Accounting

Bookkeeping

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

Bookkeeping

Management Reporting

Cash Management

Other Services