Common use of Bookkeeping Services Clause in Contracts

Bookkeeping Services. If this has been included under the Schedule Of Services, bookkeeping services will include categorization of income, expenses, bank statements, and transactions, and compilation of categorized transactions into a meaningful financial statement. Transactions include purchases, sales, receipts and payments by an individual or organization. The Client will provide the Company with bank statements, cash disbursements, and cancelled checks, Cash receipts, deposit slips, and check stubs, check register, list of accounts payable and receivable, copies of purchase/lease contracts and loan agreements, and the prior year's tax return. The Client agrees to accept responsibility for any effect on the Client's accounting records and financial statements of basic financial information or transaction documents not submitted to the Company for processing and entry, or losses that may result from their absence. The Client will provide 30 days from the date of this letter. Any failure to provide such documents and information on a timely basis, will impede the Company's services, and may require the Company to suspend its services or withdraw bookkeeping services. The Company may ask for clarification of some items as necessary for providing bookkeeping services, but the Company will not audit or otherwise verify the data provided by Client. The Company will rely on the accuracy and completeness of the documents and information provided by the Client. It is Client's responsibility to provide information required for preparation of complete and accurate information. The Company will not audit or review the Client's financial statements, or any other accounting documents and information the Client provides, in accordance with generally accepted auditing standards. The Client is responsible for adopting sound accounting policies, safeguarding assets, authorizing transactions, retaining supporting documentation for those transactions, and for devising a system of internal controls for accurate records and fraud prevention. For purposes of entry of the financial information from the Client's basic transaction documents, classification according to the agreed-upon chart of accounts will be performed by the Client and its employees. The Company has no responsibility to identify and communicate significant deficiencies or material weaknesses in Client's internal controls as part of this engagement, and the engagement cannot, therefore be relied upon to make disclosure of such matters.