Accounting Templates


Accounting plays an important part in our daily lives. You might directly come across many accounting tasks, or they will indirectly impact your life. Accounting is not only restricted to business tasks but everything you do in the name of financial terms and monetary deals lies under the category of accounting and bookkeeping. Businesses deal a lot in accounting terms on daily basis, and they need a proper record of all monetary details.

For these records and business dealings, accounting and bookkeeping templates are required. There are multiple accounting templates also available on our website, so if you are looking for them then you can download these for free as well. But wait, what are accounting templates in actuality? Below more details about accounting templates. 

What are accounting templates?
Accounting templates are used for keeping the track of your business bookkeeping and financial records. An accountant must know the struggle of making an accounting template. These templates are record documents used to keep the outline of the profit and loss. A business owner must deal with a lot of management, and he will always prefer a clear and visibly written record instead of some verbal details. There are multiple general ledger templates also available on our website. A general ledger template is also a type of accounting template which is used to store the record of the revenues coming in and out of the business deals. These records are necessary to check the productivity of a business and the revenues gained in an average amount of time. We have multiple excel accounting templates available on our website for your help and ease. You can have a look at them to understand the inner context and their need in businesses. 

Sometimes people wish to create their templates apart from downloading them directly from the internet. Worry not, we will also guide you on how you can create these financial accounting templates on your own from scrape.

How do I create an accounting sheet template in Excel?
There are many excel accounting spreadsheet templates available on our website for free use and download. But if you are interested to create an accounting sheet in excel on your own, then the below-mentioned guidelines will be of great help to you. Keep reading to gain the most of the knowledge needed to create an excel accounting sheet.

1. Start with a raw bookkeeping template in MS Excel
We know that you want to make a bookkeeping template on your own, but why we asked to start with an already made raw template is because this way you can have a proper idea of work. You can customize that raw template up to your satisfaction. But if you think that you are smart enough to create a template from scrape on your own, then this raw sample can be of your guidance at least. It is always good to start with proper guidance. A raw bookkeeping template can have three different sheets in it. We consider that you are aware of the features of excel, that a single excel worksheet can have multiple sheets inside it. So, a raw accounting sheet will consist of three different sheets. 

These three sheets are an accounts chart sheet, a sheet of transactions, and a sheet for income statements. You can record all your transactions and hence can generate income statements.  Dealing with google spreadsheets is also the same. So, no need to worry about learn the difference between Excel spreadsheets and Google worksheets. Let us explain to you the three subsections of this Excel accounting sheet.

  1. The accounts chart sheet contains the information of all those accounts which are responsible for taking care of your books. These accounts are associated with their related departments and keep track of the financial and monetary dealings going in them. 
  2. The second sheet is the sheet of transactions. A sheet of transactions will contain the complete information about a transaction that happened in a business. Transaction information will contain the detail for example on the day the transaction was made, what amount was transacted, who made the transaction, and what was taken as a return.  You can make a separate sheet for each transaction that happened or you can infuse the details of all transactions in a single sheet. 
  3. The third sheet is the sheet for income statements. Income statements are the record of the books which means what you have spent on a certain thing and what is revenue you have gained from that investment. The income sheet will contain the data of transactions being happened in a bit more detail, so we can say that these two sheets are inter-related with each other. 
These sheets will contain all your bookkeeping record data for a certain duration. You can customize these templates as per your requirement and criteria and make them more elaborative. In the next steps, we will help you briefly customize these three sheets. 

2. Customize the accounts chart sheet
You can customize the accounts chart sheet depending upon the ease and the criteria. For example, an accounts chart sheet will contain the information of account category, its type, and the supposed transactions expected to be made from it. You can arrange these three terms in columns and decide the position of columns according to your wish. Input the data of accounts name in the categories section and its category in the type’s column. suppose that you work in a food-making organization. Then you can categorize the account names as the expense of gas and define its category in the type’s column. All the businesses will have differences in the type of financial dealings and hence each business will have different charts of account sheets.  
To keep the track of accounts in an excel sheet, make sure that sheet includes all the incomes from each account, total expenses being made from it, and the real cost of sold items. After customizing an account worksheet, move to the customizing of the next sheet. 

