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Slovakia

Accounts

Updated 04. 2010

Legal requirements

Commercial Code - sets out the obligation of company owners to keep accounts, produce accounting summaries and in some cases verify auditors' reports.

total assets in excess of 663,878.38,

net turnover in excess of EUR 1,327,756.76,

average number of employees in excess of 20.

Act on Accounting - a general legal document providing a broad framework for bookkeeping and financial reporting in accounting units.

total assets in excess of 663,878.38,

net turnover in excess of EUR 1,327,756.76,

average number of employees in excess of 20,

An accounting unit may be:

  • a legal entity with a registered office in Slovakia,
  • a foreign person or legal entity pursuing an activity in Slovakia in accordance with specific regulations,
  • a natural person pursuing a business activity.

total assets in excess of 663,878.38,

net turnover in excess of EUR 1,327,756.76,

average number of employees in excess of 20,

total assets in excess of 663,878.38,

net turnover in excess of EUR 1,327,756.76,

average number of employees in excess of 20,

Accounting regulations

Accounting units use the system of double-entry bookkeeping or single-entry bookkeeping.

Single-entry bookkeeping

The system of single-entry bookkeeping may be used by:

  • businesses not listed in the Commercial Register,
  • natural persons engaged in business.

total assets in excess of 663,878.38,

net turnover in excess of EUR 1,327,756.76,

average number of employees in excess of 20,

Double-entry bookkeeping

The system of double-entry bookkeeping is used by:

  •  businesses entered in the Commercial Register,
  •  businesses not entered in the Commercial Register, provided they use the double-entry bookkeeping system for an entire accounting period, which is a calendar year.

total assets in excess of 663,878.38,

net turnover in excess of EUR 1,327,756.76,

average number of employees in excess of 20,

Account ledgers

Businesses (accounting units) must retain accounting records in accordance with the registration regulations.

Accounting units must proceed in accordance with the specific accounting procedures and requirements of accounting culture. This requires accounting units to compile an accounting schedule.

The following account ledgers are used in the single-entry bookkeeping system:

  • a cashbook, containing information on:

amount of money in cash and in bank accounts,

amount of income in such a way as to allow the income tax base to be determined,

amount of expenditure in such a way as to allow the income tax base to be determined,

situation with current items concerning movements of money not yet identified as income or expenditure.

  • an accounts receivable ledger, containing information mainly on:

debtors,

receivables in monetary terms,

advances provided,

loans provided,

income tax receivables,

indirect tax receivables,

receivables in respect of the Social Insurance Agency and the relevant health insurance agency.

  • an accounts payable ledger, containing information on:

creditors

amount of liabilities in monetary terms,

advances accepted,

loans accepted,

income tax liabilities,

indirect tax liabilities,

liabilities in respect of the Social Insurance Agency and the relevant health insurance agency.

  • auxiliary books (where needed in order to show and report an accounting item in the annual accounts),

total assets in excess of 663,878.38,

net turnover in excess of EUR 1,327,756.76,

average number of employees in excess of 20,

The following account ledgers are used in the double-entry bookkeeping system:

  • a journal where all accounting cases are recorded chronologically,
  • a general ledger where account entries are arranged systematically from a practical perspective. The posting of all accounting cases is shown here against the accounts for assets, liabilities, the asset and liability gap, costs and revenues in the accounting period,

total assets in excess of 663,878.38,

net turnover in excess of EUR 1,327,756.76,

average number of employees in excess of 20,

An accounting unit may not keep accounts that are not mentioned in the accounting schedule, or set up accounts that are not in the account ledgers.

total assets in excess of 663,878.38,

net turnover in excess of EUR 1,327,756.76,

average number of employees in excess of 20,

Verification by auditors

The following must have their individual annual accounts verified by an auditor:

  •  A commercial company which has an obligation to generate basic capital, or a cooperative, if they fulfil at least two of the following conditions:
  •  Joint stock company,
  •  Other commercial companies for which this obligation is stipulated by a specific law,
  •  A company which compiles annual accounts. The auditor must verify the accounts within one year of the end of the accounting period,

Inventory

An inventory verifies whether the state of the assets, liabilities and asset and liability gap in the bookkeeping corresponds to reality,

  •  it is performed as of the date of the ordinary or extraordinary annual accounts,
  •  for regular annual accounts it has the purpose of assessing market value,
  •  over another time period, which may not exceed two years. Accounting units must inventorise money in cash at least four times in an accounting period.

