Trial Balance from accountant

[AlinaM]

Hello everyone, I hope you all had a good start of the year.

I have recently received a new trial balance from the accountant which I need to enter on our Sage 50 accounts. I am bit overwhelm with the information give and I was wondering if you don't mind helping me to figure it out so I will try and not start with mistakes from the beginning.
Firstly I am not aware of the program they are using as the nominal codes are different from my sage. As from the main list, I will only point out the numbers and information I am not entirely sure of so I will try my best not take much of your time. The numbers are as following:

378 Penalties and fines
415 Other Interest
491 Other Interest
501 Corporation tax charge/credit current yr
506 Deferred tax charge/credit current year
531 Interim dividends paid ordinary shares
661 FF & E cost b/f
665 FF & E acc depn b/f c
666 FF & E depn charge
67A Investments property cost / valuation b/f
67B Investment property additions
67C Investment property reevaluations
698 Loans to part int cost b/f
69C Loans to part int prov for dim b/f
831 Corporation tax payable
931 Deferred tax re capital allowances b/f
933 Deffered tax re capital allowance movement
951 Ordinary share capital class 1 b/f
980 revaluation reserve b/f
981 revaluation in year
991 retained profit

thank you

 

[john1989]

Ask the accountant for the list of journals that arrived at the finalised trial balance.

 

[johndon68]

The majority of the items listed do not exist as default nominal codes in Sage anyway so would need to be created prior to entering the journals.

John

 

[Energise Accounting]

not really sure the nominal codes matter it is more about the headings. As John has said ask for the accountants year end trial balance

 

[David Griffiths]

As John has said ask for the accountants year end trial balance

Isn't that what the OP already has?

 

[AlinaM]

Ask the accountant for the list of journals that arrived at the finalised trial balance.

Good afternoon John, thank you for your response.

These entries are from the trial balance which was sent over to me, I only posted the ones I am not familiar with. All the others I have penciled the sage nominal code against it as example:

001 Sales - 4904 in our case is rent
322 Rent- 7100
323 Rates 7103
326 Insurance 8204
331 Light and heat 7200
332 Cleaning 7801
334 Repairs and maintenance 7800
341 Printing postage and stationery 7500
345 Telephone 7502
346 Computer running costs 7506
361 Travelling expenses 7400
365 Legal and professional fees 7600
367 Consultancy fees 7602
368 Accountancy fees 368
371 Bank charges 7901
378 Penalties and fines Not sure if I should create/add a nominal code in the 79xx range ?
380 credit card charges 7905
381 Sundry expenses I usually use 6900 although the amount is over 8xxx
384 Charitable donations 8200
395 Depreciation on plant and machinery 0021
396 Depreciation on fixtures , fittings and equipment 0041
39A Depreciation on computer equipment 0031
415 Other interest 7904
471 Bank Interest 7900
485 Interest on overdue tax 7906
491 Other interest again I was using 7904 but I will try to see if the accountant can advise what is related to and if it requires a separate nominal code
501 Corporation tax / charge /credit current yr was thinking of 2320 but not sure at all
506 Differed tax charge/credit current year should be in range 39xx this is based on reading

 

[Energise Accounting]

I would use a code within the 79xx range you are correct.

 

[AlinaM]

Okay going further with this and small readings, I decided to add the following two new nominal codes :

501 Corporation tax / charge /credit current yr was thinking of 2320 but not sure at all under overheads 8400
506 Differed tax charge/credit current year should be in range 39xx this is based on reading under overheads 8401

Last year I made a mistake , i added new nominal codes in the nominal in the list and I did not know they will not be included in the COA and this has caused issues between me and the accountant. Fair enough , now that I know this I need to rectify my errors, so I went into the COA settings, added for example under taxation 8400 and 8401 clicked the COA and got stuck at choosing the subdivision as I got confused into Bad Debts which is clearly not , suspense and bank reevaluation. I set it up under suspense account but I am not sure if it is correct...

 

[MyAccountantOnline]

AlinaM if I was your accountant I'd rather hope you'd ask me for help - that's what you pay an accountant for.

Personally I dont see the need to have exactly the same headings.

 

[AlinaM]

AlinaM if I was your accountant I'd rather hope you'd ask me for help - that's what you pay an accountant for.

Personally I dont see the need to have exactly the same headings.

