Management Accounts vs The Books
how do businesses in practice deal with the fact that management accounts may need to have things showing in different periods to the books/ Vat records?
eg invoice from supplier A relates to event on 28 Feb but invoice is dated 3 March?
Is it common practice to download the books into excel and then move things around? Surely most small businesses then have problems with the management accounts not actually reconciling to the books or balancing in terms of double entry?
Any light you can shed on this process would be much appreciated. My boss who is not an accountant currently gets our assistant to retype each Purchase Order and Invoice into an excel Tracker. Everything is then individually reentered into a cloud accounts package similar to basic sage.
Do any versions of Quickbooks deal with this problem automatically without entering everything twice?
Thanks in advance...
- Instant CPD offer 244 3
- Income from rent charged to business 33 1
- CIMA accountant wants to start consultancy 410 5
- Statutory sick pay 275 4
- Dividend in specie 350 9
- Complicated Company car purchase 203 2
- Ltd Company Buying Own Shares and Transferring Assets 164 3
- Cash basis 470 12
- Retail vat schemes for a restaurant 136 1
- Rental Property W&T And Equipment 262 1
- Legislation access for part-time sole practitioner? 290 1
- Ownership of land - declaration of trust 156 3
- Fee base v staff ratio 340 6
- NIC thresholds - two employments 1,845 27
- Statutory Accounts - Dividends Disclosure Note 322 3
- Unincorporated organistion ceasing to exist 232 2
- Gift in kind to charity by company: services 93 1
- Investor exit 191 3
- Partially exempt? 371 10
- Debtor/creditor set-off 160 1
- Skandia using wrong address 561
- FHL, period of grace and Entrepreneur's relief 305
- Does anyone use PS Financials accounting software out there? 302
- Employee rewards 285
- Gift of reversion and lease into trust by two different people - later PPR 241
- EPS Analysis - Change to EURO 223
- Etax Australian 183
- LLP in Construction Industry 147
- Interest and late payment charges HMRC 129
- Selling On Amazon & Calculatign Prices/Vat 129