First Client - Tips

System

Hi All,

I am going to be introduced to a client this wkend. She is a sole trader(Hairdresser)who needs help with her books. I work in the industry but some extra cash will do.I am currently doing my Technican stage.The DFS has kind of broaden my knowledge and I am confident that I should be alright. As this is my first client pls answer the following questions

1. Which financial statements will I need to prepare?
2. do I start from the source documents? bookeeping?
trial balance?
3.what document should I require from the client.

If anybody can send me some spreadsheet templates. this will be very much appreciated.

saalliuk@yahoo.co.uk

System

Re:First Client - Tips

Multiple post

System

Re:First Client - Tips

The way I do it is this (for accounts): three kinds of ins and outs in a business = cash, bank and credit, so:

do a bank reconciliation (checking all bankings are current salesin the year, not something else, of cours and all payments are business expenses)also work out the timings at beg and end of year, using previous working papers from previous accounts

do a cash reconciliation (same as above)

separate these into the correct accounting categories

add in year end accruals and prepayments and take off beg of year accruals and prepayments

do a vat reconciliation to the above and match to sales and expenses

you should have a reasonable set of accounts

System

Re:First Client - Tips

Hello!

Have you had a look at the templates on Microsoft Office Online? There are some obscure ones but loads that I think will come in really handy - P&L, Balance Sheets, Breakeven Analysis, 12 Month Forecasts etc. You might find something useful there.

http://office.microsoft.com/en-us/templates/CT061993371033.aspx

Hope this address works!

Good Luck.

Emma