Year end procedures

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Those of you that deal with year end procedures, could you tell me exactly what you have to do to prepare yourself for the Accountant.

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Year end procedures

    A lots would depend on type of company u work for.<BR>But as example, some of the things i have to do/prepare :-<BR><BR>Reconciliations<BR>Account reports<BR>Analysis of certain nominal accounts<BR>Copy invoices that i know will be required ie assets!<BR>Full management accounts from computer<BR>Printouts etc of debtors / creditors accounts <BR>the list goes on.....<BR>etc etc<BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Year end procedures

    I tend to put together a year end audit pack which contains the following.<BR><BR>FIXED ASSETS<BR>- Details of all the fixed assets, copies of the invoices and details of <BR> depreciation charges.<BR>DEBTORS<BR>- Aged debt listing rec'd to Sales Ledger Control<BR>- Analysis of cash received subsequent to the year end.<BR>- Analysis of post year end credit notes<BR>- Details of all possible and bad debts with analysis of provision for<BR> write off.<BR>- Analysis of prepayments and 'other debtors'<BR>BANK, CASH & BORROWINGS<BR>- Bank rec of all bank accounts<BR>- Analysis of term loans with y/e balance split.<BR>- Copies of all bank facility letters and details of covenant compliance.<BR>- Copies of loan agreements (ie., cars)<BR>CREDITORS<BR>- Aged creditor listing rec'd to Purchase Ledger Control<BR>- Supplier statement reconciliation<BR>- Analysis of accruals<BR>- Analysis of deferred income<BR>- VAT analysis and reconciliation<BR>- Details of any contingent liabilities<BR>- Details of any HP creditor analysis<BR>- PAYE & NIC reconciliations<BR>INTERCOMPANY BALANCES<BR>- Analysis of any intercompany balances agreed with the accounts<BR> of all companies<BR>TAX ANALYSIS<BR>- Analysis of all relevant expense accounts<BR>PROFIT & LOSS<BR>- Trading account for each company<BR>- Full reconciliation of payroll<BR>- Details of any management charges between any group companies<BR>NOMINAL LEDGER/TB<BR>- Full copy of NL for year<BR>- TB for year<BR>- Details of all year end journals.<BR><BR><BR>I hope this helps.<BR><BR>Susan<BR><BR>

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