Taxpayers who obtain incomes from independent activities are required to keep accounting records in a simplified accounting system.
This means keepting the Registry of receipts and payments general ledger of all recipts and payments related to financial period, transactions operated by cash and/or bank means.
Tax issues defining this type of accountancy, are based on data recorded in simplified system, according 48 article from Fiscal Romania Code.
Even if the system is known as a simplified one, in practice it can be pretty complicated due to specific issues that might appear.
Inventory general ledger represents the second manadatory ledger to be kept and filled by authorized individuals.
Storage term for the receipts and payments ledger, inventory ledger and financial accounting documents is 10 years, starting with the closing date of fiscal year during which they were issued. Exceptions are payroll documents, that must be kept for 50 years.
As a legal background, this type of activity is regulated by Law 571/2003 regarding Fiscal Code, and GEO. 44 / 2008, regarding economic activities performed by authorized individuals, individual enterprises and family businesses modified by GEO. 38/2009.