Opening entries for existing business
Hi all, i'm doing my AAT Level 2 and am new to the forum! I have just thought of a question that I can't find an answer for though. If you were to start offering bookkeeping services for an existing company (which doesn't have accurate records to date) how do you record the assets at the date you start? Would you just ask your client to realistically value all their assets and record that in relevant asset accounts? For example, a self employed builder. Would you ask then to value all their tools, their van, and so on... then record that as one value in the journal and then into individual asset accounts?