Korea branch accounting / Sample monthly report
English monthly report
What your head office receives each month
In short A sample of our English monthly report for a Korea branch: summary, profit and loss against budget, balance sheet, Korean taxes paid and due, and what we need from you. All figures are hypothetical.
Monthly Report: September 2026
Sample Co., Ltd. Korea Branch (hypothetical)
Prepared by Seojin Tax Corporation · Issued 7 October 2026 · Amounts in KRW
1. Summary
| Service fee income (September) | 96,260,400 KRW |
| Net profit, year to date | 58,754,952 KRW |
| Cash and bank at 30 September | 554,906,400 KRW (9,612,000 vs August) |
| Taxes paid in September | 8,870,000 KRW (August payroll withholding) |
- Year-to-date costs are 0.8% against budget. Salaries and professional fees are above budget (one hire in July and the transfer pricing study); travel and other costs are below.
- The receivable from head office is the September service fee. Last month's invoice was paid on 18 September, which matches your intercompany ledger.
- Cash rose by 9,612,000 KRW: the August fee came in, and September salaries, rent and the August withholding tax went out.
2. Profit and loss
| KRW | Sep 2026 | Jan–Sep actual | Jan–Sep budget | vs budget |
|---|---|---|---|---|
| Service fee income from head office | 96,260,400 | 869,086,800 | 862,228,800 | 0.8% |
| Salaries | (61,400,000) | (548,200,000) | (540,000,000) | 1.5% |
| Social insurance and benefits | (7,850,000) | (69,930,000) | (68,400,000) | 2.2% |
| Office rent and maintenance | (9,600,000) | (86,400,000) | (86,400,000) | 0.0% |
| Travel | (3,210,000) | (31,870,000) | (36,000,000) | -11.5% |
| Professional fees | (2,750,000) | (27,600,000) | (24,000,000) | 15.0% |
| Depreciation | (1,840,000) | (16,560,000) | (16,560,000) | 0.0% |
| Other operating expenses | (2,480,000) | (24,150,000) | (27,000,000) | -10.6% |
| Operating profit | 7,130,400 | 64,376,800 | 63,868,800 | 0.8% |
| Interest income | 210,000 | 1,640,000 | 1,500,000 | |
| Profit before tax | 7,340,400 | 66,016,800 | 65,368,800 | |
| Corporate income tax (estimate, incl. local tax) | (807,444) | (7,261,848) | (7,190,568) | |
| Net profit | 6,532,956 | 58,754,952 | 58,178,232 | 1.0% |
3. Balance sheet
| KRW | 30 Sep 2026 | 31 Aug 2026 | Change |
|---|---|---|---|
| Cash and bank | 554,906,400 | 545,294,400 | 9,612,000 |
| Receivable from head office | 96,260,400 | 94,912,000 | 1,348,400 |
| Rent deposit | 120,000,000 | 120,000,000 | 0 |
| Fixed assets (net) | 38,640,000 | 40,480,000 | (1,840,000) |
| Total assets | 809,806,800 | 800,686,400 | 9,120,400 |
| Accounts payable and accruals | 18,270,000 | 21,940,000 | (3,670,000) |
| Withholding tax payable | 9,120,000 | 8,870,000 | 250,000 |
| VAT payable | 0 | 0 | 0 |
| Corporate tax payable (estimate) | 7,261,848 | 6,454,404 | 807,444 |
| Severance provision | 96,400,000 | 91,200,000 | 5,200,000 |
| Total liabilities | 131,051,848 | 128,464,404 | 2,587,444 |
| Head office capital | 500,000,000 | 500,000,000 | 0 |
| Retained earnings | 178,754,952 | 172,221,996 | 6,532,956 |
| Total liabilities and equity | 809,806,800 | 800,686,400 | 9,120,400 |
4. Korean tax: paid and due
| Item | Period | Due date | Status |
|---|---|---|---|
| Payroll withholding tax | August 2026 | 10 Sep 2026 | Paid 8,870,000 |
| Payroll withholding tax | September 2026 | 12 Oct 2026 | 9,120,000 to pay |
| VAT return (zero-rated service export) | Jul–Sep 2026 | 26 Oct 2026 | Filing only, no tax due |
| Corporate income tax | FY2026 | 31 Mar 2027 | Estimate accrued monthly |
5. What we need from you
- The September service fee invoice from head office, signed, by 14 October.
- Approval of the new hire's annual salary so we can update the severance provision.
- Your group's year-end reporting template, if you want the December report in that format.
This is a sample with hypothetical figures, made to show the format. It is not the report of any real company. Real reports follow the Korean books and can use your group's chart of accounts, currency (USD, EUR, JPY) and template.
Want this for your branch?
Tell us your entity type, head office country and number of employees in Korea. We reply by email in English.