Accounting in Estonia

The main tasks of the accounting process include:

the formation of full and reliable information about the activities of the organization and its property status;
providing users with information to monitor compliance with the legislation in the implementation of business operations and their appropriateness, the presence and movement of property and liabilities, the use of material, Human and financial resources in accordance with approved standards, standards and estimates;
prevention of negative economic results and identification of domestic reserves to ensure its financial sustainability.

What is accounting?

Accounting Estonia is an orderly system of collecting, recording and summarizing information in monetary terms of an organization’s assets and liabilities. The main feature of accounting is that all information should be documented.

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Estonian accounting includes:

Documentation

is the primary registration of business transactions with the help of documents at the moment and at the place of their commission.

Double entry

a receipt, which means that the grouping of property, the sources of its formation, business transactions in accounting is carried out through a system of accounts using the method of double entry.

Accounting balance sheet

a method of economic grouping and generalization of information about the property of an enterprise by the composition, placement and sources of their formation in monetary estimation at a certain date.

Physical inventory

is a means of verifying the physical existence of assets according to accounting records.

Calculation

is a way of grouping costs and determining costs.

Reporting

is a unified system of indicators, describing the property and financial situation of the organization and the results of its economic activity.

Estimation

is a method of monetary expression of the property of enterprise and its sources.