Question about my all accountants

[Emu]

Im curious why when I use quickbooks the accountant who completes my year end taxes always asks for a copy of my bank statement for april the starting and april the closing period each year. Ive used 3 accountants and they always ask this.

Does anyone know why or what they do with these statements?

 

[johndon68]

I assume it is so they can match the balance in QuickBooks to the balance on the actual bank statement. My accountant asks the same of me every year.

John

 

[MyAccountantOnline]

Im curious why when I use quickbooks the accountant who completes my year end taxes always asks for a copy of my bank statement for april the starting and april the closing period each year. Ive used 3 accountants and they always ask this.

Does anyone know why or what they do with these statements?

It's quite normal practice and something I do too.

Its mainly to ensure the bank balance in your accounting records matches the statements - if it does it will generally mean all payments and receipts have been entered into your records and the records are accurate enough to use as a basis for preparing the accounts.

 

[Glenn Martin]

Hi Emu
When using bank feeds they sometimes have a hiccup where the same transaction comes through twice or similar. If you just reconcile everything that came through on the feed your QBO balance could be way different to the actual balance.

You should worry if your accountant doesn't ask for this as they are not checking your paperwork correctly.

My wife is a client of mine and I spotted £1500 she had been underpaid as the bank feed had not worked properly.

 

[MyAccountantOnline]

...
When using bank feeds they sometimes have a hiccup where the same transaction comes through twice or similar. .....

Barclays by any chance?

 

[Clearaccy]

Like other people have mentioned, it's just for reconciliation purposes.