Hi, I have recently taken my bank reconciliation and VAT in-house as I realised my accountant was falling short on certain tasks.
My company's accounting year runs July-June and I am going back over the current year's monthly bank reconciliations to ensure everything matches. But I have found in August they have missed the recording of some debit transactions onto our online accounting package, even though they have commented that the Bank account balances do not match with what has been inputted. Can I go into our accounting system and add these missing entries so that month reconciles?
I am also VAT registered so does this mean they would not have been included in the VAT return for that quarter?
Ordinarily, someone would now tell you that this forum is for professionals in the bookkeeping field to provide mutual help and advise, rather than people running businesses to seek free help rather than use someone in the field.
However, in this case I think it would be fair to bend that rule slightly - you've clearly been let down by someone in this line of work.
The short answer is yes: If those transactions have definitely been missed, then you should be able to input them retrospectively - the software *should* pick them up as necessary for the next VAT return. I'm assuming, however, that they are relatively small amounts, and not substantive.
A decent bookkeeper/accountant would be expected to know this - so despite the apparent failings of your previous one, you really should look at finding another who can (and hopefully will!) do the job properly.
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Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
Sorry I did not mean to breach the rule and thank you for being helpful and giving me your guidance and knowledge.
I am looking at seeking to gain knowledge and qualifications of the role of a bookkeeper as I have always loved numbers but not sure where to start so I am currently doing some research.
Don't write off all bookkeepers and Accountants because of the fault of one. Im sure, as with most business owners, that you need good tax advice as well as decent bookkeeping. So for the former - look at Chartered Certified. For both - get recommendations, its the best way to go.
For upskilling yourself, if you are really serious, look at AAT to start with.
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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
