In this article
Double entry accounting for Nepal (With VAT)
Other countries
Double-Entry Accounting with vat/sales tax
Business
General template perfect to manage the double-entry accounting of a small business or a small company.
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The accounting plan presents the balance sheet accounts in several sub-groups.
The income statement has two main groups: Costs and Revenues.
The VAT code table contains sample codes and must be updated with the official codes in use in Nepal.
If any user would like to collaborate with us by sending us Nepal's VAT codes or subdividing costs and revenues into several subgroups, we will be willing to update and publish new accounting plans.
Template preview
Company XX
Basic Currency: USD
Double-entry with VAT/Sales tax
| Group | Account | Description | Sum In | Gr1 |
|---|---|---|---|---|
| BALANCE SHEET | ||||
| ASSETS | ||||
| Liquid Assets | 100 | |||
| 1000 | Cash | 100 | ||
| 1002 | Cheques received | 100 | ||
| 1004 | Banks | 100 | ||
| 1006 | Cheques given and payments orders (-) | 100 | ||
| 1008 | Other liquid assets | 100 | ||
| 100 | Total Liquid Assets | 10 | ||
| Marketable Securities | ||||
| 1010 | Share certificates | 105 | ||
| 1015 | Private sector bonds and notes | 105 | ||
| 1014 | Public sector bonds and notes | 105 | ||
| 1016 | Other marketable securities | 105 | ||
| 1018 | Provisions for decrease in value of marketable securities (-) | 105 | ||
| 105 | Total Marketable Securities | 10 | ||
| Trade Receivables | 110 | |||
| 1110 | Customers | 110 | ||
| 1112 | Notes receivable | 110 | ||
| 1114 | Rediscounts on notes receivable (-) | 110 | ||
| 1116 | Unearned financial leasing interest income (-) | 110 | ||
| 1118 | Deposits and guarantees given | 110 | ||
| 1120 | Other trade receivables | 110 | ||
| 1122 | Doubtful trade receivables | 110 | ||
| 1124 | Provisions for doubtful trade receivables (-) | 110 | ||
| 110 | Total Trade Receivables | 10 | ||
| Other Receivables | 115 | |||
| 1150 | Due from subsidiaries | 115 | ||
| 1152 | Due from affiliates | 115 | ||
| 1154 | Due from personnel | 115 | ||
| 1156 | Other trade receivables | 115 | ||
| 1158 | Rediscounts on other notes receivable (-) | 115 | ||
| 1160 | Other doubtful receivables | 115 | ||
| 1162 | Provision for other doubtful receivables | 115 | ||
| 115 | Total Other Receivables | 10 | ||
| Inventories | 120 | |||
| 1220 | Raw materials and supplies | 120 | ||
| 1222 | Semifiished goods, work-in process | 120 | ||
| 1224 | Finished goods | 120 | ||
| 1226 | Trade goods | 120 | ||
| 1228 | Other inventories | 120 | ||
| 1280 | Provision for decrease in value of inventories (-) | 120 | ||
| 1282 | Advances given for purchase orders | 120 | ||
| 120 | Total Inventories | 10 | ||
| Deffered Construction and Maintenance Costs | 125 | |||
| 1250 | Deferred construction and maintenance costs | 125 | ||
| 1252 | Deferred construction inflation adjustment account | 125 | ||
| 1254 | Advances given to subcontractors | 125 | ||
| 125 | Total Deffered Construction and Maintenance Costs | 10 | ||
| Prepaid Expenses and Income Accruals | 130 | |||
| 1300 | Prepaid expenses | 130 | ||
| 1305 | Income accruals | 130 | ||
| 130 | Prepaid Expenses and Income Accruals | 10 | ||
| Other Current Assets | 135 | |||
| 1350 | Deferred VAT | 135 | ||
| 1352 | Deductible VAT | 135 | ||
| 1354 | Other VAT | 135 | ||
| 1356 | paid taxes and funds. | 135 | ||
| 1358 | Work advances | 135 | ||
| 1360 | Advances to personnel | 135 | ||