If it is not possible to make a physical inventory, except for stock, as of the compilation date of the annual accounts, it may be performed during the final three months of the accounting period, or in the first month of the following accounting period.

Physical inventories of stock may be carried out by accounting units at any time during an accounting period.

  • Act on Accounting, Section 29, Section 30
 

Administrative procedures

Inventory

An inventory record is an accounting record, which must contain the following information:

  •  commercial name or title of the accounting unit: legal entities shall state the registered office, natural persons the place of residence and place of business if this differs from the place of residence,
  •  start date of inventory and completion date of inventory,
  •  state of assets, including quantity of units and values,
  •  physical location of asset,
  •  name, surname and signature of person responsible,
  •  list of liabilities and valuations thereof,
  •  list of actual state of asset and liability gap,
  •  recommendations and evaluation of objectiveness of asset and liability assessment as of the date on which the annual accounts are compiled, as determined when performing the inventory for the purposes of adjusting the valuation of assets and liabilities
  •  name, surname and signature of persons responsible for determining the actual state of the assets, liabilities and the asset and liability gap,
  •  comments.

The state of the assets, liabilities and asset and liability gap in the inventory records is stated in the inventory entry, which must include:

  •  trade name or title of the accounting unit; legal entities shall state the registered office, natural persons the place of residence and place of business if this differs from the place of residence,
  •  results of a comparison between the actual state of the assets, liabilities and asset and liability gap and what is stated in the accounts,
  •  results from an evaluation of the objectiveness of asset and liability assessment,
  •  name, surname and signature of person or persons responsible for performing the inventory in the accounting unit.
  • Act on Accounting, Section 29, Section 30

Annual accounts

Accounting units must compile annual accounts based on the samples issued by the Ministry of Finance, and submit them to their local tax office together with a tax declaration,

Accounting units using the single-entry bookkeeping system must submit a statement of revenue and expenditure and a statement of assets and liabilities,

  • annual accounts must be compiled at the latest within six months of the date as of which the annual accounts are compiled,
  • Accounting units using the double-entry bookkeeping system must submit a balance sheet, a profit and loss statement and comments on the annual accounts. Annual accounts are always compiled when the account ledgers are closed,
  • an opening balance is compiled as of the date of foundation, liquidation, the entering into force of a bankruptcy declaration or the day following the date of a dissolution without liquidation.

Retaining and submitting documents

The accounting documents of an accounting unit comprise the sum of all accounting records drawn up:

  • in writing - by hand, typewriter, printing or reprographic technology, or computer printouts, the contents of which are legible to a natural person,

in a technical form - using electronic, optical or other means which may be transferred into written form.

The accounting unit must provide accounting records at the request of an auditor and in the form requested by the auditor.

  • Act on Accounting, Section 31, Section 32

Audit, release and publication      

Commercial companies and cooperatives must lodge ordinary and extraordinary individual annual accounts and annual reports in the Collection of Deeds of the Commercial Register within 30 days of the approval of the annual accounts,
 
 Accounting units shall release in the Trade Journal the balance sheet and profit and loss statement from ordinary or extraordinary individual annual accounts within 30 days of the approval of the annual accounts,
 
 Accounting units which compile consolidated annual accounts must lodge ordinary consolidated annual accounts or extraordinary consolidated annual accounts and a consolidated annual report in the Collection of Deeds of the Commercial Register within one year of the end of the accounting period,

  • Act on Accounting, Section 21

Invoicing

Invoicing is intended for creating, recording and settling issued invoices. Payments may be made in non-cash transactions through the following payment systems:

  •  TARGET,
  •  EURO SIPS,
  •  SEBA.

Resources

All regulations, practical instructions and guidelines relating to accounting for businesses are issued by the Slovak Ministry of Finance and are published in the Financial Reports (Finančný spravodajca) journal.

Help & advice

Help & advice

E-mail a business organisation near you

The EU runs a network (Enterprise Europe Network) of local business organisations in most European countries that may be able to help you.

Choose your country and town and enter your enquiry below.

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