Entities specified in the Accounting Act are obliged to keep the so-called full accounting, commonly known as commercial books. This applies to entities such as:

• limited partnerships,

• limited joint-stock partnerships,

• limited liability companies.,

• joint-stock companies,

• foundations,

• associations,

• family foundations,

Moreover, this obligation also applies to other enterprises that achieve annual revenues of at least EUR 2,000,000 at the average exchange rate announced by the National Bank of Poland on the first business day of October of the previous year. This means that full accounting is possible in a sole proprietorship.

In 2024, the revenue limit that obliges an entrepreneur to switch to full accounting is:

2.000.000 euro × 4,6091 zł/euro = 9.218.200 zł.

An entrepreneur who intends to switch from the tax ledger of income and expenses to full accounting should perform the following actions:

• Close the KPiR. It involves conducting a physical inventory of goods, materials, semi-finished products and summarizing entries in the book;

• Develop the company’s accounting policy. The accounting policy should specify the financial year, methods of valuing assets and liabilities, the method of keeping books, the principles of classifying events and the principles of keeping analytical books;

• Open the accounting books, which first involves preparing an inventory, which is the first book and the basis for subsequent entries. An inventory is a list of assets and liabilities along with their valuation.

• Prepare the opening balance based on the previously prepared inventory.

Full business books should be opened within 15 days from the beginning of the financial year. After switching to full accounting, remember to update the data regarding the type of accounting records kept. This can be done at CEiDG or using the NIP-2 form submitted to the tax office.

ASK-AUDIT provides a comprehensive range of accounting services in the area of ​​full accounting in accordance with the Accounting Act and Polish Accounting Standards

Under the contract, we provide the following accounting and bookkeeping services:

• We keep commercial books.

• We prepare financial statements and publish them in the National Court Register.

• Together with the client, we develop the accounting policy and the company chart of accounts.

• We carry out activities related to closing the books.

• We keep records of fixed assets, intangible assets and equipment.

• We prepare the calculation of income tax advances.

• We prepare the CIT-8 annual tax return;

• We keep VAT registers and prepare VAT declarations.

If you are interested in our services and need advice, ask ASK.