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Post Info TOPIC: Bookkeeping for a friend ?


Newbie

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Bookkeeping for a friend ?


Hello guys,

I am currently completing my AAT Level 3 in Accounting, however after that I am planning on gaining my practice licence and bookkeepin g membership with ICB. As I can't get my membership with AAT as I have no practical experience.

I am wondering for experience can I help do the books for my friends small limited company (not VAT reg) without AML supervision? I won't be charging him and will be using QuickBooks as I have just passed my certification. I obviously will not be processing any returns. Just tidying up his books for my own experience?

Any help would be great thank you!

Luke



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Master Book-keeper

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Hi Luke, welcome to the forum

Just bookkeeping or full accounts? If the latter you will need to be au faire with accounting principles and FRS, not sure that AAT will qualify you for that.

Providing you are confident of your abilities you won't need AML, although I'm not sure Quickbooks will be suitable for doing Ltd Company accounts. Perhaps have a look at VT+ or Pandle if cloud (Xero if you can adapt to it)



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Newbie

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Hey, thank you for your reply! I would only be bookkeeping, a preparing the final accounts for an external accountant to finalise and sign. I'm hoping to get my full ICB membership and practice licence before they have to be submitted anyways :) Yeah I have looked briefly at Pandle. Do you recommend it?

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Veteran Member

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AAT reference ignored in previous response. You cannot work for friends, paid or not, under AAT ethics. There are very good reasons for this. You cannot undertake work that you are not trained to do, under AAT ethics. You need to check with AAT if you can remain a member and work via another bodies licence, but regardless you have to follow AAT rules as a member. You could pass level 3 and quit, but there is a reason AAT are bothered by the lack of experience before letting folk loose on clients. You could be involving your friend in extra costs at year end due to your lack of knowledge, as you have no idea yet how much you dont know. I appreciate you have to start somewhere, but why not just get some proper experience first? Not quite sure why John has said QB is not suitable for doing Co accounts unless he literally means the accounts production. Its passable for bookkeeping, but you should not be determining what software your friend uses (1)as he/she will have to deal with it when you move on (2) without a proper assessment of actual needs



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Master Book-keeper

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Maat wrote:

Not quite sure why John has said QB is not suitable for doing Co accounts unless he literally means the accounts production. Its passable for bookkeeping,....


Well I did say I wasn't suresmile Just an observation from what people have said, but I've never used the software, apart from Desktop 13 years ago.

I'd forgotten you couldn't do work for friends if AAT. What happens if you become friends with them afterwards, at least 2 of my friends became so through being customers first, and a couple I'm friends with who were previous customers in an unrelated business.

If I was to become AAT (sorry I still haven't despite still having those modules) would that mean I couldn't do work for them?



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.

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