Profit and loss
Sales, the cost of materials, gross profit, overheads from the bank (rent, insurance, wages, phone) and net profit, for your financial year, the VAT quarter or the last twelve months. Set your year end in Settings.
VAT, worked out
The nine boxes are filled in from your invoices and bills. The office works the figures out but doesn't file with HMRC itself yet: you or your accountant submit them, or your accounting software does if it's connected.
For your accountant
Download invoices, bills, the bank and the profit and loss, or files laid out for QuickBooks, Xero and Sage imports. With a live connection, invoices and payments go across as they're made.
Questions about accounts and vat
Does it file my VAT return?
Not directly yet. It works out the figures for you or your accountant to submit. Filing direct with HMRC is coming once HMRC approve us as Making Tax Digital software.
Does it replace QuickBooks?
For many trades, yes. If your accountant wants QuickBooks, Xero or Sage, the office feeds it instead of replacing it.