Solo enables sole traders and landlords to easily keep records of transaction data and meet compliance deadlines.
This article is relevant to the enhanced Dext experience. You can access the article for the legacy Dext experience here.
What is Solo?
Solo provides a dedicated space for all of a sole trader or landlord’s income sources, with features and workflows specifically designed to meet their needs.
Income can be added to the bank, costs and sales space for all income sources, creating a single record of transactions that can be assigned to a specific income source, categorised and organised via tax reports to be used to complete tax returns.
Creating a Solo Client Account
For practices, adding a Dext Solo Client Account will create a dedicated space for you to manage the income source transaction data for your sole trader and landlord clients.
If you are not assigned the Admin role you will not be able to add a Dext Solo Client account. See more on roles and permissions here.
See this article for how to create a Solo client account.
Adding & Managing Income Sources
Add income sources to Dext Solo, enabling costs and sales items and bank transactions to be assigned to the relevant self employed business or property.
To add an income source:
Go to Business settings in the sidebar
Then Lists > Income sources
Click Add income source at the top of the page
4. Enter the name of the income source, select the business type (self employed or UK property) and the accounting method (accruals or cash accounting). When ready click Create.
The income source will then be listed, and you can edit the income source at any time by clicking Manage next to it on the list.
Adding Income Transaction Data
Add costs and sales documents and bank statements to Dext, assign them to the relevant income source and categorise them into HMRC set codes. Categorised transactions can then be organised into reports on the reporting summaries page, in preparation for sending to HMRC.
You can add income and expenses to a Solo account by using our various submission methods to add costs and sales documents or bank transaction data.
See this article for how to use the different submission methods to add transaction data.
Assigning an Item or Transaction to an Income Source
Once a costs or sales item or bank transaction has been added to Dext Solo, you can then assign them to a specific business or property, making it simple to organise data in tax reports.
Costs & Sales
To assign a costs or sales item to an income source:
On the Inbox page of the Costs or Sales spaces, go to the ‘Income source’ column next to the relevant item.
From the drop down list, select the desired business or property.
Bank
To assign a bank transaction to an income source:
In the bank space, go to the Transactions page
Then go to the ‘Income source’ column next to the relevant transaction.
From the drop down list, select the desired business or property.
Categorising Transactions
The list of codes you can use to categorise transactions is preset by HMRC.
You can see a list of these categories by going to Business Settings in the sidebar, then Lists and finally Categories.
See this article for how to categories costs & sales items or bank transactions. See this article how to map categories to tax boxes.
Splitting a Costs or Sales Item
It may be necessary to split out line items in a costs or sales item, for example to differentiate between business and personal expenses.
See this article for how to use line items to split a transaction.
Using Reports
The Reports area is comprised of two sections: Tax Reports and Transaction Summary.
Tax Report
On the Tax report page you can build and export reports that show taxable business profit and totals for SA103F categories, or SA105 categories for property businesses, saving you precious time at year end.
When ready, you can export the report by clicking Export to CSV at the top left of the page.
See more about the Tax Report page here.
Transaction Summary
The Transaction Summary page is where all of the client’s data is compiled and broken down by category.
You can filter the data by date in the top right of the screen and export it by clicking Export to CSV.
See more about the Transaction Summary page here.