Duration for storing accounting documents of the enterprise according to the latest regulations How long is it now? Which accounting documents must be stored permanently?

Where are accounting documents stored?

According to Article 11 of Decree 174/2016/ND-CP specific regulations on where accounting documents are stored are as follows:

(1) Accounting documents of any unit are stored in that unit’s warehouse. The accounting unit must ensure that there is adequate storage equipment and ensure safety during the storage process according to the provisions of law.

– In case the unit does not organize a department or archive at the unit, it can hire an organization or archival agency to archive accounting documents on the basis of an archive contract according to the provisions of law.

(2) Accounting documents of foreign-invested enterprises, branches and representative offices of foreign enterprises operating in Vietnam during the period of operation in Vietnam according to the Investment Certificate, Enterprise Establishment Registration Certificate or Branch and Representative Office Operation Certificate that have been issued must be archived at an accounting unit in Vietnam or hire an archiving organization in Vietnam to archive accounting documents. At the end of operations in Vietnam, the legal representative of the unit decides where to store accounting documents unless otherwise prescribed by law.

(3) Accounting documents of units that are dissolved, bankrupt, terminate operations or projects that end operations include accounting documents of annual accounting periods that are still within the retention period and accounting documents related to bankruptcy dissolution, termination, or end of operations are stored at a place decided by the legal representative of the accounting unit or according to the decision of the competent authority deciding to terminate operations or end the project.

(4) Accounting documents of the unit converting the form of ownership, converting the type of business or converting the type of unit include accounting documents of the remaining annual accounting periods and accounting documents related to the conversion of the form of ownership, converting the type of business or converting the unit stored at the new accounting unit or at the place decided by the competent authority deciding on the conversion of the form of ownership, converting the type of enterprise or converting the unit.(5) Accounting documents of annual accounting periods that are still within the storage period of the divided or separated units: If accounting documents can be divided to a new accounting unit, they will be archived at the new unit; If accounting documents cannot be divided, they shall be stored at the divided or separated accounting unit or at the place decided by the agency competent to decide on division or separation of the unit. Accounting documents related to division of accounting units are stored in new accounting units. Accounting documents related to separation of accounting units are stored at the location of the separated unit and the new accounting unit.

(6) Accounting documents of annual accounting periods that are still within their retention period and accounting documents related to consolidation or merger of accounting units shall be archived at the unit receiving the merger or the consolidated accounting unit.

(7) Accounting documents on security and national defense must be archived according to relevant laws.

How long is the storage period for an enterprise’s accounting documents according to the latest current regulations?

Pursuant to Clause 5, Article 41 of the 2015 Accounting Law, regulations on preservation and storage of accounting documents are as follows:

“5. Accounting documents must be stored for the following period: here:

a) At least 05 years for accounting documents used for management and operation of the accounting unit, including accounting documents not directly used to record accounting books and prepare financial reports;

b) At least 10 years for accounting documents used directly to record accounting books and prepare financial reports, accounting books and annual financial reports, unless otherwise prescribed by law;

c) Permanently archive historical accounting documents of important economic, security, and defense significance.”

Thus, the retention period for an enterprise’s accounting documents will depend on the nature, purpose of use, etc. of each type, and this period may be 5 years, 10 years or forever according to the regulations mentioned above.

Which accounting documents must be stored permanently?

According to Article 14 of Decree 174/2016/ND-CP regulating accounting documents that must be stored permanently, specifically as follows:

(1) For accounting units in the field of state accounting, accounting documents that must be permanently archived include the annual state budget general settlement report approved by the National Assembly, local budget settlement reports approved by the People’s Councils at all levels; Documents and final settlement reports of completed projects belonging to group A, nationally important projects; Other accounting documents are historical and have important economic, security and defense significance.

– The determination of other accounting documents that must be permanently archived is decided by the legal representative of the accounting unit, by the industry or locality on the basis of determining the nature of historical records and important economic, security and defense significance.

(2) For business activities, accounting documents must be permanently archived, including historical accounting documents with important economic, security and national defense significance.

– The determination of accounting documents that must be permanently archived is decided by the head or legal representative of the accounting unit based on the historical nature and long-term significance of the documents and information to decide for each specific case and assign it to the accounting department or another department to archive in the original form or another form.

(3) The permanent storage period must be a storage period of over 10 years until the accounting documents are naturally destroyed.

Thus, the types of accounting documents mentioned above must be stored permanently, specifically for more than 10 years until the accounting documents are naturally destroyed.