Who is concerned?
Any natural or legal person with trader status under the Commercial Code must keep accounts in accordance with Law 9-88, as amended by Law 44-03 of 2006. Entries are recorded chronologically, transaction by transaction and day by day, with a reference to the supporting document.
Mandatory books
The journal records the entries, which are then posted to the general ledger according to the chart of accounts. Subsidiary journals and ledgers may be kept, centralised once a month. An inventory book contains the balance sheet and income statement. The journal and the inventory book are numbered and initialled by the court clerk.
The financial statements
At the end of the twelve-month financial year, the company prepares, within three months at the latest: balance sheet, income statement, statement of management balances, funding table and notes to the accounts. They must give a true and fair view of assets, financial position and results.
Thresholds to remember
Individuals whose turnover does not exceed 2 million dirhams benefit from simplified accounting. Up to 10 million dirhams, the company is exempt from the statement of management balances, the funding table and the notes, and may adopt the simplified format. Above 10 million, an accounting organisation manual is mandatory.
Retention and penalties
Accounting documents and supporting documents are kept for ten years, in national currency, without blanks or alterations. The tax authorities may reject non-compliant accounts.
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