Good afternoon Nicola, I work for a family which has several business company, I came in to do their bookkeeping, spoke to the various accountants from the company their are using and each time I got an okay answer, or sounds fine and when I was half way through my work 2 of them sent storms and thunders at me, suddenly it was not okay anymore. I also notice their bills now reduces from a xx,xxx digits for whole year to a x,xxx figure due to my work, so I guess this is one of the reasons as well?
For me it seems I have more chances to figure out the information from here and other kind people then getting anything from them...
If you noticed my first post they sent me a trial balance with 3 entries for other interest which is not matching anything I sent over for year end....

 

[MyAccountantOnline]

Good afternoon Nicola, I work for a family which has several business company, I came in to do their bookkeeping, spoke to the various accountants from the company their are using and each time I got an okay answer, or sounds fine and when I was half way through my work 2 of them sent storms and thunders at me, suddenly it was not okay anymore. I also notice their bills now reduces from a xx,xxx digits for whole year to a x,xxx figure due to my work, so I guess this is one of the reasons as well?
For me it seems I have more chances to figure out the information from here and other kind people then getting anything from them...
If you noticed my first post they sent me a trial balance with 3 entries for other interest which is not matching anything I sent over for year end....

I understand what you say Alina but I really think their is so much to be gained from working with the accountant you can both help each other.

I really would discuss it with them.

It will also save you (and possibly the accountant) a lot of time now and potentially in the future.

 

[john1989]

I understand what you say Alina but I really think their is so much to be gained from working with the accountant you can both help each other.

I really would discuss it with them.

It will also save you (and possibly the accountant) a lot of time now and potentially in the future.

This^^

Bookkeepers and accountants should work together for the benefit of the client.

If there are issues to resolve, resolve them for a better working relationship.

 

[AlinaM]

Thank you Nicola and John, at my previous work I had a more nicer relationship, as you said , working together, here I don't seem to be able to have one at any level. I attempted for a year to build it and had only cold showers in return.

I got a new trial balance because the last year set up on sage the trial balance was faulty to start with. I raised some concerns to my employer whom said he will look into it. Year end has arrived, errors have build up and when working together with the employer further mistakes discovered, such as credit cards given incorrect balances to start with, and just drafted accounts. At the time employer was not happy and expressed this. Yesterday because of the employer concerns I said I accept a new trial balance and I set up company from zero again starting year 2015, and employer said no more mistakes which I am happy to accept my part, I hold my hand up, but figures wrong which end up days of rectification... That was not only my fault, I raised questions and as said concern...
Anyway the fact is I need to take the situation in my hands, what they said okay turn out to be wrong, now I get it done with books and what internet can help me with, at least I know what I am blamed for...

 

[Onion4Sage]

Alina,

I'm sorry to say that some of your proposed mappings do not look right. Scanning your list I'd say that they all look to me like P&L codes. In Sage these are typically in the range 4000 to 9999. Your 0021, 0031 and 0041 accounts are for accumulated depreciation on the balance sheet - you need the codes in the range 8000 to 8099. Also Taxation charge and Deferred Taxation charge should be in the Taxation section of the P&L in the chart of accounts - I think 9001 and 9002 would be appropriate codes to use for these.

Perhaps you might ask the accountant to review your proposed mappings against the standard Sage chart of accounts for your entity?

Regards,

 

[AlinaM]

Dear Ian,

Apologies for the late reply to your response. Unfortunately the 0021/31/41 were set up toward the year end, the owner was afraid I was making mistakes and only gave this piece of puzzle at the very end. The accountant has done my year end with these entries and said is fine for what they need to declare. I can only do what they want eventually. My accountants seem to working with balance sheets more then anything. The year end was prepared based on my TB BS and a report consisting of the nominal codes transactions. I handed over the information in June and did not got it done in end December. Now I need to get everything to today...
I called him eventually because the TB was with comparative figures and lost me completely. He said to use the current figures and my final TB does not match his total because the sent over the trade creditors with both debit and credit entries: he said they have to declare both, amounts will cancel out to the supplier aged report so is fine... Okay is fine but the total bottom TB is different.. Now I am looking at the figures... my current account starting balance is different from bank statement... now what?! I should change my work post from bookkeeper in confused.com....

 

[Energise Accounting]

It sounds like you are out of your depth. It may be worth getting a more experienced bookkeeper or the accountant to adjust the figures for you. It is difficult to advise as we don't have all the info at our finger tips.

 

[AlinaM]

It sounds like you are out of your depth. It may be worth getting a more experienced bookkeeper or the accountant to adjust the figures for you. It is difficult to advise as we don't have all the info at our finger tips.

Yes I tend to agree with you as well, than you for trying , really appreciate!