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pDm


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Late year end adjustments
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Hi guys n gals - wondered if any of you had some advice for this one:

 

I've taken over the books of a Ltd/VAT business. This happened at the end of their last VAT return, 30 June. I've just found out that the last bookkeeper had not made the relavant adjustments as per the accountant for last year end, as the business owner had not yet authorised them and/or the accountant had not produced them yet (depends on who you listen to).

I was about to enter the journal myself when it occourred to me that by making adjustments now I could (will most probably) effect the next VAT return in some way.

In addition, I transferred the accounts to different software as of 1 July using a recinciled trial balance as at 30 June. So I cannot input the adjustment as of the correct date and re-run the last VAT return to guage any discrepancies.

I'm not sure what the legalities/effects of making year end adjustments in Qtr2 would be. This is my first VAT return and I'm hoping not to screw it up no

Any advice?



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Don Tax


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Hi PDM,

What are the adjustments? Somebody must have produced them if you have them. Could do with knowing if they come from the accountant or the owner.

I know this is not an answer but it serves to bump the question of our famous diarist.

Oh I have another question. What software are you transfering to?

best regards,
Tim

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Spamkebab


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Shouldn't even be doing adjustments, should be writing that flippin blog ready for my brew time lol.

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pDm


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Here you go. As promised, please see below.

From what you've said Don, I'm pretty sure everything will just balance itself out at the end of the day, as I suspected it might. But I'm still a little concerned that the accounts won't be a true reflection of the business if I put these adjustments in as of now.

Below is exactly what i recieved from the accountant when I emailed them to double check last week (minus the companies name, obv.!)

Maybe I should contact them and ask their opinion as well? (I'd just rather check with you lot first!)

 

----

[company]

TB as at 31-3-2012

AsAt 31-3-2012.jpg

 



-- Edited by pDm on Saturday 29th of September 2012 03:01:13 PM

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pDm


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Thanks chaps. The adjustments are from the accountant. I could put a list up if you think it'll help?

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pDm


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Oh and moving to Accounts Portal (online platform).

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Don Tax


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Hi PDM,

The adjustments will probably be exclusive of VAT and just change nominal or personal accounts as intended. However, in amongst, there may be pure VAT entries - intended to change a subsequent VAT Return. This would be due to an under or over declaration in a previous vat period so the client doesn't get a slapped wrist from HMRC.

Yes, put them up and someone who is actually good at bookkeeping will chip in.

Looking forward to the next instalment :o)









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pDm


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Spamkebab wrote:

Shouldn't even be doing adjustments, should be writing that flippin blog ready for my brew time lol.

 Noted. Will try harder.

(sheesh!)



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