I need to do a Worksheet for my Financial Accounting Class. What formulas
should i use?

this is a very general question, maybe you'll like to let us know what
you're trying to achieve in your worksheet - balance sheet / p&l / bank rec
/ cash flow / cheque register / budget are some of the different options
that spring to mind.


"vman" wrote in message
...
I need to do a Worksheet for my Financial Accounting Class. What formulas
should i use?

firstly, thanks for helping me i appreciate it very much!
sure let me provide some details. i need to compile a 10-column work sheet
with the following titles each with its own debit and credit column:
Trial Balance, Adjustments, Adjusted Trial Balance, Income Statement
and finally a Balance Sheet. Moreover i need to prepare a separate
income statement, and balance sheet which get automatically updated wen i
make
when i make changes in the 10 column worksheet. the only problem
i am having is the formulas to put...i know the concepts but dunno
how to interrelate everything
thanksss



"JulieD" wrote:

this is a very general question, maybe you'll like to let us know what
you're trying to achieve in your worksheet - balance sheet / p&l / bank rec
/ cash flow / cheque register / budget are some of the different options
that spring to mind.


"vman" wrote in message
...
I need to do a Worksheet for my Financial Accounting Class. What formulas
should i use?

vman wrote:
i need to compile a 10-column work sheet with the following
titles each with its own debit and credit column:
Trial Balance, Adjustments, Adjusted Trial Balance,
Income Statement and finally a Balance Sheet.

Yes, that is the textbook definition of an accounting worksheet.

Moreover i need to prepare a separate income statement,
and balance sheet which get automatically updated wen i
make when i make changes in the 10 column worksheet.
the only problem i am having is the formulas to put...
i know the concepts but dunno how to interrelate everything

This is a difficult way to get such tutorial information.
It is very difficult to know what you do and do not know.

When you say you "know the concepts", do you mean the
accounting concepts, or do you mean the Excel basics, or
do you mean both?

Perhaps we can help by telling you what you will need to
know. Then you can get a remedial book on Excel to learn
how to do it. Or you can post specific questions, which
might be tedious and slow for your purposes.

For each column, you will need to compute the sum. That
is done by entering the expression "=SUM(B1:B26)", without
the quotes and substituting the real range.

You might also want to use "Format / Cells / Font" to select
the type of accounting underline for some cells.

For the Adjustments section, you might need to know how to
combine text and numbers. In a textboot accounting worksheet,
it is common to relate debit and credit entries by using
letter annotations, e.g. "(a)" and "(b)". One way to do that
in Excel is to use the Custom format. In Help, type "combine
text and numbers" to learn the details.

(Sigh, that can be tedious. I wonder if there is an easier way.)

In the Adjusted Trial Balance section, an asset account value
is simply the sum of the Trial Balance debit plus Adjustment
debit minus Adjustment credit. This is done by entering the
expression "=B1+D1-E1", again without the quotes and
substituting the real cell names. For liability and equity
accounts, add the Trial Balance credit plus Adjustment credit
minus Adjustment debit. Note that in an accounting worksheet,
credit values are usually maintained as positive numbers.
So a simple expression like "=SUM(B1:E1)" will not work.

(At least, that was the methodology before PCs. I don't know
if anything changed since the advent of PC spreadsheets.)

Posting the Adjusted Trial Balance value to the appropriate
Income Statement or Balance Statement section is a simple
matter of using a cell reference expression like "=F1".

However, for Net Income, something special might need to be
done, depending on what you've learned in your accounting
class. My accounting "knowledge" predates the PC era. I
am not sure if procedures have been simplified to accommodate
computer spreadsheet usage. I suspect they have. But if it
is not obvious to you how to handle Net Income, please post
a follow-up with the requirements. Specifically, does net
loss have to go into the credit column of the Income Statement
section, or can you use negative numbers? Similarly for the
debit column of the Balance Sheet section.

Perhaps the real gist of you question is: how to post the
worksheet values onto the separate Income Statement and
Balance Sheet?

Depending on how flexible and robust you want to be, that
can be no more difficult than referencing a cell on the same
Excel worksheet. Simply type "=" in the cell, then click on
the Excel tab for the accounting worksheet, then click on the
appropriate cell in the Income Statement or Balance Sheet
section of the accounting worksheet, then press Enter.

You will discover that the way to reference a cell on another
worksheet is something like "=Worksheet!J1".

It seems to be as simple as that. All of this is very remedial
stuff. A book like "Excel For Dummies" might help. That's the
book title. Don't take it personally.

Hope this helps.