One of the many wonderful uses of a spreadsheet is being used to keep track of one’s expenses. Your email address will not be published. Keep receipts of all of your purchases. Because some of your financial statements draw from data reported on other statements, there’s a particular order you should follow when preparing them, which is: To prepare a balance sheet, you need to calculate net income. Teach yourself effective budgeting and lay out a plan on how and on what things you should spend your money on. It’s hard to live with no files, she states. Expenses spreadsheets are used to record, store, and keep track of spending and other related activities to be able to keep track of how and where one’s money or earnings are going or are being spent on. It is an excellent alternative to Excel and also has word You may also see budget spreadsheet. Free monthly sales goals tracker template. This type of sheet is usually useful for accounting purposes and cost reduction analysis. This means you change the background shading, and the fonts and layouts to get them to look how you like. For example, if you enter the formula =SUM(A1:A25), cells A1 through A25 will be added up. If a customer pays for a product, you enter income. So, if you paid one of your credit accounts, you would debit that account (a liability account), and debit your cash account (an asset account). Here are some ways you can use a spreadsheet to track your metrics: Which social media channels is your audience hanging out on? Conclusion to Excel Bookkeeping Templates, Watch my free video tutorials on using Excel, General Ledger Accounts (GL): How They Are Used in Bookkeeping. Thus, the use of expenses excel spreadsheets makes it easy for the company to integrate it with other sheets. You’ll also be more intentional about the type of content you post. For detailed instructions, see the blog article written by guest author and Microsoft MVP John MacDougall: Using Pivot Tables to Analyze Income and Expenses… More will be the price of the product. This template has two versions, one has a shaded If you are on this page you probably already own a desktop version of Microsoft Excel or you subscribe This will help you ensure that your assets equal the sum of your liabilities and equity, balancing your finances using double-entry, accrual-based accounting. ... saves the ink usage on your printer. A debit in accounts payable decreases the account value, while in an account receivable a debit increases the account value. Necessary cookies will remain enabled to provide core functionality such as security, network management, and accessibility. Now that you know the basics of making an epic spreadsheet, check out these genius ways to use spreadsheets to manage and grow your business. It reports the following line items: The balance sheet tells you what your business owns and what it owes to others on a specific date. If you purchase something, you enter an expense for that amount. In other words, if your assets increase, your liabilities and equity should increase. We hope that this article is able to help you learn and understand about spreadsheets, especially expenses spreadsheets. Most of these excel bookkeeping templates are easy to customize to your requirements. That is the wonderful thing about it. If you had purchased 100 raw materials (needed to make your products) from another business on credit, the liability account is named after that business. To help you learn and understand more about this spreadsheet, we have included samples and templates to help you visualize it, as well as useful information that you should know about. Accounts receivable are payments owed to you for purchases from you using credit. Spreadsheets come in different file formats, like Word and PDF, but the most popular type is available in spreadsheet Excel files. Everything means every single penny you shelled out to buy groceries or to buy a can of soda. Hover your cursor over the square until it turns into a cross. Because sometimes even the niftiest software can’t stand up to an old standby: the spreadsheet. An expenses spreadsheet can be used in a number of different things and some of its notable uses are as follows. This is especially true for new business owners who don’t have the time or money to invest in professional accounting software. In double-entry bookkeeping, the income statement and balance sheet are closely related. If this is the case, it is generally called owners' equity. put together this helpful illustration demonstrating just how closely the two reports tie together: The income statement and balance sheet report different financial accounting information about your business. MS Excel based expense reports in daily layout & design. You can even use a goal tracking spreadsheet to understand which areas of your business are the most profitable—and which are not. You can make a monthly lead generation and conversion goals spreadsheet with these columns: If you have different stages of your lead generation process—for example, email funnel, call scheduled, contract signed—then you can add your goals and actuals for each step.  Knowing your money’s worth and where they are all spent on puts you in control of your financial spreadsheet situation. The two sides must balance out, meaning they should be equal to one another. It allows you to view and edit and save your Excel documents. You can then perform a bank reconciliation within the cashbook to make sure the cashbook reconciles with your bank balance. With so much to do as a small business owner, it can feel near impossible to keep up with every task on your to-do list. This places those cells you highlighted in an accounting format, automatically placing a dollar sign in them. Doing so will help you compare your list to the receipts that you have on hand. The same expenses/cost sheet is useful for that company. You don’t have to be a numbers genius to create a super useful spreadsheet. Talk Shop  Starting a Business • Hiring and Growth • Finances and Taxes • Team Management,  Payroll • HR • Benefits and more. The best part? ), Type of ad (video, image, carousel, Instagram story, etc. Enter the items you want to appear in the dropdown list in the cells in column A. For example, assets accounts can contain accounts such as cash, accounts receivable, inventory, fixed assets, or other assets. Even so, it is still very important to keep track of one’s expenses and reasons are provided below. Don’t wait for you to forget about what you have spent on. Every time a company records a sale or an expense for bookkeeping purposes, both the balance sheet and the income statement are affected by the transaction.