Frequently Asked Questions
Here are some of the commonly asked questions you might have about our service. If you have further general questions please let us know!
Yes! Our spreadsheet builder allows you to generate a simple Double entry or Self employed spreadsheet. Please see our spreadsheet builder page for further details.
No you don't. You can use OpenOffice (or LibreOffice on Linux) or you can signup to the online Google sheets.
No you don't! You can setup the books with opening balances or you can leave them blank. Its entirely up to you.
To buy credits you simply need to create an account (for free) and you can purchase them from within your account area.
Our double entry sheets will tell you automatically if your books balance. It is your job to make them balance but our spreadsheets layout is designed to facilitate this.
If you understand spreadsheets and double entry book-keeping then they should be really simple. We would love to hear your feedback on using the spreadsheets although can't support you with any queries you might have regarding your accounts and figures.
Our support is limited to issues regarding your account with us and also using the tool. We do not provide any accountancy support and this remains your obligation throughout.
Please seek advice from an accountant. If your sheet starts out in balance we have designed it to flag ERROR when there is a problem. If you continue to build your sheet with the ERROR in place then unfortunately your sheets will stay out of balance.
If you think you have found a problem with how the P&L or Balance Sheets are functioning please let us know. If your trial balance isn't balancing then this needs to be resolved first. If it is, then please advise us so we can make the necessary fixes. Although we cannot rectify your spreadsheet once it is produced we will offer you a free bounty of 2 credits for your efforts!
The simple answer is that it takes time to learn and are often not network friendly (i.e. multiple people can't use it at the same time). Plus spreadsheets are a much more widely supported and used format and combined with some basic accountancy knowledge become a great tool.
No. You may offer them as part of a service (such as a book-keeping service) to clients but you can't setup a website selling the sheets directly.
If you don't have a Google account you should visit here: https://docs.google.com
We currently don't offer this but are looking to in the future. If you are trialing our tool then we advise you to save your sheets and balances which can then be re-used later on.
If you timeout from using our service you will lose your sheets. Its designed that way so we don't hold your personal data longer than we need! If you believe you are going to timeout simply save your sheets and then reload them later on.
You will need to decide if your sheet is an income, expense, asset, liability or equity and which heading is most appropriate.
If there is a standard format for a balance sheet or P&L that has international recognition then please contact us with further information and we will endeavour to include it where possible.
We allow the VAT columns to be added to your income and expense sheets. We also include an example calculation on each to either add or remove the VAT element. Please check these calculations perform in the way you expect.
You can purchase pre-built templates on our site which include all the key headings from the particular format you choose. The labels used will be the generic ones specific to that format as opposed to ones that may make more sense to you. Our spreadsheet builder allows you to add the applicable and relevant sheets to your workbook and using labels that you decide.
United Kingdom FAQs
The short answer is no, but we aim to make them as close as possible. You will need to format them, make sure signatories are correct, whether the accounts are audited, and depending on the format, what accounting standards you use. We highly recommend you visit this page on preparing company accounts as we are not able to advise you on this.
We are hoping to as soon as possible. Please visit our spreadsheet builder page to see the formats we currently offer.
"Making Tax Digital" is a government scheme to enable more regular reporting from your electronic accounting systems. Currently it doesn't look like Self employed people or small businesses will have to do submissions until at least 2020.
Our free self employed spreadsheet comes with a small additional download which you should store which describes your spreadsheet and we hope will link in with our MTD offering in the future.
As developer documentation is not yet available for Corporation tax MTD we do not yet provide this file for our double entry clients. If/When we provide an MTD bridging tool you will be able to create this file at the time.
To stay up to date on this, please join our mailing list.
When submitting accounts to HMRC/Companies house larger organisations are required to "tag" the different numbers using iXBRL. We are currently considering a solution to this but for small and micro businesses example formats are provided by HMRC which mean you don't directly need to encode with iXBRL.