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Rosemary Bookkeeping What to say to the accountant at the year end July 2011
© Rosemary Bookkeeping Limited 2011 Dont Forget Always get your clients permission to send data to the accountant. NEVER assume.
© Rosemary Bookkeeping Limited or Paper? Does the accountant use Sage? Database Arrange to take Rosemary files over to the accountant
© Rosemary Bookkeeping Limited 2011 Send a cover letter / Always be friendly! Offer to answer any queries. Explain in the letter / that you are including Trial Balance at the year end date (with your notes attached) Balance Sheet at the year end date Profit and Loss Account monthly and for the year Aged Debtors at the year end date Aged Creditors at the year end date Remember to mention that you have closed down the year in Sage and that any journals they send to you should reflect this.
© Rosemary Bookkeeping Limited 2011 Trial Balance – add intelligent notes Review each nominal code Is there anything odd that you should mention? Is everything completely normal?
© Rosemary Bookkeeping Limited 2011 What should the notes say? Examples Fixed assets - When you are happy with the year end, pls can you let me have the depreciation journal Current assets – The bank account has been reconciled and nothing unusual to report Debtors – There is still xxxx outstanding Current liabilities – The amount owing on the credit card has since been paid off. Creditors – There is still xxxx oustanding
© Rosemary Bookkeeping Limited 2011 What about the capital? If its a limited company – do you have details of the shares issued? Pls can you provide the journal. Are there any directors loans or other loans that I need to account for? Pls can you provide the journal.
© Rosemary Bookkeeping Limited 2011 Eeek? What about tax? Tell the accountant that you havent calculated any tax and that you will await their journal to process the numbers.
© Rosemary Bookkeeping Limited 2011 Profit and Loss Categories you should always comment on: Entertainment - Will let you print the detail directly from Sage - costs are clearly explained Subsistence - Will let you print the detail directly from Sage - costs are clearly explained Legal and Professional – My costs of £xxx + VAT are / are not included. I have not accrued for your costs Miscellaneous – Costs have been kept to a minimum in this category and are clearly explained
© Rosemary Bookkeeping Limited 2011 Top Tips! There should be nothing in Suspense There should be nothing that you cant explain If youve taken over the work mid year – make sure you explain that to the accountant. If a nominal code has only a very small balance, be prepared to move it to somewhere more sensible. If there are outstanding queries related to the year end – include those in the letter
© Rosemary Bookkeeping Limited 2011 How do I get paid for this work? If youve asked your clients permission to contact the accountant, you should be able to charge for the reports that you send. Depending upon how much work the TB takes you, add an extra line to the TRS to show the reports sent to the accountant. If you get stuck - check with Rosemary HQ. NOTE : You may not be able to charge for all the work but you will build a great reputation with the accountant.
Balance sheet as at 01/04/11 $000$000$000 Fixed assets 500 Current assets: Stock 50 Debtors 150 Cash
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