ON GUIDELINES FOR THE ACCOUNTING REGIME FOR MICRO-ENTERPRISES

This Circular provides guidelines on accounting vouchers, recording in accounting books, and preparation and presentation of financial statements of micro-enterprises. Tax obligations of micro-enterprises shall be determined in accordance with tax laws.

1. The regulated entities of this Circular are micro-enterprises, where the criteria for determining micro-enterprise status shall be applied in accordance with the law on support for small and medium-sized enterprises (SMEs).

2. Business households and individual businesses that so desire may choose to apply this Circular for their accounting operations.

1. A micro-enterprise may assign as its accountant a biological parent, adoptive parent, spouse, biological child, adopted child, or full sibling of the legal representative, head, director or general director, or deputy head, deputy director or deputy general director in charge of finance and accounting; a person currently serving as a manager, administrator, storekeeper, cashier, or a person regularly assigned to purchase or sell assets of the micro-enterprise; or the enterprise may outsource accounting services in accordance with applicable law, suited to the enterprise's needs.

2. A micro-enterprise is not required to appoint a chief accountant. Where a micro-enterprise appoints an acting chief accountant in lieu of a chief accountant, the acting chief accountant may sign on behalf of the chief accountant on the enterprise's accounting vouchers, accounting books, and financial statements.

1. A micro-enterprise shall, based on the value-added tax (VAT) and corporate income tax (CIT) payment method applicable under VAT and CIT laws, record in its accounting books in accordance with one of the cases prescribed in Articles 5, 6, 7 and 8 of this Circular, and prepare financial statements as guided in Article 10 of this Circular. Where a micro-enterprise changes its VAT or CIT payment method in accordance with tax laws, it shall apply the list of accounting books guided in this Circular that corresponds to the enterprise's new tax payment method.

2. Where, during a fiscal year, a micro-enterprise undergoes changes in criteria that cause it to no longer fall within the regulated entities of this Circular, the enterprise may continue to apply this Circular until the end of the current fiscal year and shall apply an accounting regime appropriate to the law from the next fiscal year onward.

3. A micro-enterprise may choose to apply the SME accounting regime where appropriate to its business operations and management requirements, but shall apply it consistently within a fiscal year. A change of accounting regime may only be made at the beginning of the next annual accounting period.

4. Where a business household or individual business chooses to apply the accounting regime under this Circular, it shall apply it consistently within a fiscal year. A change of accounting regime may only be made at the beginning of the next annual accounting period.

5. Where appropriate to its business operations and management requirements, a micro-enterprise may design additional or amended accounting voucher forms and accounting book forms compared to those guided in this Circular. Amended accounting voucher forms and accounting book forms must comply with Articles 16 and clauses 1, 2, 3 and 4 of Article 24 of the Law on Accounting, and must fully, promptly, truthfully and transparently reflect information that allows verification, control and reconciliation of the enterprise's assets and equity. Where accounting vouchers fall within the scope of other applicable laws, the enterprise shall comply with those laws.

6. Where a micro-enterprise uses electronic invoices (e-invoices) and the tax authority's information system supports the determination and notification of VAT, CIT and other tax amounts payable (if any), the micro-enterprise shall use the accounting book forms guided in this Circular to monitor and reconcile with tax amounts payable as notified by the tax authority.

1. Accounting vouchers

A micro-enterprise shall use invoices and other accounting vouchers as required by accounting and tax laws as the basis for determining revenue.

2. Accounting books

2.1. In this case, the micro-enterprise shall apply the Sales Revenue Ledger for goods and services (Form No. S1-DNSN) to record revenue from the sale of goods and provision of services.

2.2. Accounting book forms, scope and recording method

a) Accounting book form

 

b) Scope: This ledger is opened to record revenue from the sale of goods and provision of services during the period, classified by group of goods, services or business lines sharing the same VAT percentage rate or the same CIT percentage rate. Where a micro-enterprise has multiple groups of goods, services or business lines, this ledger may be opened for each group sharing the same VAT or CIT percentage rate.

c) Recording method

- Columns A, B: Record the number and date of the invoice or voucher.

- Column C: Record the description of the revenue-generating transaction. Depending on management requirements, the micro-enterprise may record revenue on a per-invoice or per-voucher basis, or as an aggregate amount accompanied by a detailed data table of invoices and vouchers as required by law.

