I recently started my bookkeeping service and up until now I have had 2 clients who are both new businesses with no previous accountant. I have acquired a third client now but she has used an accountant for the past 3 years. They parted ways in March and she hasnt had any accounts prepared since then. I have been provided with statement of financial position as at march 2013, statement of comprehensive income for the month ended march 2013 (includes year to date figures), a statement of cash flows for the month ended march 2013. Is this enough information to set up the accounts in Quickbooks (Accountant 2013). Do I need to ask for a trial balance to get opening balances to set up the accounts or do I use the year to date figures from the statement of comprehensive income? I really appreciate your help.
Yes, you will need more detail eg a breakdown of debtors and creditors. Similarly the reports you've been given may well have totalled more than one bank account, so a full trial balance would be best.
Hi Yes a full trial balance is a good start, although if they parted on good terms it might also be worth getting a Detailed 'Activity/Audit' list, especially if it isnt a year end, plus as Ruth suggests a full breakdown on creditors and debtors. Get as much as you can
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Don't forget the fixed asset register as you'll need to know the depreciation schedules of all assets.
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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.
