X Bookkeeping requirements

The 2012 Income and VAT Act and the 2013 Single Window Business Registration Act require all businesses to maintain proper records and document annual returns (see https://www.iasplus.com/en/jurisdictions/africa/gambia)

X Accounting standards
In The Gambia, The Gambia Association of Accountants (GAA) is the standard-setter for most companies in terms of bookkeeping standards. However, to date, there are no national financial reporting standards. SMEs are permitted to use the International Financial Reporting Standards (IFRS) which usually include: a record of bank transactions, cash transactions, stock (if it is trading in goods), a file containing invoices and receipts, and a list of assets owned by the business.

X Practical support
SMEs usually refer to audit firms, accountants and business advisory firms to seek support, especially as banks, microfinance institutions, and grant projects require them to submit bookkeeping records in their loan applications.

X Tax audits
The Gambia Revenue Authority (GRA) and external auditors do check records during tax inspection visits and annual external audit exercises. Tax inspection visits are not scheduled and tend to focus on Companies

Some tips

Jainaba and Omar are giving you some advice based on what they have learned from their FYB training, especially on the topic of bookkeeping. Listen to their advice. These will surely help you