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Get a free excel bookkeeping spreadsheet template for small business owners, plus a quick and painless guide to doing your own bookkeeping.
Our expert bookkeepers have built an Income Statement template in Excel that you can use to turn your business transactions into an Income Statement
Excel. There’s a good chance you already have Excel installed. If you’re already handy with the software, you may be able to quickly customize a template—like Bench’s income statement template—to suit your needs. That being said, while accounting with spreadsheets does cost zero dollars, it can be demanding on your time. Pros. Low cost.
What is double-entry accounting? Double-entry accounting is a method of bookkeeping that tracks where your money comes from and where it’s going. Every financial transaction gets two entries, a “debit” and a “credit” to describe whether money is being transferred to or from an account, respectively.
A beginner’s guide to the expense report, the form businesses use to track and reimburse employee expenses. Three Excel templates included.
The month end close process involves recording, reconciling, and reviewing all business transactions and finalizing the account data for the month. Here is the information you need for your monthly closing process: Bank statements, including credit card and loan statements. Income and expenses.
If you do your bookkeeping in Excel, your general ledger is where you record your journal entries. If you’re more of an accounting software person, the general ledger isn’t something you use but an automated report you can pull.
If you do your own bookkeeping in Excel, you can calculate cash flow statements each month based on the information on your income statements and balance sheets. If you use accounting software, it can create cash flow statements based on the information you’ve already entered in the general ledger.
Want to take a DIY approach? Our expert bookkeepers here at Bench have built a profit and loss statement template in Excel. You can use it to turn your business’ financial information into a P&L statement. What is a single-step P&L statement? The profit and loss statement above is technically called a “multi-step” P&L statement.
The chart of accounts is like a map of your business and its various financial parts. A well-designed chart of accounts should separate out all the company’s most important accounts, and make it easy to figure out which transactions get recorded in which account.