Your client contact is the finance officer of XYZ company. They phone you briefly on 1.10.20XX...

Your client contact is the finance officer of XYZ company. They phone you briefly on 1.10.20XX and say that the financial position detail report contains too much detail. They also state that there is no explanation for the changes in financial position even though they know that several new desks were purchased in the previous quarter because they recorded them on the asset register. Prepare a file note to show how the feedback will be incorporated into services to the client.

Expert Solution

File Note

Details of conversation or event

Finance officer of XYZ company detailed that there was no change in the financial position of the company even after purchase of some new assets into XYZ company during 2^nd Quarter. The phone conversion takes place on 1.10.20XX and say that the financial position detail report contains too much detail.

Now the company should consider the purchase of desks into Balance Sheet of company as the same is recorded in the purchase of asset register.

Who was to perform what action and when?

The asset keeper will generally record the asset purchase or deletions. Hence this action should be taken in due course as and when the transaction takes place. Here, new assets were purchased and recorded in asset register. And the accountant also should take care, that the financial entries has been passed correctly, so that the assets purchased will reflect correctly in the balance sheet and in turn which shows the true and fair view of affairs of the company.

The asset keeper should reconcile the entries in the asset register with the accountant from time to time so that any deviations will be rectified at the earliest.

The accountant should once verify the entries with the asset register and with the invoices and with the bank statements and should obtain the approval from the finance officer.

If the above procedure is followed, then all the entries in the asset register and errors at zero level and which results in true and fair view of the affairs of the company.

ekkarill92 answered 1 year ago

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