Over the past 4 years i have been doing my husbands book as single entry through collins book. At the end of each year i gave the books to our accountant to do end of year tax returns.
My husband is now a Ltd company, and i want to now put my bookkeeping qualification into practice. Where do i start?
My husbands books are due at the end of May i want to transfer the collings book onto Sage instant account, is it worth doing or do i wait until the next finacial? if i can transfer it, do i have to do each individual transaction i.e sales and purchases or can i enter end of year total?
I do have all of our annual accounts from our accountant if that helps.
The books are a bit of a mess and i want to put it right any help advice would be much apprecited.
If you have the end of year accounts from the accountant, is there a Trial Balance to go with it? If not, ask them to provide one (or possibly you could work one out from the accounts).
It would then be a simple (possibly) job of inputting opening balances from the Trial Balance. Bearing in mind that if you have creditors and debtors outstanding at year end you will have to enter them as individual invoices to the suspense account so that you know what needs paying still and then clear down the creditors and debtors control account and suspense account after entering the Trial Balance as otherwise the figures will be duplicated
Hope this doesn't sound too complicated!
Edit: Sorry, just re-read your post. It may be worth waiting until the end of this financial year when you have your accounts from the accountant and then input the Trial Balance (which should just be Balance Sheet accounts) as above.
Pauline
-- Edited by Stardoe on Friday 9th of March 2012 09:25:28 PM
i did wonder if i should just wait and start from the fresh financial year, and than just start of with the o/b from balance sheet. We do not have any creditors or debtors so shouldn't be to complicated.
However i did want to present our books professionally this year. Never mind