- Column 1: Record the amount from the sale of goods and provision of services, classified by group, as the basis for determining revenue sharing the same VAT or CIT percentage rate. Based on revenue from the sale of goods and services during the period, the micro-enterprise shall determine the VAT and CIT amounts payable in accordance with tax laws. The last line records the total VAT and CIT amounts payable during the period.

1. Accounting vouchers

A micro-enterprise shall use invoices, a purchase summary for goods and services without invoices, and other accounting vouchers as required by accounting and tax laws as the basis for determining revenue, income, expenses, and VAT and CIT amounts payable and paid during the period.

2. Accounting books

2.1. In this case, the micro-enterprise shall apply accounting books in accordance with the following list:

2.2. Accounting book forms, scope and recording method

a) Sales revenue ledger for goods and services (Form No. S2a-DNSN)

a1) Accounting book form

 

 

a2) Scope

This ledger is opened to record revenue from the sale of goods and provision of services during the period, classified by group of goods, services or business lines sharing the same VAT percentage rate. Where a micro-enterprise has multiple groups of goods, services or business lines, this ledger may be opened for each group sharing the same VAT percentage rate.

a3) Recording method

- Columns A, B: Record the number and date of the invoice or voucher.

- Column C: Record the description of revenue from the sale of goods and services, classified by group sharing the same VAT percentage rate. The micro-enterprise may record revenue on a per-invoice or per-voucher basis, or as an aggregate amount accompanied by a detailed data table of invoices and vouchers as required by law.

- Column 1: Record the amount from the sale of goods and services by group, as the basis for determining revenue sharing the same VAT percentage rate. Based on revenue from the sale of goods and services during the period, the micro-enterprise shall determine the VAT amount payable in accordance with tax laws.

- Line "VAT payable - opening balance": The micro-enterprise shall carry forward the VAT payable closing balance from the prior period to monitor and reflect the VAT payable opening balance.

- Line "Transactions arising during the period": The micro-enterprise shall reflect revenue from the sale of goods and services, classified by group or by individual transaction sharing the same VAT percentage rate, arising during the period.

- Line "Total VAT payable during the period": The micro-enterprise shall, based on revenue by group sharing the same VAT percentage rate, determine the total VAT payable during the period.

- Line "VAT paid during the period": The micro-enterprise shall record the VAT amount paid during the period.

- Line "VAT payable - closing balance": The micro-enterprise shall determine the VAT payable closing balance to be carried forward to the next period, based on the difference among the opening balance, amounts payable and amounts paid during the period.

b) Detailed revenue and expense ledger (Form No. S2b-DNSN)

b1) Accounting book form

 

 

b2) Scope

This ledger is opened to monitor revenue, income and expenses arising from business operations and other activities of the micro-enterprise. Based on revenue, income and expenses, the micro-enterprise shall determine the CIT payable in accordance with tax laws.

b3) Recording method

- Columns A, B: Record the number and date of the invoice or voucher.

- Column C: Record the description of the transaction arising.

- Column 1: Record the amount corresponding to each item in Column C.

- Line "CIT payable - opening balance": The micro-enterprise shall carry forward the prior period's CIT payable closing balance to monitor and reflect the CIT payable opening balance.

- Line "Transactions arising during the period": The micro-enterprise shall reflect revenue, income and expenses from the sale of goods, provision of services, and other activities arising during the period.

- Line "1. Revenue and income": The micro-enterprise shall, based on invoices and vouchers, record revenue and income arising from the sale of goods, provision of services, and other activities on a per-invoice, per-voucher basis or as an aggregate amount accompanied by a detailed data table as required by law.

- Line "2. Expenses": The micro-enterprise shall, based on relevant invoices and vouchers, record total expenses arising during the period, classified by each transaction type.

- Line "Total CIT payable during the period": The micro-enterprise shall, based on the details under "1. Revenue and income" and "2. Expenses", determine the taxable income and apply the CIT rate applicable to each type of activity in accordance with tax laws to determine the total CIT payable during the period.<0}

- Line "CIT paid during the period": The micro-enterprise shall record the CIT amount provisionally paid during the period.

- Line "CIT payable - closing balance": The micro-enterprise shall determine the CIT payable closing balance to be carried forward to the next period, based on the prior period's closing balance, the CIT payable and the CIT provisionally paid during the period.

c) Detailed inventory ledger (Form No. S2c-DNSN)

c1) Accounting book form

 

Name of material/tool/product/goods............

