Please can someone advise me in what situation you wouldn't need a debtor control account other than with solely cash/cheque clients ?
I have recently been asked to look at a set of accounts for a client who has both 30/60 day credit clients plus cash customers. I would expect to see a figure on the balance sheet for outstanding debtors but there isn't one.
The client is querying that their turnover is too high for this particular financial year, my gut feeling is that all the income going through the bank has been totalled, but no allowance has been made for some of the income being from a the previous accounting period, which it will be .....
How do I rectify this, bearing in mind that the accounts have been filed for both years in question ?
