Initial Review
Review available accounting records, filings and supporting documents.
Historical accounting review
Accounting Cleanup & Catch-Up Services in Thailand
Accounting records can become difficult to manage when documents are missing, reconciliations have not been completed, filings are outstanding or records have been handed over without enough supporting information. WMC can review the available records, identify gaps and define the work required before regular monthly accounting can continue.
Discuss Your Accounting RecordsWhen Accounting Cleanup May Be Needed
Cleanup work may be required when normal monthly accounting cannot safely continue from the existing records. That does not mean every missing document or unreconciled item requires a full historical engagement. The scope depends on the periods involved, the condition of the records and what evidence is available.
- Several months of accounting have not been completed
- Bank reconciliations are outstanding
- Opening balances cannot be supported
- Prior records contain unexplained differences
- Invoices or receipts are missing
- Tax filings and accounting records do not agree
- Financial statements were prepared but detailed records are incomplete
- A change of accounting provider has left an incomplete handover
- Historical accounting files are unavailable or inconsistent
What WMC Reviews First
The initial review is based on the company's circumstances. Typical items may include:
- Prior financial statements
- General ledger and trial balance
- Opening balances
- Bank statements and bank reconciliations
- Accounts receivable and accounts payable
- Fixed asset records
- VAT and withholding tax records
- Corporate income tax filings
- Payroll-related records where relevant
- Invoices, receipts and supporting schedules
- Previous accountant handover files
- Accounting system exports and outstanding-item lists
Issues That May Be Identified During a Review
Bank balances do not reconcile
Differences may arise from missing entries, duplicate postings, timing differences or incomplete prior reconciliations. WMC first identifies the source of the difference before deciding whether an adjustment is supported.
Opening balances cannot be supported
Opening balances may need to be traced back to prior financial statements, ledgers and supporting documents. If the trail is incomplete, WMC records the limitation and identifies what additional information is required.
Accounting records and tax filings do not agree
Differences between the ledger, VAT records, withholding tax filings or corporate income tax information should be identified before adjustments or further filings are made. Any amendment or additional filing is assessed separately.
Supporting documents are incomplete
Missing invoices, receipts, bank statements or schedules may limit what can be verified or corrected. WMC can list the missing evidence and separate confirmed balances from items that remain unresolved.
Historical transactions were posted incorrectly
Entries can be reviewed where sufficient documentation is available. WMC does not assume that every historical transaction can be reconstructed when the underlying evidence is missing.
What Accounting Cleanup May Include
The agreed work may include the following where supported by available records:
- Reconstructing missing accounting periods
- Reviewing historical entries
- Completing outstanding reconciliations
- Correcting identified accounting entries
- Organizing available supporting documents
- Reviewing opening balances
- Preparing supporting schedules
- Identifying unexplained or unsupported balances
- Comparing accounting records with prior tax filings
- Preparing records for ongoing monthly accounting
- Preparing information for year-end closing or audit coordination
What WMC Cannot Confirm Without Supporting Records
Historical accounting records can only be corrected or reconstructed to the extent that sufficient information is available. Where supporting documents are missing, WMC will identify the limitation rather than assume the nature of a transaction or create unsupported accounting entries.
- Missing invoices or receipts
- Unavailable bank statements
- Unsupported shareholder or director transactions
- Unexplained cash movements
- Missing prior accounting files
Taking Over from a Previous Accountant
WMC can review the latest trial balance, general ledger, prior financial statements, tax filings, reconciliation schedules, accounting system exports, outstanding items and supporting documents when a company is changing providers.
A normal accounting handover does not always require cleanup work. WMC first reviews the records and identifies whether separate historical work is necessary.
For companies with foreign shareholders or overseas management, the review can also clarify which local records and reports are needed by the wider finance team. See accounting and tax support for foreign-owned companies where that context applies.
Tax Filing Issues
Accounting cleanup may identify differences between accounting records, VAT filings, withholding tax filings, corporate income tax information and payroll-related filings where relevant.
Any correction, amendment or additional filing should be assessed separately based on the facts and applicable filing requirements. Cleanup work does not automatically include amended tax filings. For ongoing compliance, see tax filing and compliance support.
Year-End and Audit Preparation
Incomplete historical accounting often becomes visible at year-end or during audit preparation. Work may include completing reconciliations, preparing account schedules, identifying missing documents and reviewing unexplained balances.
WMC can organize information for the company's independent auditor or appointed Certified Public Accountant. WMC does not act as the independent auditor. See audit coordination and year-end support for related work.
What Happens After Cleanup
Once the agreed historical work is completed, the company may move into regular monthly bookkeeping, ongoing tax filing, year-end closing, management reporting or audit coordination.
WMC can help establish the next document process and clarify which records are required each month. See monthly bookkeeping and accounting support and tax filing support where those services form part of the engagement.
The Accounting Cleanup Process
Identify Gaps
Identify incomplete periods, unreconciled balances, missing information and outstanding accounting matters.
Agree the Cleanup Scope
Define the periods and accounts to be reviewed, documents required and matters outside the available evidence.
Complete the Agreed Work
Carry out the review, reconstruction, reconciliations or adjustments supported by the available records.
Establish the Next Accounting Process
Once the agreed historical work is completed, confirm the accounting and compliance process required going forward.
Frequently Asked Questions
How do I know if my company needs accounting cleanup?
Cleanup may be required when records are incomplete, periods are missing, balances do not reconcile or the current records cannot support ongoing accounting or year-end work.
Can WMC review several years of incomplete accounting records?
WMC can review multiple periods, but the scope depends on the number of periods, transaction volume and availability of records. Not every historical issue can be corrected if the supporting evidence is unavailable.
What if invoices or supporting documents are missing?
Missing evidence may limit what can be verified or reconstructed. WMC will identify the limitation and the documents that are still needed rather than assume the nature of a transaction.
Can WMC take over from another accounting firm?
Yes, subject to a review of the current records and handover information. A separate cleanup scope may be needed if prior-period records are incomplete or inconsistent.
Will accounting cleanup include amended tax filings?
Not automatically. If differences affecting prior tax filings are identified, the required action should be assessed separately based on the facts and applicable filing requirements.
How long does accounting cleanup take?
Timing depends on the periods involved, transaction volume, condition of the records, availability of supporting documents and number of unresolved issues. WMC can discuss timing after the initial information is reviewed.
What documents should we provide for an initial review?
Common items include financial statements, trial balance, general ledger, bank statements, tax filings, accounting exports, invoices and supporting schedules. WMC can confirm the detailed request after the initial discussion.
Need to Review Incomplete or Overdue Accounts?
Tell us which periods are outstanding and what accounting records are currently available. WMC can review the situation and help define the appropriate scope of work.
Discuss Your Accounting Records