I am busy with checking everything before processing year end.
I have some queries -
1. We have 2 bank accounts - a current account and a credit card account.
The Current account recon is correct and balances for the year end, the Credit card account however doesn't.
I looked at the opening balance in the accounts and it does not match the actual bank statement I queried this discrepency with our previous accountant but to no avail - I have checked and I see this account is actually in our directors name - does that mean that we don't need to make sure that it balances and that I just need to make sure all the business transactions for the year have been posted correctly?
2. If there are other errors ie wrong allocation of accounts I can post these all post the year end correct? I just need to ensure that all the documents are correct for the year Ie Tax invoices/ credit notes?
The only reason I say this is we took the accounts away from our previous accountant a few months ago so the months where she handled them I would need to look through every transaction one by one to check for adjustments, this could take quite a while, so i would like to do the year end so that we can carry on with our normal accounting while scrutinising the other months