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Self employed accounts financial profit statement spreadsheet

 

The profit and loss account templates are a summary of business transactions in a profit statement for a given period - normally 12 months. By deducting total expenditure from total income, the profit spreadsheet shows on the "bottom line" whether your business made a profit or loss at the end of that period.

 

A profit and loss account is produced primarily for business purposes,  how the business is performing. But most of the information is also used by HM Revenue & Customs to work out your tax bill. In this financial accounting software the financial software uses the automated entries in the profit & loss account to complete the self assessment tax return.

 

No Entries Required: The monthly profit and loss templates are fully automated by the financial accounting software which prepares the self employed profit & loss account from the entries made to the sales excel spreadsheet and the purchase excel spreadsheet 

All the financial information is generated automatically from the sales, purchases and payroll sheets each month to produce a monthly profit and loss account and the annual profit & loss account to date as shown in the profit and loss example shown below.

Profit & Loss Account TOTAL Jan-09
2009
     
Sales Product A 0 0
Sales Product B 0 0
Sales Product C 0 0
Receipts Government agencies 0 0
Tax Exempt Income 0 0
Bank Interest Received 0 0
     
Sales Turnover 0 0
     
Opening Stock 0 0
Stock Purchases for resale 0 0
Closing Stock 0 0
     
Cost of Sales 0 0
     
Gross Profit 0 0
     
Sub contractors 0 0
Staff costs Salaries Wages 0 0
Consultancy & Professional 0 0
Motor Expenses 0 0
Travel & Subsistence 0 0
Repairs & Renewals 0 0
Premises Rent Rates 0 0
General Administration  0 0
Heat and Light 0 0
Bank Interest and Charges 0 0
Bad Debts 0 0
Other Expenses 0 0
Depreciation 0 0
Donations entertainment 0 0
Goodwill / Capital write-off  0 0
     
Total Expenses 0 0
     
Net Profit/Loss 0 0

 

Having a profit and loss account up to date, available in real time enables progress to a successful financial result to be monitored and should banks or other institutions request up to date self employed accounts then you have exactly that, self employed accounts at the touch of a print button.

 

Having an up to date profit statement available, especially for new start up business, can seriously impress potential lenders to enable the start up business in particular provide the confidence to financial institutions to enable arrangements to stave off possible under capitalisation issues.

 

The income calculation on the profit spreadsheet shows the gross sales figure, cost of sales to produce the trading profit and after deduction of the financial expenses the the profit and loss templates show the net taxable profit or loss.

 

Adjusted Profit Computation.  
Receipts Government agencies 0
Tax Exempt Income 0
   
Personal Motor Expenses 0
Personal heat light phone 0
Depreciation 0
Donations entertainment 0
Goodwill / Capital write-off  0
   
Profit Adjustment 0
   
Less Capital Allowances 0
   
NET TAXABLE PROFIT 0
   
Income Tax 0
PRSI class S liability 0
Health Contribution 0
   
 Net Income after Tax 0

 

 

Accounting Software "Example of the self employed accounts financial profit statement spreadsheet and income calculation in the trading profit and loss account templates"

 

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Last modified: 10/03/09