I want to
apply for IDAL’s incentives
know if I qualify for IDAL’s incentives
request IDAL’s support through the BSU
know if I qualify for the BSU Support
to know what are the BSU services
know what are the steps to open a business
know what are the licenses and permits needed to open a business
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FAQ
Accounting and Record Keeping
Do I need to keep accounting records?

Companies are requested to keep accounting records either in hard or electronic form; kindly note the electronic form is highly advised where up to date accounting record is electronic.

What types of financial records do I need to maintain?
  1. General Ledger (سجل اليومية): a general ledger contains all the accounts for recording transactions relating to a company’s assets, liabilities, owner’s equity, revenue and expenses.
  2. Subsidiary ledger (سجل الاستاذ): a subsidiary ledger contains the detailed movements of each account within the general ledger.
  3. Payroll records (سجل الرواتب والاجور): payroll records are records showing names of employees, the compensation paid, type of work, start date, and date of termination.
  4. Inventory records (سجل الجردة): inventory records show the cost of a business’ assets that are ready or will be ready for sale, in addition other sub records such as  year-end inventory, balance sheet and income statement.
  5. Share ownership records for joint stock companies (سجل الاسهم الاسمية): the Share ownership records for joint stock companies shows each owner`s percentage of ownership for a certain company since establishment.
Do I need an accountant?

Although it is not a requirement, having an accountant will make your life easier especially for tax purposes.

How long should I keep my records?
All accounting records should be retained for a period of 10 years.
CONTACT THE BSU
Lazarieh Tower, 4th Floor, Emir Bechir Street, Riad El-Solh Beirut, Lebanon,P.O.Box 113-7251
Phone
+961 1 983306/7/8 Ext:286
Fax
+961 1 981302