How to Create an Effective Accounting Plan: Examples and Key Steps

[bitheerani319]

Does your company have its accounting plan and general accounting plan prepared ? Most Peruvian organizations are required to have them. Are you interested in learning more about the chart of accounts and the general accounting plan ? In this publication we provide you with useful information for your financial management .

What will you find in this text?

What is a chart of accounts?
What is a general accounting plan?
What is the purpose of an accounting plan?
What does an accounting plan contain?
Guide to creating an accounting plan
What is a chart of accounts?
An accounting plan is a tool used by companies to have better buy sms list over their accounts. Thanks to this system, it is possible to efficiently organize income, expenses, assets and liabilities into clear and specific subcategories, facilitating financial recording and management.

Each company can develop its own accounting plan; therefore, we cannot necessarily have a business accounting plan that is the same as another, since they are adapted according to the needs of each organization.

What is a general accounting plan?
On the other hand, when we talk about the General Accounting Plan, we are referring to a regulation that applies in the country and is mandatory for most companies. In fact, in Peru only companies in the financial sector and those that belong to the State are exempt.

In the case of Peru, the PGC aims to ensure the proper recording of companies' economic transactions according to International Financial Reporting Standards (IFRS). Therefore, it provides a structure of standardized codes that allows for the generation of reliable financial statements and facilitates supervision by regulatory bodies, such as SUNAT.