Restoring three years of accounting records for a Lithuanian company
ClientClient with a Lithuanian company
Year2024
Duration3 weeks
FormatFully remote for the client
Client request
Task: Restoring the accounts and filing reports for three years
A client approached TET who had not dealt with the accounting of his Lithuanian company for three years. Over this period, unresolved issues had built up relating to the company’s bookkeeping, tax obligations and annual reporting. To put things right, the financial picture for the missed periods had to be restored: the company’s activities analysed, its tax and fine liabilities determined and annual reports prepared for submission to Registrų centras. The task was to restore the accounts step by step for the entire three-year period and to fulfil the company’s accumulated obligations.
Our solution
The TET team proposed a comprehensive restoration of the accounts, starting with an analysis of the company’s activities for the relevant reporting periods. The work covered three main areas: restoring the accounting data, settling the tax liabilities identified and preparing the annual reports. As part of the project, the payment of taxes and fines to VMI and the submission of annual reports to Registrų centras were arranged. All matters with the client were handled remotely, without the need for him to travel to Lithuania in person.
How we did it
1. Analysing the company's activities over three years
At the first stage, the company’s activities were analysed for the period during which its accounting had not received the necessary attention. The aim of the analysis was to establish which transactions needed to be recorded in the accounts and what data was required to prepare the reports. Reviewing the entire period made it possible to link the accounting figures for different years and to lay the groundwork for the subsequent restoration of the accounts.
2. Restoring the accounting data
Based on this analysis, the accounts were restored for the missed periods. The data on the company’s activities was systematised in order to calculate the tax liabilities and prepare the annual reports. This stage made it possible to move from the accumulated unresolved issues to the consistent preparation of reports for the relevant years.
3. Paying taxes and fines to VMI
In the course of the project, the taxes and fines payable were determined. Their payment to VMI was then arranged. The tax liabilities were dealt with alongside the restoration of the accounts, so that the payments were based on data about the company’s activities for the period under review.
4. Preparing and filing the annual reports
Once the necessary accounting data had been restored, the annual reports were prepared and filed with Registrų centras. Filing the reports completed the work, within the scope of the project, of documenting the results of the company’s activities for the missed reporting periods.
Result
Within three weeks, the TET team restored the Lithuanian company’s accounting records for the three-year period, arranged the payment of taxes and fines to VMI and filed the annual reports with Registrų centras. The client received a restored accounting basis for the company’s further servicing. The accumulated tasks were resolved entirely remotely, without the client travelling to Lithuania in person.