What Accounting Documents Should Your Business Keep?
Thai law requires businesses to retain certain accounting documents. Here is a practical guide to what you need to keep, for how long, and how to organise it.
One of the most common issues discovered during accounting reviews or audits is missing documentation. Thai law requires businesses to maintain complete accounting records and supporting documents. Here is what you need to know.
What Documents Must You Keep?
Sales documents: Tax invoices issued to customers, receipts, sales contracts, and delivery notes.
Purchase documents: Tax invoices received from suppliers, receipts, purchase orders, and payment records.
Bank documents: Bank statements for all business accounts, reconciliation records, and records of all transfers.
Payroll documents: Payslips, salary records, SSO contribution records, and annual withholding tax forms (PND.1 and PND.91).
Tax returns: All monthly and annual tax returns filed with the Revenue Department, including PP.30, PND.3, PND.53, and the annual corporate income tax return (PND.50).
Accounting records: General ledger, trial balance, profit and loss statement, balance sheet, and cash flow statement.
How Long Must You Keep Them?
Under Thai accounting law, businesses must retain accounting records and supporting documents for a minimum of five years from the date of the document or the date of filing (whichever is later).
For VAT purposes, records related to VAT must be kept for at least five years from the date of filing the relevant VAT return.
Physical vs Digital Records
The Revenue Department increasingly accepts digital records, but original documents should be preserved where possible. If you store documents digitally, maintain a clear and organised file structure that makes retrieval straightforward in the event of an audit.
Discuss your document storage approach with your accountant to ensure it meets current requirements.
What Happens if Documents Are Missing?
Missing documents can disqualify expenses from being deductible for corporate income tax purposes and can disallow input VAT claims. In an audit, missing documentation may result in additional tax assessments and penalties.
It is significantly easier to maintain good records from the start than to reconstruct them later.
Note: This article is for general information only and does not constitute tax or legal advice. Thai tax law changes periodically — consult a qualified accountant for advice specific to your situation.