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15. What are suggested books and records to be kept by a company?

A Company is required to maintain certain financial records to record all the accounting and financial transactions accurately. As per Section 286(1) of the Corporation Act, a company must keep written financial records that correctly record and explain its transactions and financial position and performance and would enable true and fair financial statements to be prepared and audited.

Here are some of the basic financial records that a company is expected to keep:

1. Financial Statements
• Profit & Loss accounts
• Balance Sheets
• Depreciation Schedules
• Taxation Returns eg. Income tax, group tax, superannuation, fringe benefits tax, business activity statements and all supporting documents.

2. General Ledger

3. General Journal

4. Asset Register

5. Computer Back-up Discs

6. Cash Records
• Cash Receipts Journal
• Bank Deposit Books
• Cash Payments Journal
• Cheque Butts
• Petty Cash Books

7. Bank Account Statements, Bank Reconciliations and Bank Loan Documents

8. Sales/Debtor Records
• Sales Journal
• Debtors Ledger
• List of Debtors
• Invoices & Statements issued
• Delivery Dockets

9. Work in Progress Records

10. Job/Customer Files

11. Stock Listings

12. Creditors Records
• Invoices & Statements Received & Paid
• Creditors Ledger
• Unpaid Invoices

13. All Correspondence, Annual Returns and ASIC forms

14. Wages Records and Superannuation Records

15. Registers
• Members
• Options
• Debenture Holders
• Prescribed Interests
• Charges
• Unclaimed Property

16. Minutes of Meetings of Directors and/or Members

17. Deeds (where applicable)
• Trust
• Debentures
• Contracts & Agreements (e.g. HP and leases).
• Inter-company transactions, including guarantees.