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Minty


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Accountants Figures Incomplete
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Hi all.

What can be done in the following scenario?

A bookkeeper takes on a new client at the start of a new financial year, but discovers that the accountant's end of year figures do not take account of things like closing stock, company vehicle value, petty cash on hand at year end, creditors, etc.

In other words, very basic information has been given to the accountant - basically income and expenditure only.

The bookkeeper now wants to enter opening balances including the missing balances in order to get the books into a more accurate state, but how will it all balance when he wants to enter all these 'extra' figures that the accountant has not accounted for? Where does the balancing figure go? Retained Profit?

I hope I'm making sense here, as I don't know how else to word it!

Thanks in advance.


 



-- Edited by Minty on Friday 5th of August 2011 07:25:07 PM

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ADAS


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I take it your referring to a sole trader?

I'd probably enter the opposite side of the required entries to the Capital Account.

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Tony

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MarkS


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Or directors loan if it a limited company



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Minty


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Thank you both.

That's what I was thinking, but didn't trust myself and started thinking it should be reatined profit! But the accountant's figures, of course, show that, and so my confusion went on.

Thank you for your replies.



 



-- Edited by Minty on Saturday 6th of August 2011 03:55:26 PM

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ADAS


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Hi Minty

Care to post a little more info?

In your second post you mention being given a retained earnings figure? Did you get a balance sheet from the Accountant? Is you client a sole trader or operating through a Ltd co?

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Tony

Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
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HendyPhilhendy


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Are you saying the accounts were not done? Or just an income and expenditure account prepared. Have you,as a bookkeeper liaised with the accountant?

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