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How to track your business in excel part 3

November 11, 2009 Leave a comment

For a better quality version of the video web cast:

http://nerdenterprises.na6.acrobat.com/p84834671/

Visit our Excel blog for more: http://www.msexcelguru.com

Here we really complete the picture for you by showing you how to enter and then report on your financial transactions.

We show you how to set up the hyperlinks so that if you expand upon this concept you will be able to incorporate any new items in the ‘Home’ or ‘Menu’ Tab.

We review the setup of a list and data validation to update the way the source account works, because that account really needs to represent sources of payments and deposits. This also makes it possible to rely on the “Destination” accounts for tracking all income, expenses, asset purchases and payments on liabilities.

Now that the template is set up we can show you how to enter your transaction data:

This is what the template looks like with everything entered. If there was a deposit to be entered the Source account would be the bank account where the money was deposited and the destination account would be the appropriate income account. This is not set up to show invoices to and payments on accounts receivable. This can be done but would have to be done on a private consult because it would be very involved.

Once we have data in we can begin to report on it. We show you in the last 3 minutes of the web cast how to create a pivot table on this data reporting on expense by category and then expanding upon that by showing you how to further report the expenses daily based on the date of the transaction.

Figure 1 – Pivot Table – Daily Expenses click for larger image

We will post a bonus web cast going into more detail on these pivot tables and how you can use them to report quickly on the information in the sales and transactions.