Warehouse: .............................

 

 

c2) Scope:

This ledger is opened to monitor and manage receipts, issues and balances for each type of material, tool, product and goods.

c3) Recording method

- Columns A, B: Record the number and date of the invoice or voucher.

- Column C: Record the description of the transaction arising.

- Column D: Unit of measurement for each type of material, tool, product or goods.

- Column 1: Record the unit price for receipts, issues and balance of each type of material, tool, product or goods. The receipt unit price for each type shall be based on the receipt voucher according to each source of receipt. The issue unit price shall be calculated separately for each type using the following formula:

- Column 2: Record the quantity of each type of material, tool, product or goods received into the warehouse.

- Column 3: Record the value (amount) of each type received into the warehouse (Column 3 = Column 1 x Column 2).

- Column 4: Record the quantity of each type issued from the warehouse.

- Column 5: Record the value (amount) of each type issued from the warehouse (Column 5 = Column 1 x Column 4).

- Column 6: Record the quantity of each type remaining in the warehouse.

- Column 7: Record the value (amount) of each type remaining in the warehouse (Column 7 = Column 1 x Column 6).

d) Cash and bank ledger (Form No. S2d-DNSN)

d1) Accounting book form

 

 

 

d2) Scope:

This ledger is opened to monitor cash receipts and payments and demand deposit movements in the micro-enterprise's accounts at banks and payment service providers in accordance with applicable law. The enterprise may open this ledger separately for each type of funds (cash, demand deposits). For demand deposits, this ledger may be opened separately to monitor deposits held at each bank or each payment service provider.

d3) Recording method

- Columns A, B: Record the number and date of the invoice or voucher.

- Column C: Record the description of the transaction arising.

- Columns 1, 2: Record cash receipts and payments, or demand deposit deposits and withdrawals.

At the end of the period, the micro-enterprise shall calculate total cash receipts, payments and closing cash balance, and total demand deposit deposits, withdrawals and closing deposit balance.

1. Accounting vouchers

A micro-enterprise shall use invoices, a purchase summary for uninvoiced goods and services, and other accounting vouchers as required by accounting and tax laws as the basis for determining revenue.

2. Accounting books

2.1. In this case, the micro-enterprise shall apply accounting books in accordance with the following list:

2.2. Accounting book forms, scope and recording method

a) Sales revenue ledger for goods and services (Form No. S3a-DNSN)

a1) Accounting book form

 

 

a2) Nội dung

a2) Scope: This ledger is opened to record revenue from the sale of goods and provision of services during the period, classified by group of goods, services or business lines sharing the same CIT percentage rate. Where a micro-enterprise has multiple groups of goods, services or business lines, this ledger may be opened for each group sharing the same CIT percentage rate.

a3) Recording method

- Columns A, B: Record the number and date of the invoice or voucher.

- Column C: Record the description of revenue from the sale of goods and services, classified by group sharing the same CIT percentage rate.

- Column 1: Record the amount from the sale of goods and services by group, as the basis for determining revenue sharing the same CIT percentage rate.

- Line "CIT payable - opening balance": The micro-enterprise shall carry forward the prior period's CIT payable closing balance to monitor and reflect the CIT payable opening balance.

- Line "Transactions arising during the period": The micro-enterprise shall reflect revenue classified by group or by individual transaction sharing the same CIT percentage rate arising during the period. Revenue may be recorded on a per-invoice, per-voucher basis or as an aggregate amount accompanied by a detailed data table as required by law.

- Line "Total CIT payable during the period": Based on revenue during the period, the micro-enterprise shall determine the CIT payable by group or by individual transaction sharing the same CIT percentage rate, to determine the total CIT payable during the period.

- Line "CIT paid during the period": The micro-enterprise shall record the CIT amount provisionally paid during the period.

- Line "CIT payable - closing balance": The micro-enterprise shall determine the CIT payable closing balance to be carried forward, based on the prior period's closing balance, the CIT payable and the CIT provisionally paid during the period.

b) VAT liability ledger (Form No. S3b-DNSN)

b1) Accounting book form

 

 

 

b2) Scope:

This ledger is opened to monitor the VAT obligations that the micro-enterprise must pay, has paid and still owes. Information and figures in this ledger serve as the basis for the tax authority to determine whether the enterprise has paid the correct, full and timely amount of tax into the state budget in accordance with tax laws.

b3) Recording method

- Columns A, B: Record the number and date of the invoice or voucher.

