Firstly do people here bother keeping supplier statements?
Secondly is there a list of things that an accountant would like to see from bookkeepers for a partnership for the year end? I'm mid way through a prepayment and accrual spreadsheet and I have a list of things that were errors after the last year end journals were done, plus any adjustments I will be making before submitting the books to the accountant.
Firstly :) , yes because many of my clients are not that great at letting me have all of the purchase invoices so I can reconcile the statement & chase up for missing invoices.
Secondly, I usually let them have a copy of the bank rec, schedule of accruals & prepayments, fixed asset schedule, then wait for them to ask if they need anything else.
I find each firm of accountants that I deal with all want something different so I tend to wait for them to ask and then supply it rather that wasting my time trying to second guess.
This is an old post of Marks answering a similar question and naturally all credit to him. I copied it at the time for my own reference.
Hi Noola Depends how far you take the accounts but if a bookkeeper was giving me say a SAGE back up with working papers then i would like to to see the following 1. Fixed asset register agreeing to accounts with copies of significant additions/disposals 2. Bank reconciliation with copy of year end bank statement 3. Debtors and Creditors list agreeing to control account. (with explanation for any minus amounts or any large amounts in the older columns). 4. VAT returns for year together with back up documentation with reconciliation agreeing to accounts. 5. PAYE/NIC reconciliation agreeing balance in accounts to PAYE/NIC due. 6. List of stock/work in progress. 7. List of prepayments/accruals (with copies of documentation re significant balances. 8. Copies of any new agreements taken in year eg bank loan, HP agreements, operating leases 9. Analysis of any tax sensitive P&L accounts together with any significant invoices eg repairs/renewals, sundries, legal and professional, entertainment. 10. Copy of SAGE back up for the year with copy of profit and loss account/balance sheet/trial balance and profit and loss account nominal for year. 11. Nothing in suspense or misposting accounts.
That would be pretty much the ideal file to get from a bookkeeper. Dont think have ever got that mind you. Best thing to do is speak to the accountant and find out what they would like you to give them and build up that communication link with them. Regards MarkS
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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.
Did I really say that, crikey that must have been some time back
Thanks for copying it at the time
My comment earlier about each accountant wants something different still stands, I suppose it depends on how thorough the accountant is being
I would still have no problem supplying it but find that if the accountant doesn't want it then I won't provide it
Mark
