Incorrect Debtors balance

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spurschic1@yahoo.com
spurschic1@yahoo.com Registered Posts: 94 Regular contributor ⭐
Hi all,

How would I deal with an incorrect balance b/f for Debtors? I know from another set of accounts I'm doing that the debtors are incorrect from previous financial statements and have no idea where the last accountant got the bank balance from and the differences don't match up.

any help would be great,
thanks!

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  • AatAbi
    AatAbi Registered Posts: 47 Regular contributor ⭐
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    ask the debtors to confirm their statements
  • Bluewednesday
    Bluewednesday Registered Posts: 1,624 Beyond epic contributor 🧙‍♂️
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    I would ask for the bank reconciliation and the debtors working papers from the previous accountant. That's pretty standard stuff that they should have sent you.

    Hopefully then you will see where the difference has come from.
  • spurschic1@yahoo.com
    spurschic1@yahoo.com Registered Posts: 94 Regular contributor ⭐
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    Unfortunately the last accountant isn't the most helpful and have been chasing for 2 months for the Bank rec and Debtors. Any other idea?

    Thanks!
  • Bluewednesday
    Bluewednesday Registered Posts: 1,624 Beyond epic contributor 🧙‍♂️
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    If you can't work it back you will have to get the figures off the other accountant.

    If there is definitely no way you will just have to get as near as you can and then look at where to write things off - not ideal but sometimes you just have no choice.

    How are the records kept? Excel or sage?
  • spurschic1@yahoo.com
    spurschic1@yahoo.com Registered Posts: 94 Regular contributor ⭐
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    Thanks Blue Wednesday! The accounts are kept on Excel. Think I will just have to bite the bullet and make the adjustments as best I can!

    Thanks again!
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