| 1362 | Stock count and delivery shortages | 135 | ||
| 1364 | Other current assets | 135 | ||
| 1366 | Provision for other current assets (-) | 135 | ||
| 135 | Total Other Current Assets | 10 | ||
| 10 | TOTAL CURRENT ASSETS | 1 | ||
| LONG-TERM ASSETS | ||||
| Trade Receivables | 140 | |||
| 1400 | Customers | 140 | ||
| 1402 | Notes receivable | 140 | ||
| 1406 | Rediscounts on notes receivable (-) | 140 | ||
| 1408 | Unearned financial leasing interest income | 140 | ||
| 1410 | Deposits and guarantees given | 140 | ||
| 1415 | Provisions for doubtful receivables (-) | 140 | ||
| 140 | Total Trade Receivables | 15 | ||
| Other Receivables | 145 | |||
| 1450 | Due from shareholders | 145 | ||
| 1452 | Due from affiliates | 145 | ||
| 1454 | Due from subsidiaries | 145 | ||
| 1456 | Due from personnel | 145 | ||
| 1458 | Other receivables | 145 | ||
| 1460 | Rediscounts on other notes receivable (-) | 145 | ||
| 1462 | Provision for other doubtful receivables (-) | 145 | ||
| 145 | Total Other Receivables | 15 | ||
| Financial Fixed Assets | 150 | |||
| 1500 | Long-term securities | 150 | ||
| 1502 | Provision for decrease in value of long-term securities (-) | 150 | ||
| 1504 | Affiliates | 150 | ||
| 1506 | Capital commitments to affiliates. (-) | 150 | ||
| 1508 | Provision for decrease in value of shares of affiliates (-) | 150 | ||
| 1510 | Subsidiaries | 150 | ||
| 1515 | Capital commitments for subsidiaries (-) | 150 | ||
| 1514 | Provision for decrease in value of shares of subsidiaries (-) | 150 | ||
| 1516 | Other financial fixed assets | 150 | ||
| 1518 | Provision for decrease in value of other financial fixed assets (-) | 150 | ||
| 150 | Total Financial Fixed Assets | 15 | ||
| Tangible Fixed Assets | 155 | |||
| 1550 | Land | 155 | ||
| 1552 | Land improvements | 155 | ||
| 1554 | Buildings | 155 | ||
| 1556 | Plant, machinery and equipment | 155 | ||
| 1558 | Motor vehicles | 155 | ||
| 1560 | Furniture and fixtures | 155 | ||
| 1562 | Other tangible fixed assets | 155 | ||
| 1564 | Accumulated depreciation (-) | 155 | ||
| 1566 | Construction in progress | 155 | ||
| 1568 | Advances given | 155 | ||
| 155 | Total Tangible Fixed Assets | 15 | ||
| Intangible Fixed Assets | 160 | |||
| 1600 | Rights | 160 | ||
| 1602 | Goodwill | 160 | ||
| 1604 | Establishment and foundation expenses | 160 | ||
| 1606 | Research and development expenses | 160 | ||
| 1608 | Special costs | 160 | ||
| 1610 | Other intangible fixed assets | 160 | ||
| 1612 | Accumulated depreciation (-) | 160 | ||
| 1614 | Advances given | 160 | ||
| 160 | Total Intangible Fixed Assets | 15 | ||
| Assets Subject to Depletion | 165 | |||
| 1650 | Research Expenses | 165 | ||
| 1652 | Preparation and development expenses | 165 | ||
| 1654 | Other assets subject to depletion | 165 | ||
| 1656 | Accumulated depletion (-) | 165 | ||
| 1658 | Advances given | 165 | ||
| 165 | Total Assets Subject to Depletion | 15 | ||
| Prepaid Expenses and Income Accruals | 170 | 1 | ||
| 1700 | Prepaid expenses | 170 | ||
| 1702 | Income accruals | 170 | ||
| 170 | Total Prepaid Expenses and Income Accruals | 15 | ||
| Other Fixed Assets | 175 | |||
| 1750 | VAT deductible in future years | 175 | ||
| 1752 | Other VAT | 175 | ||
| 1754 | Long-term inventories | 175 | ||
| 1756 | Inventories and tangible fixed assets to be sold | 175 | ||
| 1758 | Prepaid taxes and funds | 175 | ||
| 1760 | Other fixed assets | 175 | ||
| 1762 | Provision for decrease in value of inventories | 175 | 1 | |
