Thank you.

So for smoothness get a TB after last VAT return has been completed.

Then reconcile SLCA / PLCA with sales / returns / creditors / debtors etc.

Thank you very much

Hi Seb 

Bear in mind that these questions also help other users of the site, maybe at a later date when they have the same issue, so please don't feel that the questions are not worth bothering us with.

If the new client uses the cloud you'll take over the accountant connection, or whatever it's called and go from there. A gap is less likely.

Should client have a copy of Sage (Other brands are available) in house, you'll take a back up, and go from there, chance of a slight gap. But you'll both be almost on the same page. Being able to fully utilise a backup, being able to drill into everything would be the ultimate way forward, it's a pity accountancy software isn't in a universal format / extension.

Data held elsewhere with another bookkeeper / accountant then you can expect well, anything.

You can see great things when the client is connected to your agent portal. (You'll want to look into that)

SLCA / PLCA reconciliations. Pull them up, or print them off, you'll want to compare with sales, sales returns, bank and their opposites. Make sure turnover and output VAT match, same with purchases etc, keep records in Excel. Make sure any journals contain VAT, or ensure they don't contain VAT if the case maybe. There are other areas of VAT, quite vast which require adjustments so be weary.

If you get to see an audit trail, or any other form of intense report, make sure all necessary accruals and prepayments have been reversed if not done so already.

You'll be wanting letters of engagement setting out what you will be doing, what you won't be doing, letters of disengagement.
A way to get the cash in your bank when it comes to being paid. For the purposes of credit control I take the first months payment upfront.

You'll want to take copies of ID for due diligence purposes. You'll NEED MLR COVER <<<<<< Must have. PII <<<
Try to network with your new peers, admittedly I don't get out much...but when I've been to the AAT branch meetings they have been very friendly and informative.

Avoid posting questions on AWEB for now, especially entry level. I'd add to that, avoid the AAT MIP section too for now. I'm not saying don't but expect your head to be bitten off, seen it happen all too often of late. This is the best forum. Great mix of all different types of knowledge and personalities:)

I'm going off topic...

What to ask for...

First thing I ask is what can I do for you? Are you struggling with anything? How is business, do you enjoy what you are doing, customer service is a 'biggi' You'll develop your own small talk, but I'm genuinely interested in business and people so that helps.

Any recent correspondence with HMRC? Any issues with HMRC? You can start reading between the lines on the latter!

A user of accruals, cash, VAT, cash VAT FRS VAT, those sort of questions.

Do they drive? Do they use AMAP or not, do they keep adequate mileage records?

Is their business bank account just used for business? Or is it used as a piggy bank? Obviously don't ask that word for word lol.

Do they keep a full set of accounts? Including balance sheet, as an oppose to just income and expenditure- inform of the benefits of drawing up full accounts.

Whatever you think is best can only ever be put forward to a client, it is always their choice, offer the calculations let them decide.

Asset register, do they have one? Is it up to date? Are all assets still in their possession?

Up to date debtors and creditors list, reconcile.

You'll want bank statements, hopefully all have been reconciled up to the point of you taking over.

VAT reconciled too, again hopefully all spot on.....

Any HP agreements, repayment schedules, loans etc etc.

If they operate a payroll you'll be needing information on that too.

I've probably missed a few blatant things off the list!

Decide how you wish to be contacted when you're connected to the client, if you say you'll get back to them same day, do so, if you'll reply by email same day, do so. Your word means a great deal in business.

Hope I've answered a few questions for you.

abacus12345 wrote:

---

If the new client uses the cloud you'll take over the accountant connection, or whatever it's called and go from there. A gap is less likely.

Should client have a copy of Sage (Other brands are available) in house, you'll take a back up, and go from there, chance of a slight gap. But you'll both be almost on the same page. Being able to fully utilise a backup, being able to drill into everything would be the ultimate way forward, it's a pity accountancy software isn't in a universal format / extension.    How do you get on with older sage version Johnny as you can generally only back up to your version from the last 5.  Do you have the older versions? (EG I have a client with 2006 and 2008 versions, so try to put into v21-23 you have no chance!)

Data held elsewhere with another bookkeeper / accountant then you can expect well, anything.  One thing to aid that perhaps is the knowledge on here as between us we use a great variety of software and its all about knowing what terminology to use to get the right reports sometimes (Well I find peeps more hgelpful if you at least sound like you know!)

