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Economic Activities Manual. Fiscal duties of employers and resident professionals in Spanish territory

4.10 Accounting and registration obligations

The Law establishes for entrepreneurs, regardless of their form, individual or corporate, the obligation to keep accounting in accordance with the provisions of the Commercial Code or with the provisions of the regulations by which they are governed. The Commercial Code requires keeping two accounting books:

  • The diary book

    In which the amount of all operations carried out in the development of the business activity is recorded chronologically, day by day. Joint annotation of the totals of operations can also be made for periods not exceeding one month, their details being recorded in consistent books or records.

  • The book of inventories and annual accounts

    This book must be opened with the detailed initial balance sheet of the company (first accounting statement), transcribing the trial balances (second accounting statement) at least quarterly, with sums and balances. The year-end inventory (third accounting statement) and the annual accounts (last accounting statement) must be recorded annually therein.

    The last financial statement, at the end of each fiscal year, contains the annual accounts: balance sheet, profit and loss account, statements of changes in equity, cash flow statements and memory. The annual accounts are the most important accounting instrument for IS , since they serve as a starting point for the configuration of your BI .

In addition to the mandatory books, books and records may be kept voluntarily according to the accounting system adopted, or the nature of its activity.

On the other hand, the obligation to keep and legalize certain “corporate books” is established: book of minutes, book of registered shares in public limited companies and limited by shares, record book of partners in limited liability companies.

Legalization of accounting books : Mandatory books will be legalized online with an electronic certificate. They are legalized in the Commercial Registry of the entity's registered office within 4 months following the closing date of the accounting year (April 30 of the following year for years that coincide with the calendar year).

Conservation of books : The General Tax Law (LGT) imposes the duty to keep the books related to the business, properly organized, for 6 years , from their last entry, unless a rule requires another period. The retention period also applies in the event of termination of the employer. In the event of dissolution of the company, the duty of preservation falls on the liquidators.

Likewise, LGT and the Commercial Code require the conservation of correspondence, documentation and business receipts for 6 years, from the day on which The books are closed with the entries that justify them.