- Column C: Record the description of the economic transaction arising.

- Line "Opening balance": The micro-enterprise shall carry forward the prior period's VAT obligation - either the input VAT creditable or refundable balance, or the VAT payable balance - and record it in the corresponding opening balance line in Column 1 or Column 2.

- Line "Transactions arising during the period": The micro-enterprise shall record, based on invoices and vouchers arising during the period, the creditable input VAT in Column 1 and the output VAT in Column 2.

- Line "Total VAT payable during the period": The micro-enterprise shall determine the VAT payable during the period based on the difference between output VAT and creditable input VAT.

- Line "VAT paid during the period": The micro-enterprise shall reflect the VAT paid during the period.

- Line "VAT refunded during the period": The micro-enterprise shall reflect the VAT refunded during the period.

- Line "Closing balance": The micro-enterprise shall record the input VAT creditable or refundable closing balance in the corresponding line in Column 1, and the VAT payable closing balance in the corresponding line in Column 2, where:

+ Input VAT creditable or refundable - closing balance = Opening input VAT balance + Input VAT arising during the period - Output VAT arising during the period + VAT paid during the period - VAT refunded during the period.

+ VAT payable - closing balance = Opening output VAT payable balance + Output VAT arising during the period - Input VAT arising during the period - VAT paid during the period + VAT refunded during the period.

1. Accounting vouchers

A micro-enterprise shall use invoices, a purchase summary for uninvoiced goods and services, and other accounting vouchers as required by accounting and tax laws as the basis for determining revenue, income, expenses, and VAT and CIT amounts payable and paid during the period.

2. Accounting books

2.1. In this case, the micro-enterprise shall apply accounting books in accordance with the following list:

2.2. Accounting book forms, scope and recording method

a) Detailed revenue and expense ledger (Form No. S2b-DNSN)

The form, scope and recording method shall be applied as guided in point b, clause 2.2, clause 2 of Article 6 of this Circular.

b) Detailed inventory ledger (Form No. S2c-DNSN)

The form, scope and recording method shall be applied as guided in point c, clause 2.2, clause 2 of Article 6 of this Circular.

c) Cash and bank ledger (Form No. S2d-DNSN)

The form, scope and recording method shall be applied as guided in point d, clause 2.2, clause 2 of Article 6 of this Circular.

d) VAT liability ledger (Form No. S3b-DNSN)

The form, scope and recording method shall be applied as guided in point b, clause 2.2, clause 2 of Article 7 of this Circular.

In addition to the accounting books guided in Articles 5, 6, 7 and 8 of this Circular, based on the characteristics of its business operations and management requirements, a micro-enterprise may use the following additional subsidiary ledgers:

1.1. Accounts receivable and payable ledger (Form No. S4a-DNSN)

a) Accounting book form

 

Counterparty: ..........................

 

 

b) Scope:

This ledger is opened to monitor the settlement of receivables and payables of the micro-enterprise. Where a micro-enterprise has numerous receivables and payables of different content, nature and counterparties (e.g. trade receivables, loans receivable, advance payments; payables to suppliers, borrowings payable, security deposits received from other entities, wages and statutory deductions, taxes and other amounts payable to the State), based on business operations and management requirements, this ledger may be opened separately for each counterparty to monitor settlement by counterparty, due date and individual payment.

Tax obligations and amounts payable to the State reflected in this ledger exclude VAT and CIT, and include only personal income tax, export duty, import duty, excise tax, resource tax, environmental protection tax, land use tax and other taxes.

c) Recording method

- Columns A, B: Record the number and date of the invoice or voucher.

- Column C: Record the description of the economic transaction arising.

- Column 1: Record the value of receivables from the sale of goods and services, loans, advances, security deposits, etc.

- Column 2: Record the value of receivables that have been collected.

- Column 3: Record the outstanding receivables balance.

- Column 4: Record the value of payables for the purchase of goods and services, borrowings, security deposits received, etc.

- Column 5: Record the value of payables that have been settled.

- Column 6: Record the outstanding payables balance.

