How To Use Excel For Journal Entries

Example of a journal entry purchasing inventory.

How to use excel for journal entries. I simply want to give an example of how i use it. Some entries have multiple debit and credit adjustments. Purchased inventory costing 75 000 for 5 000 in cash and the remaining 70 000 on the account. For example say that 10 422 is in cell a1 and the function mod a1 1000 is placed in cell b1. What is journal entry.

Cr accounts payable 70 000. To extract journal entries that equate to round multiples of 10 000 100 000 and 1 000 000 use the excel mod function which provides the remainder after the auditor divides a number by a divisor. Copy and paste your chart of accounts into the spreadsheet. Open sheet2 on excel and rename it as journal. Make a list of your accounts in excel on sheet1 rename this sheet with the name accounts.

How to post journal entries using excel follow these steps to create accounting templates for your journals each month. Consider the following diagram. Take a look at our journal. Each entry is designated by a letter. A journal entry is simply a summary of the debits and credits of the transaction entry to the journal.

Use cfi s journal entry template to help you practice and maintain accuracy with your journal entries. The general journal entries which can be entered directly into an excel worksheet or imported from another application into excel record individual transactions in chronological order as debits. In all desktop editions of quickbooks start by displaying the general ledger report on screen adjust the date range as desired click the expand button to reveal the report s transaction details and then from the report menu select excel create new worksheet export. Http bit ly jetemplate watch updated video for 2018. You can read my article about how to label your account in excel.

Journal entries are important because they allow us to sort our transactions into manageable data. You ll notice the above diagram shows the first step as source documents.