3. Customize the sheet of transactions
There is going to be a separate sub-sheet in the sheet. These sub-sheets will be separate for each month. Each month’s sheet will contain the details of the transactions made in that month. The details of a single transaction are listed below. The details of other transactions will be the same.
  • Dates on which the transaction was made
  • Total amount spent on that transaction
  • Which account was used for the transaction purpose?
  • Total revenue made
There can be other details as well which you can include in the sheet of transactions. That depends on how you want to customize this section.

4. Customize the sheet of income statements
Income statements are the statements that contain a brief detail on the total amount spent from a certain account and the revenue obtained from that account. But it seems like an income statement is the same as that of a transaction sheet. The transaction sheet is compact while the income statements will be more detailed records of the retained earnings. 
The income statement will contain the details of the expenses and the amount spent on them. You write the actual cost of items and write the cost on which the items were sold, how much revenue was obtained from these transactions, and which account and section got benefitted from this transaction. There will be a separate income statement for each of the transactions. You can also divide the section of income statements into separate 12 sheets of 12 months, and then keep the record of them separately same as that of 12 transaction sheets of 12 months of each year. 

5. Add a separate sheet for keeping the track of invoices
This step is not compulsory for all businesses, but it can be helpful for some organizations to keep the track of the invoices and record the unique number of each invoice to save it. This will help you to not get confused in the invoice numbers and can be stored for reference purposes. This way, you can have ultimate records or can say the dual record of your business dealings and hence it will become clearer to you to avoid any misunderstanding and confusion of mixing up the invoices. Store the unique number of invoices in this sheet and also write the transaction amount and date that happened for that invoice. This is not a necessary step but can be helpful and it can help to save a clearer record of the business. 

6. Save the worksheet document securely at your computer
This is a very necessary step and makes sure you do it safely and securely. Since this file contains the bookkeeping records of your business hence it must be saved at a secure place on your computer. 

These are some steps that you can follow to make a management accounts template. You can customize these according to your requirements and needs.

How do small businesses keep accounts?
Accounting templates make life easier for a bookkeeper. These templates are always easy to use and store the records. A chartered accountant knows the importance of an accounting template more than any person in the world. Even the smallest business also uses these templates to keep the track of their income and total expenses. There are some useful steps that small businesses can follow to do the bookkeeping of their businesses:

  • First, open an account in the bank of your choice
  • Track and sort your expenses 
  • Formulate a system for bookkeeping
  • Make use of accounting templates from the internet
  • Set your payroll system as well
  • Make the complete investigation of taxes 
  • Keep an eye on tax obligations
  • Decide the method of your payment

You can follow these steps to make and keep the record of accounts for small businesses. This can be helpful and a much-sorted way to organize the revenues and expenses made during a business and keep the track of expected profits as well.

The use of accounting templates is very helpful in businesses. There are multiple accounting templates available on our website for your help and ease. You can download the journal entry templates from our website as well below. 

To sum up everything, we can say that accounting templates are a very useful tool to be synthesized to keep the track of business expenses and profits. Accounting templates are such templates that are used to store the bookkeeping record of a business. A bookkeeping record deals with all the financial tasks which happen or are expected to happen in a business. We also provided some useful guidelines which you can follow to write accounting excel templates on your own from scrape.

 These steps include the procedure of editing and customizing a raw accounting template, which consists of three sub-sheets. The first sheet is the sheets of accounts, the second is the transaction sheet while the third is income statements. We provided enough guidelines that how you can customize your accounting template using these three accounting excel sheets. The method to do accounts for a small business is also provided in a brief and explanatory manner. If you like our content then make sure that you share it with your friends and family, since It might be of great help to them. If you have any queries then leave them in the comments section, we will get back to you soon. We are always up for some new ideas and suggestions, if you think you have a great idea then please type it out in the comments below. There are multiple accounting templates also available for free on our website. For example Journal entry templates, while others are management accounts templates. You can freely download them and customize them as per your needs and requirements. Head towards our website to get some useful daily life content. 

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Dylan Bishop Dylan Bishop

Work expands so as to fill the time available for its completion. | Cyril Northcote Parkinson/Parkinson’s Law.