Accounting in Russia

According to the Russian legislation, all companies incorporated here must register their daily accounting activities, by using specific documents and procedures specified under the Russian law. The fiscal and commercial law requires companies to submit their accounting documents once in a financial year, which corresponds to the calendar year. If you want to open a company in Russia, our company formation agents can present to you the legal requirements for accountancy procedures. 

 

 

The accountancy department of a company will always request for the original version of a document, which requires a signature and blue round stamp; documents sent through e-mail or fax are not taken into consideration as official acts. 

 

According to the accounting legislation, the invoice – called “Schyot”, which is issued for the payment of a certain service or product, is not registered in the accountancy documents; the reason is that this type of invoice is seen in Russia as an invitation of payment. 

 

The “Schyot Faktura” is an official document, stating the value added tax that has to be deducted from the total value of the invoice. The document, alongside with the certificate for services provided or delivered products, is registered in the business accounting. Our company formation agents can provide you with more information on the basic accounting documents. 

 

 

Accountants hired after you set up your business activities in Russia will spend a large proportion of time registering documents related to the financial situation of your personnel. This is determined by the fact that, under the Russian employment law, all companies must pay their employees twice a month. When taking a holiday, the salary received by the employee in that time will be calculated according to the average income received in the last twelve months. 

 

The accounting department must register, for each employee, a table showing days in which the employee was on duty, the days of absence and illness; our company formation specialists can provide you with further details on this subject. 

 

If you need further information on the accounting documents in Russia, please contact our company formation agents, who can offer you more details accounting procedures.