What is the Fichier des Écritures Comptables (FEC)?

Are you the manager of a company and need to create a Computerized Accounting File or FEC? But what is the FEC?

The Fichier des Écritures Comptables (FEC), or Accounting Records File, is a database used as a starting point for audits carried out by the tax authorities for a specific company.

Creating and providing this file has been mandatory since 2014.

Ultimately, this file aims to allow the accounting auditor to:

• Check that the accounting documents match all the tax returns filed.
• Make audits easier and save a lot of time, especially by reducing the amount of time you need to be physically present at the company's premises.

To help you create this file, today we're focusing on the Accounting Records File!

Who is concerned by the file of accounting entries?

Some taxpayers are required to send a copy of the FEC.

Among the latter, we can include those who:

• Manage their accounting digitally
• Are liable for corporate income tax (Impôt sur les Sociétés), in the specific category of BIC or BNC, and finally, agricultural profits or BA. 
• Are obligated to submit accounting documents relating to a provision of the General Tax Code or CGI
• Are liable for an accounting audit sent from January 1, 2014.

On the other hand, some taxpayers are exempt from having to draw up a SAF-T file.

In this regard, we can mention:

• The auto-entrepreneur
• All Sociétés Civiles Immobilières (SCI) (property companies) that are subject to Land Income. But this only applies to SCIs whose partners are all individuals not subject to a commercial accounting obligation.

Finally, it should be noted that there are a number of measures that have been put in place for businesses operating under the micro scheme and whose accounts are managed by a third party on a paper register or spreadsheet.

FEC content

The FEC contains a wealth of information about a company's accounting department.

Focus on the different pieces of information gathered in the FEC:

• The code and description relating to the accounting journal entry
• The accounting entry number.
• The date on which the accounting entry in question was recorded
• The number and description of the company's bank account.
• The number and description of the subsidiary account.
• The reference and date of the supporting document
• The description of the accounting entry and its validation date
• The two amounts on the debit and credit sides

Note that all boxes that are not filled in must be left blank (no 0s or spaces).

Penalties for not submitting the FEC

If such a document is not submitted to the tax authorities, any taxpayer may be penalized.

Possible penalties include:

• A fine of €5,000 if no correction is made to the original document.
• A financial penalty equal to 10% of the duties then payable by the taxpayer if, on the other hand, a correction has been made. Please note that the amount of this penalty cannot be less than €5,000 under any circumstances.
• These fines are applied per accounting year.

It should be noted that such penalties have only been applicable since August 10, 2014, with the fine set at €1,500 before that date.

In conclusion, it is necessary to ensure that the accountant takes care of producing the FEC file and submitting it to the tax authorities, or that the company's software can generate this file.

It would be a shame to face such a financial penalty when it's so easily avoidable.