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A Guide to Doing your Bookkeeping in Excel

Are you ready to take control of your finances and tackle bookkeeping head-on? Whether you’re a small business owner or a freelancer, maintaining accurate financial records is crucial for success. Today, we’ll walk you through the ins and outs of setting up your own bookkeeping system using the power of Excel.


Step One: Get Started with Incite’s Template


If you’re new to bookkeeping or simply looking for an efficient way to manage your finances, Incite’s template is a game-changer. Designed to streamline the bookkeeping process, this template is your ticket to financial clarity.


Incite’s Template –


To get started, simply make a copy of the template and save it to your drive. Whether you’re using Google Sheets or Excel, this template is fully customizable and free to use. Plus, with built-in formulas and categories, it’s easier than ever to stay organized and on track.


Step Two: Understanding the Financial Statements Tab


Once you’ve got your template set up, it’s time to dive into the financial statements tab. Here, you’ll find a comprehensive overview of your income, expenses, and net income or loss. With built-in formulas that automatically pull data from your transaction list, keeping tabs on your financial health is super simple.


But remember, these formulas are off-limits for editing to ensure the accuracy of your financial statements. So sit back, relax, and let Excel do the heavy lifting for you.


Step Three: Mastering the Transaction List


Now that you’ve got a handle on your financial statements, it’s time to tackle the transaction list. Make sure you input and categorize each transaction to keep your books in tip-top shape.


One thing to be aware of is that not all transactions are created equal. As you input your data, be sure to avoid categorizing transfers between accounts or credit card payments. These transactions don’t impact your income statement and can be left blank or deleted for a cleaner, more accurate record.


Step Four: Simplify Your Workflow with Incite’s Category Guide


Feeling overwhelmed by the endless sea of categories? Incite’s got your back with our handy category guide that’s linked in the YouTube video below. From janitorial expenses to office supplies, this guide provides clarity and direction for categorizing your transactions with ease.


But remember, don’t sweat the small stuff. At the end of the day, most transactions won’t make a huge difference on your tax return as long as they’re legitimate business expenses. So take a deep breath, stay organized, do the best you can.


Ready to Get Started?


Armed with Incite’s template and expert guidance, you’re well on your way to mastering the art of bookkeeping with Excel. So what are you waiting for? Take the first step towards financial freedom today and start managing your finances like a pro!

For more info, check out this video

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