5 Must Have Bookkeeping and Accounting spreadsheet templates

how to use excel for accounting and bookkeeping

Secondly, notice how money is moved from the checking account to the savings account. Also notice how the credit card is paid off by moving money from the checking account to the credit card account. This use of credits and debits shows each transaction in two halves so that the money is safely tracked from one account to another. Well, I designed these formulas to test if the account label in column C matches the account label in row 1 and, if so, to take column D minus column E and, if not, to list “0”.

There’s an option to split expenses into different categories as well. There is no doubt that the objectives of small businesses differ from one another. This means that some businesses can go with QuickBooks, https://www.bookstime.com/ while others can use Excel spreadsheets for their needs. Let’s take a look at the bookkeeping cases for Excel vs. QuickBooks. Each plan progresses based on the number of users and features available.

Calculating double-declining balance depreciation for tax purposes in Excel

The platform provides good videos, online training, forums, and more for direct help if the need arises. On the bright side, QuickBooks Online is easier to learn and use than QuickBooks Desktop, although you need to have prior knowledge of accounting already to enjoy it. On the other hand, the timeline view lets you visualize task durations, and the Gantt view takes this further by displaying task flow and dependencies. Use this template to strategically focus your resources on nurturing strong relationships with your top clients.

how to use excel for accounting and bookkeeping

You can customize this “menu” to align with your bookkeeping firm’s offerings, and create custom duplicates to send out to potential clients. But the question still remains – with so accounting and bookkeeping services for businesses many financial templates available online, which one should you choose? To save you time searching online, we’ve rounded up some helpful Excel-based template document solutions.

FAQs about Excel accounting templates

However, you can download premade templates from the internet or create your own. If you own a business, you know bookkeeping isn’t easy, regardless of your company’s size. A seemingly small mistake can cause significant problems down the road and result in costly fees and fines. Not to mention that 1 mistake can ruin months of hard work and require you to spend hours fixing it.

For example, I split my “Food” category into “Eat-Out” and “Groceries” because spending money on sushi is a bit costlier than cooking tuna and rice at home. However, the more specific a label is, the more labels you will need to use. Although using more labels will give you more insights into your spending, I would suggest starting fairly generalized at first and adjusting as needed. This way you don’t bite off more than you can chew from the get-go.

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