- "In the last 20 years our business has changed considerably…and as the focus of our business has changed, Bird Luckin have moved with us."
Alex Tanner, George Tanner (Shalford) Ltd - "Bird Luckin has looked after us incredibly well for over 60 years, they are pro-active and innovational - meeting all our needs to help us achieve our aims."
Richard Stubbings, Cliffords Limited - "I can honestly say that Bird Luckin are the best firm of accountants and auditors I have ever dealt with - and I don't say that lightly!"
Colin Webb, Walthamstow Stadium - "It's important for us to know that we will always be able to contact the right people to give us the right advice and support."
Jane Bennett, Bennetts Funeral Directors - "Although we deal mainly with one Partner … we also know that if we need to contact someone else who is a specialist in another area, we can get the advice we need quickly and easily"
Jeremy Ruggles, J.S. Wright & Sons Ltd - "Bird Luckin got us to a stage which would have taken us months - if not years - to reach on our own, and they got us there in a matter of weeks"
Matthew Sullivan, SNC Ltd - "You can be a good accountant, but if you don't have an understanding of the industry it can be very difficult. "There are two or three people we have regular contact with at Bird Luckin who know our business well, and it makes a difference.""
Robert Church, W A Church (Bures) Ltd - "The work which Bird Luckin has done for Boddingtons over the past few months has helped shape our future direction for the better."
John Warner, Chief Executive, Boddingtons Ltd - "Bird Luckin has acted for us since our inception 10 years ago. They have a very 'can do' yet highly professional attitude - we are very appreciative of their support and advice over the years."
Marlon Fox, Outlook Property Ltd
Balancing your sales (debtors) control account
In a sales control account, the total of outstanding invoices at the beginning of the period and invoices raised during the period, less payments received for invoiced income, will give a balancing figure of invoices still outstanding at the end of the period - your debtors. You can then compare this figure with that of invoices outstanding and thereby detect any errors.
| The control account | ||
| Debit £ |
Credit £ |
|
| Debtors at beginning of period (Outstanding invoices at beginning of period equal to closing balances for previous period) |
6589.36 | |
| Total invoices in period (Total of sales day book - your list of invoices - gross figure |
13848.25 | |
| Total receipts in period (Total from cash book of invoiced income) |
11250.57 | |
| Debtors at end of period (Balancing figures, which should agree with prepared list) |
9187.04 | |
| 20437.61 | 20437.61 | |
If your debtors list does not agree with the control account, check the following points:
- Have you listed all your debtors, including invoices only partly paid or outstanding from the beginning of the period, and invoices paid directly after the end of the period, because these receipts would not be in the cash book?
- Are there any invoices you will never receive payment for - bad debts - that you have not included in your debtors figure? These should be entered as a separate credit in your control account.
- Credit notes - does your total of invoices in the period include credit notes issued? If not, these must be included on the credit side of the account.
- Receipts from cash book should be only those that relate to invoiced sales or work done, not for the sale of a vehicle, loans, refunds etc. If included, these figures should be taken off the receipts figure in the control account.
- Un-invoiced sales - sales that should have had an invoice raised but by error did not -should be added to the invoice total.
- Receipts for sales that were not entered into the cash book will have to be included as a receipt on the control account.
- Addition errors of receipts, invoices or debtors totals, or duplication of invoices, receipts, or debtors in listings.
The amended sales control might look as follows:
| £ | Debit £ | Credit £ | |
| Debtors at beginning of period | 6589.36 | ||
| Total invoices Sales not invoiced in error |
13848.25 521.20 |
14,369.45 | |
| Credit notes | 210.40 | ||
| Total receipts
Sales of vehicle Addition error |
11250.57
(3200.00) (29.06) |
8021.51 | |
| Receipts banked in private account | 2100.00 | ||
| Bad debts | 86.00 | ||
| Debtors at end of period | 10540.90 | ||
| 20958.81 | 20958.81 | ||
| Original debtors figure per list | 8064.23 | ||
| Debtor paid after period not on list | 2526.00 | ||
| Debtor included twice | (80.00) | ||
| Invoice paid short, amount still outstanding | 30.67 | ||
| Reconciled debtors as above | 10540.90 |
Do call us if you would like any further help or advice in this area.