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Post Info TOPIC: Bookkeeping for a client's personal finances
KHagland


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Bookkeeping for a client's personal finances
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Hello everyone,

I have recently been approached by a family who are independantly wealthy and would like their personal finances documented by a bookkeeper.

They have numerous income and expenditure streams and have asked me to produce the following:

Monthly Income Statement

Monthly Expenditure Statement

A Consolidated P&L for all streams

A consoldited P&L for a select 5 streams

A quarterly balance sheet showing asset lines, liquidity and net worth.

Forms of income include property, pension, wage, Trust funds and a working farm.

All the data will be entered onto Sage and I will have to pull all the figures together to provide them an overview of their financial situation.

My question is do these reports differ because the accounts are personal rather than business related?

Any other tips on how to approach this would be gratefully received as I really am in a little over my head.no

Thanks in advance

Kelly

 



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Kelly

www.aandrbookkeeping.co.uk
ADAS


Guru

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Posts: 827
Date:
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Hi Kelly,

It's an interesting "problem".

Does the property business and the working farm operate through Ltd Co's or a single sole trader.

I appreciate you mentioned a family, so does that mean that e.g. Person A earns a pension, Person B earns a wage etc

Ultimately is the info for "family use" or will it be used to prepare tax returns, business accounts.

Depending on the above, I think it may be appropriate to put each business in it's own data set, as opposed to, say, using departments.


__________________
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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