Bookkeeping is simply just recording all the day to day financial transactions of the business. Either they are of purchase, sales, receipts & payments. Each of the business transaction is recorded in the “bookkeeping spreadsheet template excel” with date, reference and description.
Moreover, receipts and payments are also recorded in this sheet. Receipts are about how much cash a business receives daily. it will be recorded as receipt and from whom it is coming will be written in the description head. Payments are about all the payments or expenses you pay from this cash inflow. Payments are also known as cash outflow of the business.
Benefits of Using Bookkeeping Spreadsheet Template Excel:
- Calm to track all details
- Phlegmatic to use
- Competent way to maintain records
- Can be reachable whenever you want.
- Well-ordered data
Steps to use Bookkeeping template:
Enter the Name of the company or business whose records are going to maintain in this spreadsheet.
Enter the Accounting period the year in which you are maintaining your records.
Secondary steps to bookkeeping:
Now enter the date of the transaction of which you are going to record.
Enter the Reference Number of the transaction which is going to records in the books.
Add or enter the description about the transaction. That which transaction is recording either it is purchase of something or of the receipt of cash from someone.
Now you must record or enter the transaction type, means if the transaction is of invoice it will be taped in to the receipt section with the amount of total. If it is of purchase or expense it will be recorded in to the payment section of worksheet with the relevant amount.
Maybe it is fuel, telephone, postage, meals expense they all are recorded in the payment section.
Once we have entered all the details of receipts and payments. The account summary is generated automatically. Which illustrate all the receipts & payments a summary statement. As well as it allows us to make a quick look on our expenses and total payments, and receipts total.
In the account summary statement the payments we made are subtract from the receipts we have received from the customers and remaining balance would be our actual net amount that our business has receives after all the daily transactions.