First year account

Accounting
1

Hi, I have been using Quickfile for a little while now for my business. I used an accountant to perform my first year company accounts for HMRC & Companies House.
What I have found is that what I have in quickfile differs to what my accountant put into the first year accounts.

I am not sure how to resolve these issues for the 2nd year accounts, as I understand I need to try and get quickfile to match what was submitted so that I can use a quickfile enabled accountant going forward.

On the balance sheet I have differences in the fixed assets, creditors, net current liabilities, accruals and deferred income. The P&L sheet has a lot more differences including depreciation.

Can anyone help me work out how in quickfile I could resolve this (previous accountant is not being very helpful in helping me understand what he did given I do not have a degree in accountancy!)

My business is fairly simple in that I have bought some equipment (capex) using plant and machinery for depreciation, I then receive a monthly payment for rental of the machinery.

I hope this makes some sense what I have described, not sure if I can use journals to get this in order so that going forward I can get a quickfile enabled accountant to just run the simple report for year end reports to HMRC & Companies House.

Any and all help is much appreciated.

Thanks,
Sunny

2

The previous accountant should have done adjusting journal in QF too to match submitted accounts with QF, that is not a pro job, but it can be done by a new accountant, you might have to pay a little extra for it or you can do it yourself too

3

If your accountant won’t give you the year-end adjustments to make in order to agree your QF accounts to what they filed, then you can work it out yourself. You would need to run a trial balance in QF at the date of your previous year-end and compare it with your accounts. Ideally your accountant should provide you with a closing TB but you can put together a summary from your accounts (it’s essentially just the P&L and the balance sheet combined).
The accounts won’t show as much detail as the trial balance so it’s best to obtain a TB from your previous accountant if you can. As part of the handover to a new accountant, this is the minimum he should provide.

1 Like
4

Hi Omer & Claire,

Many thanks for your response, I am attempting to get the trial balance from my accountant, hopefully this will help me resolve the issues.

Thanks

1 Like
5

This topic was automatically closed after 5 days. New replies are no longer allowed.