Solo provides a variety of ways to view and export your financial information – from high level reports to detailed spreadsheets.
In this article we'll cover the various options available for accessing your data, what they offer and when they can be useful.
In this article:
Profit and loss report
The profit and loss report is available on the Reports page and provides a category level overview of your income, expenses and profit.
Data for the current financial year is displayed by default. You can also choose from one of the preset date ranges of select 'Custom' to enter a specific date range.
Note: All figures in the profit and loss report are GST exclusive and any claimable percentages (e.g. vehicle or home office percentage) have been applied.
Income sources can include:
Categorised income transactions
Income from the pre-taxed income feed
Any gains from the sale of assets
Expenses can include:
Categorised expense transactions
Depreciation from assets
Any losses from the sale/disposal of assets
GST report
The GST report is available on the Reports page and displays all transactions for a specific date range, grouped by:
GST on income: Categorised income transactions that have GST on them. Also any schedular payment income from the pre-taxed income feed.
GST on expenses: Categorised expense transactions that have GST on them. Also any assets that were purchased during the date range and have GST on them.
No GST / Zero-rated: Categorised income and expense transactions that do not have GST.
Data for your current GST period is displayed by default. You can also choose from one of the preset date ranges of select 'Custom' to enter a specific date range.
The amounts displayed are:
Gross: The amount, after any business use percentage, including GST.
Net: The gross excluding GST.
GST: The GST only amount.
Note: The GST report will only display if GST is enabled in your tax settings.
Individual transaction details
Your categorised income and expense transactions provide a flexible way of identifying the calculations applied to specific transactions.
There are three ways to group transactions:
Transaction search bar.
Transactions filters - Filter by bank account, category or date range.
Click the transaction description to filter by transactions with the same description.
Then click the down arrow at the right hand end of the transaction to view the transaction details.
By expanding the transaction you can view if GST is enabled, the deduction rate, GST amount and deduction amount.
Tax return previews
Your GST and income tax returns can be viewed on the Taxes page. The income tax return also contains the IR3B and IR3R (for rental properties). These returns provide insight into how Solo is calculating your income tax.
To view your tax returns:
Go to Taxes in the main menu.
Click File return or Preview (if the period hasn't finished yet).
Data spreadsheet
You can export a detailed spreadsheet of your financial data per tax year at any time:
Go to Settings > Export data in the main menu.
The spreadsheet contains the total of each category as well as each transaction with its GST amount and taxable amount.
IRD has requested expense details
When you file your income tax return the IRD might request additional information about your expenses.
In this situation it's best to provide the IRD with an exported spreadsheet of your date for the relevant tax year. To export your data:
Go to Settings > Export data in the main menu
Select the relevant financial year
Click Export CSV
A spreadsheet will then be downloaded to your browser.
Applying for a bank loan
When applying for a loan it's common for your bank to request proof of your income.
In this situation it's best to export your profit and loss report:
Go to Reports in the main menu
Select the requested date range
Click Print to PDF at the bottom of the page
Select Save as PDF as the destination
Click Save.
The report will then be downloaded to your browser.
Adding your name and address to the report
You can add your name and address to the exported profit and loss report if required:
Add your name: Go to Settings > Account in the main menu and enter your name.
Add your address: Go to Settings > Invoice & quotes in the main menu and enter your business address.
If you have any further questions regarding your reports or data, please reach out via the in-app chat and we will be happy to help.