| 1764 | Accumulated depreciation | 175 | ||
| 175 | Total Other Fixed Assets | 15 | ||
| 15 | TOTAL LONG-TERM ASSETS | 1 | ||
| 1 | TOTAL ACTIFS | 00 | ||
| LIABILITIES | ||||
| I. Short-term Liabilities | 200 | |||
| 2000 | Financial Liabilities | 200 | ||
| 2002 | Bank loans | 200 | ||
| 2004 | Liabilities arising from financial leasing transactions | 200 | ||
| 2006 | Deferred financial leasing borrowing costs (-) | 200 | ||
| 2008 | Current maturities of long-term credits and accrued interest.5. Current maturities of bonds and accrued interest | 200 | ||
| 2010 | Bonds and notes issued | 200 | ||
| 2015 | Other securities issued | 200 | ||
| 2014 | Value difference of securities issued (-) | 200 | ||
| 2016 | Other financial liabilities | 200 | ||
| 200 | Total Short-term Liabilities | 20 | ||
| Trade Payables | 2550 | |||
| 25500 | Suppliers | 2550 | ||
| 25502 | Notes payable | 2550 | ||
| 25504 | Rediscounts on notes payable (-) | 2550 | ||
| 25506 | Deposits and guarantees received | 2550 | ||
| 25508 | Other trade payables | 2550 | ||
| 2550 | Total Trade Payables | 20 | ||
| Other Liabilities | 2555 | |||
| 25550 | Due to shareholders | 2555 | ||
| 25552 | Due to affiliates | 2555 | ||
| 25554 | Due to subsidiaries | 2555 | ||
| 25556 | Due to personnel | 2555 | ||
| 25558 | Rediscount on other notes payable (-) | 2555 | ||
| 22550 | Other liabilities | 2555 | ||
| 2555 | Total Other Liabilities | 20 | ||
| Advances Received | ||||
| Progress for Long-term Construction and Repair Projects. | 220 | |||
| 2200 | Progress payments for long-term construction and repair projects | 220 | ||
| 2202 | Long-term inflation adjustment accounts | 220 | ||
| 220 | Total Progress for Long-term Construction and Repair Projects. | 20 | ||
| Taxes Payable and Other Fiscal Liabilities | 225 | |||
| 2250 | Taxes and funds payable | 225 | ||
| 2252 | Social security withholdings payable | 225 | ||
| 2254 | Overdue, deferred or restructured taxes and other liabilities.4. Other liabilities payable | 225 | ||
| 225 | Total Taxes Payable and Other Fiscal Liabilities | 20 | ||
| Provisions for Liabilities and Expenses | 230 | 1 | ||
| 2300 | Provision for income taxes and other duties on profit | 230 | ||
| 2302 | Prepaid income taxes and other duties on profit | 230 | ||
| 2304 | Provision for termination indemnities | 230 | ||
| 2306 | Provision for other liabilities and expenses | 230 | ||
| 230 | Total Provisions for Liabilities and Expenses | 20 | ||
| Deferred Income and Expense Accruals | 235 | |||
| 2350 | Deferred income | 235 | ||
| 2352 | Expense accruals | 235 | ||
| 2354 | Other Short-term Liabilities | 235 | ||
| 2356 | VAT payable | 235 | 1 | |
| 2358 | Other VAT | 235 | 1 | |
| 2360 | Head office and branch current accounts | 235 | ||
| 2362 | Stock count and delivery surpluses | 235 | 1 | |
| 2364 | Other short-term liabilities | 235 | ||
| 235 | Total Deferred Income and Expense Accruals | 20 | ||
| 20 | Total Short-term Liabilities | 2 | ||
| II. Long-term Liabilities | ||||
| Financial Liabilities | 240 | |||
| 2402 | Bank loans | 240 | ||
| 2404 | Leasing payables | 240 | ||
| 2406 | Interest payables of deferred lease costs (-) | 240 | ||
| 2408 | Bonds issued | 240 | ||
| 2410 | Other securities issued | 240 | ||
| 2412 | Value difference of securities issued (-) | 240 | ||
| 2416 | Other financial liabilities | 240 | ||
| 240 | Total Financial Liabilities | 25 | ||
| Trade Payables | 245 | |||
| 2450 | Suppliers | 245 | ||
| 2452 | Notes payable | 245 | ||
