Bookkeeping Spreadsheets for small business accounting

Some include simple income and expense logs, while others might have multiple sections for categorizing transactions, managing invoices, tracking inventory, or preparing financial statements. With these spreadsheets, you can quickly track income and expenses, categorize transactions, and generate basic reports without needing specialized accounting software. This is especially useful when handling multiple clients, as you can create and duplicate templates to fit different business needs.

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Review revenue, expenses, and net income before and after taxes with this income statement template. The template accounts for all revenue sources and business expenses when calculating net income. Example revenue sources include sales, services provided, and interest. Business expenses include advertising, office equipment, insurance, utilities, and depreciation.

It also helps them remember every step needed to complete the monthly bookkeeping process. This template is a step-by-step list of the tasks your staff needs to do to help your clients understand how cash moves in and out of their businesses. The template includes the status, due date, and relevant comments for each of your cash flow cycle tasks.

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• You can also automate recording transactions by downloading your bank statements and credit card activity into your accounting records.
• Communicating your rates on time helps clients budget adequately and makes your firm look more professional.
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• As already mentioned, this is a pivot table and is a summary of your transactions.
• If you are using this sheet to reimburse employees, enter the reimbursement rate at the top of the template to determine the total amount owed.

However, most accounting professionals encourage the use of online accounting and bookkeeping software for easy and more accurate accounting and financial records. The monthly general accounting checklist template outlines the steps and activities that ensure the completion of your client’s financial records every month. If you manage payroll for clients, you can’t afford to make mistakes or miss payments, as that can lead to compliance issues, penalties, and unhappy employees. A semi-monthly payroll checklist template helps process payroll correctly and on time every time by following a structured approach every pay period. Reconcile a financial account by creating a record of transactions to compare to your bank statement.

• Without proper maintenance, your clients’ QuickBooks accounts can become cluttered with duplicate entries, uncategorized transactions, and reconciliation discrepancies.
• Click and drag this square down the column to apply the formula to all cells.
• Bookkeeping spreadsheets help you complete tasks faster by eliminating the need to set up new documents or manually enter repetitive data.
• For instance, the bookkeeper would monitor the Accounts Receivable account to track all outstanding invoices and ensure that all payments are received and recorded.
• Often designed as Excel spreadsheets or Google Sheets, bookkeeping templates can range from basic to complex.

It demands recording two entries for every transaction—a debit in one account and a corresponding credit in another. While the single-entry system is easier to understand and implement, it lacks the robustness and detail of other methods. It doesn’t provide a comprehensive view of the company’s financial situation, failing to record assets, liabilities, or equity accounts. It also makes it more challenging to detect errors or fraud due to the absence of a self-balancing structure.

Learn about various tips and tricks in Microsoft Excel and Spreadsheet. Create best templates and dashboards using free tricks and tutorials in excel and spreadsheet. These tutorial posts are useful for everyone who wants to master the skills in excel and spreadsheet. With Microsoft Excel’s advent, tasks once considered tedious have become a thing of the past. Our website takes this innovation further by offering a myriad of professionally-designed Excel templates, completely free of charge.

You can use it to record all your income and expense transactions from any source like your bank accounts, credit cards or cash. Using your accounting or bookkeeping Excel templates in Financial Cents enables you to create work directly from your accounting spreadsheet templates. It automates the calculation of total assets, liabilities, and equity, ensuring your books stay balanced. Whether you’re preparing financial statements for internal review, tax filings, or investor reporting, this free template offers a structured and efficient way to manage financial data. You can start as an entry-level bookkeeping clerk or an accounting assistant and learn the practical aspects of the job.

If you have multiple templates, set up a structured folder system with consistent naming conventions so you don’t scramble to find the right spreadsheet when you need it. Create separate folders for each client and categorize templates based on their purpose, like general ledger, accounts payable, and payroll. This month-end close checklist template provides a bookkeeping spreadsheet clear, step-by-step guide to help you complete all necessary closing tasks efficiently. With it, you won’t forget a step or key process while finalizing a client’s books. In this article, we’ve compiled 13 bookkeeping spreadsheet templates designed to help you stay organized and efficient.

I tell you how to calculate that and include it in the template so that the total claimable is automatically worked out. This excel template allows you to prepare one, and you can also view an example and read up how it works. You will update it every day and see what your current cash flow is looking like. Excel already has a great variety of Invoice templates included in their system. I also explain how to bring the total value of stock on hand into your bookkeeping software. You will enter your estimated bills, enter your deposits to cover those bills and see how your bank balance will be affected.

Many of these software providers offer their own certification programs, which can boost your credentials. Your first step towards a career in bookkeeping is earning a high school diploma or equivalent. Courses like mathematics, economics, and business can give you a foundational understanding of the skills required for bookkeeping. In summary, both systems have their pros and cons, and the selection between single-entry and double-entry bookkeeping depends largely on the complexity and scale of the business operations.

Put Your Accounting and Bookkeeping Templates to Better Use Inside Financial Cents

An income statement basically totals the income, totals the expenses, and subtracts the expenses from the income to arrive at a profit or loss figure. Use this spreadsheet to record all the invoices a business issues to a customer who have an account with the business. But make sure you do not include any personal income or expenses, or non-deductibles in this spreadsheet.