What do Accountants need from Book-keepers for completing year end accounts and tax returns?
I'm starting working as a Book-keeper. If I work upto Trial Balance what would information would an Accountant expect from me in addition to the Trial Balance? eg notes on accounts, accounting policies being used, dates for prepayments, end of period stock figures, depreciation info, other adjustments?. Ayy help is much appreciated, thanks.
United Kingdom - 3 Answers
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Answer 1 :
why you doing the job if you don't already know that? Ask the accountant what he needs from you!
Answer 2 :
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Answer 3 :
Firstly, there are not enough good bookkeepers in the world, good on you :-). If you plan to work to trial balance stage, as an accountant I would expect the following very helpful but simple things:- * Copies of Fixed Asset addition invoices (high value amount of equipment etc) * A breakdown of any prepayments and accruals together with a note of the calculation used (a copy invoice is also handy here) * A bank reconciliation together with all bank statements for the year - This is the single most important thing, if you do only one thing on the list, make it this ok. * Copies of any invoices which are dated during the year or period in question but were paid after the year end (to bring in as trade creditors) * Copies of any new finance agreements or loan agreements * A breakdown of the capital account or drawings figure * A breakdown of some of the expenses such as Legal Fees, Rent and Rates, Accountancy and Insurances. If a particular expense has increased/decreased considerably over a two year period, include reasons why. If you make a good job of the book-keeping, and you complete the above list prior to passing to an accountant, you will save your client £100's. A well constructed trial balance and the above list is a dream come true. It remains to be seen however if the accountants pass on the benefits of your hard work to your client. Dont be scared to confront them based on the amount and quality of work you have done. Good luck Craig
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