Accounts DATA to check before taking into account

Financial Statements:

Balance sheet

Income statement (Profit and Loss statement)

Cash flow statement

General Ledger:

Detailed general ledger records for the current and previous fiscal years.

Tax Returns:

Copies of the last few years' tax returns, both federal and state, if applicable.

Bank Statements:

Copies of recent bank statements.

Accounts Payable:

Details of outstanding bills and payables.

Accounts Receivable:

Details of outstanding invoices and receivables.

Chart of Accounts:

A detailed list of all accounts used in the accounting system.

Fixed Asset Register:

Information on fixed assets, including purchase dates, costs, and depreciation schedules.

Vendor and Customer Information:

Contact details and account information for key vendors and customers.

Employee Payroll Records:

Payroll information, including employee details, salary structure, and tax withholding details.

Contracts and Agreements:

Copies of any relevant contracts, agreements, or legal documents related to finances.

Inventory Records:

If applicable, details of current inventory levels and valuation methods.

Budgets and Forecasts:

Any budgetary information or financial forecasts for the upcoming periods.

Banking Information:

Details of bank accounts, including account numbers and signatory information.

Software Access and Licenses:

Access credentials and information about any accounting software being used.

Any Pending Issues or Concerns:

Information about any ongoing financial issues or concerns that need attention.

Contact Information:

Contact details for the old accountant in case there are follow-up questions or clarifications needed.

Other:

all necessary permissions to access confidential information and maintain the security and privacy of
financial records during the transition.
 CHART OF ACCOUNTS.

Asset Accounts:

1000 - Cash and Cash Equivalents

1010 - Petty Cash

1020 - Checking Account

1030 - Savings Account

1100 - Accounts Receivable

1110 - Trade Receivables

1120 - Other Receivables

1200 - Inventory

1210 - Raw Materials

1220 - Work in Progress

1230 - Finished Goods

1300 - Prepaid Expenses

1310 - Prepaid Insurance

1320 - Prepaid Rent

Liability Accounts:

5. 2000 - Accounts Payable

2010 - Trade Payables

2020 - Accrued Liabilities

2100 - Loans Payable

2110 - Short-term Loans

2120 - Long-term Loans

Equity Accounts:

7. 3000 - Share Capital

3010 - Common Stock

3020 - Preferred Stock

3100 - Retained Earnings

Revenue Accounts:

9. 4000 - Sales Revenue

4010 - Product Sales

4020 - Service Sales

Expense Accounts:

10. 5000 - Cost of Goods Sold (COGS)

- 5010 - Cost of Raw Materials

- 5020 - Direct Labor Costs

5100 - Operating Expenses

5110 - Rent Expense

5120 - Utilities Expense

5130 - Marketing and Advertising Expense

5200 - Interest Expense