Each organization engaged in commercial activities has to maintain tax records. It is designed to accumulate all incoming information about the income of the enterprise in order to create a clear tax base, which is used in calculating income tax.
Tax accounting should be subject to the principles of accuracy, objectivity, justice, and impartiality. In the course of his work, the specialist uses all the primary documentation, structures it and draws up the relevant reports. As an object of accounting, one can distinguish not only income in cash equivalents, but also property and existing liabilities. Moreover, this process is considered only an integral part, included in the accounting of financial statements, and therefore, is subject to uniform rules approved by law.
If we talk about the document management system, then in this area there are also rules that are binding. For example, each transaction of an economic entity must be reflected in its financial statements in a timely manner , information must be reliable and accurate. Filling in the standard forms is carried out with special care, so that the specialist can draw unambiguous conclusions, that is, the ambiguity of the judgments is unacceptable. Maintaining tax accounting presupposes the availability of information representing trade secrets. Such documents are stored in a special way and are issued to employees only at their own risk. As a rule, unified reporting forms are used so that inspection bodies or external users can quickly process the data received.
Today, the development of modern technologies is of paramount importance, therefore, often both accounting and tax accounting is carried out electronically. And the specialist is responsible for the correctness and reliability (reliability) of the input materials and their competent processing. Moreover, tax accounting can be built in two ways: autonomous (carried out separately from accounting) and created on the basis of already entered accounting. In the first case, the entrepreneur will have to double his expenses, as the staff increases, and the same information is processed twice. In this regard, this system is used extremely rarely, mainly in large companies. The second method allows you to save some of the financial resources and direct them to expand the business or improve the existing base.
Tax accounting often focuses on tracking the income and expenses of the entrepreneur. At the end of the reporting period, the profit obtained from the main activity of the enterprise, as well as the proceeds from the sale of unused property, leases and other operations, are calculated. This indicator is included in the tax base, and is subsequently used as the basis for calculating the amounts that need to be transferred to the budget and extra-budgetary funds. Corrections are allowed only with a special signature confirming the legality of the adjustment.