What is account review and what is its value?

The audit must be carried out at least once a year and is an important step in ensuring that the accounting records of an undertaking have been properly prepared and in accordance with the rules in force. For best accountancy training Best school of accountancy In Lahore. Presentation of its development ...

Who can review a company's accounts? And when ?

Because revising a company's accounts is anything but a trivial act, it is reserved for a small number of people . This can be done:

The company through its manager or its accountant

An accountant who can be the one who carries out the accounting of the company usually or another accountant to whom is entrusted specifically this mission

As for the timing to drive it, it can vary since it can intervene in various situations  :

At the end of the financial year , when the annual accounts are drawn up

In-year to establish an interim accounting

Due to a tax provision that extends the duration of the fiscal year .

How to account for commissions received as a business partner?

When the company is considered to be an entrepreneur , it will collect commissions that it will invoice. If its purpose coincides with the activity, then it is necessary to debit the account 411 Customers then credit the accounts 44571 VAT collected and 706  Services.

However, if the company's purpose is different, it must then debit the account 411 Clients and crediting 44571 accounts Tax Collected and 7082 Commission and brokerage.

It is compulsory to account for the commissions of businessmen, whether invoiced or collected by the company.