Annual Accounts Checklist
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Collecting records for the year end accounts
This is a checklist for annual cases. The quarterly accounts checklist is here if you need it.
Whether your case is quarterly or annual, please help us with this information which covers the whole trading year. Even if the checklist looks familiar and replicates some quarterly items please work through it all, because the need to quantify things like stock, debtors and creditors arises only at the year end.
Bank/Finance House items
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Copies of all business statements on current accounts, deposit accounts and loan accounts.
- Loan agreements for any new loans taken out during the year, showing (a) a simple analysis between the loan capital and the interest due and (b) a schedule of payment dates including any variations in the first or the last payment.
Income items
Records of all sales and sundry income. That could be any one of the following:
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Copies of all invoices issued.
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A full summary of all invoices issued, on a single schedule with separate columns for Date, Net, VAT and Gross
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A full set of duplicate pages in a traditional carbon copy invoice book.
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A photocopy of the income sections from your hard back analysis book.
- Other records which clearly show all monies received.
Expense items
Any combination of the following:
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All supplier invoices addressed to your business
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A photocopy of the expense section in a hard back analysis book
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Other receipts and expense vouchers which support your other business outgoings.
- Expense claim forms for directors and/or employees of limited companies, or partners personal expense claim forms in the case of a partnership.
Payroll Items
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Separate payroll summaries for Executive and Non-Executive staff
- The summaries should show separate totals for Gross Pay and for Employer’s National Insurance
VAT Items
if you are VAT registered, please also include:
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Copies of all VAT returns for the quarters spanning that whole trading year (copies of either actual VAT100 forms or substitute VAT100 reports).
- If the VAT quarters are not aligned with the trading year end, then copies of returns for 5 quarters will be needed in order to cover the whole year.
Stock Record
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A simple analysis of stock on hand (at cost) on the year end date.
- Separate stock records may be required if you have (a) raw materials, (b) work in progress and (c) finished goods.
Debtors
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A list of trade debtors as at the year end . . . people who you had billed by the year end, but who hadn’t paid you.
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The list should show an analysis which includes the date of your invoice, the invoice number, the client, and the amount due.
- A list of any other debtors (eg a family loan) with a short analysis of the date, details and amounts involved.
Creditors
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A list of trade creditors as at the year end . . . people who had billed you by the year end, but who you hadn’t paid.
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The list should show an analysis which includes the date of your supplier’s invoice, the suppliers name and the amount due.
- A list of any other creditors (eg deposits) with a short analysis of the date, details and amounts involved.
Please check the Paper or Paperless page if you need advice on how to send things.
Posted on 22 Jun 2009 by The Proactive Accountant Dot Com
Tags: accounts, annual, checklist
