How to keep the income and expense journal for an individual activity in Lithuania?
A person running an individual activity with a certificate keeps an income and expense journal following the Finance Minister’s model form: every operation is a row with its date, document, content, income or expense amount and the deductible part. The journal may be kept on a computer; entries are made by the end of the next month and documents are kept for 10 years.
Updated 21 October 2026 · Sources: VMI: income declaration
The journal’s columns
| Column | What to enter |
|---|---|
| No. and date | The operation’s number and date |
| Document | Name, number and date – invoice, receipt, bank statement |
| Operation | What was sold or bought |
| Income, € | The amount received |
| Expenses, € | The amount paid |
| Of them deductible, € | How much of the expense counts for income tax |
| Notes | E.g. a long-term asset, a non-deductible amount |
Good to know
- The model form was approved by Finance Minister order No. 1K-040 (amended in 2019 by order No. 1K-44).
- A long-term asset is not expensed at once but through depreciation.
- This is an estimate, not tax advice.
Rūta keeps the journal for you
She builds the income and expense journal from your bank statement – every row linked to a transaction.
FAQ
Can I keep the journal in Excel?
Yes – the journal may be kept on a computer if it has all the columns of the model form. Download the template on this page.
By when must an operation be entered?
By the end of the next month at the latest.
How long do I keep the documents?
10 years.