Microsoft Excel has evolved into a financial data management spreadsheet programmed. Use a free general ledger template if you’re having trouble creating equations, pages, or other Excel fine points. Because of the theme, it’s simple to enter data, and there aren’t many that provide cumulative totals. Let’s look at the most efficient methods for creating an Excel business account ledger.
1st Step
Use one of the many web tools to find a free Excel business account ledger template. This design needs to work with all Excel versions. In such an accounting system, the general ledger records all transactions. For general ledgers and appropriate accounting procedures, multiple entry bookkeeping is required, affecting multiple users per transaction.
2nd Step
Place the cursor in the cell directly above “1” on the letter “A.” The entire page of the ledger accounts worksheet will be highlighted using this command. To duplicate the sheet, hold down the “CTRL” and “C” keys simultaneously. Click the “Insert” item in the menu bar, then the “Worksheet” button to create a new sheet. Copy the general ledger forms to an introduced new by pressing “CTRL & V” from the upper-left corner column above “1” and to the left of A. This template allows you to create a total of eight general ledger items.
3rd Step
At least five little pages are required to keep track of 45 different accounts. The first document’s title should be “Bank Accounts.” It must include details about your verification, cash on hand, and payroll accounts. Right-clicking the “Sheet 1” tab and selecting “Rename” from the list will bring up the context menu. You’ll want to keep track of your “Income” there. Sales, maintenance, and fee refunds all fall under this category.
The “Expense” accounts must be on the spreadsheet’s third sheet. This category also includes taxes and licensing costs. On the page presenting financial information, equity accounts such as the original cost, owner-draws, and investment back into the business must be recorded. Accounts of equity. On the last page of the financial statement, credit card debt and other types of unsecured debt should be listed.
4th Step
For locations with more than nine accounts, extra sheets should be created. If the class has more than 9 customers, “Expenses 2” should be created so that “Expenses 3” can be renamed. A unique account number is required for each new customer account. All term deposits begin with a 10–, with revenue categories (20), expenditures (30), shareholders’ equity (40), and liabilities (30). (50).
5th Step
As a result, each general ledger item has its own set of general ledger entries. Please make certain you don’t forget about them. The dates and descriptions in the table and the order in which they appear are self-explanatory. It is important to enter the other account’s login to perform post-transaction verification. Debit, credit, and balance are the other columns.
6th Step
When one pays for anything, the balance is frequently increased; nevertheless, the amount is frequently decreased when one does not pay for something. There must be reimbursement for every debit. Another way of looking at it is this: “What you got” and “where it came from” are two distinct concepts.
An electric bill of $400 is an example of this. A check is drawn from your company’s bank account to cover the cost. Are you conscious of what you’ve received? This Utility account (#3010) would be debited $400 because you utilized $400 worth of electricity. How did that happen when you think about it? As a result, you should make a $400 deposit (#10010) in your bank account.
Conclusion
This tutorial provided an overview of basic accounting principles and Excel applications. Best practices for building a business account ledger using Excel. Hopefully, it will make the financial accounting procedure for your small business easier.
Excel has several accounting-related capabilities. When you better understand accounting, you can create your financial spreadsheets and analyze your spending.
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