What is Accounting? — Guide for small businesses
Accounting is the systematic recording, classifying and summarizing of business financial transactions. In North Macedonia, every business entity is required to maintain accounting records per the Companies Law.
Definition
Accounting is the systematic recording, classifying and summarizing of business financial transactions. In North Macedonia, every business entity is required to maintain accounting records per the Companies Law.
Details
Two systems exist: simple (for revenue up to 3M MKD) and double-entry bookkeeping (mandatory for DOO/DOOEL). Accounting standards are IAS/IFRS for large and IFRS for SMEs for small entities. Records must be kept for 10 years.
Example
A DOOEL with 5M MKD revenue must maintain double-entry bookkeeping, prepare annual accounts and submit to the Central Registry by February 28.