New points in Circular 107/2017/TT-BTC issued on October 10, 2017 officially applied from January 1, 2018

Posted date 21/11/2017

21.922 view

Posted date 21/11/2017

21.922 view

New points in Circular 107/2017/TT-BTC issued on October 10, 2017 officially applied from January 1, 2018

MSc. Tran Thi Hong Hue
Faculty of Accounting, Dai Nam University

1. About accounting documents
- All administrative units must use a uniform set of mandatory accounting documents and must not modify issued information.
- In addition to the required accounting documents, administrative units are allowed to design their own document templates to reflect arising economic transactions and must make them for reporting together with the sample documents.
- Pre-printed documents such as checks, receipts and valuable papers must be carefully preserved and not damaged or rotted. They must be managed like money.
2. About accounting accounts:
Regarding accounting accounts, Circular 107/2017/TT-BTC also clearly stipulates:
- Accounting accounts regularly, continuously, systematically reflect the situation of assets, receipt and use of funds provided by the state budget and other sources of funds; the situation of revenue, expenditure, and operating results in administrative and public service units.
- Accounting accounts are classified into types such as:
+ The account types in the table range from type 1 to type 9 and are double-entry.
+ Off-balance sheet accounts include type 0 accounts and single entries.
- Depending on the characteristics of each accounting unit, a suitable sample accounting system can be selected.
- Changes to the Account are as follows:

STT	ADDITIONAL	CHANGE ACCOUNT NAME	CANCEL	ACCOUNT NUMBER	ACCOUNT NAME
1	x			131	Accounts receivable
2	x			133	VAT deductible
3	x			136	Internal receivables
4	x			137	Temporary
5	x			138	Other receivables
6	x			141	Advance
7	x			154	Cost of production, unfinished services
8	x			156	Goods
9			x	221	Long-term financial investment
10	x			242	Prepaid expenses
11	x			248	Deposit, bet, deposit
12			x	311	Accounts Receivable
13			x	312	Advance
14			x	313	Loan
15		x		331	Payable to Seller
16		x		334	Payable to workers
17			x	335	Payable to other entities
18		x		336	Internal payables
19		x		337	Temporary collection
20	x			338	Other payables
21			x	341	Funding for subordinates
22			x	342	Internal payment
23	x			348	Receive deposits, collateral, bets
24	x			353	Special funds
25	x			366	Unrecorded advances
26			x	412	Asset revaluation difference
27			x	441	Source of basic construction investment funds
28			x	461	Operating Funds
29			x	462	Project funding sources
30			x	465	Funding source according to State orders
31			x	466	Funding source for forming fixed assets
32	x			468	Source of salary reform
33		x		511	Revenue from activities provided by the State budget
34	x			512	Foreign aid and loans
35	x			514	Fees are deductible, leaving
36	x			515	Financial revenue
37			x	521	Revenue not yet passed through the budget
38		x		531	Revenue from production, business and service activities
39			x	631	Production and business operating expenses
40			x	635	State order expenditure
41			x	643	Prepaid expenses
42			x	661	Operating expenses
43			x	662	Project cost
44	x			611	Operating costs
45	x			612	Costs from foreign aid and loans
46	x			614	Toll collection costs
47	x			615	Financial costs
48	x			632	Cost of goods sold
49		x		642	Management costs of production, business and service activities
50	x			652	Costs with unknown cost bearers
51	x			711	Other income
52	x			811	Other costs
53	x			821	Corporate income tax expense
54	x			911	Determine the results
55		x		004	Non-refundable aid
56			x	005	Durable tools in use
57	x			006	Foreign debt forecast
58		x		009	Construction investment estimate
59	x			012	Actual payment order
60	x			013	Advance payment order
61	x			014	Fees are deducted, leaving
62	x			018	Other operating income is retained

3. About accounting books
- Each accounting unit only uses one accounting system for one accounting year. Including general accounting books and detailed accounting books.
- Must open detailed accounting books to monitor the process of receiving and using foreign aid and loans according to the state budget directory as a basis for preparing settlement reports and donor requests.
- According to Circular 107/2017/TT-BTC, accounting books have the following forms:
+ Journal: this is a type of book used to record economic and financial transactions in chronological order.
+ Ledger: this is a type of book used to record economic and financial transactions arising according to economic content (according to accounting accounts).
+ Detailed accounting book: This is a book used to record in detail economic and financial transactions arising related to accounting objects according to management requirements that the general ledger has not yet reflected in detail. The data in the detailed accounting book provides specific information for internal management of the unit and the preparation of indicators in financial statements and state budget settlement reports.
4. About the settlement report
Circular 107/2017/TT-BTC clearly stipulates that administrative units using the state budget must prepare a budget settlement report for the portion of funds allocated by the state budget.
The information on the State Budget Settlement Report serves to assess the compliance with the provisions of the law on the State budget and other financial mechanisms that the unit is responsible for implementing, and is an important basis for state agencies, superior units and unit leaders to inspect, evaluate, monitor and operate the financial and budgetary activities of the unit. In addition, through this Report, the State aims to grasp the status of receiving and using the State budget. Is it effective? Is it used for the right purpose? The preparation of this settlement report also helps the State grasp the revenue and expenditure status of the unit in the most specific way.
The above article of the author has clearly stated the new regulations in the accounting regime that Circular 107/2017/TT-BTC issued and officially applied on January 1, 2018. Hopefully, the above information will help administrative and career units; lecturers; students; scientists; managers grasp the changes in the new accounting regime in the most complete and useful way according to the provisions of law.
Good luck!

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