Accounting & Audit
Book Clean Up and
Historic Accounting
The company’s owner needs a precise and well-maintained set of books to run smoothly and make informed business decisions. Most SMEs have trouble keeping a clean set of books, as this requires regular book updates, proper spending allocation and adherence to commonly accepted accounting principles. A company can penalize itself by overpaying taxes by not having a clean collection of records.
“Book Clean Up” helps business owners understand the financial situation and the real net worth / profit. Our accountants will assist you with the implementation of a suitable accounting system and provide accurate information and timely reports needed for management decisions.
Scope of Services
- Correction of existing miscoded GL entries such as expenses booked in asset accounts, wrongly booked income etc
- Fixing vendor payments and credits not applied correctly
- Fixing customer payments and credits not applied correctly
- Locate discrepancies in balance sheet items
- Reclassify historic transactions that have been incorrectly recorded
- Write back of long term / short term provisions that are no longer required
- Write off non collectable invoices
- Write off current assets & non-current assets that are no longer recoverable
- Clearing backlog of un-posted historic transactions
- Clean-up of chart of accounts through removal of duplicate and unused accounts and systematic structuring of accounts
- Support in revaluation of property, plant and equipment and recalculate depreciation & amortization
- Review of unpaid bills report for any additional corrections, updates or changes
- Review of “Open / Unsatisfied Charges with Registrar of Companies” created by the company
- Reconciling historic accounts with bank, credit card, line of credit, vendor and customer statements
- Review of accounts receivable aging summary report for any additional corrections, updates or changes
- Reconcile bank and credit card accounts
- Review of working trial balance for data entry errors, misclassifications and prepare list of suggested adjusting journal entries to correct these mistakes
- Troubleshoot prior account balances that have been changed.