UK Accrued and deferred income

[goatz]

Hi,

I am having serious difficulties reconciling some numbers from my previous accountant and was hoping someone could please help?

My financial year is 1Aug-31july, I rent a property for £900 a month. Tenants pay a month in advance.
the rental began on 09Feb2018 for a one year contract.
in Feb 2019 there was a change of tenant. The new tenant began paying rent on 15th of the month (Feb).

In my accounts for July 2018 by balance sheet shows:
Accrued income £342
Deferred income -£930

In my accounts for July 2019 by balance sheet shows:
Accrued income £471
Deferred income -£310

Any tips would be highly appreciated

Thanks
Lee

 

[Werner Reisacher]

Unless you understand the basics of accounting and know-how to look at transactions in the General Ledgers, the only one who can give you the answers is your previous accountant. It is impossible to give you any reliable advice based on Balance Sheet positions as of a certain date as the only source. The term reconciliation means to match data from one source of information with the data from another source. If the two are identical, you have a match. If they deviate, you have a reconciling item that needs to be explained.

 

[goatz]

Hi Werner,
thanks for the response.
i started trading on the 9th of Feb2018, so the transactions listed are the only ones the company has ever had.
there is no other income stream. I have all the transactions the accountant had so I think this is achievable. I am just a bit puzzled as this a bit new to me at the moment.
my accountant has closed down and left me a little stranded.
i don’t quite understand the negative values in the deferred income, particularly for year end 2018 as rent is paid one month in advance.

perhaps I should set up a xero account?

 

[goatz]

ok please ignore. It was not related to rent after all.
Accrued income was service charge prepayments.
Deferred income was accountancy fees.