General ledger
Journals on a chart of accounts you control. Debits must equal credits before an entry is written.
Accounting & tax
Books that balance, with tax worked out as entries post.
A double-entry ledger with VAT, withholding tax, company income tax and the development levy calculated from a versioned rule set built on the Nigeria Tax Act 2025.
Ledger core
The books, from first invoice to financial statements.
Vendors and bills
Vendor bills, including recurring bills, with input VAT recorded on each and linked to goods receipts.
Customers and invoices
Customer invoices, including recurring invoices, in the same ledger as everything else.
Bank reconciliation
Bank statement lines matched to the entries in the ledger.
Financial statements
Profit and loss account, balance sheet and financial reports straight from the ledger.
Fixed assets
A fixed asset register in the same books.
Budgets
Budgets set by account and compared with actual ledger activity.
Audit trail and lock date
Every change logged. An accounting lock date closes past periods so filed returns keep matching the books.
Tax engine
Five taxes. Each with its own base, rate, ledger account and deadline.
Rules are stored as effective-dated data, never hard-coded. A change in the law is one new rule version, and past returns stay reproducible under the rules that applied at the time.
Business taxesNG-2026.1 · effective 2026-01-01
| Tax | Base | Rate | Posts to | Remit to | Deadline |
|---|---|---|---|---|---|
| VAT | Taxable supplies, less input VAT | 7.5% | VAT output and VAT input | NRS | 21st of following month |
| WHT | Qualifying payments, excluding VAT | By category | WHT payable and WHT receivable | NRS / State IRS | 21st of following month |
| CIT | Assessable profits | 0% small / 30% | Income tax payable | NRS | Within 6 months of year end |
| Development levy | Assessable profits | 4% | Development levy payable | NRS | With the CIT return |
| PAYE | Employee chargeable income | 0–25% | PAYE payable | State IRS of residence | 10th of following month |
VAT return · Sample dataMarch 2026 · 7.5%
| Output VAT on sales of ₦18,400,000 | ₦1,380,000 |
| Input VAT on purchases of ₦9,200,000 | − ₦690,000 |
| Net VAT payable to the NRS | ₦690,000 |
Built from posted invoices and bills, with the schedule behind every figure. Due 21 Apr.
Vendor TIN check · Sample data2 flagged
- OLOkafor Logistics LtdLagos · TIN missingPayment held
- BPBello Print WorksOgun · TIN missingPayment held
- MCMusa ConsultingFCT · TIN verifiedReady
WHT deducted by your customers is held as a tax credit against company income tax, never lost in a suspense account. The payroll module applies PAYE, Pension, NHF, NHIS, NSITF, ITF from the same rule set and posts each pay run as a balanced journal. Figures follow the Nigeria Tax Act 2025, effective 1 January 2026, and are kept current in the rule set. Plutus applies statutory rules; it does not provide tax or legal advice.
How a month closes
From opening balances to filed returns in four steps.
- 1
Set up the books
RC number, company TIN, VAT registration, financial year end and opening balances. This sets which taxes and returns apply.
- 2
Record the month
Invoices, bills, payments, stock movements and pay runs. Each one posts double-entry, with VAT and WHT calculated as it posts.
- 3
Reconcile
Bank statements matched line by line, stock value checked against the inventory account, and anything unexplained held for review.
- 4
Close, file and report
Lock the period, file VAT and WHT returns with their schedules, and produce the trial balance and financial statements.