How is bookkeeping handled in the UKKO Private Trader service?

UKKO Private Trader creates single-entry bookkeeping based on the information you add to the service. You can send invoices, report cash and card sales, add business expenses and receive purchase invoices directly in the service.

Add all income and expenses for each month and mark them as paid by the 15th day of the following month.

How to manage your bookkeeping

1. Send invoices to your customers

You can create and send invoices in the UKKO Private Trader service. When your customer has paid the invoice, mark it as paid using the correct payment date.

UKKO reviews the sale. Once approved, it will appear on your reports, such as the income statement and VAT return.

2. Report cash and card sales

If you receive sales payments in cash or by card:

1. Attach a sales report to the service.
2. Mark the sales as paid using the correct payment date.
3. Add any necessary information about what the sales relate to.

UKKO reviews the cash and card sales before they are included in your bookkeeping and reports.

3. Add business expenses

Add all expenses related to your business to the service. Mark each expense as paid using the correct payment date and attach a receipt or other required document.

Describe clearly how the expense is related to your business. For example:

I bought soil for a gardening job. The expense is related to sales invoice no. XX.

UKKO may ask you for more information about an expense. Additional information may be needed to determine whether the expense is tax-deductible.

4. Receive purchase invoices in the service

You can receive purchase invoices related to your business directly in the UKKO Private Trader service. You can also create and maintain your own product and customer registers.

Mark the month as complete

Once you have added all income and expenses for the previous month and marked them as paid:

1. Check that no receipts or other information are missing.
2. Mark the month as complete on the service dashboard.
3. UKKO can then process the month’s bookkeeping.

You can mark the month as complete as soon as all transactions have been added. If you do not mark it as complete yourself, the month will be marked as complete automatically on the 15th day of the following month.

Add and mark all income and expenses as paid by this deadline. If a month still has incomplete vouchers on the 15th day of the following month, they will automatically be transferred to the next month.

Please note

• Once an income or expense has been processed, you can no longer edit it. A lock icon will be shown next to the transaction.
• Processing may sometimes take some time. An income or expense may not appear on your reports immediately.
• UKKO may ask for additional information about a receipt or transaction. Reply as soon as possible so that the bookkeeping can be completed.
• Clear and detailed descriptions help ensure that transactions are recorded correctly.

VAT

UKKO submits your VAT return to the Tax Administration on your behalf at the end of your VAT period.

You will receive information and payment instructions by email if you have VAT to pay. Business-related VAT deductions may reduce the amount payable, so there may not always be VAT to pay.

Prepayment taxes

You are responsible for applying for and paying your own prepayment taxes.

If you are a new entrepreneur, you can contact the Tax Administration after your business has been running for approximately one or two months. At that point, your reports will give you a better idea of your actual profit, making it easier to estimate your income for the whole year. The Tax Administration calculates the amount of prepayment tax based on your income estimate.

Tax return

UKKO Private Trader handles your tax return.

At the end of the year, you will receive an email with a tax return questionnaire. The questionnaire asks, for example, a your home office deduction, daily allowances and kilometer deductions

Complete the questionnaire carefully and by the deadline. UKKO will then take care of your tax return.