First accounting, the consultancy provides a wide range of accounting services including the establishment and maintenance of a well-working accounting system; booking the daily, monthly, quarterly and annual accounting transactions; preparation of the budgets, forecasts, cash flows with the participation of a dedicated Partner and a team with qualified members who are working in a well-organized cross-check mechanism.

 The accounting services are detailed as below:

    Initial Setup of the accounting system and chart of accounts.

• Chart of accounts set-up

• Preparation of the budgets
• Notification to the tax authorities of the location the statutory books are kept for new clients and of any change in accounting books.
• Analysis, documentation, and configuration of new company code within the local accounting system including the input of opening general ledger balances as well as any open sales and purchase ledger items.
• Set-up of fixed assets register.
• Set-up of the inventory database.Input of asset information, depreciation rates, acquisition costs, and the accumulated depreciation.

    Daily Accounting Transactions

• Maintenance of accounting records in accordance with the guidelines and requirements of the local commercial code and with the applicable accounting and tax legislations.
• Generating and maintaining customer and supplier base data.
• Recording bank payments and receipts and matching to the related invoices/documents where appropriate.
• Maintaining sales and purchase ledger accounts.
• Maintaining fixed assets register and accounting for all movements relating to fixed assets and inventory items including acquisitions/purchases and disposals/dispatches, as well as the calculation of profits/losses on any fixed assets disposals/sales.
• Booking employee expenses and all other petty cash transactions.

    Monthly Accounting Transactions

• Recording any payroll-related transactions.
• Calculating and recording foreign exchange differences.
• Recording monthly accruals, prepayments, provisions, and other similar journal transactions.
• Calculating and recording depreciation/amortization of fixed asset items in accordance with requirements of the local commercial code and with the applicable accounting and tax legislation.
• Calculating the cost of the disposals/dispatches that realized during the month and the evaluation of the closing inventory for any obsolete, slow-moving, or nonsalable items and allowing for any obsolescence or loss of value.

      Annual Accounting Transactions

• Confirmation of year-end balances with customers and, upon request, suppliers.
• Accounting for adjustments arising from physical verifications of inventory and fixed assets.
• Recording annual accruals, prepayments, provisions, and other similar journal transactions.
• Preparation of annual statutory financial statements and filing them with the tax authorities.

     Other Accounting Services

• Confirmation of year-end balances with customers and, upon request, suppliers.
• Accounting for adjustments arising from physical verifications of inventory and fixed assets.
• Recording annual accruals, prepayments, provisions, and other similar journal transactions.
• Preparation of annual statutory financial statements and filing them with the tax authorities.