1.2. Fixed asset register (Form No. S4b-DNSN)

a) Accounting book form

 

Asset type: ..............

 

 

 

 

b) Scope:

This register is opened to monitor and manage the micro-enterprise's fixed assets from acquisition and commissioning until disposal.

c) Recording method:

This register is opened for each type of fixed asset or for all fixed assets of the micro-enterprise (buildings, machinery and equipment, etc.). Entries are made based on vouchers for fixed asset additions and disposals:

- Columns A, B: Record the number and date of the voucher.

- Column C: Record the name, description and code of the fixed asset.

- Column D: Record the month and year of commissioning.

- Column 1: Record the historical cost of the fixed asset.

- Column 2: Record the annual depreciation rate of the fixed asset.

- Column 3: Record the annual depreciation amount of the fixed asset.

- Column 4: Record the accumulated depreciation of the fixed asset to the end of the period or to the date of disposal.

- Columns E, G: Record the number, date, month and year of the disposal voucher.

- Column H: Record the reason for disposal (sale, liquidation, etc.).

1.3. Other tax obligation ledger (Form No. S4c-DNSN)

a) Accounting book form

 

 

 

b) Scope:

This ledger is opened for the micro-enterprise to monitor other taxes (if applicable): export duty, import duty, excise tax, resource tax, environmental protection tax, land use tax and other taxes. Based on its business operations and management requirements, the micro-enterprise may open this ledger separately for each type of tax.

c) Recording method

- Column A: Record the date of entry.

- Column B: Record the description of the transaction arising.

- Column 1: Record the taxable quantity of goods or services.

- Column 2: Record the specific duty rate as stipulated by export duty, import duty, excise tax and environmental protection tax laws.

- Column 3: Record the tax base price per unit of goods or services in accordance with applicable tax laws.

- Column 4: Record the applicable tax rate as stipulated by export duty, import duty, excise tax, resource tax and land use tax laws.

- Column 5: Record export duty, import duty and excise tax amounts calculated using the ad valorem method.

- Column 6: Record export duty, import duty and excise tax amounts calculated using the specific duty method.

- Column 7: Record export duty, import duty and excise tax amounts payable in accordance with tax laws.

- Column 8: Record environmental protection tax amounts payable in accordance with tax laws.

- Column 9: Record resource tax amounts payable in accordance with tax laws.

- Column 10: Record land use tax amounts payable in accordance with tax laws.

- Column 11: Record other tax amounts payable in accordance with tax laws.

1.4. Owner's equity ledger (Form No. S4d-DNSN)

a) Accounting book form

 

 

 

b) Scope: This ledger is opened to monitor in detail the increases, decreases and balances of the various components of the enterprise's owner's equity, including owner's contributed capital, undistributed after-tax profit, and equity funds.

c) Recording method

- Columns A, B: Record the number and date of the voucher.

- Column C: Record the description of the transaction arising.

- Column 1: Record the value of increases in each type of owner's equity during the period.

- Column 2: Record the value of decreases in each type of owner's equity during the period.

- Column 3: Record the opening and closing balances of each type of owner's equity.

2. List of other accounting vouchers

In addition to invoices and the purchase summary for uninvoiced goods and services, a micro-enterprise may choose to use the following accounting vouchers:

2.1. Cash receipt voucher (Form No. 01-TT)

a) Accounting voucher form

 

Full name of payer: ….............................................................................................

Address: ...............................................................................................................

Reason for receipt: .........................................................................................................

Amount: .............................................(In words): ...............................................

Attachments: ............................................Source documents:

Received in full (in words): .................................................................................

b) Scope:

This voucher is prepared to reflect cash actually received into the fund and serves as the basis for recording in the cash and bank ledger. All cash amounts received into the fund must be accompanied by a cash receipt voucher.

c) Preparation method

- The cash receipt voucher must clearly state the name and address of the enterprise, and the full name and address of the payer.

- The "Reason for receipt" line shall state the purpose of the receipt, e.g.: "Receipt of proceeds from the sale of goods or products", "Receipt of outstanding advance payment", etc.

- The "Amount" line: State the amount in figures and in words, clearly indicating the unit of currency as Vietnamese dong, etc.

- The next line states the number of source documents attached to the cash receipt voucher.