| 2454 | Rediscounts on notes payable (-) | 245 | ||
| 2456 | Deposits and guarantees received | 245 | ||
| 2458 | Other trade payables | 245 | ||
| 245 | Total Trade Payables | 25 | ||
| Other Payables | 250 | |||
| 2500 | Due to shareholders | 250 | ||
| 2502 | Due to affiliates | 250 | ||
| 2504 | Due to subsidiaries | 250 | ||
| 2506 | Rediscounts on other notes payable (-) | 250 | ||
| 2508 | Debts to the public sector deferred or payable by instalments | 250 | ||
| 2510 | Other payables | 255 | ||
| 250 | Total Other Payables | 25 | ||
| Advances Received | ||||
| Provisions for Debts and Expenses | 255 | |||
| 2550 | Provisions for termination indemnities | 255 | ||
| 2052 | Provisions for other debts and expenses | 255 | ||
| 2054 | Income Relating to Future Periods and Expense Accruals | 255 | ||
| 2056 | Income relating to future periods | 255 | ||
| 2058 | Expense accruals | 255 | ||
| 255 | Total Provisions for Debts and Expenses | 25 | ||
| Other Long-term Liabilities | 260 | |||
| 2600 | VAT deferred to following years | 260 | ||
| 2602 | Other long-term liabilities. | 260 | 1 | |
| 260 | Total Other Long-term Liabilities | 25 | ||
| 25 | Total Long-term Liabilities | 2 | ||
| III Shareholders' Equity | 1 | |||
| Paid-in Capital | ||||
| Capital | 265 | |||
| 2650 | Unpaid capital (-) | 265 | ||
| 2652 | Positive distinction from share capital adjustment | 265 | ||
| 2654 | Negative distinction from share capital adjustement (-) | 265 | ||
| 265 | Total Paid-in Capital | 28 | ||
| Capital Reserves | 270 | |||
| 2700 | Share premiums | 270 | ||
| 2702 | Profit from Invalidation of share | 270 | ||
| 2704 | Revaluation fund of tangible fixed assets | 270 | ||
| 2706 | Revaluation fund of affiliates | 270 | 1 | |
| 2708 | Cost increase fund | 270 | ||
| 2710 | Other capital reserves | 270 | ||
| 270 | Total Capital Reserves | 28 | ||
| Profit Reserves | 275 | |||
| 2750 | Legal reserves | 275 | 1 | |
| 2752 | Statutory reserves | 275 | ||
| 2754 | Extraordinary reserves | 275 | ||
| 2756 | Special funds | 275 | ||
| 275 | Total Profit Reserves | 28 | ||
| Previous years' profits / Loss | ||||
| 2800 | Previous years' profits | 280 | ||
| 2802 | Previous years' losses | 280 | ||
| 280 | Total Previous years' profits / Loss | 28 | ||
| 290 | Profit/Loss for the period | 28 | ||
| 1 | ||||
| 28 | Total Shareholders' Equity | 2 | ||
| 2 | TOTAL LIABILITIES | 00 | ||
| PROFIT/LOSS STATEMENT | ||||
| REVENUE | ||||
| 4000 | Income from services | 4 | ||
| 4100 | Income from sales | 4 | ||
| 4200 | Other income | 4 | ||
| 4 | TOTAL REVENUE | 02 | ||
| EXPENSES | ||||
| 5000 | Basic salary | 3 | ||
| 5002 | Bonus | 3 | ||
| 5004 | Incentive to Staff | 3 | ||
| 5006 | House Rent Allowance | 3 | ||
| 5008 | Transport Allowance | 3 | ||
| 5010 | Stipend Account | 3 | ||
| 5012 | Stipend payable | 3 | ||
| 5014 | Recruitment Expenses | 3 | ||
| 5016 | Telephone expenses reimbursement | 3 | ||
| 5018 | Medical Expenses reimbursement | 3 | ||
| 5020 | Employer's contribution to ESI | 3 | ||
| 5022 | Employees' contribution to ESI payable | 3 | ||
| 5024 | ESI payable | 3 | ||
| 5026 | Employer's contribution to provident fund | 3 | ||
| 5028 | Employees' contribution to provident fund payable | 3 | ||
| 5030 | PF payable | 3 | ||
| 5032 | Provident fund admin charges | 3 | ||
| 5034 | EDLI Charges (PF) | 3 | ||
| 5036 | Staff Welfare (In office) | 3 | ||
| 5038 | Staff Welfare (Out of office) | 3 | ||
| 5040 | Staff Insurance | 3 | ||
| 5042 | Festival Expenses | 3 | ||
