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Under the Korean Commercial Law and related tax laws, a company is required to keep its accounting records using a double-entry system, prepare financial statements and maintain them for at least 5 years. Tricor South Korea provides the following accounting and bookkeeping services, including preparation of the financial statements and various management reports on a monthly, quarterly or yearly basis.

  • Prepare balance sheets, income statements & general ledgers
  • Prepare statements of appropriations of retained earnings
  • Review cash receipts & supporting documents from the perspective of tax legislation
  • Key-in accounting data into Tricor’s accounting system
  • Prepare journal vouchers

Management Reporting

Tricor South Korea prepares and provides a variety of management reports at the request of our clients.

  • Prepare balance sheets, income statements & general ledgers, as tailored by clients
  • Prepare A/R lists by customer & A/P lists by vendor
  • Prepare bank reconciliation statements
  • Other reports as requested by clients
  • Prepare budget variance reports
  • Prepare fixed asset lists & depreciation schedule
  • Prepare details of accrued severance benefits
  • Prepare detailed list of investment assets & gains
  • Prepare details of prepaid expenses, accrued expenses & expense breakdown lists by employee or by division

Cash Management

Based on reliable internal control systems, Tricor South Korea provides the following cash management services:

  • Prepare monthly fund estimation
  • Analyze actual expenditure versus budget
  • Prepare report of bank transaction details on a weekly basis or monthly basis
  • Collect account receivables, overpaid taxes & head office funds
  • Proceed direct payment to individual employees and vendors, together with notice of authorization from clients
  • Maintain and manage bank balance

Tricor Group (Tricor) is the leading business expansion specialist in Asia, with global knowledge and local expertise in business, corporate, investor, human resource & payroll, corporate trust & debt services, fund administration, and governance advisory.

Tricor South Korea

8/F, Hanjin Heavy Industry Building,
4 Hangang-daero 71-gil, Yongsan-gu
Seoul 04322, South Korea

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