Company bookkeeping and financial statements, including the material from which the bookkeeping and financial statements are based off, must be preserved aka. archived. Archiving and all the related arrangements are part the companies’ obligations. The archiving of the material can be arranged with the accounting firm which handles the company bookkeeping. In this situation however, the company should be closely familiar with what kind of contract the accounting firm uses, regarding material preservation, and at what point the accounting firm no longer takes responsibility for material preservation.

 Accounting material does not need to be preserved for unlimited amount of time, instead the material has been given clear preservation periods. Company cannot in any circumstance go under the given preservation period, but the material can be freely preserved for longer periods, if the company believes this to be necessary.

The documents for accounting must be up kept in a systematic manner. This means archiving which is done by; the order of entry method or other methods which allows the connection between material and accounting to be verified without unreasonable delay. Majority of the material can be preserved in digitalized form, with exception being the requirement of financial statements balance sheet book to be preserved as a paperback copy. While using a form of digitalized storage media, the functionality must be checked from time-to-time and the material must be saved on two different storage medias.

From the following chart you can check the preservation periods:



Some documents can have specific regulations related to them, for example documents related to monetary support received from EU have over 10 year preservation period. In general, the bookkeeping law is only a general law and if some other more specific law gives a different preservation period for an document, that law is to be complied with. In cases where there are multiple different preservation periods for a single document type, the one that is longest is followed.

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Leinonen Finland - 

High Quality Accounting

Serving an increasing number of international customers with cross border issues

In Finland we offer wide range of financial administration services, including accounting, payroll, advisory and other supportive services. We are authorized accounting firm, which is a guarantee of professional financial administration. Read more about our services.

Leinonen is closely involved in developing Finnish-Estonian and Finnish-Russian trade. Currently the competition for foreign investments in the Baltic Sea Region is tight and the Governments are trying to attract international companies in order to create jobs and guarantee tax revenues. We have noticed that an increasing number of Russian and Estonian companies are now interested in Finnish markets and wish therefore to cooperate with Leinonen. Ask for a quotation. 

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