I am a newly set up bookkeeper and am dealing with my first official client and already have a question!
The business started in 2014 and, since then, they have never reconciled their petty cash. As a result, I have a stack of receipts (of which I am sure lots will be missing) to go through. My question is, can I post the expenses into the accounting software (they use Freeagent) as one entry per year? I don't particularly want to have to enter them one by one.
Also how will this affect their VAT (where there is VAT) and what date should I use to post them??
Many thanks in advance for any advice!