the accountant who produced the previous year's TB didn't have all the information re Trade Debtors and Trade Creditors, so those two figures are wrong. I know the correct figures but having not produced manual TB's before, what else is impacted by this change? I'm assuming it impacts the VAT liability but how do I recalculate that?
If the Debtors and Creditors were wrong this would suggest that the expense or sales figures may also have been wrong, or if it was just that some people paid their bills, in which case the bank balance would be wrong. VAT may be wrong but again this would depend on what the missing transactions were and what VAT scheme you're using.
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Jenny
Responses are my opinion based on the information provided. All information should be thoroughly checked before being relied on.
