Accounts for Tattooist

MVT
MVT Registered Posts: 41 ? ? ?
Hi,

I have been approached by a Tattooist to do his SA for 2012/13. I haven't worked with Tattooist before and was wondering what the typical records required are other than: bank statements, receipts and rent book?

He operates on a cash basis so obviously transactions take place at the time i.e. customers pay after tattoo and his typical expenses are ink and cleaning so would pay in cash at time of purchase. No invoices from Suppliers.

Any advice?

Thanks

Comments

  • T.C.
    T.C. Registered, Tutor Posts: 1,448
    I would say that this should be quite straight-forward. Cash book of takings and receipts from suppliers. I don't see why he wouldn't have receipts from suppliers though!!
  • RAS
    RAS Registered Posts: 124 ? ? ?
    Would have thought pretty standard and routine like the vast majority of business activities. Not sure why you would think it would be any different from the norm.
  • MVT
    MVT Registered Posts: 41 ? ? ?
    Thank you.

    He hasn't been keeping a cashbook previously he pays for his supplies and then banks the balance from his takings. I have suggested he keeps a cashbook of his daily takings so that it can be reconciled.

    A lot of his supplies are bought from tattoo exhibitions and they don't provide receipts/invoices. All of his products are bought at the time with Cash so no credit accounts.

    So really the only reason why it would be a little more difficult this year is because he hasn't kept suitable accounting records and so we don't really have a starting point!



    Thanks
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