Regulations on Accounting Accounts of Cooperatives and Cooperative Unions

1. Accounting accounts are used to classify and systematize economic and financial transactions according to their economic content.

2. The accounting accounts applicable to Cooperatives include the type of account in the table (including accounts from type 1 to type 6 and type 9 accounts) and the type of account outside the table (type 0 accounts).

For in-table accounts, double-entry bookkeeping is used (the arising economic transaction is recorded on the Debit side of at least one account and on the Credit side of at least one other account).

For accounts outside the table, single-entry bookkeeping is used (the arising economic transaction is recorded only on the Debit or Credit side of one account, not recorded in correspondence with another account).

3. Regarding amendments to the accounting account system

- In case Cooperatives need to add level 1 or level 2 accounts or amend level 1 or level 2 accounts in terms of name, code, content, and accounting method of specific economic transactions, they must obtain written approval from the Ministry of Finance before implementation.

- Cooperatives may open additional level 2 and level 3 accounts for accounts that do not have level 2 or level 3 accounts specified in the List of the accounting account system stipulated in Section I of Appendix 1 issued together with Circular 24/2017/TT-BTC to serve the management requirements of the Cooperatives without needing to seek approval from the Ministry of Finance.

4. The list of the accounting account system and the content, structure, accounting principles, and method of accounting are specifically guided in Appendix 1 issued together with Circular 24/2017/TT-BTC.

See more details at: Circular 24/2017/TT-BTC effective from January 1, 2018.

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