Preparing Accounts?

mkdon05

I recently heard of a small company that lost all its data from their computer and with no back ups or hard copy of invoices they were lost as to what their situation was in relation to preparing their annual accounts. They tried a data retrieval specialist with no joy.
I never came across this situation myself but it got me wondering what the process to follow would be? Anyone ever come across anything like this?

G-CBHV

Obviously its lunacy not backing up your data, anywhere i've worked we had at least two back ups one which was always kept off site. As for not keeping hard copy invoices??

There suppliers should be able to provide a historic statment showing all purchases during the year,

Banks can reprint statments showing payments in and out. At that point you've got to decide whether to go through the embarrasment of asking your customers what you sold them or take an guess?

mkdon05

AFAIK they had all their purchase invoices stored, the problem was with their sales, drs and crs listings.

It was a small outfit with an inexperienced Bookkeeper. (Well he knew about bookkeeping, but not the most computer savvy) Hence the lack of a back up! Madness!!!

Dabko

Jaysus, that would be a nightmare!

Hand write all invoices in triplicate, then input into computer, while using an online storage facility which backs up every 24 hours, automatically!!!!

I suppose you would start by gathering as many copies of purchase invoices from all suppliers, therefore determining all you spent. Then get bank statement copies to see all you lodged.

And then you blag like you've never blagged before.;)
You cant fool numbers, they are set in stone and speak for themselves. However, you can dabble in the ol "Who bought what" department. Start getting creative!!!!:D

smcgiff

Would it be too much to expect they have a file of Customer Purchase Orders?

mkdon05

smcgiff wrote: »

Would it be too much to expect they have a file of Customer Purchase Orders?

Deffo, it would be something along the lines of,

Phone1 "Howya mick, I have a job for ya in Mayo"
Phone2 "Great see ya there"

There's your purchase order:D:D

I was also thinking if a company had a fire and there was no offsite back up. they would be in the same scenario. Any company i have ever worked for never had this back up in action!

No hard copies of invoices is crazy, and could also cause them trouble with Revenue