Business
Essential Sheets Every Sri Lankan Startup Pvt Ltd Should Maintain
Running a private limited company in Sri Lanka — especially a creative or design agency — means dealing with more than just clients and campaigns. Whether you’re registered for VAT or not, keeping your finances in check is non-negotiable. Here’s your go-to guide for the essential spreadsheets every startup should maintain.
🗂️ 1. Sales / Invoice Register
Track every invoice you send to clients.
Key columns to include:
- Invoice Number & Date
- Client Name
- Service Description
- Amount (Taxable & Total)
- Payment Status (Paid / Unpaid)
- VAT (if applicable)
👉 Why it’s important: It helps you manage receivables and calculate turnover with ease.
💸 2. Expenses Tracker
Record every business expense to know where your money’s going.
Track:
- Date & Supplier Name
- Description of expense
- Category (e.g., Utilities, Office Supplies)
- VAT Amount (if applicable)
- Total Amount
👉 Why it’s important: You’ll need this for tax reporting and managing cash flow.
🏦 3. Bank Transactions Sheet
Keep a running log of all your business account activity.
Include:
- Date
- Type (Credit / Debit)
- Description (e.g., Invoice Paid, Utility Bill)
- Amount
- Running Balance
👉 Why it’s important: Reconciles with your bank statements and shows real-time cash availability.
👨💼 4. Payroll Sheet
Track salary payments, EPF/ETF contributions, and allowances.
Typical columns:
- Employee Name
- Basic Salary
- Allowances
- EPF (8% employee)
- ETF (3% employer)
- Net Salary
👉 Why it’s important: Comply with labor laws and calculate your company’s salary liabilities accurately.
📈 5. Turnover Summary
At the end of each month, summarize your income.
Include:
- Monthly Revenue
- VAT Collected
- Total Turnover
👉 Why it’s important: Helps you keep an eye on the VAT registration threshold (currently LKR 80 million/year).
🧮 Bonus: Monthly VAT & Tax Calendar
If you’re getting closer to registration (or already registered), note these deadlines:
| Tax Type | Due Date |
|---|---|
| VAT Return | 30th of Each Month (for the previous month) |
| Income Tax | Sep 30 (Installment), Nov 30 (Final) |
| EPF/ETF Payment | 15th of each following month |
📁 Download: Free Excel Template for Startup Accounting (Sri Lanka Format)
We’ve put together a ready-to-use Excel file with all these sheets for you to simply plug in your data.
👉 Download the Sri Lanka Startup Accounting Sheets
🎯 Final Thoughts
As your agency grows, so will your accounting needs. These sheets may seem simple now, but they lay the foundation for smooth audits, proper tax filings, and confident scaling.
