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Hi all,
OK, so I have my first client!! Woo hoo!!! Now the "fun" begins!?!?
They are in their 2nd trading year & I have a copy of their Annual Report for the year ended 14th September 2011.
Their accountant has completed their VAT returns so far which are up to date with the next one not due until July.
Some basic & probably daft questions but at the moment I am a little daunted with the vast amounts of paper & spreadsheets I have been given detailing their financial year so far!
What else do I need from the accountant in order to input the opening balances or should I be able to get all this from the annual report?
Do I need details of the specific debtors & creditors at the beginning of the financial year?
I'm planning on using VT transactions for their books so I assume I start as of 15th Sepember 2011 & work my way forward (I have agreed to "make good" his books up to date as I believe this will be a good learning experience for me)?
From a "monthly" perspective, I guess it accounting months will run across two calendar months i.e. 15th Sep - 14th Oct? 15th Oct - 14th Nov & so on?
Does anyone have any hints & tips in relation to tills & Z-readings? Basically he puts everthing through the till, takes out petty cash from the till, puts in an invoice figure for customer's on accounts which will then be invoiced at the end of the month. What would the best way of dealing with this?
He takes a salary as well as ad-hoc drawings when their is sufficient funds in the bank account - would I simply include his salary in the wages nominal account & set up a new nominal account for drawings? (I've only come across drawings with Sole Traders so I assume it is OK for a director to also take drawings if the funds are there or would it be recorded in a different way? I can't see any mention of drawings in the annual report?)
Any pointers, advice & words of wisdom VERY gratefully received!
Rgds,
Jo
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