The most important responsibility of the self-employed is to comply with their tax and accounting obligations. However, when it comes to updating
the accounting record books,
this is one of the aspects that is least taken into account.

This situation is due to the activity of the self-employed, it is common to see it as an inconvenience. However, the task of keeping the mandatory accounting books up to date will provide the self-employed with numerous advantages in the management of their company.

What are accounting record books?

The accounting books for freelancers are those in which the movements of the company are recorded, as well as its transactions.

The types of accounting record books that are chosen will be determined by the type of activity that is carried out.

  • In the case of Commercial Entrepreneurs in normal direct estimation,the mandatory accounting record books will be: Daily Book, Inventory Book and Annual Accounts Book.
  • For Entrepreneurs in simplified direct estimation,the accounting record books that we will need are: Record Book of Sales and Income, Record Book of Purchases and Expenses, and Record Book of Investment Goods.
  • For Professionals in direct estimation,in any of its modalities, the following books are mandatory: Income Record Book, Expenses Record Book, Investment Assets Registry Book, Registry Book of Provisions of Funds and Supplies.
  • And for the entrepreneurs and professionals in objective estimation, the books that are mandatory to have up to date are: Book Registry of Investment Goods (only taxpayers who deduct amortizations), and Sales and Income Record Book (only for those holders of activities whose net yield is determined according to the volume of operations, that is, holders of agricultural, livestock, accessory forestry and processing of natural products activities).

* In any case, since January 1, 20174, taxpayers who carry out activities of certain income in objective estimation and who are subject to withholding of 1% according to article 95.6 of the Regulation; they must keep a Sales and Revenue Record Book.

This new obligation does not apply to activities that, even subject to the withholding of that 1%, are included in division 7 of the first section of the Rates of the Tax on Economic Activities, that is, transport of goods by cart and moving services.

Accounting books that a Freelancer must keep up to date


Sales and Revenue Record Book

The most common is the registration of invoices issued. It consists of the list of invoices of the period, ordered chronologically,with their indicated date, as well as their code, the data of the issuer and the recipient, the taxable base, the withholding of Personal Income Tax -if applicable-, and the type and amount of VAT.

This book also includes any other type of income not subject to VAT that affects the activity, for example the subsidies received.

In this way, it will be possible for the self-employed worker to know the annual amount of their invoices. This data is of great relevance in the realization of the annual income statement and the quarterly and annual VAT and Personal Income Tax,since it is worth noting the impossibility of presenting them with an altered numbering.

In addition, in this same book you can indicate the accounting receipts and customs documents.

Record Book of Purchases and Expenses

The book of invoices received is important because the goods and services that are obtained for the activity of the worker, can be deducted. If you want to know the requirements that deductible invoices must meet, check out this post.

This book works the same as the previous one and allows a saving of business expenses.

Registration of investment assets

Among the accounting books for freelancers is the registration of investment assets. In this, the invoices for the acquisition of those goods and services that correspond to the fixed assets of the activity, both tangible and intangible, are included.

It adds the quotas, the method and the start of the amortization, the residual and initial value of the product, as well as the supplier.

Relevant aspects that a Freelancer must keep in mind in the accounting of his company

First of all, it is necessary to emphasize that far from what it may seem, not everything is deductible and the expenses must be correctly justified.

That is why it is of great importance and essential that an invoice is requested that meets all the requirements of issuance of the same.

At the same time, it is important not to acquire anything from which it is intended to deduct the VAT prior to the registration in the Treasury,because it can not be deducted.


A good management of the accounting record books

will allow the self-employed worker to know and analyze the assets of his company.

However, it should be noted that allthe information included in these books must be understandable, relevant, reliable and updated at the right time.

In this way, possible sanctions from the Tax Agency can be avoided and better decisions will be made in the activity.