rosemary bookkeeping what to say to the accountant at the year end july 2011

Rosemary Bookkeeping

What to say to the accountant at the year end

July 2011

© Rosemary Bookkeeping Limited 2011© Rosemary Bookkeeping Limited 2011

Don’t Forget

Always get your client’s permission to send data to the

accountant.

NEVER assume.


Email or Paper?


Send a cover letter / email

Always be friendly! Offer to answer any queries.

Explain in the letter / email 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.


Trial Balance – add intelligent notes


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


What about the capital?

If it’s 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 .


Eeek? What about tax?

Tell the accountant that you haven’t calculated any tax and that you will await their journal to process the numbers.


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


Top Tips!

There should be nothing in Suspense

There should be nothing that you can’t explain

If you’ve 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


How do I get paid for this work?

If you’ve asked your client’s 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.

rosemary bookkeeping what to say to the accountant at the year end july 2011

Documents

rosemary bookkeeping

accountant slide

rosemary files

rosemary hq

letter slide

limited company

year end date profit

year end date aged creditors