Bookkeeping and Good record keeping
Bookkeeping and Good record keeping
We were just given the box, and asked to record all the transactions – we had no idea of the nature of the business, no opening balances – nothing.
We looked through the paperwork and proceeded to find a pattern of transactions. We’ve many years experience as bookkeepers, and were able to work out how many of the payments were made, though it proved to be quite a challenge, owing to the way that the client has been keeping the paperwork, such as:
Bookkeeping and Good record keeping - To learn more about this author, visit John Stewart's Website.
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Recently a client approached us with an A4 archive box full of suppliers' invoices, and a couple of bank statements, for the 2008 - 2009 financial year.
We were just given the box, and asked to record all the transactions – we had no idea of the nature of the business, no opening balances – nothing.
We looked through the paperwork and proceeded to find a pattern of transactions. We’ve many years experience as bookkeepers, and were able to work out how many of the payments were made, though it proved to be quite a challenge, owing to the way that the client has been keeping the paperwork, such as:
- Incorrect cheque numbers were written on invoices
- Statements marked "paid" with no amounts detailed
- Cheques written with no payee
- Invoice amounts altered by hand
- Invoices marked "paid by Cash"
- No record of cash income from sales
- No record of what the cash deposits into the bank account represent
- Bank statements missing
- Cheque books missing
- Deposit books missing
Bookkeeping and Good record keeping - To learn more about this author, visit John Stewart's Website.
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