PracticeBooksA financial statements checklist for every client
Work through the same steps to prepare every client’s financial statements, lock a month once the bank statement is signed off, and keep track of what each client still has to send you.
The steps to prepare the financial statements
Each client’s checklist starts with the standard steps:
- Opening balances
- Client records received
- Post — bank statement
- Debtors
- Creditors
- Stock
- Fixed assets & depreciation
- Loans & borrowings
- Accruals & prepayments
- VAT reconciliation
- FNPF / PAYE reconciliation
- Income tax
- Equity
- Trial balance review
- Financial statements
- Review & sign-off
Add your own tasks, give each one an owner and a due date, and keep notes against it.
Sign off the bank, lock the month
Marking “Post — bank statement” as done closes that month to new entries on the client’s bank accounts, so a reconciled month stays reconciled. Re-opening the task unlocks it.
What the client needs to send
- A list of what the client must supply for the year’s accounts, built from their chart of accounts and bank accounts and written in plain language.
- Track each item as to request, requested, received or not applicable.
- Download the request — or a reminder for what is still outstanding — as a PDF to send to the client.
Close the year
Before a financial year is closed, PracticeBooks checks for draft entries, entries that do not balance, depreciation not yet posted, bank months not signed off and balances left in suspense accounts. A closed year cannot be changed; an administrator can reopen it, with a reason that is kept on record.
More in PracticeBooks
- JournalsRecord, import and correct journal entries, with a full change history and undo.
- Bank reconciliationImport the bank statement, confirm the matches, and finish when the books agree to the bank.
- FRCS depreciationA fixed asset register with FRCS rates built in, the depreciation schedule and the year-end journal.
- Financial statementsProfit & Loss and Balance Sheet from the ledger, with comparatives and PDF or CSV downloads.
Bring your practice onto PracticeBooks
Each firm gets its own PracticeBooks organisation. We set it up with an administrator account for your practice; your administrator then adds your staff and client companies. Email us to request access — tell us roughly how many staff and client companies you have.
Or write to [email protected]