Planning

This help article goes through some best practice guidance and useful tips for the planning section of a year end accounts file.

Ensure all accounting periods are set up correctly before starting the job. This is much trickier and riskier to change at the end of the job when all working papers have been completed.

All reconciliations in planning are mandatory and should not be un-starred. If there is nothing to note on a reconciliation, for example Correspondence File Review, then you need to show that it has been considered eg Reviewed CCH document centre, nothing to note.

Checklists for all sections (planning, working papers, accounts production, completion) should all be allocated to the reviewer and CRM at the planning stage and should not be left allocated to "Anybody".

Set up syncs / upload manual data at planning stage so draft figures can be reviewed to ensure there are no concerns with the data.

Check the mapping - especially ensuring the P&L / Balance sheet allocation is correct. A useful step to do at planning is to agree the starting profit (before any adjustments) to the profit per the clients system. You should upload a copy of the profit and loss report to the profit reconciliation in working papers. This ensures the starting position is correct and can save time when done at the beginning. Once this is done it is really important to lock down the clients data.

Check the comparatives to the prior year signed accounts at the planning stage. This is one of the most important steps. You should go through your accounts on Silverfin line by line and agree to the prior year signed accounts. Sorting any mapping/rounding issues as you go.

Check previous years files is fully completed and locked down. If there is work still to be done on this ensure it is completed at the planning stage.

You should go through the working papers section at planning and star / un-star the sections that are going to be completed. The manager will then review this and make changes. The starred reconciliations are then the sections which should be completed, any changes to this during working papers should be discussed with the manager.

Planning should be signed off by at least a manager before starting the working papers section. You should plan ahead and try and get planning completed and signed off in advance of starting the job.

Corporate accounts only - ensure once you have done the tax categoriser checklist that you tag and notify the tax team if there is change to categorisation or if it is a Cat 1b or Cat 2.

Corporate accounts only - Statutory Information - it is best practice to use the companies house sync to pull through the data for directors.

LLP only - All LLP's need a technical review before being sent to client. This should be booked in at the planning stage.

NOTE: If there is anything in this help article that needs updated please get in touch with the Silverfin Experts.