# bank looking for "accounts"



## officepres (12 Nov 2009)

My bank is needing my "accounts" from 08. I wouldnt be an accounts expert and I normally just put all my receipts and invoices in on "sage" and then give them to my accountand after i run the "year end" in sage. The bank person didnt seem to know specifically what was meant by the word "accounts". I mean the 2008 accounts are not back from the accountant yet and i assume i could generate the necessary reports in sage but i dont know which reports to generate. When they use the term "accounts" are there specific reports that they are looking for or do i have to wait for the accountant to get back to me with the finished accounts.


----------



## DBRAN (12 Nov 2009)

Hi

Stop right there!!!!

Do not under any circumstances give the bank any accounts or information unless they have been agreed and finalised by your accountant. You risk causing all sorts of unnecessary questions being asked by people who just tick boxes for a living and dont understand your business. Tell the bank simply that your accountant is still working on the accounts at the moment and he will be in touch when they are ready. Call your accountant and tell them that the bank are looking for your accounts and let him deal with it exclusively.

Kind regards


dbran


----------



## officepres (12 Nov 2009)

thanks - i suppose i was kind of thinking that - but i dont know that i have that much choice - i have missed a good few direct debits on my personal accounts over the last year and they bank are saying that i have to do a restructure ( which i have no problem with really )  and that's what they need the acoounts for .. however i feel like i am on borrowed time ( i delayed a bit initially in getting the restructure and a guy phoned me up a couple of weeks back to tell me that they were stopping all my direct debits ( decision already made)  - which would be a minor disaster TBH ; but i managed to talk him out of it but he only was giving me a couple of weeks to get the restructure in place... any ideas for me ... im not actually borrowing any money - just consolidating


----------



## DBRAN (12 Nov 2009)

Hi

My advise would be to get your accountant involved with this issue as soon as possible. You are only making things worse for yourself otherwise.

Kind Regards


Dbran


----------



## Brendan Burgess (12 Nov 2009)

In the current business environment, you should have your accounts much more promptly. 

Your accountant will need them for the tax returns anyway. 

Brendan


----------



## Graham_07 (12 Nov 2009)

Brendan said:


> In the current business environment, you should have your accounts much more promptly.
> 
> Your accountant will need them for the tax returns anyway.
> 
> Brendan


 
I have found recently that with less activity we are able to produce clients accounts much more timely than was the case during the busy times. Have already got several accounts with years ending June, August & even one September 09 done. Gives the client up to date information when it is still useful. Accounts for 2008 are of very little use now.


----------



## officepres (12 Nov 2009)

thanks for advice - i am sure you are all right


----------



## jack2009 (17 Nov 2009)

How can the 2008 accounts not be back from your accountant yet?  Even if you had a December year end they were required by CRO back in September and you have missed tax deadlines!


----------



## Featherhead (28 Jan 2010)

jack2009 said:


> How can the 2008 accounts not be back from your accountant yet? Even if you had a December year end they were required by CRO back in September and you have missed tax deadlines!


 

Its the end of 2009 so it is very strange that the 2008 accountys are not done yet - when did you give your information to the accountant?!

Ring the accountant and explain what happened with the bank. Get your 2008 accounts back asap (and make sure the 2009 ones wont take that long to get back). Ask the accountants advice on what reports the bank will need and exactly what you should be supplying them before giving the bank anything.


----------



## dewdrop (28 Jan 2010)

Banks normally require the audited accounts and i am not sure what items might not be given to the banks which seems to be suggested in previous posts. Maybe i have read the advice incorrectly


----------



## Graham_07 (29 Jan 2010)

dewdrop said:


> Banks normally require the audited accounts and i am not sure what items might not be given to the banks which seems to be suggested in previous posts. Maybe i have read the advice incorrectly


 
Banks always look for "audited" accounts, which term is often incorrect.
1) Sole traders and partnerships do not provide audited accounts. They may be prepared by their accountant but are not audited. 
2) audit exempt limited companies, who choose the audit exempt accounts route similarly do not have audited accounts.
3) only companies requiring or choosing to prepare audited accounts would have them.

Normally, for the average business one would prepare Profit & Loss Account, Balance Sheet and related notes and it is this that is normally provided to the bank where requested.


----------



## Featherhead (29 Jan 2010)

Dew Drop I don't think anyone was implying to hide anything from a bank or to ignore a request (I did not mean it in that way anyway) - more to speak to the accountant about the banks request (especially considering the accountant has the OPs accounts since 2008) and make sure that you provide the right data and reports the bank needs.


----------



## simplyjoe (4 Feb 2010)

IMHO not having 2008 accounts in November is wrong. Either you or your accountant needs a kick you know where! You cannot manage a business with information this old. If I was your bank manager I would be very nervous of giving you any credit if your business cannot handle such basic requests. It really shows you in a bad light. No point blaming the accountant when you are speaking to the bank - you chose him, you choose to stay with him!


----------

