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Bookkeeping in Excel Step by Step Guide with Template

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In contrast, liabilities and equity should be listed on the right side. The total assets should always equal the total liabilities and equity. If you have a business that generates cash inflows/outflows you should definitely consider a decent way to manage your accounts. There are many accounting software options that are available on the web.

Copy and paste your how to fire a horrible client of accounts into the spreadsheet. On your balance sheet, you’d add the $10,000 increase in liabilities to the $0 change in equity to get a $10,000 assets increase. Post credit entries on the right side of each journal entry. Liability and revenue accounts increase with a credit entry, with some exceptions. The Debit Account worksheet also features several categories and columns, including the date, the item, the posting reference number, debit, credit and balance.

Formulas and Formats for Accounting

Botkeeper even learns the subtle, custom nuances of your and continuously improves over time (that’s the AI at work!). • Excel is a great tool if you still follow the single-entry bookkeeping system where you only make one entry for each transaction. The double-entry bookkeeping system is challenging to execute in Excel.

Make twelve copies of the original income statement, one for each month in the year. By default, the Income Statement includes data for every account listed in the Chart of Accounts. If you’ve added or removed accounts from the Chart of Accounts, make the same changes to the Income Statement. For instance, if you don’t track “Gas & Auto” as an expense, delete the row.

This is a list of all of the accounts set up in your bookkeeping system. Having a chart of accounts allows you to track all financial activities. Consider each account listed on this sheet like a category, and as you record transactions, they get sorted into one of these categories. A template likely comes with some accounts listed already, but you will probably need to tweak it a bit to fit your specific company needs. You’ll want to list the account type and a number with each account.

single entry

You can use the amortization table to record monthly interest expense and update loans payable in the books. Most accounting software doesn’t have an amortization schedule feature. Our Excel template can help you prepare journal entries to update account balances. Bookkeepers and accountants most often use the program to record data, use Excel bookkeeping templates, use macros and formulas, and make graphics, charts, and diagrams. Many small businesses track who they owe and who owes them with a customized Excel spreadsheet.

Compare the number of items sold to your monthly sales figures to make sure your inventory tracking sheet matches actual sales. The accounts receivable ledger lets you manage the outstanding balances owed by customers, so you can streamline the process of collection efforts. Tracking inventory in a spreadsheet is extremely time-consuming, especially if you have a lot of different products to track.

Benefits of a Customized Excel Bookkeeping Template

Balance sheet accounts, such as cash and accounts receivable, are listed first, followed by income statement accounts. Centerfield uses one revenue account (#6000 sales) in the income statement and several business expense accounts. If you’re looking for an easy way to keep track of your bookkeeping and accounting, then this is the perfect solution. There are many other options available, but none of them can match what we’ve created here at Harrisburg Bookkeeping! We understand that running a business is hard enough without having to worry about keeping track of finances too. That’s why we created our Excel bookkeeping template—so that anyone with basic computer skills could use it without any additional training required!


This will help you claim tax deductions, protect your assets from liability, and gain access to certain funds that are business-only. Having a business checking account will also legitimize your business with your customers. There will be 2 files – one is left empty for your own use, the other is a fully filled template for reference. This All In One Bookkeeping Small Business Spreadsheet helps you keep track of your business income, expenses, profit and inventory. Every time a transaction takes place—whether you’re moving money, cash, or credit—you need to enter it into the Transaction sheet, in its own row. In order to generate monthly Income Statements, you’ll need separate sheets for each month.

Get a sales invoice template right now and see for yourself. Or you can also generate invoices online using the free invoice generator or the Vencru invoicing app. You may want to make a copy of each one at the end of the month, and either save it or upload it to the cloud. Come tax season, your accountant will need your income sheets for the year. That could be a credit or bank card statement, info in your Paypal account, or receipt from a cash payment. First, download a free invoice template for Excel, or get one for Google Sheets.

Expense Analysis Excel Template

Track business expenses such as transportation, entertainment, lodging, and meals with this expense report template. Specify the time frame at the top of the spreadsheet and list all expenses with dates for each transaction. The template provides space to add notes or detailed descriptions as needed. Use this balance sheet template to report your business assets, liabilities, and equity.

