Amendment to the Accounting Regulations for Account 348 - Deposit and Escrow

14:04, 11/07/2024

Circular 112/2018/TT-BTC has been issued by the Ministry of Finance to amend and supplement Circular 174/2015/TT-BTC, providing guidelines on tax and other revenue accounting for exported and imported goods. This document is effective from January 1, 2019.

According to the new regulations, the accounting for account 348 - Deposits, Escrow is guided by Circular 112 as follows:

1. Accounting Principles

- The account reflects the amounts a business is required to deposit or escrow as per the law for export, import, transit goods, and other cases of deposits or escrows before purchasing temporarily held or confiscated goods that are allowed to be sold according to regulations;- Documents for accounting: Confiscation decision; statement of the State Treasury; receipt; payment order; adjustment document.

2. Structure and Content Reflecting Account 348 - Deposits, Escrow

- Debit side: reflects returned deposits or escrows.- Credit side: reflects received deposits or escrows; amounts adjusted to the sale of confiscated goods.- Credit balance: the amount of received deposits or escrows that have not been returned.

See more regulations at Circular 112/2018/TT-BTC.

- Thanh Lam -

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