Of course you should have the information. They should come down and post the adjustment themselves and ensure that the opening balances going forward is correct!
-- Edited by Truemanbrown on Wednesday 20th of March 2013 10:15:05 AM
I just wanted to know how / if I should request detail from the Accountant regarding any adjstment they require me to make in Sage based on the final accounts they have produced using my prepared TB? or should i Wait for this information. Note that the accounts were prepared and filed in December 2012 by the Accountant.
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Of course you should have the information. They should come down and post the adjustment themselves and ensure that the opening balances going forward is correct!
Or, a version that more closely matches my experience: "They should come down and post the adjustment themselves, journalling into control accounts they shouldn't and posting the adjustments on the wrong date, to let me discover and correct their mistakes at a later date, and therefore cost the client more money."
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Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
The accountant should either send you the adjustments or come out and post the adjustments within a week of a the accounts being signed off, or if not come out then at least arranged a time to come out.
Given it is 3 months since the accounts have been signed off then I would expect they have forgotten about it and therefore you should chase them up.
Of course you should have the information. They should come down and post the adjustment themselves and ensure that the opening balances going forward is correct!
Or, a version that more closely matches my experience: "They should come down and post the adjustment themselves, journalling into control accounts they shouldn't and posting the adjustments on the wrong date, to let me discover and correct their mistakes at a later date, and therefore cost the client more money."
Don't often comment on here but this is one of my real bug bears, have spent hours this week unravelling year end adjustments that duplicated what I had already done pre year end - do they actually check these journals before they send them out. Also awaiting a set of journals for another client that uses the same accountant, year end was 30 June and I'm still waiting depsite asking for them on several occasions, what's the big secret!
I go and post the opening balances for a lot of my clients and then check the adjustments are correct . Getting opening balances correct should be standard stuff.
But it also makes good business sense for the accountant because it gives him the opportunity to talk the client face-to-face and discuss anything that may affect their business!
"Should be" being the operative term. The problem is, though, accountants do get this wrong - I see it often enough.
While I see the logic of using the opportunity for a meeting with the client, the accountants I know get ample opportunity for that anyway, for example when meeting the client to discuss the final accounts - so it's not really that good a reason.
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Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
How much easier life would be if the accountants provided a clear list of journals in a format to match the software being used. In my experience it quite often does not happen that way.
I do take your point but there is so much software out there that unless the accountant is a specific specialist sort of shop such as a Sage specialist then all that can be done is to give generic journals on the assumption that the bookkeeper is able to apply those to the software being used.
Its also worth noting that the accountants time will generally be more expensive than the bookkeepers so them spending time tweaking the journals to the specific software would not be a cost effective use of either their time or the bookkeepers.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