2.2. Cash payment voucher (Form No. 02-TT)

a) Accounting voucher form

 

 

Full name of payee: ...............................................................................................

Address: ...............................................................................................................

Reason for payment: ....................................................................................................

Amount: .........................................(In words): .......................................................... ………….............................................................................................................................

Attachments: ........................................Source documents:

Received in full (in words): .................................................................................

b) Scope: This voucher is prepared to reflect cash actually paid out of the fund and serves as the basis for recording in the cash and bank ledger.

c) Preparation method

- The cash payment voucher must clearly state the name and address of the enterprise, and the full name and address of the payee.

- The "Reason for payment" line shall clearly state the purpose of the payment.

- The "Amount" line: State the amount in figures or in words, clearly indicating the unit of currency as Vietnamese dong, etc.

- The next line states the number of source documents attached to the cash payment voucher.

2.3. Goods receipt voucher (Form No. 01-VT)

a) Accounting voucher form

 

- Delivered by: .....................................................................................................

- Per No. ......dated ..........of......................................................................

Received at warehouse: ...............................Location: .......................................................

- Total amount (in words): .............................................................................

- Number of source documents attached: .................................................................................

 

b) Nội dung

b) Scope: This voucher is prepared to monitor and reflect materials, tools, products and goods received into the warehouse from purchases, own production, outsourced processing, capital contributions, or surplus discovered during stocktaking. It serves as the basis for recording in the detailed inventory ledger, settling payment for goods, determining the responsibilities of relevant persons, and making entries in the accounting books.

c) Preparation method

The upper left corner of the goods receipt voucher must clearly state the name of the entity and department receiving the goods. The voucher may be prepared for one or more types of materials, tools, products or goods received in the same warehouse at the same time.

When preparing the goods receipt voucher, the voucher number and the date, month and year of preparation must be clearly stated, along with the full name of the person delivering the materials, tools, products or goods; the invoice number or warehouse receipt order; and the warehouse name and location.

- Columns A, B, C, D: Record the sequential number, name, brand, specification, quality, item code and unit of measurement.

- Column 1: Record the quantity per the documents (invoice or warehouse receipt order).

- Column 2: Record the quantity actually received into the warehouse.

- Columns 3, 4: Record the unit price and calculate the amount for each type actually received into the warehouse (Column 4 = Column 2 x Column 3).

- Total line: Record the total amount for all items received into the warehouse.

- Line "Total amount (in words)": State the total amount on the goods receipt voucher in words.

2.4. Goods issue voucher (Form No. 02-VT)

a) Accounting voucher form

 

- Full name of recipient: ...............Address (department): ......................................

- Reason for issue: .....................................................................................................

- Issued from warehouse (compartment/lot): ................... Location: ........................................................

- Total amount (in words): .............................................................................

- Number of source documents attached: .................................................................................

 

 

b) Scope:

This voucher is prepared to monitor materials, tools, products and goods issued from the warehouse to user departments within the enterprise, and serves as the basis for recording production and business costs, and for calculating and checking the consumption against material usage norms.

c) Preparation method

The upper left corner of the goods issue voucher must clearly state the name of the entity and department issuing the goods. The voucher may be prepared for one or more types of materials, tools, products or goods issued from the same warehouse at the same time.

When preparing the goods issue voucher, the voucher number and the date, month and year of preparation must be clearly stated, along with the full name, entity (department) of the recipient; the reason for the issue; and the warehouse name and location.

- Columns A, B, C, D: Record the sequential number, name, brand, specification, quality, item code and unit of measurement.

- Column 1: Record the quantity of materials, tools, products or goods requested for issue.

- Column 2: Record the quantity actually issued from the warehouse (the quantity actually issued may only equal or be less than the requested quantity).

- Columns 3, 4: Record the unit price and calculate the amount for each type actually issued (Column 4 = Column 2 x Column 3).

- Total line: Record the total amount for all items actually issued from the warehouse..

- Line "Total amount (in words)": State the total amount on the goods issue voucher in words.

1. Responsibilities for preparation and submission of financial statements

a) Annually, a micro-enterprise paying CIT based on taxable income must prepare financial statements as guided in this Circular, unless otherwise provided by law.

Annual financial statements of micro-enterprises must be submitted to the competent regulatory agencies within 90 days from the end of the annual accounting period.

