There is one sheet per month.  You simply add the date, select the reason from a drop down list, (categories can be customised to your own requirements, (ie pupil fees, fuel, telephone) and also where the payment will be paid to or from, ie, current account, reserve account, petty cash or credit card.

Each sheet has a running total of income and expenses for the month.

The P&L sheet will be automatically updated following any entries made in the individual monthly sheets. It monthly and cumulative totals by category, as well as grand totals for all expenses, again by month and cumulative. The sheet will also show your profit.

All cells are password protected to prevent accidental deletion of formula.

Minus figures are shown in red.

The self assessment sheet automatically updates when entries are made in the monthly expenses and income sheet.

The figures on this sheet will show the figures you need when you to complete your own annual tax return, whether you use the paper HMRC form or complete on-line.

The balancing section of each sheet can be used to give you an indication of how each transaction will affect your bank/petty cash/credit card balance. When you first start to use the system, you will need to enter your current balances in the set up sheet and then the banking balances on each monthly sheet will alter accordingly as you enter new income or expenses. Overdrawn figures are shown in red.

Because you can choose your own categories you can track your personal bank accounts and use a category such as 'personal' for costs not relating to the business.

You can keep a track of all payments per pupil on this sheet.

It is for information only and will not update or reconcile with other sheets.

The separate mileage calculator/fuel recorder, which is included in the purchase, can be used by those who prefer to claim for vehicle costs by the amount of mileage you actually cover.

The sums are based on the rates set by HMRC, currently 45p/mile for the first 10,000 miles and 25p/mile for subsequent miles. It also gives a rough idea of mpg for fuel use.

Allowable expenses are the costs of any outgoings relating to your business that you pay out in the course of earning business profits.

You cannot claim for non-business or personal items, such as entertaining. You can still enter these on the spreadsheets under a category of your choice, however, the costs will not be added to the draft assessment.

Capital expenditure is another allowance on the cost of purchasing assets that you will keep for your business and that would be necessary in order for you to make a profit. (...read more)