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Cash basis

monkeypuzzle47monkeypuzzle47 Feels At HomeMAAT, AAT Licensed Accountant Posts: 134
Quick question please. If you are preparing final accounts using the cash basis for a client. What is the correct accounting policy wording for this to include on the financial statements please?
thank you in advance :)

Comments

  • JayB2606JayB2606 StaffordshireFMAAT, AAT Licensed Accountant Posts: 36
    Depends if you are using simplified expenses:

    As the business turnover is less than £xx,xxx, the partners/proprietor have/has chosen to prepare the under the cash accounting basis, (as well as using simplified expenses).

    not the best but gets the job done :-)
    ACCA, FMAAT, Licenced Accountant and ACCA Practising Certificate
    monkeypuzzle47
  • monkeypuzzle47monkeypuzzle47 Feels At Home MAAT, AAT Licensed Accountant Posts: 134
    many thanks Jay :)
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