You can see great things when the client is connected to your agent portal. (You'll want to look into that)   I mustve missed something there! lol.

SLCA / PLCA reconciliations. Pull them up, or print them off, you'll want to compare with sales, sales returns, bank and their opposites. Make sure turnover and output VAT match, same with purchases etc, keep records in Excel. Make sure any journals contain VAT, or ensure they don't contain VAT if the case maybe. There are other areas of VAT, quite vast which require adjustments so be weary.     Lots of the right questions help - even such as - to what date was the last Bank rec completed/do you have a list of unreconciled items. (again depends on how helpful the previous person wants to be!  

If you get to see an audit trail, or any other form of intense report, make sure all necessary accruals and prepayments have been reversed if not done so already.

You'll be wanting letters of engagement setting out what you will be doing, what you won't be doing, letters of disengagement.     Plus dont forget your prof etiquette letter to undertake the transfer. Im more helpful when I get one of those, when I dont they might just get a TB and think themselves lucky!
A way to get the cash in your bank when it comes to being paid. For the purposes of credit control I take the first months payment upfront.

You'll want to take copies of ID for due diligence purposes. You'll NEED MLR COVER <<<<<< Must have. PII <<<
Try to network with your new peers, admittedly I don't get out much.. too busy on that gaming PC hey Johnny?!.but when I've been to the AAT branch meetings they have been very friendly and informative.  

Avoid posting questions on AWEB for now lol - the bear pit! Hilarious put downs on there, BUT only if you arent on the end of them, especially entry level. I'd add to that, avoid the AAT MIP section too for now. I'm not saying don't but expect your head to be bitten off, seen it happen all too often of late. This is the best forum. Great mix of all different types of knowledge and personalities:)

I'm going off topic...

What to ask for...

First thing I ask is what can I do for you? My first question - tell me about your business!  They can ramble on for hours if let loose, its their favourite topic and by the time you have finished you are their bessie mate and have the contract!!!!!   Used to do this in my old Corporate Finance Days and it works a dream!  Are you struggling with anything? How is business, do you enjoy what you are doing, customer service is a 'biggi' You'll develop your own small talk, but I'm genuinely interested in business and people so that helps.

Any recent correspondence with HMRC? Any issues with HMRC? You can start reading between the lines on the latter!

A user of accruals, cash, VAT, cash VAT FRS VAT, those sort of questions.

Do they drive? Do they use AMAP or not, do they keep adequate mileage records?

Is their business bank account just used for business? Or is it used as a piggy bank? Obviously don't ask that word for word lol.

Do they keep a full set of accounts? Including balance sheet, as an oppose to just income and expenditure- inform of the benefits of drawing up full accounts.

Whatever you think is best can only ever be put forward to a client, it is always their choice, offer the calculations let them decide.

Asset register, do they have one? Is it up to date? Are all assets still in their possession?

Up to date debtors and creditors list, reconcile.

You'll want bank statements, hopefully all have been reconciled up to the point of you taking over.

VAT reconciled too, again hopefully all spot on.....

Any HP agreements, repayment schedules, loans etc etc.

If they operate a payroll you'll be needing information on that too.

I've probably missed a few blatant things off the list!

Decide how you wish to be contacted when you're connected to the client, if you say you'll get back to them same day, do so, if you'll reply by email same day, do so. Your word means a great deal in business.

Hope I've answered a few questions for you.

---

 Could tell you couldnt sleep last night Johnny!

For those who are learning, if you are given a TB with a VAT account, you'll need the nominal report to build up the VAT return to this point in time, using original dates. It can take a while to set up a new client.

Yes I know!

I do think Sage is the best software I've ever tried. I know some people hate it - aside from the price I can't see why?

With Sage 50c it's >£60 per month for unlimited clients. Not sure I can justify that ATM.

Been playing with Sage one.......

£60 for unlimited clients. Omg that used to be £65 for 5 clients only about two years ago. Is that just the basic sage c (old money 50)? I use sage pro so it's the top end one (right old mixed bag of complexity clients so really won it for me).