  • They’re often used interchangeably—COS by retailers, and COGS by manufacturers.
  • Statement of cash flows summarizes the amount of cash entering and leaving a company, illustrating the company performance over a certain period.
  • For more like this, go check out our Annual Report and Quarterly Report presentation templates to supercharge the design and layout of your annual and quarterly reports as well.
  • What some people don’t realise is accounting is different from finance.
  • Workflow automation Quickly automate repetitive tasks and processes.

Content management Organize, manage, and review content production. Workflow automation Quickly automate repetitive tasks and processes. Project management Plan projects, automate workflows, and align teams.

Before joining FSB, Eric has worked as a freelance content writer with various digital marketing agencies in Australia, the United States, and the Philippines. If you’re missing data when you open the report in Excel, it’s likely that the file is in a protected view. The Customer Name and Days Overdue columns cannot be replaced and deleted—these cells contain the formulas. After updating the sheet, go to the Customer Tracker or A/R Aging sheets. Right-click on the table and click Refresh to reflect your changes. The right automated bookkeeping solution can eliminate your need for a bookkeeper, saving you money as a result.

  • Furthermore, it can pressure the accounting department more as they rely on older tools and systems to analyze recent data.
  • Sometimes bookkeepers are wary about automation since they already have years of financial information in the books.
  • The different categories of accounts are asset, liability, equity, revenue, and expense.
  • It’s also used if you make any expenses while completing a service for your client.

The balance sheet template can be used with the other bookkeeping spreadsheets such as the income statement to perform a comprehensive analysis of your business finances. These accounting templates are also available in excel and google sheets. The accounting journal is an accounting worksheet that allows you to take each of the steps from your trial balance to the financial statements – the balance sheet and income statement. This accounting journal template includes sections for their debits and credits, and pre-built formulas to calculate the total balances for each column.

It may also provide insight into the financial situation of your business. Keep practicing and making templates for different departments and goals. Your bookkeeping templates allow you to keep track on how you are performing and who owes you money, and it keeps you ready for tax reporting etc. They are a vital tool, which should be easy to use and save you time. At their best, templates are a great tool for increasing productivity and letting you focus on tasks that are more complicated. There are a number of pre-built balance sheet templates on Microsoft Office and other apps that include pre-configured formulas to find all your balance totals.

What is Bookkeeping in Excel?

The spreadsheet includes monthly columns for recording forecasted and actual cash flow. List cash receipts and cash paid out to view your projected and actual cash position for each month. This accounts payable template helps you track the money your business owes to vendors. List balances due, payments made, and supplier names, invoice numbers, and amounts.

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This includes the date of the transaction, a brief description, and the amount of the transaction. Receipt templates are also important in business as you will need to be sending out many receipts to your customers. Receipts are often given out for things concerning rent and things surrounding it, but you can also use them for other purposes too. Tabs, so these columns may also need to be unhidden in case something is not working as intended or if additional features are to be added.

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Last, the “category overview” section details all of the income categories as both a bar chart and a pie chart. Underneath that, all the expense categories are visualized as a bar chart and a pie chart as well. It allows you to create charts and other graphical presentations. The program has numerous valuable functions that allow you to record transactions without difficulty. It also places parentheses around negative numbers, which you could enter when you’re decreasing any accounts.

This template helps you review what your company owns and what it owes , including the shareholders’s invested amount. The balance sheet template allows you calculate your business rates of return and evaluate the capital structure. Excel templates for accounting and bookkeeping can boost productivity and save time.

The income statement template provides valuable insights into your business operations. It tracks your monthly revenue and expenses and provides a summary of your net income . Excel’s free accounting software is best for owners who run smaller, more straightforward businesses. The program’s simple accounting spreadsheets produce basic income statements by factoring income and losses. When bookkeeping with Excel, the program is used to record financial data such as purchases, expenses, and sales in various digital spreadsheets. These spreadsheets are used to create and maintain records of other business data too, like inventory, supplier, and employee information.

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