Book Keeping and Accounts Preparation Steps

Book Keeping and Accounts Preparation Steps

Book Keeping and Accounts Preparation Steps

Book Keeping & Accounts Preparation Steps

Step 1) Book Keeping entering Sales/Expenses invoices

Step 2) Reconcile bank and allocate other receipts and payments where there are no invoices e.g. Wages, VAT Payments, Bank Charges and so on

Step 3) Depreciation to capital items in the Balance Sheet/Statement of Financial Position

Step 4) Reconcile if and where applicable vat, wages, paye, debtors, creditors, etc and all Balance Sheet Items in the Accounts

If the book keeping has been done ✅ then everything else should fall in place

Step 5) Accruals, Prepayments, Wages Data entered if book keeping for payroll not linked

Step 6) Review Profit & Loss (Income Statement) breakdown bear in mind is subjective but has to be allocated consistently each year

Step 7) Adjust for tax computation to determine tax due

Step 8) Before finalizing ensure all balances agree to supporting documents or can be reconciled in the following years without any discrepancies and adjustments required

Steps 👆 will be used for whether a company has £1 turnover or £100,000,000 turnover

Same rules apply to sole trader and partnership

If you require assistance in for a complete service including Book Keeping or only Accounts and Tax then please feel free to reach out for an initial free consultation

Tel: 01212852534

Secure Accounts Limited

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