| 5044 | Rates & Taxes | 3 | ||
| 5046 | Conveyance Expenses (Others) | 3 | ||
| 5048 | Conveyance Expenses (To and fro residence) | 3 | ||
| 5050 | Travelling Expenses -Domestic | 3 | ||
| 5052 | Travelling Expenses -Foreign | 3 | ||
| 5054 | Free/Concessional tkts to staff | 3 | ||
| 5056 | Cellular Phone Expenses | 3 | ||
| 5058 | Telephone Expenses | 3 | ||
| 5060 | Telephone Expenses (Petty) | 3 | ||
| 5062 | Courier Expenses | 3 | ||
| 6064 | Postage, Courier & Telegram Expenses | 3 | ||
| 5066 | Communication Charges | 3 | ||
| 5068 | Printing & Stationery | 3 | ||
| 5070 | Vehicle insurance (Non commercial) | 3 | ||
| 5072 | Vehicle insurance (Commercial) | 3 | ||
| 5074 | Lease Rent | 3 | ||
| 5076 | Rent | 3 | ||
| 5078 | Guest House Rent | 3 | ||
| 5080 | Parking Rent | 3 | ||
| 5082 | Rent payable | 3 | ||
| 8084 | Guest House Rent payable | 3 | ||
| 5086 | Legal & Professional Charges | 3 | ||
| 5088 | Consultancy Charges | 3 | ||
| 5090 | Professional Tax (Employer's share) | 3 | ||
| 5092 | Professional Tax (Employees' share) payable | 3 | ||
| 5094 | Software Expenses | 3 | ||
| 5096 | Fees & Subscription | 3 | ||
| 5098 | Security Expenses | 3 | ||
| 5100 | Newpapers, Books & Periodicals Expenses | 3 | ||
| 5102 | Meeting & Conference Expenses | 3 | ||
| 5104 | Advertisement Expenses | 3 | ||
| 5106 | Vehicle Parking Expenses | 3 | ||
| 5108 | Vehicle Petrol Expenses- Non commercial | 3 | ||
| 5110 | Vehicle Petrol Expenses- Commercial | 3 | ||
| 5112 | Car Expenses | 3 | ||
| 5114 | Business Promotion Expenses | 3 | ||
| 5116 | Sales Promotion Expenses | 3 | ||
| 5118 | Office Expenses | 3 | ||
| 5120 | Electricity & Generator Expenses | 3 | ||
| 5122 | Guest House Charges | 3 | ||
| 5124 | Repair & Maintenance- Plant & Machinery | 3 | ||
| 5126 | Vehicle Maintenance (Non commercial) | 3 | ||
| 5128 | Vehicle Maintenance (Commerical) | 3 | ||
| 5130 | Repair & Maintenance- Building | 3 | ||
| 5132 | Repair & Maintenance | 3 | ||
| 5134 | Repair & Maintenance - Others | 3 | ||
| 5136 | Computer maintenance / Computer expenses / Repair and maint- Computers | 3 | ||
| 5138 | Bank Charges | 3 | ||
| 5140 | Loss on Sale of Fixed Assets | 3 | ||
| 5142 | Short & Excess expenses | 3 | ||
| 5144 | Donation | 3 | ||
| 5146 | Difference in Foreign Exchange | 3 | ||
| 5148 | Interest on bank loan | 3 | ||
| 5150 | Interest on Vehicle Loans (Non commercial) | 3 | ||
| 5152 | Interest on Vehicle Loans (Commercial) | 3 | ||
| 5154 | Interest on Other Loan | 3 | ||
| 5156 | Prior period expenses | 3 | ||
| 5158 | Prior period income | 3 | ||
| 5160 | Audit expenses | 3 | ||
| 5162 | Finance charges | 3 | ||
| 3 | TOTAL EXPENSES | 02 | ||
| 02 | Profit(-) Loss(+) from Profit & Loss Statement | 00 | ||
| 00 | Difference should be = 0 (blank cell) | |||
| VAT Code | Description | %VAT |
|---|---|---|
| VAT due | ||
| S0 | VAT exempt sales | |
| SE | Foreign sales exempt | |
| S5 | Sales at 5% | 5.00 |
| S10 | Sales at 10% | 10.00 |
| SD5 | Discount on sales at 5% | 5.00 |
| SD10 | Discount on sales at 10% | 10.00 |
| Recoverable VAT | ||
| P5 | Purchase goods at 5% | 5.00 |
| P10 | Purchase goods at 10% | 10.00 |
| PD5 | Discount on purchases at 5% | 5.00 |
| PD10 | Discount on purchases at 10% | 10.00 |
| I5 | Purchases for investment or use 5% | 5.00 |
| I10 | Purchases for investment or use 10% | 10.00 |
| ID5 | Discount on purchases for investment or use 5% | 5.00 |
| ID10 | Discount on purchases for investment or use 10% | 10.00 |
| TOTAL | ||