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Hi all
My first client is a wedding photographer who has previously done his own SA. Been trading just a couple of years and no formal system in place other than a couple of simple spreadsheets. Currently working on his books for 2010/11 to give to his accountant (yet to be sourced). Will then be working on 2011/12 books (have started some of the expenses activity). Aim is to keep it in excel rather than using a package.
Am comfortable that have all of his income/expenditure recorded/reconciled (well with a few queries/exceptions but working on those).
My main issue is that he’s used both business and personal bank accounts and corporate/personal credit cards – I have copies of the statements for these so can reconcile everything, but not sure how to deal with in terms of a trial balance (specifically bank a/c) and capital account. Most of the drawing from the business account were to the personal account and look like they were to cover the expenses paid from there, but no specific matching possible.
He has now moved to just using his business accounts so going forward should be more simple, but am unsure about what I should do for the past activity. Any thoughts/guidance welcome.
Thanks
Lou
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