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No bank account!

  • Member
  • Practice Licence
  • 41 posts
  • # 113310

Hello!

 

I am anewbie here!

 

I have just taken on a clinet who has just been trading since Jan 16, in a small business alongside his main employment. I have pproduced a P&L for him (and taxman) but have no bank / cash records. He initially used his personal account so it is all jumbled up in there - he now has it separately. Do I need to use the bank for anything or can i just take his income and expenditure for his tax return? I have verified each item as he has copies of everything. Thanks for your help

  • Fellow PM.Dip
  • Practice Licence
  • 6 posts
  • # 113491

Hello,

You have done the right thing by recommending a business bank account to record the business transactions moving forward. My recommendation would be to post all the invoices/receipts to the accounts package you are using and then if the owner says they have been paid, mark it as paid to owners drawings.

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