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Keeping accurate records is the key to a good bookkeeping system, and this sheet is imperative for reaching that goal. These can either be separate sheets (or tabs on the same spreadsheet) or kept together. Next up, you need to create an income and expense sheet. You can also include a short description that may help you later as you start to record transactions. You’ll want to list the account type (income, expense, cost of goods sold) and a number with each account. A template likely comes with some accounts listed already, but you will probably need to tweak it a bit to fit your specific company needs. Consider each account listed on this sheet like a category, and as you record transactions, they get sorted into one of these categories. Having a chart of accounts allows you to track all financial activities. This is a list of all of the accounts set up in your bookkeeping system. The very first spreadsheet you need to create is called a chart of accounts. Accrual accounting records revenues and expenses when they are earned or incurred. With cash accounting, you record revenue and expenses when money is received or paid. The difference lies in when you record company revenue and expenses. There are two primary accounting methods that businesses use - cash accounting and accrual accounting. Decide what accounting method you want to use Use the following steps to set up your bookkeeping system in Excel. Depending on your experience level, using templates may be an easier way to start. To create a bookkeeping system for your business, you can start with blank Excel spreadsheets or find Excel spreadsheet templates online that fit your needs.

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How to Create A Small Business Bookkeeping System in Excel You can enter and categorize transactions through Excel, create various bookkeeping templates, track invoices, and much more. Excel has several helpful features and functions that can help you create a small business bookkeeping system that works.

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Using Excel is likely cheaper than hiring a bookkeeper or investing in popular accounting software programs.

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If not, it’s available to download for a small fee. Another reason to use Excel, as mentioned earlier, is that you probably already have it installed on your computer. Training on using Excel is also readily available online to get you and your employees up to speed if required. Businesses around the world use the spreadsheet-based program. Excel is useful for several applications, including bookkeeping. Microsoft Excel has been around for decades but is still used by businesses today because of its accessibility. Why Use Excel for Your Small Business Bookkeeping Here’s a look at how to do small business bookkeeping in Excel like a professional. Chances are you already have access to the computer program. If you’re already a small business owner or just starting your own business, you can save money by using Excel to create a bookkeeping system. Some businesses choose to hire a bookkeeper or utilize accounting software for their bookkeeping. Having a good system for bookkeeping will help keep your business finances organized year-round. Bookkeeping is the process of recording daily business transactions. Anaging your day-to-day finances is one of the most important tasks of any small business.