01202 022992
BH12 1PN, Poole, UK

What records do you need ?

Here I provide you with an overview of the information to provide to your accountant (me) to enable completion of your end of year accounts. 

Every business is different, and you should discuss your own bookkeeping requirement with me. Between us we can decide what you can prepare for me and agree a time schedule for when you will provide the records and for when I will have your accounts ready for discussion. 

Basic ways in which you may find you can help me…

·         Adding up and balancing your books such as cross casting of column totals

·         analysing your payments and receipts

·         filing your invoices in sensible system so that relevant invoices can be easily found 

If you’re feeling more adventurous, you can also assist by

·         preparing a bank reconciliation that reconciles the balance on your bank statement to that derived from your records after adjusting for unpresented receipts and payments

·         using control accounts for key nominal accounts such as debtors and creditors that reconcile to your year end list of debtors and creditors 

By using reconciliations and control accounts on a regular basis during the year, you help to ensure there are no errors in the records. 

Records to provide to me

Not every business will have all of the following records but if you do, you should provide them to me covering the year (plus one month after)… 

·         Access to your Cloud Accounting records.

·         Your cash book if you have one

·         Petty cash records.

·         Sales and purchase day books if operated.

·         Any ledgers that you keep.

·         Bank statements covering the whole financial year for all business accounts.

·         Purchase invoices.

·         Sales invoices.

·         Cheque books and paying in stubs if used.

·         Copies of VAT returns covering the year together with any workings.

·         Your payroll records for the year together with details of PAYE calculations for payments to HMRC.

·         Copies of any new loan or HP agreements taken out during the year.

·         Details of any business income or expenditure that didn’t go through your business bank account.

·         Anything else you feel may be relevant – if in doubt, include it. 

Schedules to provide to me 

In addition, the following schedules will assist me in completing your end of year accounts. I can prepare these myself but if you wish to do so, it would reduce the time I spend preparing your accounts… 

·         A list of fixed asset additions with copy purchase invoices provided.

·         A year end stock list. This should be at the lower of cost and net realisable value.

·         Details of work in progress at the year end.

·         A list of debtors at the year end, their age and an indication of any that unlikely to pay

·         Sales ledger control account reconciliation.

·         Reconciliations for all bank and cash accounts.

·         A list of trade creditors at the year end and their age.

·         Purchase ledger control account reconciliation.

·         Details of PAYE owed at the year end.

·         Details of VAT owed at the year end.

·         Schedules of key and tax sensitive profit and loss accounts such as repairs, sundry expenses, entertainment, etc. 

How I Can Help You 

I can help you avoid all of the above by moving you to online cloud accounting. There are many benefits to online accounting, and it also means I can work with you throughout the year, giving advice and providing reports when you need it most, not after the year end when it could be too late.   

Please contact us for further information 

Disclaimer:  This App and its contents have been produced as a helpful reference point.  The information should be used as a guide only and your specific circumstances are best discussed directly with us. 

No reliance should be placed on this material and no action should be taken without seeking the appropriate professional or legal advice. Although the authors make reasonable efforts to ensure the content of this App is accurate and up to date, the authors make no representations, warranties or guarantees that the content is accurate, complete or up-to-date and accept no responsibility whatsoever for any loss occasioned by anyone acting on information within this App.

Categories: General, Limited Company, Self Employed