Computerised Double-Entry Bookkeeping
For Sole Traders, Landlords and People who are Self-Employed
- DEB is an application for keeping reliable Income Tax Self-Assessment records in digital form, in compliance with HMRC's regulations for Making Tax Digital (MTD).
- DEB enables you to easily record and keep all the relevant transaction data needed to create accurate financial statements for your business, including:
- The Balance Sheet, providing a periodic snapshot of the true financial position of your business.
- The Income Statement, giving detail about the performance of your business, in terms of income and expenditure during a given period.
- DEB provides a very efficient and intuitive method for inserting new records, making it easy to keep double-entry records. You enter a new transaction's details once and the required links between the (included) 'debit' and 'credit' accounts are automatically created.
- You see each side of the transaction immediately upon entering your data.
- In the case of recording VAT transactions, you see how the total value is distributed between all the relevant accounts, one of these being the VAT Control account.
- You have an up-to-date account of the VAT due (or reclaimable) and up-to-date accounts of Receivables (payments due in from credit customers) and Payables (payments due to credit suppliers). You know exactly what you owe and what you are owed, and your time scales for receiving and making payments.
- DEB makes tracking debt easy. If you offer a credit (invoicing) facility to customers or receive invoices for goods purchased from credit suppliers, you simply add accounts for new customers and suppliers as and when required. Credit sales and credit purchases are then linked to these accounts automatically, synchronised with the 'Receivables' and 'Payables' accounts in your General Ledger.
- DEB promotes best practise, prompting you to 'bring forward' your account balances on a regular basis.
- On bringing forward your account balances, the records of all transactions recorded during the period are stored in a named folder on your own computer. You choose the name and location of the folder.
- Files stored on bringing forward your account balances maintain a consistent and accurate account of changes in your business records throughout the year, satisfying the very important MTD requirement for keeping consistent records. It is highly recommended that you keep additional back-up copies of your financial records.
IMPORTANT: The standard DEB internet service provides the double-entry bookkeeping process and tools that enable you to export and keep your own business financial data. Exported records are organised consistently with clear structure, stored using the standard 'csv' file format.
If you require a service that includes online storage for your records, please get in touch to discuss your requirements.
The standard license permits the owner to process 1750 transactions per year, bringing forward account balances after every 35 transactions (or sooner if required).
If you require a non-standard (tailored) service, please get in touch to discuss your specific requirements.