As in-house house accountant for a small business we have just received a bill from our external accountant for "opening balance adjustments" work.
This comprised a meeting (and preparation) - so that we could see and understand the adjustments our external accountant had made between:
1) the trial balance and general ledgers that we provided them for year end
2) the year end accounts they prepared for Companies House
We fall under a small company exemption and submit abbreviated accounts to Companies House.
I would have thought that it would be perfectly reasonable for us to understand the adjustments that were made to our information to produce our accounts, and that we would not be expected to pay extra for this, over and above the normal year end fee?
If we did not know or understand the adjustments how could we make the relevant adjustments to our books and maintain reports like Balance Sheets going forward? Or indeed find out about any underlying issues in our record keeping?
I would appreciate any opinion and insight from those in practice.
Thank you in advance.