Question of the day

The natural person/entrepreneur keeps the accounts according to the single entry system according to Tax Code and The methodical information on the accounts of natural persons carrying out entrepreneurial activity.

The activity accounts of the natural person/entrepreneur may be kept:

• directly by the natural person/entrepreneur;
• by the Accounting Service (Accountant Holder);
• by a consultancy firm, audit firm or individual auditor-entrepreneur.

The responsibility for keeping the accounts lies with the natural person/entrepreneur.

The accounts for the natural person/entrepreneur shall be kept in national currency. Where foreign currency transactions are carried out, their accounts shall be kept both in national currency and in foreign currency.

The natural person/entrepreneur is required to draw up primary documents, accounting records, tax accounts and other reports provided for by legislation.

The primary documents relating to revenue and expenditure shall be drawn up during the implementation of the operation and, if this is impossible, directly after the implementation of the operation, in accordance with the standard forms and/or the forms drawn up in their own right, which shall contain the mandatory elements provided for in Accounting Law:

a) the name and number of the document;
b) the date on which the document was drawn up;
c) the name, address, IDNO (tax number) of the entity from whose name the document is drawn up;
d) the name, address, IDNO (tax code) of the recipient of the document, and for natural persons – IDNP (personal code);
e) the content of the economic facts;
f) the quantitative and value standards in which the economic facts are expressed;
g) the functions, surnames, forenames and signatures of the persons responsible for making (producing) the economic facts.

When drawing up primary documents, compliance with the provisions of point (d) shall not be mandatory for persons not registered as persons engaged in business activities.

In the primary documents drawn up for the internal needs of the natural person/entrepreneur, compliance with subparagraphs (c) and (d) is not mandatory.

The natural person/entrepreneur is obliged to use primary documents with special arrangements in accordance with the requirements laid down in Government Decision No 294 of 17.3.1998and in the cases laid down by the Law on Accounting:

(1) disposal of assets with transfer of ownership;
(2) the provision of services;
(3) the transport of assets within the territorially disintegrated entity and outside the entity without the transfer of ownership;
(4) purchase of assets and services from suppliers – citizens;
(5) transfer of leased assets, lease, lease.

The accounting records, including the notes, shall be drawn up in accordance with the forms and requirements laid down in the Methodological indications on the accounts of natural persons carrying out 4. entrepreneurial activities.Depending on the information needs and specificities of the activity, the natural person/entrepreneur may include additional elements in the accounting records provided that the content of the information contained in these methodical indications and the rules for drawing up and using these records are complied with.

Data shall be entered in primary documents and in accounting records, where appropriate in ink, in a pen with paste, in typescript or in computerised form.

In the primary documents and accounting records, no erasures or other similar processes shall be permitted, and no gaps shall be left between the operations entered therein. Errors shall be corrected by striking out the incorrect text or figures so that they can be read, and the correct text or figure shall be written on top of them. The correction shall be made on all copies of the primary document or accounting register and shall be confirmed by the signature of the person who drew up the document or register, indicating the date of correction.

Corrections shall not be permitted in primary cash, bank, delivery and purchase documents for goods and services. When errors are made in such documents, the wrong document shall be cancelled and a new one drawn up.

If the documents are lost, stolen or destroyed, the natural or business person shall be required to restore them within two months of the date on which the fact was established.

The natural person/entrepreneur is required to keep the primary documents, accounting records and other documents relating to the organisation and keeping of accounts within the time limits and in accordance with the rules laid down in the Law on accounting. In the event of termination of the activity of the natural person/entrepreneur, the documents shall be handed over to the archive in accordance with the rules laid down by the State Body for Supervision and Administration of the Archive Fund of the Republic of Moldova.

Source: contabilsef.md