If your company falls into small business category, then you can take a look at this accounting template. It is in Microsoft Excel format. A spreadsheet processor that you are familiar with. And it is equipped with formulas that will help you summarize your journal entries into financial statements automatically.
This accounting template requires you to understand basic accounting. This knowledge will help you on classifying any transactions correctly. Also, you need to follow double-entry bookkeeping method.
Different from accounting cycle steps for generating financial statements, journal entries in this accounting spreadsheet will be processed into financial statements automatically. Do not need to filter accounts to General Ledger. No trial balance. Thanks to computer. Without computers, people will need to do both general ledger and trial balance things as helper tools before generating income statement and balance sheet statement. But, if you still want to do that in old fashioned way, then you can use the accounting cycle template.
You can use this accounting template for small business for any types of small businesses. Like services, merchandising or manufacturing industries.
If your company is a services company, the accounting template for services company should fit you well. You can fill your transactions in general journal module and adjust them using adjusting journal module. All journal entries will be calculated automatically in monthly and yearly statement. Remember to set your own Chart of Accounts and set financial statement parameter before generate particular report.
How to Use Accounting Template for Small Business
Steps on using this accounting template for small business are (Must do steps) :
- Set fiscal year period starting date (any dates)
- Set and adjust Chart of Accounts
- Fill Opening Day Balance Sheet balance
- Select CoA in Financial Statements (Income, balance sheet, cash flow and equity statements)
- Fill journal entries
Step 5 is the step you need to do over and over again. You can use this accounting template for one fiscal year. You can re-use it again for subsequent year with new journal entry data.
Additional Support Modules
There are additional modules for merchandising and manufacturing companies. You will get the inventory modules to help you recording your inventory flow as well as automated Cost of Goods Sold calculation.
In accounting template for manufacturing company, you will also get a production modules to help you organize all of your production item.
But, all inventory modules are not linked with journal modules. You need to write generated data from those modules into Journal modules correctly. With this separation, using inventory modules is optional. You can ignore them if you already have your own inventory system.
And there are other useful tools like depreciation, petty cash tools, employee salary tables etc. You can access it directly from the front menu. With these tools, you can calculate depreciation, organize petty cash, recording salaries and more.
More than one model you can choose to print in financial statements menu. Also, there are free report worksheet where you can write your own report based on your own styles and references.
Dashboard is also available. It has profit and loss, balance sheet and cash flow chart. You can also read your business situation from important financial ratio parameters in Dashboard.
If you understand basic accounting, then you can use one of these accounting templates below for your small business bookkeeping. If you are not familiar with accounting, you can use a smart accounting template which doesn’t require you to know accounting, like laundry bookkeeping template. Just fill transactions in cash book alike menu, and you will get your financial statements with accounting format automatically. No need to set parameters in report module. They are all already set.
Using Microsoft Excel to simplify your spreadsheet tasks is not as difficult as you think. I learned how to use it in less than 24 hours and rely on internet to find the solution if I got stuck. I am not an Excel expert, but here are all useful spreadsheets I have collected and created.