Documents Needed for Company Financial Statements in South Africa

Financial statements are not created from one document. They are built from a set of records that show the company’s income, expenses, assets, liabilities, tax position and year-end balances. The better the source documents, the cleaner the working papers and the fewer delays before submission.

1. Bank statements

Bank statements are usually the main starting point. They show the movement of money in and out of the business. For accurate financial statements, send statements covering the full financial year, including all active business bank accounts.

For example, if the company year-end is February, the accountant usually needs bank statements from 1 March to 28 or 29 February.

2. CSV bank statements

CSV statements are very useful because they can be imported into accounting software or spreadsheets. They reduce manual capturing, speed up transaction analysis, and help the accountant identify income, expenses, transfers and unusual items.

If the bank only allows PDF downloads, send the PDF statements. But if CSV is available, send both CSV and PDF. The PDF is useful as supporting evidence, while the CSV is useful for processing.

3. Prior-year financial statements

Prior-year financial statements help the accountant carry forward opening balances correctly. They are especially important for assets, accumulated depreciation, loans, retained income, SARS balances and comparative figures.

If the previous financial statements are wrong or incomplete, tell the accountant early. The current year may still be prepared, but opening balances may need special attention.

4. Asset register

An asset register records the company’s assets, such as vehicles, equipment, furniture, computers, machinery and property. It normally shows the cost, purchase date, depreciation, accumulated depreciation and carrying value.

If there is no asset register, send invoices or finance documents for assets bought during the year. Also advise whether any assets were sold, scrapped, stolen or no longer used by the company.

5. Debtors and creditors

At year-end, the accountant needs to know who owed the business money and who the business owed money to. This helps ensure income and expenses are recorded in the correct financial period.

6. Loans and finance agreements

Send loan statements, vehicle finance statements, director loan details and any finance agreements. This helps the accountant split capital repayments, interest, balances and related-party movements correctly.

For director or shareholder loans, provide details of money introduced into the business and money withdrawn from the business.

7. SARS records

SARS records help confirm the company’s tax position. The accountant may need SARS statements of account, assessment notices, VAT statements, PAYE records, tax clearance information and correspondence from SARS.

If there are penalties, outstanding returns, payment arrangements or SARS disputes, send those notices early. They can affect disclosure and tax planning.

8. VAT documents

If the company is VAT registered, send VAT201 returns, VAT reports, sales invoices, supplier tax invoices and proof of major VAT claims. VAT records should agree to the accounting records and bank activity.

Where there are imports, exports, zero-rated supplies, exempt income or mixed supplies, advise the accountant. These items need careful treatment.

9. Payroll documents

If the company has employees, send payroll reports, EMP201 submissions, EMP501 reconciliation records, IRP5 data and UIF/SDL details. Payroll costs, PAYE liabilities and employee-related provisions must be recorded correctly.

10. Sales, supplier invoices and contracts

For small companies, bank statements may tell most of the story. For larger or more complex companies, invoices, supplier statements, contracts and management reports help explain transactions and support year-end balances.

What if records are incomplete?

Incomplete records do not always stop the process, but they do create limitations. The accountant may need to reconstruct information from bank statements, SARS records and available supporting documents. This takes longer and may require assumptions or written explanations.

The best approach is to send what is available first, then let the accountant issue a missing-documents list. Silence delays the work. Partial records at least allow the file to start breathing.