The video includes the following:

  • Generating financials from Excel templates
  • Importing financials into LodgeiT
  • Classifiying line items in the financials against the LodgeiT taxonomy
  • Creating the business schedule for a sole trader
  • Generating Special Purpose Financial Report

See attached spreadsheet example for Sole Trade Comparatives.

Click here to find out on how to edit Financial Statement Report.

Sole Trader with 2 Businesses - One Profitable and One Deferred Losses 

To work with SPFR's, you'll use the following three LodgeiT menu items.

Start at Financials. Make sure you've connected your accounting system and completed the import to secure the data for the year in question.

If you don't have financial data available via one of the connected cloud accounting platforms you can use the LodgeiT Smart Excel Utility tool to easily convert and reports from almost any accounting system including all legacy desktop systems.

The Financials sector will allow you to see your imported and reports.

In the Financials section of LodgeiT, select profit & Loss. The net profit should be exactly the same as the net profit visible in your source accounting system.

In the Financials section of LodgeiT, select balance sheet. Your imported balance sheets should balance.

Note, that this section provides visibility over the account lines imported from the source accounting system. Negative values (-) denote debit & positive values denote credit since this this is a balance sheet aspect view & not a trial balance view.

Note that we have a special equity category account for recording drawings transferred to retained earnings. At the start of each new period, you'll need to post a journal with a debit drawings to and a credit to drawings. If you have capital introduced, you'll need to do the same.

Navigate to Accounts to carry out classification of the imported line items. You have two entry point options.

Use the following, market classification categories for your sole trader.

Example of classification from the financial report extracts shown above. Note where the drawings to line is classified to.

Once you've classified the imported financial statement line items you are ready to generate Special Purpose Financial Reports for your sole trader.

Select Reports and then Custom Reports.

Now choose a template. Currently you have two options.

Name your report and select a financial year.

So long as all your sole trader details are included at Settings -à General & Settings -à Contact Details, you should get the following

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