OK, I know this is probably a really stupid questions but nothing ventured....
If a client asks you to prepare end of year accounts for their accountant would the accountant just be expecting a Balance Sheet and Profit and loss?
Also if the client only has a list of all invoices they have issued and all purchases made (with no break down by category) would I need to re-jig all their entries based on their paper records before I can start the P&L and Balance sheet?
From my point of view I would want some sort of file from you that had:
Bank rec and list of o/s cheques etc Aged debtors balances agreed, any bad debts or potentials identified, Same with creditors, Accuruals & prepayments workings if this is done for your accounts, Cash balance reconciled, VAT reconciled or problem areas noted, A Fixed asset register if you keep one, If you are not supplying all invoices then alanysis of tax sensitive accounts such as legal fees with invoices backing it up, Details of stock at cost and any back up, Wages details if the accountant wants them, A back up of the data disc etc or if not available a TB and full nominal,
These are just general items but would be a good basis to prepare the accounts with,
I dont really ask for a P&L or balance sheet unless I know the clients figures are reliable and even then it is only for discussion purposed.
The above is all based on a fairly small non corporate accounts prep job. hopefully Ive not missed naything, but just a quick list. The accountant probably provides your clients with a books and request letter around the year end which asks for specific items, you may want to ask for a copy of that.
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Forgive the typo's I generally do not proof read. Just lazy I guess!
This is the new client I'm meeting in July (see previous post). They are a smal husband and wife partnership and they aren't Vat registered.This is all the information I have at the moment. I will probably get them to speak to their accountant and confirm what is needed. Thanks for your advice I am new to self employed bookkeeping and this client will be my first so I'm pretty nervous about getting it wrong.
yeah the meeting will be useful and will give you a feel for what information you will be able to produce for the accountant. As you said, once youve had your meeting give the accountant a call, I'd much rather people phoned me that send in info that is not needed etc etc.
never read the last para of your first post correctly the first time. yes, you would be expected to pull a Trial balance and Nominal leger or cash book together, depending on if you went down a manual or computerised route.
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Forgive the typo's I generally do not proof read. Just lazy I guess!