The recipients of financial statements of micro-enterprises shall be determined in accordance with relevant applicable law. Where financial statements of a micro-enterprise are stored in the National Enterprise Registration Information System, agencies receiving the enterprise's financial statements may request access to such financial statements in accordance with applicable law.

b) Micro-enterprises paying CIT at a flat percentage of revenue from the sale of goods and services are not required to prepare financial statements for submission to competent regulatory agencies, unless otherwise required by other applicable laws.

Where a micro-enterprise paying CIT at a flat percentage of revenue from the sale of goods and services chooses to apply the accounting regime under Article 6 or Article 8 of this Circular for its own business management purposes, it may still prepare financial statements but is not required to submit them to competent regulatory agencies - the statements shall be retained, stored, used and made available to competent regulatory agencies upon request.

2. Financial reporting system of micro-enterprises

2.1. Annually, micro-enterprises paying CIT based on taxable income shall prepare financial statements in accordance with the following list:

2.2. Financial statement forms, scope and preparation method

2.2.1. Statement of financial position (Form No. B01 - DNSN)

a) Financial statement form

 

 

 

b) Scope and preparation method

- Cash (Code 110):

This item reflects the total cash on hand, and demand deposit balances in the micro-enterprise's accounts at banks and payment service providers at the end of the accounting period.

The figure is the closing balance of cash and demand deposits in the cash and bank ledger.

- Receivables (Code 120):

This item reflects the total value of the micro-enterprise's receivables at the end of the accounting period, such as trade receivables, creditable VAT, loans receivable, advances, security deposits, etc. The figure is based on the closing balance of receivables in the accounts receivable and payable ledger and other relevant accounting books.

- Inventories (Code 130):

This item reflects the total value of inventories held for the micro-enterprise's production and business operations at the end of the accounting period.

The figure is the closing balance of inventories in the detailed inventory ledger.

- Fixed assets (Code 140)

This item reflects the total net book value (historical cost less accumulated depreciation) of all fixed assets at the end of the accounting period.

The figure is the closing balance detail of each type of fixed asset in the fixed asset register.

- Other assets (Code 150)

This item reflects the value of assets other than those reflected under Codes 110, 120, 130 and 140 above (if any), for example time deposits (savings deposits, etc.), and the excess of CIT provisionally paid over CIT payable to the State, etc.

- Total assets (Code 200):

This item reflects the total value of the micro-enterprise's assets at the end of the accounting period.

Code 200 = Code 110 + Code 120 + Code 130 + Code 140 + Code 150

b2) Liabilities (Code 300)

This is a summary item reflecting the total liabilities of the micro-enterprise at the end of the accounting period.

Code 300 = Code 310 + Code 320

- Payables (Code 310):

This item reflects the amounts the micro-enterprise still owes to its counterparties, including amounts payable to suppliers, loan repayments, wages and statutory deductions, security deposits received, and other payables.

The figure is based on the closing balance of payables in the accounts receivable and payable ledger.

- Taxes and other amounts payable to the State (Code 320):

This item reflects the total VAT, CIT and other tax obligations the micro-enterprise still owes to the State at the end of the accounting period.

Depending on the VAT and CIT payment method and other tax obligations, the figure is based on the relevant closing balance details in the sales revenue ledger, VAT liability ledger, detailed revenue and expense ledger, and accounts receivable and payable ledger.

b3) Owner's equity (Code 400)

This item reflects the components of the micro-enterprise's owner's equity, including owner's investment capital, undistributed after-tax profit, and equity funds.

Code 400 = Code 410 + Code 420 + Code 430

- Owner's investment capital (Code 410):

This item reflects the total capital contributed by the owners (shareholders, contributing members) to the enterprise at the end of the accounting period.

The figure is based on the closing balance in the owner's equity ledger (detail of owner's contributed capital).

- Undistributed after-tax profit (Code 420):

This item reflects the net profit (or loss) after tax remaining undistributed at the end of the accounting period.

The figure is based on the closing balance in the owner's equity ledger (detail of undistributed after-tax profit).

- Equity funds (Code 430):

This item reflects the balance of equity funds at the end of the accounting period.

The figure is based on the closing balance in the owner's equity ledger (detail of equity funds).

- Total equity and liabilities (Code 500)

Reflects the total funding sources forming the enterprise's assets at the end of the accounting period.

Code 500 = Code 300 + Code 400.

