Accounting

Receiving Monthly Statements
Satachi acts as a third-party record keeper, just like a traditional bank. Each month members receive a statement detailing recent transactions, current balance and an invoice for all sterling fees due. All transactions are recorded in accordance with trading procedures, policies, rules of Satachi and the Inland Revenue.

Accounting for Trade Transactions
In accordance with general accounting procedures, all trade sales and purchases must me recorded in your accounts. The member creates an additional bank account in their general ledger to record all Satachi Pound transactions.

HM Revenue & Customs and VAT
HM Revenue & Customs and VAT treat Satachi Pounds the same as sterling. All trade transaction must be included into your accounts and VAT returns.