Reports and tax

Everything you record — invoices, expenses, bills, payments, stock — feeds your reports. They’re under Reports in the app: Profit & Loss, Inventory, Tax Returns, Balance Sheet, Cash and Funding. You can also ask Tia for most of them: “how did we do last month?”, “what’s my VAT position?”. The P&L, balance sheet, cash and tax reports are for the Owner and Finance roles.

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Profit and loss

Reports → Profit & Loss shows how the business is doing on an accrual basis — from invoices you’ve issued and costs you’ve incurred, not from cash in the bank.

• Dashboard — the headline numbers and the trend.
• Statement — the full P&L: revenue, cost of goods sold by category, gross profit, operating expenses by category, and net profit.

Pick any period. Ask Tia “P&L for Q3” or “how’s profit trending this year?”.

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Balance sheet

Reports → Balance Sheet shows what the business owns, owes and is worth on a date you pick. Ask Tia “balance sheet at 31 December”. It’s honest about its limits. If something doesn’t add up, a banner says so, and What these figures cannot vouch for lists anything to check — such as differences between your books and your bank, or stock valued at an estimated cost. A balance sheet that balances proves the arithmetic, not the bookkeeping.

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Inventory

Reports → Inventory shows what your stock is worth: Stock value at cost, Retail value at your selling prices, Units on hand and how many items are Low stock, with a breakdown by brand. Ask Tia “what’s my stock worth?”. See Inventory.

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Tax returns

Reports → Tax Returns shows what you owe the FTA — VAT each quarter and corporate tax each year — in three tabs: VAT, Corporate tax and Filings.

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Set up first

Go to Settings → Tax & compliance and enter the date you were VAT registered on and your VAT filing cycle. Your tax periods are worked out from these. Until they’re set, the VAT tab asks you to set up your VAT registration.

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VAT return

The VAT tab is laid out like the FTA’s VAT 201 form, box by box:

• VAT on sales and all other outputs — standard-rated sales by emirate (boxes 1a–1g), tourist refunds, reverse charge, zero-rated and exempt sales, and imports.
• VAT on expenses and all other inputs — standard-rated expenses (box 9) and reverse charge (box 10).
• Net VAT due.

Each box shows the figure to enter on the FTA portal. A note tells you how much input VAT was left out of box 9 because it can’t be recovered. How expenses get their VAT treatment is explained in Purchasing. Ask Tia “what’s my VAT position this quarter?”.

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Filings

The Filings tab lists your tax periods with their net position and status.

• Record filing — once you’ve filed on the FTA portal, record it with the FTA’s reference.
• Settle — record how the period was settled: Paid from the bank, Refunded to the bank, Carried forward, or Taken from my FTA credit. Only paying and refunds move money in your bank; the others are kept on your FTA account in the books.

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Corporate tax

The Corporate tax tab follows the sections of the FTA’s corporate tax return — profit or loss, other comprehensive income, and financial position — for the year you choose. Click Financial statements to download a PDF of your financial statements for the year, with the year before alongside for comparison — ready to attach to your return.

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Cash and funding

Reports → Cash shows money moving through your bank, and Reports → Funding records money in and out that isn’t a sale or a purchase — capital, drawings and loans. See Finance.

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What’s next

• Finance — cash, bank accounts and funding.
• Purchasing — how expenses get their VAT treatment.
• Import from Zoho Books — bring past years across so your reports have history.