Introduction
- The Approach to this and all Articles is consistent with our Standard System and Procedure.
- This article details the rationale behind producing the period end Final Accounts Package.
- By its nature this article is “dynamic” and it is recommended that a request be made for its update, where the last updated date is greater than the last thirty working days.
- Furthermore, this article will be updated based on any questions raised by you if not answered already.
What Is The Process
- The process entails producing a complete package of the working papers leading to the production of the following:
- Final Accounts for Companies House (FACH).
- Final Accounts for HMRC (FAIR).
- Corporation Tax Return (CT600).
All of which you would already have received, authorised and approved for filling.
- Once that process has been completed, a “year end” (period end) process has to be carried out in order:
- To close that period end e.g. year end 31 March 2020.
- To commence the next period e.g. year commencing 1 April 2020 and ending with 31 March 2021.
What Doccuments Are Included In The Period End Package?
- In addition to copies of the above documents you will receive the following, where appropriate:
- Detailed Nominal Ledger (shows every transaction in the accounting records);
- Final Trial Balance;
- Final Balance Sheet;
- Final Profit & Loss Account;
- Sales Day Book;
- Detailed Debtors Listing;
- Bought Day Book;
- Detailed Creditors Listing;
- Mileage Allowance;
- Use of Residence;
- Incorporate all Bank, Cash, Credit Card and any journals.
What Is The Purpose Of The Doccument?
- To ensure that you have access and ownership of their accounting records.
- To see how the breakdown of the figures submitted on your behalf.
- To enable the current accounting period to commence (see above).
- Any additional subsequent requests for this or indeed any information to be provided again will be subject to our standard fee.
What Happens If You Discover Any Errors Or Exclusions?
- This should not happen as the entire exercise would only have commenced after your approval.
- In the final analysis “Shout” and bring it to the attention of Avar.
- You will then be advised as to the numerous options.