I do the book keeping for my Fathers business and we have had an accountant to do the year end calc's for HMRC this year etc
I have been going though all of the info he has sent over, done all the adjustment journals etc but the trial balance they have sent has a different total figure than the one I have when I run it from Quickbooks. I have gone through and reconciled all of the figures and the difference seems to be that there version has opening, closing and normal stock where as mine as just stock, plus a difference in purchases any ideas why this would be?
the P&L and Balance sheet are both ok also, and both versions match.
When the accountants do the year end accounts they need a figure for the cost of sales to deduct from sales. This is achieved by starting with a figure for opening stock (which will be the closing stock figure from the previous year) adding the purchases and then deducting the figure for closing stock. I assume you will have given them a figure for the closing stock at year end. So these figures will appear on the TB.
The opening and closing stock and purchases will appear in the P & L and the closing stock figure (as just stock) will appear on the Balance Sheet.
Hope this helps?
Edit: PS. Apologies if I was teaching you to suck eggs there!
-- Edited by Stardoe on Friday 4th of April 2014 06:31:33 PM
