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Add or remove accounts from the Chart of Accounts Here’s how you adapt it to your business. The info in the copy of the Income Statement Template you downloaded is only there as a placeholder. Or, think about hiring a bookkeeper (like Bench).Ĭustomizing the Income Statement Template for your business

If you’re at the point where you believe your business needs double-entry bookkeeping, it’s time to use accounting software. However, it’s also more work to maintain-and difficult to set up in Excel. It’s more effective than single-entry for tracking cash flow and protecting against errors and fraud. The double-entry method of bookkeeping is standard for larger, more complex businesses. Every time money enters or leaves your business, it’s recorded once, as a positive (income) or negative (expense) value.Ī quick heads up about double-entry bookkeeping. Single-entry bookkeeping is a good choice if you run a small, simple business with a low volume of transactions. And it has everything you need to get a grasp of single-entry bookkeeping in Excel. But when you’re getting started, the Income Statement Template is tidy and approachable. Later, you may prefer to use a different template, or even create your own. Get answers to questions about your financesīefore we get started on DIY bookkeeping, download a copy of Bench’s Income Statement Template. Save business records on your hard drive, or in the cloud with Excel Online or Google Sheets Have your transactions automatically categorized for you Perform basic calculations to create financial statements Set up a single-entry bookkeeping system, which you update manuallyĪutomatically import transactions from your bank accounts to your books Here’s a summary: Bookkeeping tasks you can do in Excel That being said, even if you’re good enough at Excel to compete internationally, there’s only so much you can do with it in a DIY bookkeeping context. The better you know how to use it, the more you can get done. Microsoft Excel (and its simpler, online cousin Google Sheets) is adaptable. We’ll show you how, using Bench’s Income Statement Excel Template to get started. If you’re planning to do your small business accounting with Excel, this is one of those times.īut there are ways to make the process easier.

Sometimes life forces you to use spreadsheets.