Figure Multiplier Help

username
username Registered Posts: 10 Regular contributor ⭐ ? ⭐
Hi, I am not sure what part of the forum to put this IN. But anyway, if I was working on a set of accounts that had 1 months bank statement missing. Would I multiply the figures I do have by 1/11ths and add that on to the totals in order to get my estimate for the year?

Comments

  • BeccaLouJ9
    BeccaLouJ9 FMAAT Posts: 896 Regular contributor ⭐ ? ⭐
    I usually do a mock up statement if I know the things that will be going through- The DD's def going out etc. Have you got the chq books/Paying in books? These can help you fill in some info.. Unless you have the last statement missing?
  • Monsoon
    Monsoon FMAAT, AAT Licensed Accountant Posts: 4,071 ? ? ?
    Does this relate to study or to real life?

    If real life, you get a copy of the bank statement. There really isn't any other option: you can't know if a discrepancy of £3000 is simply £3000 or whether its £123,000 in and £120,000 out!

    As BeccaLou rightly says, you can estimate the things you know will be in there, but really the only way is to make the client go to the bank and get a copy.

    In the interim I would post the balance to a suspense account and correct it at a later date if it's in the middle of the year and holding up your bank rec.
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