![]() Step One: Choose Your AccountsĪccounting is primarily focused on maintaining accounts as separate boxes for money to either be debited into or credited out of. Before you can start sorting your money into these boxes, you need to label ALL of them starting with “Income” or “Revenue”.Įvery small or large business or small or large individual who has money to manage, has a means of income or revenue. There has to be a way for money to come into your system whether it be from paychecks, Ma & Pa, or stolen lunch money. In my personal system, I keep separate labels for “Gifts” and “Paychecks.” “Paychecks” is my term for the money that I earn through the sweat of my brow (including tax returns) and “Gifts” is my term for money that I did not earn but was given to me (or violently extorted as is the case with stolen lunch money). In college, I learned about these concepts and immediately wanted to apply them to my own personal finances. But all I had was Microsoft Excel. Turns out, Microsoft Excel is all you need. In this article, I will detail how to create double-entry bookkeeping system in Excel that will help you keep your money sorted just like a good accountant. After necessary editing such as name of the business, logo and other details you can make it appropriate to your business and circumstances so first download the excel bookkeeping template in your computer and then start editing if required.What is Double-Entry Bookkeeping and Why Should You Use It?ĭouble-Entry Bookkeeping is the system used in accounting to ensure that every transaction tells an accurate story about where the money came from and where it went. It is a bit similar to Newton’s Third Law. This is the physics concept of every action having an equal and opposite reaction. The accounting principle behind the double-entry system states that for every debit to one account there is an equal credit from another account. The money had to have come from somewhere and gone into somewhere. In basic accounting practices, where the money came from is considered a credit and where the money goes is considered a debit. Through this way you can keep proper record of all your business activities and transactions in written format that can be used easily in future times when it comes to make financial statements.Ĭore purpose of providing the excel bookkeeping template is to assist you in keeping track of business activities in professional manner but chances are these excel bookkeeping templates may not be suitable for nature of business you are running but you can easily customize them after downloading to make fit for your own needs using different editing features of MS excel. It will help you in the process of managing your business activities in an organized manner. The excel bookkeeping template works well on mac computers and desktop computers after downloading. Features of excel bookkeeping templates:īasically bookkeeping is a way to record and track all transactions, deals and circumstances of a business or company in accounting format to make further financial statements and reports. ![]() It will be useful for you whether you are running a small company with few employees or a large business organization with huge number of employees. This excel bookkeeping template is great if you just want to handle basic bookkeeping tasks of the business or company using MS excel. You can save this template in your personal computer or office desktop to record business activities and entries in best way. MS excel is an incredible computer program that always help business organizations and individual persons to create various business documents and we are providing you here free excel bookkeeping template that you can use to make bookkeeping process efficient and easier.
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