different.

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