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Easy Learning with Accounting Equation in Excel - First Month of Data Input
Finance & Accounting > Accounting & Bookkeeping
10.5 h
£34.99 Free
4.4 ★★★★★
1768 students

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Language: English

Sale Ends: 16 Mar

Excel Accounting: Master Data Migration & Financial Reporting

What you will learn:

  • Master the accounting equation in an Excel environment.
  • Accurately migrate opening balances to a new accounting system.
  • Efficiently record and organize a full month's worth of financial transactions in Excel.
  • Develop and manage effective accounts receivable, payable, and inventory subledgers.
  • Generate accurate and comprehensive financial statements (balance sheet and income statement).
  • Ensure data integrity throughout the accounting system transition.
  • Become proficient in using Excel for various accounting workflows.

Description

Seamlessly migrate your accounting data to a new system using the power of Excel. This course provides a step-by-step guide to accurately transferring beginning balances, recording a full month's transactions, and generating key financial statements. We'll build robust subledgers for accounts receivable, payable, and inventory, ensuring data integrity and efficiency throughout the process. Learn to leverage Excel's capabilities to manage your financial information effectively, streamlining your workflow and gaining valuable insights into your financial performance. Designed for accounting professionals seeking to refine their Excel skills and improve system transitions, this course offers practical, hands-on experience that will directly impact your efficiency and accuracy.

You'll master the accounting equation within an Excel environment, building a strong foundation for data input. We cover the complete process from setting up your worksheet to producing your first month's balance sheet and income statement. By the end of this course, you'll confidently handle accounting data transitions, improving accuracy and reducing the risk of errors.

This course is more than just data entry; it's about establishing best practices for financial data management in Excel. You'll learn to organize your data, use Excel formulas efficiently, and generate insightful financial reports. This course empowers you to take control of your accounting processes and improve the accuracy and efficiency of your financial reporting.

Curriculum

Setting Up Your Excel Accounting Worksheet

This foundational section begins with '6010 Set Up Excel Worksheet' (27:53), guiding you through the crucial initial steps of creating a well-organized Excel worksheet for your new accounting system. This lays the groundwork for all subsequent data entry and analysis.

Managing Inventory and Related Accounts

Lecture '6300 Inventory & Inventory Subsidiary Ledger' (22:36) teaches you how to effectively manage your inventory and the associated subsidiary ledger within Excel. You'll learn best practices for tracking inventory items and their balances, ensuring accuracy and efficiency in your inventory management.

Establishing Accounts Receivable and Payable Subledgers

This section covers the setup and management of crucial subledgers. '6340 Accounts Receivable & Subsidiary Ledger' (17:44) and '6360 Accounts Payable & Subsidiary Ledger' (21:27) provide detailed instruction on accurately tracking customer and vendor transactions, maintaining clear records of receivables and payables.

Entering Opening Balances and Generating Financial Statements

Learn how to accurately input beginning balances into your new system. '6380 Set up new accounts & Opening Bal' (42:55) guides you through this critical step. Then, '6385 Financial Statement From Accounting Equation' (34:17) shows you how to leverage the accounting equation to generate initial financial statements, ensuring data consistency and accuracy from the outset.

Month 1: Recording Initial Transactions

This section covers the recording of initial transactions, including owner investments and fixed asset purchases. '7020 Record Deposits from Owner and Loan' (24:51) and '7040 Record Transaction in Register Invest & Purchase Furniture' (26:48) provide a practical walkthrough of these processes.

Month 1: Inventory Purchases and Sales

Here you'll learn to record inventory purchases and sales. '7080 Write check for inventory' (42:11) addresses inventory purchase transactions. '7100 Create Invoice with Inventory' (44:20), '7120 Receive Payment From Previous Invoice' (25:28), '7140 Cash Sales Sales Receipt' (28:30), and '7160 Deposits From Undeposited Funds' (17:23) cover various aspects of inventory sales and associated cash flows.

Month 1: Advanced Transaction Recording

This section covers more advanced transactions. Lectures '7120 Receive Payment From Previous Invoice' (25:28), '7180 Invoice Preordered Inventory PowerPoint' (37:05), '7200 Receive Payment & Make Deposit' (20:45), '7220 Write Check for expenses & Prepaid Assets' (28:58), and '7240 Pay Bill' (16:43) walk through the process of managing various transactions such as payments, invoicing, and expense payments.

Month 1: Payroll and Billing

This section focuses on payroll processing and billing. '7280 Payroll Month 1' (38:59), '7300 Enter Billable Time & Add to Invoice' (24:03), and '7301 Enter Billable Expenses to Invoice' (34:31) will guide you through the complete payroll and invoicing procedures within the Excel-based accounting system.

Month 1: Generating Financial Statements

The course culminates in the creation of comprehensive financial statements. '7320 Month One Financial Statements' (39:33) provides detailed instruction on generating a balance sheet and income statement based on the data entered throughout the month.

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