Excel Bookkeeping Spreadsheet ? Essential Ingredient of Business
Posted by savannahnhicks on March 29th, 2017
Nowadays, in order to enter numerous complex financial transactions into the financial books of account, accountants are using accounting software which is basically based upon double entry bookkeeping principles. As an accountant not only need to ensure that the financial records are accurate, but, also at the same time need to retrieve the records in order to answer the accounting questions. Hence, it is essential to manage all the data on an Excel bookkeeping spreadsheet.
Especially for a small business accounting purposes, sales accounting can be either a manual list of sales invoice or simply by using a spreadsheet package to make a list on an excel bookkeeping spreadsheet. The essential information that are being entered in a sales invoice includes sale’s date, customer’s name, sales invoice number and a brief description of the item sold (optional). The next column comprises of total sales invoice amount.
There are numerous self employed individuals who prefer starting off their business bookkeeping records on an accounting spreadsheet. Hence, Excel spreadsheet is the first financial tool that every businessman reaches to. Maintaining records on this spreadsheet means that your records will help rather than hinder the work of the accountant.
A good excel bookkeeping spreadsheet includes transaction date, type, customer name, transaction reference, transaction analysis, gross transaction value, Vat, Net and status of transaction. Each transaction should be listed on a new line and need to be arranged chronologically.
In order to meet all your accounting needs, free accounting software is easily available. Before choosing this software, it is essential to make sure that any products used for business purposes will suitably create audit trails in order to avoid recreating data at a later date. Also make sure that such free accounting software will meet all your needs both today and in the near future in order to avoid any hassles.
This free accounting software enables you to do all the necessary tasks that you are suppose to do – customer supplier details, payments, invoices, statements, adjustments, cashbooks, multi taxes, loans, assets etc.
The word ‘free’ can sometimes make you think over the quality. But, free always doesn’t mean lack of quality. Its accreditation process gives users peace of mind. Hence, all these factors add reasons why business should not hesitate while opting for the free accounting software.