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Many self-employed people start businesses accounting records in accounting spreadsheet.
The popularity of tablet such as Microsoft Excel means that it is often the first ‘financial tool’ businessman covers. But, it is the right
In a previous article? “Accounting Software – the accounting spreadsheets answer for small businesses” I checked the ‘bare minimum’ accounting requirements on small business accounting spreadsheet described what controls must be in place to increase these files. The article said that a properly designed and fully reconciled cashbook accounting spreadsheet along with sales day book and purchase date book could form the basis for a workable accounting solution.
For self-employed businessman, this means making sure that the records will HELP rather than prevent work your accountant. Many accountants find that they are doing the work again “because of incomplete or inaccurate accounting data to them.
I would strongly recommend it to show your accounts spreadsheets to your accountant at an early stage and to be ready to implement any changes he might suggest.
What should you have on the financial statements tablet devices?
There are many examples of good table accounting, and all of them will incorporate the following data necessary for every of your business.
· transaction Date
· transaction type (Purchase Invoice, Bank PayPal Payment Receipt etc.)
· What is the trade in (Customers Name , Supplier Name etc.)
· transaction Reference (Cheque account Number, etc.)
· An ANALYSIS transaction (Sales, rent, wages, interest paid etc.)
· The GROSS purchase price
· The VAT value (if any) in the transaction
· The NET value (after VAT) of trade
· The STATUS transaction (Invoice Paid, Bank trade paired with the statement, etc.)
So, a series of three financial table designed in monthly columns form this column headings is a good starting point :.
date, type, name, reference, analysis, GROSS, VAT, NET and STATUS
Each company business must be registered in a new line and should be sorted in chronological order .
To help your accountant, I would recommend that you use a standard naming convention for cash analysis. (Sales, rent, wages, interest paid etc.)
After you have entered your basic information in the accounting table, you should investigate your bank, credit card and other statements to ensure that you have not lost any business. If you are, then these need to be registered on the list.
You have to make sure that the accounting spreadsheet equal to . Add a unique column totals and then add a unique series totals , they should be the same.
Finally, send your first months accounting worksheets to your accountant for correction and approval.
As a guide, you can view some examples of professionally designed accounting spreadsheets on our website.
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