Microsoft Excel is now a spreadsheet programme for managing financial data, such as revenue and expenditure. If you’re having trouble creating formulas, pages, plus Excel’s finer details, you might wish to grab a complimentary general ledger Excel sheet design. The themes make it simple to enter data, but there aren’t many of them that offer totals that may be tracked over time. Therefore, let’s see the best ways to make a business account ledger in Excel.
The First Step
Choose one of the free sources to get an Excel ledger template. All editions of Excel should be able to use this template. In an accounting information system, this general ledger keeps track of all the transactions for each account. Using a general ledger & appropriate accounting processes necessitates the use of a duplicate entry bookkeeping system, which affects multiple users for each transaction. For more information, here’s a comprehensive guide on account management.
The second step
Towards the right of the letter “A,” in the cell directly above the numeral “1,” place your cursor. The entire page of the general ledger worksheet will be highlighted using this command. To copy the sheet, hold down the “CTRL” & “C” keys at the same time. The “Insert” option in the top menu should be clicked; then, the “Worksheet” button should be clicked. To transfer the general ledger templates into a new spreadsheet, click on the upper-left corner column above the “1” as well as to the left of the “A” and press the “CTRL” & “V” keys. There is room for eight general ledger entries to be entered in this template.
The third step
Keeping track of 45 distinct accounts requires at least five small papers. The first document should be titled “Bank Accounts,” and it should include information on your checking, cash reserves, or payroll accounts. Simply right-click on the “Sheet 1” tab and select “Rename” from the context menu that appears. The “Income” account must be on the second sheet. Sales, maintenance, & fee reimbursements would all fall under this category.
The “Expense” accounts must be on the third sheet. Rents, utilities, labour, and licences or taxes would all fall under this category. “Equity” accounts, which include the firm’s initial investment, any owner-draws, as well as any investment through into the company, must be on the fourth page of financial records. Liabilities, such as mortgages, car loans, equipment loans, including credit card debt, should be listed on the final sheet.
The fourth step
For locations with more than nine accounts, generate extra sheets. “Expenses 2,” for example, should be created in the event that the category has more than nine customers so that “Expenses 3” can be renamed. The number you provide for each new user account must be unique. There is a standard starting point for all savings accounts: 10–, income accounts (20), expenses (30), equity accounts (40), and liabilities (50).
The fifth step
So every general ledger entry has its own set of columns. Pay attention to them also. The dates and descriptions in the table are self-explanatory, as is the order in which they appear. Entering the other account’s username in the “Post Ref.” section is required for successful post-transaction processing. Debit, Credit, & Balance are the other columns.
The sixth step
In most cases, a credit to a bank increases the balance, whereas a credit decreases the balance. There has to be a refund for every debit. As an alternative, you can think of it as follows: “What you got” & “where it came from” are two distinct concepts.
For example, if you have a $400 electric bill, you’ll pay $400. It’s compensated for with a cheque drawn from your company’s bank account. Do you know what you’ve obtained? This same Utility account (#3010) will be debited $400 because you have $400 worth of power. Consider this for a moment: how did it get there? So, you should put $400 into your bank account (#1010) since it came from there.
Put #1010 in the utility account & #3010 in the bank account for your Post Ref.
Improve Your Excel Skills with These Tips and Tricks –
This tutorial covered some basic accounting concepts & Excel applications. Specifically, the best ways to make a business account ledger in Excel. It should help you get started with your small business’s accounting procedures.
Excel has a plethora of other accounting-related features. You would be able to produce reports, anticipate spending, and build your individual financial spreadsheets for analysis and reporting when you’re more thoroughly familiar with accounting.