A trial balance handover should include the supporting schedules needed to explain material account balances. Equal debit and credit totals do not establish that every entry is correct or that the underlying documents are available. Ask the outgoing bookkeeper for a dated index of schedules and unresolved items.
Confirm the cut-off and version
Identify the company, financial period, accounting-system export date and reporting currency. Confirm whether the trial balance is before or after year-end adjustments. Preserve the version supplied rather than replacing it as soon as a new export arrives.
Request a list of entries posted after the stated cut-off and the documents supporting them. If the incoming accountant starts from a different version, agree how the opening position will be reconciled before routine processing continues.
Request account-level support
Depending on the balances, request bank reconciliations, receivable and payable listings, fixed asset records, accruals, prepayments and relevant tax or payroll control reconciliations. Tie each schedule total to the trial balance. Do not accept a folder named schedules as proof that those totals agree.
Example: a supplier control total has no listing
The trial balance shows trade payables, but no supplier ageing is supplied. Ask for the supplier-level detail and reconcile it to the control account. Paying invoices from a fresh folder without that history could duplicate liabilities or leave older credits unallocated.
Make gaps explicit
Record missing schedules, unexplained balances, last reconciliation dates and who will respond. Prioritise balances affecting imminent payments and reporting. A gap should remain visible even if the outgoing bookkeeper says it is probably small; the incoming accountant needs evidence to assess it.
Preserve retrieval access
Check that the company can retrieve historic transaction records and source documents through an authorised route. IRAS recordkeeping guidance requires retention of relevant records and continued retrieval when accounting software changes. A PDF trial balance alone is not a complete handover of the underlying books. Agree who keeps access and how outstanding questions will be closed.
Related practical guidance
For the surrounding records and responsibilities, see bookkeeping basics, company records to keep, bookkeeping and accounting.
Official guidance: IRAS official guidance.
Help with your company records
For accounting, bookkeeping and related compliance support, contact Raffles Corporate Services at [email protected] or WhatsApp +65 8501 7133. Tell us which records or process need attention so we can discuss the relevant next steps.
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