Ohada Accounting Chart
Magdalena Liendo
I have installed the sysOHADA module for accounting in order to use it as the chart of accounts for the company I have created, but when configuring the company the only chart of accounts proposed2 is the minimal account chart, whereas in the account type models the OHADA chart of accounts 2001 and 2016 are added. How can I switch to the OHADA chart of accounts?
Are you still relying on generic accounting software or spreadsheets to manage your books? If so, you could be missing out on the benefits of a specialized OHADA accounting solution like Solafide. Here are five signs that it's time to upgrade:
Generic software like Sage, QuickBooks, and Odoo simply wasn't designed with OHADA compliance in mind. Without the proper OHADA accounting charts of accounts and reporting templates, ensuring your books align with regulations is an uphill battle. Solafide takes the guesswork out by automating OHADA standards.
Recording transactions, categorizing expenses, and generating reports can consume countless hours. With Solafide, you can reduce time spent on these tedious accounting tasks by up to 35%. Its intuitive interface allows you to focus on what matters most - strategic decision-making.
How much time does your team spend pulling data from multiple sources to compile financial reports? Solafide gives you a real-time pulse on your finances with the ability to generate daily, weekly, monthly, and yearly reports at the click of a button.
User-friendly accounting software shouldn't be a luxury. Solafide's clean interface and smart automations make it easy for even non-accountants to navigate. Say goodbye to wrestling with clunky legacy systems.
Earlier adopters have already rated Solafide as smart, easy-to-use, and a vastly superior solution to their previous accounting systems. Don't fall behind the curve when you can experience the future of OHADA accounting software today.
Want to experience the Solafide difference for yourself? You can try it for free right now at ferdsilinks.org. Optimized for OHADA compliance and to save you time, Solafide could be the competitive edge your business needs.
Adopted by the Council of Ministers of OHADA on 26 January 2017 in Brazzaville (Congo), the Uniform Act on Accounting Law and Financial Information (AUDCIF) was published in the Official Gazette of the Organization on 15 February 2017.
With over 1,200 pages, the special edition devoted to the publication of this important text also contains the revised OHADA accounting system (SYSCOHADA), namely: the OHADA general accounting chart and the accounting system consolidated and combined, on the other. Finally, in the same issue,
Decision No. 05 of 26 January 2017 fixing the tariff of documents of the Registry of the Court of Justice and Arbitration (CCJA).
In accordance with the instructions of the Conference of Heads of State and Government, AUDCIF and SYSCOHADA will enter into force on 1 January 2018 for personal accounts to serve as a single accounting reference in all OHADA member states of the entities and January 1, 2019 for the consolidated financial statements, combined accounts and financial statements prepared in accordance with IFRS.
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Companies subject to the actual tax regime are required to file their tax returns and pay their taxes and duties online. Failure to comply with this obligation is subject to a penalty equal to 10% of the amount to be declared. The year-end tax returns for these companies must be attested and certified by a chartered accountant in the absence of a statutory auditor, failure to which these filings will not be received by the tax authorities.
Taxes, duties, fees, levies, and customs duties shall be paid at the one-stop shop regardless of tax residence. The modalities of organisation and operation of the one-stop shop shall be determined by regulation.
The annual CIT return is a specific form (Dclaration Statistique et Fiscale or DSF) that should be prepared in accordance with OHADA accounting principles. The form cannot be completed electronically.
Companies have to use the CEMAC CIT return form, which has been modified to be compliant with Congolese tax law (new form for the determination of the CIT basis and new tax balances for debts and liabilities).
Resident companies are required to pay quarterly instalments of tax (20 February, 20 May, 20 August, and 20 November), and these quarterly instalments are generally calculated with reference to the most recent CIT return. Special calculations of instalments apply to new taxpayers.
Based on the self-assessment system, when submitting annual tax returns due by 20 May every year, taxpayers must pay the amount of tax calculated in the annual tax return to the extent this amount exceeds tax instalments paid during the year.
Non-resident companies and individuals shall appoint tax representatives in the Republic of Congo. The Congolese resident shall be considered as tax representative if the non-resident person fails to appoint a tax representative.
Tax audits are usually announced by a letter from the tax authorities to the entity concerned of their intention to audit, while stating the period to be audited and the taxes that will be covered by the audit.
Taxpayers whose annual turnover, excluding taxes, exceeds XAF 100 million, shall, from the first day of a general audit, share all internal and external audit reports with the tax auditors. The tax auditors may request any internal or external audit report relating to periods not covered by the accounting audit.
Thereafter, the tax authorities notify the taxpayer, in writing, of their proposed tax adjustments, and the taxpayer makes counter remarks in writing within 30 days from date of receipt of the tax adjustment notice.
Based on whether the tax authorities find the counter remarks from the taxpayer grounded or not, a letter confirming the tax adjustments or renouncing the proposed tax adjustments shall be sent to the taxpayer, who has the choice to either pay the taxes claimed, negotiate for a reduction of fines, or open up a tax litigation process.
The taxpayer has the right to request from the Director General of Taxation and Real Estate a transactional mode of payment of fines or payment of tax by friendly settlement. If the taxpayer opts for the transaction, the taxpayer loses the right to object to the outcome of the transaction and is obligated to immediately pay the taxes due (principal and penalties) according to the agreement.
Generally, the statute of limitations period for CIT is four years following the year in which the tax was due. However, this rule does not apply in the case of fraudulent acts reported by the tax administration.
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Any not-for-profit entity within the meaning of Article 2 below, which has its registered office in one of the Contracting States to the Treaty on the Harmonization of Business Law in Africa or which carries out its activities on the territory of the said State, shall be subject to the provisions of this Uniform Act.
A non-profit-making entity means any organization which pursues a nonprofit purpose and whose resources, if any, generated by its activity are used for the operation and realization of its corporate object.
The entities referred to above, when they are not subject to the public accounting system, to the accounting system subject to a special regime, or to specific national provisions, are required to set up an accounting system, known as financial accounting, in accordance with the rules applicable to the accounting system of non-profit entities and provided for by the provisions below.
The financial statements form an indivisible whole and provide a true and fair description of events. The financial statements are prepared and presented in accordance with generally accepted accounting principles.
Where the application of an accounting requirement proves insufficient or inappropriate to give a true and fair view, additional information or justification must be provided in the notes to the financial statements.
The annual financial statements referred to in Article 4 shall be made compulsory, in whole or in part, depending on the size of the entities assessed in accordance with the criteria referred to in Article 6 below.
If any of the above resources exceeds the above thresholds, or if the cumulative resources over two financial years exceed thirty million (30,000,000) CFA francs or the equivalent in the currency unit that is legal tender in the State Party, the entity shall be eligible for the Standard Accounting System.
It must be preceded, during the financial year, by all depreciation, amortization and provisions necessary to take account of the consumption of economic benefits, losses in value, risks and probable expenses, even in the event of an absence or insufficiency of surplus.
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