End of Accounting Period Check

Some helpful points to make the statutory accounts preparation smoother for you!

Fixed Assets & Investment Property

• Review your asset register to identify any assets sold or disposed of
• Ensure any assets bought in the year are recorded and the invoice is kept
• Review the value of any properties held for rental and ensure it is a market rate

Stock

• Check that the physical stock held agrees to the stock records
• Inspect the stock for any damaged stock or stock to be discounted below the price paid for it

Aged Receivable & Aged Payables

• Take a look at the aged receivables and aged payables lists to identify any duplicates or amounts which won’t get paid

Business Expenses

• Ensure all business expenses which have been paid for privately have been accounted for (applies to expenses paid for by employees and directors!)
• Ensure any business mileage has been accounted for (applies to employees and directors!)

Bank, Loan & Credit Card Statements

• Obtain all bank, loan & credit card statements showing the balance at the end of the accounting period – often loan statements will need requesting in advance!