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Post Info TOPIC: Opening balances


Guru

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Opening balances
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Hi

If you start doing the bookkeeping halfway through a year and you haven't got the opening balances yet how do you account for the bookkeeping that's already been completed in the new accounting year? 

Georgie



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Master Book-keeper

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Hi Georgie
Im guessing you are having difficulty obtaining information from a previous bookkeeper/Accountant?

Ive only had one of these, but the year end hadnt been finalised and that year end was only its first, so I had to just start from the very beginning.

So how old is this business/sole trader or Limited and why cant you get the info?



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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



Guru

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Is your client without last years p&l / bs? I'd be thinking, probably incorrectly, that he hasn't paid all his bills to his past bookkeeper...

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Johnny  - Owner of an overly-active keyboard. 

A man who can read, yet doesn't, is in no way wiser than a man who can't.

 



Master Book-keeper

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abacus12345 wrote:

Is your client without last years p&l / bs? I'd be thinking, probably incorrectly, that he hasn't paid all his bills to his past bookkeeper...


Exactly my thoughts Johnny.  

Out of interest Georgie have you done a professional clearance letter to anyone?



__________________

 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



Guru

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No, it's just that I went to see a possible new client and I think I may have a little trouble getting any info , so was doing the "what ifs" at 4am this morning....was just trying to solve a problem that hasn't been created yet. But I don't want to take on a client if there is going to be hassle. Client has paid on time etc, just something the client said that set off a little alarm bell ....

Georgie

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Master Book-keeper

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Posts: 8646
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Oh the middle of the night thought process can be a nightmare! lol.

I would ring the possible newbie and do a double check of what was said....just be honest and ask for clarification. But make it clear in your terms what you need to do your job?

A client without hassles?!!!!! They ALL do it at some point, but I know its degrees and type of hassle v our mood to deal with said hassle that mean such cause little or loads of impact. I do like a challenge though - was something my Mum said to me earlier!

__________________

 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

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