How does accounting work in OP Light Entrepreneur?

Accounting

We implement a fully automatic single-entry bookkeeping for our users, where each invoice, sales account, and addition of expenses makes a bookkeeping entry on a payment basis.

Expenses

Expenses and receipts are electronically entered into accounting in the service. For more information on expenses, check the article Tax-deduction of business purchases.
We also automatically add every service fee charged from invoices as an expense to your accounting.

You can track your accounting from your user account and, if necessary, download it to your computer from the Accounting page.

Are financial statements made for me?

Primarily, a private trader does not need to make separate financial statements.

We implement single-entry bookkeeping without a balance sheet for our users. At the end of the year, we complete an annual tax return, which is similar to financial statements.

Tax return at the end of the year

Based on your bookkeeping entries, a tax return is compiled for you at the end of the financial year, i.e. business tax return (form 5). Your turnover and all deductions which you are entitled to as a private trader have been calculated on the return. The tax return contains information similar to the income statement.