2.2.2. Income statement (Form No. B02 - DNSN)

a) Financial statement form

 

 

 

b) Scope and preparation method

b1) Net revenue (Code 01)

This item reflects total net revenue from the sale of goods, provision of services and other income, after deducting revenue reductions during the reporting period (if any).

The figure is based on the total revenue from the sale of goods, services and other income in the detailed revenue and expense ledger or the sales revenue ledger.

b2) Expenses (Code 02)

This item reflects total expenses arising during the reporting period, including raw material costs, labor costs, depreciation of fixed assets, outsourced service costs, interest expenses, etc.

The figure is based on total expenses in the detailed revenue and expense ledger.

b3) Profit before CIT (Code 03)

This item reflects the total net profit (or loss) from all activities of the micro-enterprise. The figure is based on the difference between net revenue and income and total expenses during the period.

Code 03 = Code 01 - Code 02.

b4) CIT expense (Code 10)

This item reflects the CIT expense payable for the reporting year in accordance with tax laws. The figure is based on total CIT payable in the detailed revenue and expense ledger.

b5) Profit after CIT (Code 20)

This item reflects the micro-enterprise's profit after CIT for the reporting year.

The figure is based on the difference between profit before CIT and CIT expense.

Code 20 = Code 03 - Code 10.

1. A micro-enterprise shall, based on the account balances under Circular No. 132/2018/TT-BTC dated December 28, 2018 of the Minister of Finance providing guidelines for the accounting regime for micro-enterprises, transfer those balances to the relevant accounting books upon applying this Circular, as follows:

a) The enterprise shall transfer the debit balance of Account 1111 "Cash" to the opening balance in the cash and bank ledger (cash detail), and the debit balance of Account 1112 "Bank deposits" to the opening balance in the cash and bank ledger (demand deposit detail held at banks and payment service providers in accordance with applicable law);

b) The enterprise shall transfer the debit balance of Account 1311 "Trade receivables", the debit balance of Account 1318 "Other receivables", the credit balance of Account 3311 "Payables to employees", the credit balance of Account 3312 "Statutory deductions", and the credit balance of Account 3318 "Other payables" to the corresponding opening balances for receivables or payables in the accounts receivable and payable ledger, classified by counterparty;

c) The enterprise shall transfer the debit balance of Account 1313 "Creditable VAT" and the credit balance of Account 33131 "VAT payable" to the corresponding lines for creditable input VAT or output VAT in the VAT liability ledger;

d) The enterprise shall transfer the debit balances of Account 1521 "Raw materials and supplies", Account 1524 "Work in process", and Account 1526 "Finished goods and merchandise" to the opening balances in the detailed inventory ledger, opened separately for each type of material, tool, product or goods;

dd) The enterprise shall transfer the debit balance of Account 211 "Fixed assets" to the opening balance in the fixed asset register;

e) The enterprise shall transfer the credit balances of Account 33134 "Corporate income tax", and Account 33138 "Other taxes, fees, charges and other amounts payable to the State" to the corresponding opening balance columns in the sales revenue ledger or VAT liability ledger (for VAT), the detailed revenue and expense ledger (for CIT), and the accounts receivable and payable ledger (for personal income tax and other taxes);

g) The enterprise shall transfer the credit balances of Account 4111 "Owner's contributed capital" and Account 4118 "Undistributed after-tax profit" to the corresponding opening balances in the owner's equity ledger (detail of owner's contributed capital and undistributed after-tax profit).

2. Where a micro-enterprise changes its applicable accounting regime (due to a change in VAT or CIT payment method in accordance with tax laws, or due to choosing or discontinuing the SME accounting regime), it shall carry forward the closing balances of the prior period's accounting books as the opening balances of the corresponding accounting books for the following period.

1. This Circular comes into force as of July 1, 2026 and applies to fiscal years beginning on or after July 1, 2026.

2. Circular No. 132/2018/TT-BTC dated December 28, 2018 of the Minister of Finance providing guidelines for the accounting regime for micro-enterprises shall cease to have effect as of the date this Circular comes into force.

3. People's Committees, Departments of Finance, and Tax Departments of provinces and centrally-affiliated cities shall implement and guide micro-enterprises in applying this Circular.

4. In the course of implementation, any difficulties should be reported to the Ministry of Finance for research and resolution./.