Don't go sageone route, it's absolutely sh*te in my opinion. Slow as a snail. Cannot cope with you trying to use any kind of speed of keying, go a wee bit fast and it picks up the wrong eg supplier name when keying invoices and bank stuff. Yes it has bank feeds, that's the only possible good thing. It's ok for the very small, hardly use one man band clients, but no good for volume driven work. Trying to drill down to get info is so clunky, reporting is garbage and you cannot do backups. Could say a lot more but I've not got the time to list it all.

Go VT if you can't afford the sage prices. Or unless you need stock control and maybe multi currency (I've use sage for that, never even considered/tried to see if that's available on VT)

-- Edited by Cheshire on Wednesday 22nd of February 2017 06:23:05 PM

abacus12345 wrote:

---

www.sage.co.uk/software-and-services/accounting-and-finance/sage-50c-accounting

I lied, it is £62.50 for the first three months, then £125 - ok, that's painful.

You can get 10 companies for £60, after the trial period of £30.

Sage one is the only one I could find that lets you have a play proper without having to be signed up as a partner. Just register online and away you go. You can trial any sage software by downloading a months trial to just a random email.

The conundrum is the software will have to be cloud based if the client wants it, the only advantage I've seen yet is bank feeds. Why does it have to be cloudy? Only one of my clients is on cloudy nonsense.

But as soon as you start adding on invoices the prices become stupid, yes you can pass the price on to a limited, but a sole trader, not quite so.

---

 

Thank you peeps for such great help in this, it is greatly appreciated.

Taking what I've learned from this thread, I'll assume that:

Reconciled VAT items are included within the last return, and assuming it has been paid, all is good.

Do you advise your clients to contact you before they make any large purchases so as that you can supply to them the best methods available, or even, that purchase isn't a wise idea.

If you just prepare a year end tax return, the client has taken care of their books, do you write up the return based on those figures or do you have to re-check everything?

I've read on other forums that if a client produces their own records then that's it, their entire responsibility, to me that doesn't sound very responsible.

Thank you very, very much.

This is where this site differs from others. Others solicit that where client takes control, job done. This site advises the correct way to do things. Would folk agree?? How can accounts give a true and fair view if the bookkeeping is fuuuu.....

Totally agree.

Another setup which grates is the site where you sell your soul for £10 per hour or such like, get a self assessment completed for £50!! I can only imagine the inaccuracies!

I don't understand how it's ethical.

But hey ho I suppose!

You can have the job done, or you can have the job done properly!

Hi Seb
Probably better as a new post as it isn't related to the thread you started.

Which software? You mention a T code so I'm assuming it's sage, but it's better if you say as not everyone on here uses sage so do not necessarily knows what you mean by such. Also if you do say, then also best to advise what version of sage and which type of sage as often the correction processes are different.

You mention invoices. But then you talk about sales and purchases and expenses so a bit confused. Is this a purchase invoice that has been keyed to the system? or a sales invoice?

Not sure why any would be keyed with vat if they aren't vat registered, as this question would've been sorted prior to keying so again an assumption on my part, but assuming this is a hypothetical question.

Or do you mean that a supplier gave you a vat invoice, it's been keyed to the software and then you find out the supplier isn't registered?

Sorry a lot of Qs but perhaps a new post with  more detailed info might help this one?

If not a hypothetical q, what is the date of the error, what is the date of the year end and has the information gone to the accountants to compete the year end? If so you can't do an adjustment and back date it as such.  But if not then you can usually do an adjustment if the VAT return has not been reconciled, rather than the way you are proposing with your journals.

Plus if you journal it was does your debtor/creditor accounts look like? Would they balance?

I mentioned the t1 issue direct to the Vat account to another poster recently, who never did get back to us....if you t1 can you do it straight to the vat account? (I know the answer, but I'm just getting people to think about it, think about al your double entries and if it's is sage then try it in practice mode before they do any damage!)

-- Edited by Cheshire on Sunday 26th of February 2017 12:56:55 PM

Hey, not sure whether this is new to Sage 50c, or has been possible since my latest version of Sage, BUT - you can now delete journals. Oh to add, I know this is irrelevant to this thread but Sage one final accounts is ACE, after playing with Taxfiler, TaxCalc and VT Final Accounts - Sage one wins, shame the bookkeeping side is shocking. Ahhh yeah, not all nominal codes, in Sage One, are the same as Sage 50.