Forum

• # 81022
• Tue 20 Mar 2012 11:27 PM

Hi all,

I have been searching the forum and am more confused than ever!
I understand that I can produce draft final accounts for ltd companies with my qualifications but what I don't understand is what exactly draft accounts consist of?
Is it the profit and loss with appropriation account- i.e showing corporation tax (would need to do tax calculation to do this-is this allowed?), dividends etc and full balance sheet,or am I also covered  to include notes to the financial statements and company information to be forwarded to an accountant to check and to add the accountants report and file the accounts to companies house and to do the corp tax return? (I do not assume i can include the accountants report as obviously I am not an accountant) or can I only include the notes and company information on passing level IV?
My client and nominated accountant both wish me to take the accounts as far as I am allowed to do so to save money and time respectively. I am happy I have the knowledge to complete the above but am aware I am only allowed to complete the parts for which I am covered.

Please help to clarify this for me if you can.

Much appreciated in advance.

Karen
 

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• # 81030
• Wed 21 Mar 2012 10:19 AM

Hi Karen,

You should read the following link, which might explain a little bit for you;

http://www.bookkeepers.org.uk/Forum/Thread.aspx?type=&cid=0&tid=83741&lp=80674&page=1&sort=

It quotes;

" this whole draft final accounts area is the pointless bit as far as I can see basically we can prepare the accounts but we cannot submit them to companies house or HMRC. As most accountants have specialist software for producing final accounts they want the TB from bookkeepers with supporting evidence.

 it would be far better worded can produce basic management accounts (i.e. produce a Profit & Loss Statement and Balance sheet) for clients and produce balance sheet control accounts for use by the companies accountants."

• www.berrybookkeeping.co.uk
  
  My responses are based on my opinions, not necessarily facts.
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• # 81035
• Wed 21 Mar 2012 11:33 AM

Hi Kerry

Great Reply I totally agree with you.

Kind regards
Stuart    

• Forum Moderator, South East & Greater London Regional Chairman
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• # 81049
• Wed 21 Mar 2012 12:07 PM

Hi Stuart/Kerry,

Many thanks for your reply and the other post was very good and helpful. To clarify and make sure I have things correct in my head....I can at the moment produce only the detailed balance sheet with entries of profit before and after corporation tax? and a tax computation to back this up? aswell as the usual ltd company balance sheet? I do not produce full accounts with notes to the financial statements or any other documents. The accounts I produce are subject to change by the accountant and they will produce the 'official' final accounts and submit what is needed?
On completion of level 4 I can then do all of this myself except in certain circumstances when it is above my knowledge or an institute/business requires an accountants signature?

Many thanks for all your help

Please clarify the above and I will be happy :-)

Karen 

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• # 81238
• Mon 26 Mar 2012 10:33 PM

I use to complete Ltd company accounts in and accounts practice, and I can tell you I would be happy if a bookkeeper got all the balance sheet items reconciled, with third party documentation. i.e vat return, Paye nic P32 at the year end, Post year end bank statements to vouch off Vat and Paye paid post year end. Fixed assets and invoice back up to additions. Invoice back up to tax sensitive nominal accounts. Etc Etc Etc.

In 17 years doing this job I can count the number of jobs on one hand that had only a fraction of the above mentioned items.

Good for you going out there and grabbing the bull by the horns

Personally I would not wish full GAAP disclosures on anyone other than an accountant.

Regards

Peter

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