P&L and Balance Sheet Template

Sarah1916

Would anyone have a P&L and Balance Sheet Template that I could use for a simple sole trader business (plumber).

I want to ensure that I am keeping proper books and accounts.

currently I am using a detailed spreadsheet to keep a record of all income and all expenses - but I would appreciate if anyone had a template P&L and BS that I could work from to create 'proper books and account'

Gloomtastic!

https://www.dropbox.com/s/5p32c5jo4cfybp2/Accounts%20Template%20with%20VAT.xls?dl=0

Here's the notes that accompany it.......

I've attached an Excel spreadsheet that I've been using for years that is pretty fail safe when it comes to overseeing how your business is doing, keeping accounts - income and expediture and a tax template that my accountant uses to ascertain my liabilities every year. I've also included Invoice and Statement templates. I'm assuming you are pretty familiar with Excel and formulas.

The way to make sure this works is to always follow the same steps every time. Enter invoice details in the invoice sheet and then enter it in the cashflow sheet. Likewise with the outgoing invoice/receipt in the outgoings.

Couple of notes: Keep motoring expenses and travel expenses separate. Motoring, as you can imagine, is anything to do with the car - petrol, insurance, tax etc the accountant will then take this figure and deduct reasonable personal usage. If you have your car branded then you can claim 100% of motoring expenses because your car is constantly working for you!

Travel expenses would be train/bus/taxi fares etc.

Cashflow Sheet: In Income substitute Revenue Stream One with say Print Design Fees. Revenue Stream two with Web Design Fees. Add streams for say Print Broking Fees. That way you can compare over a year or compare years on how each part of your business is doing and respond accordingly.

Likewise on Expenditure. Add any additional rows that you think may be relevant.
Invoices Sheet: Until an invoice is paid, colour the background yellow. That way you can view at a glance who has/hasn't paid you. Use the notes column to enter any details about payment ie when they have promised cheque etc

Outgoings Sheet: Likewise until you have paid a supplier colour the background red.
As you enter a supplier invoice or receipt. Note the Row no. and enter it on the invoice/receipt. This will help identify any queries. File them in numerical order.

VAT: At the end of every VAT period. Add up the VAT on your income and likewise on your outgoings. The difference between them is the amount you owe/they owe you.

Year End: At the end of the year enter all the info into your tax template. The amount in your expenses column should equal the amount on your Cashflow sheet. If not you have missed something off (ignore + or - €100). Print it out and sign and date it. From this your accountant can make up your tax return.

Invoice/Statement Templates: Copy the content of these sheets over to separate spreadsheets. Include your logo and address details etc and save each as a template. In invoice no. use a configuration like I00023 for Inv. No. 23 as it's how accounts systems work. The 'I' at the front keeps all the zeros before actual number.

Hope it all helps. Of course I take no responsibility for any errors that may be contained in this spreadsheet and by using it you have accepted this fact.

Sarah1916

Thanks for this.

You have not included a balance sheet or capital in this document - is this not something you produce.

Gloomtastic!

It's for a plumbing business. Why would you need a balance sheet? Revenue minus cost equals profit, that's all the taxman wants to know.

Leave all your accounts department experience at work and KISS - Keep it simple, stupid!

Sarah1916

Great thanks that is what I wanted to hear.

I was afraid that I would need to populate all different areas of the Form 1 such as assets, capital balance etc.

If you think knowing the profits is the only thing the tax man needs that is great.