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Accounting Equation & Excel-Enter Second Month of Data Input
Rating: 4.6 out of 5(4 ratings)
4,016 students

Accounting Equation & Excel-Enter Second Month of Data Input

Excel for Accountants: Subledgers, Financial Statements, and Tax Transactions Made Simple
Created byRobert (Bob) Steele
Last updated 2/2025
English
English [Auto],

What you'll learn

  • Analyze financial data from the second month of operations to ensure accuracy and compliance with the accounting equation.
  • Create and maintain subledgers for accounts receivable, accounts payable, and inventory to improve data organization and reporting.
  • Prepare detailed financial statements, including a balance sheet and income statement, to summarize business performance after one month of operations.
  • Evaluate payroll transactions and associated tax obligations to ensure correct calculations and compliance with regulatory requirements.
  • Record sales tax transactions accurately and process timely sales tax payments using Excel.
  • Apply advanced Excel techniques to reconcile accounts and automate repetitive accounting tasks for efficiency.
  • Demonstrate the ability to manage and report financial data systematically in alignment with standard accounting practices.

Course content

8 sections • 20 lectures • 9h 17m total length

  • 8003 Closing Process Month 122:16

    Close the month's income statement in Excel to reset the odometer, transferring net income to owner's equity. Connect this to the accounting equation and the concept of month-end closing.

  • 8005 Format Worksheet for New Month25:05

    Apply the accounting equation in Excel to build a month’s trial balance and generate the balance sheet, income statement, and equity, from beginning to ending balances.

  • 8020 Make Amortization Table30:34

    Build a 72,000 five-year loan amortization table in excel, compute monthly payments, and separate interest from principal while exploring current versus long-term liability treatment and adjusting entries.

  • 8022 Make Loan Payments25:07

    Learn to record loan payments in Excel, break out interest and principal with an amortization table, and apply the accounting equation to current and long-term loan reporting using bank feeds.

  • 8040 Short Term Investment Sales & Gains25:34

    explains recording the short-term investment sale in excel within the accounting equation, recognizing a realized gain, adjusting cash and investments, and classifying the gain as other income.

Requirements

  • Basic Accounting Knowledge: Participants should have a foundational understanding of accounting principles, including the accounting equation and the structure of financial statements.
  • Excel Proficiency: Familiarity with basic Microsoft Excel functions, such as data entry, cell formatting, formulas, and simple functions like SUM and AVERAGE.
  • Access to Excel: Participants must have access to a computer with Microsoft Excel installed to practice and complete course exercises.
  • Commitment to Learning: A willingness to engage with detailed accounting tasks and apply critical thinking to solve financial problems is essential.

Description

This course provides an in-depth, hands-on exploration of intermediate accounting processes using Microsoft Excel, focusing on managing and analyzing financial data for the second month of operations. It is specifically designed for learners with a basic understanding of the accounting equation and a foundational familiarity with Excel. Participants will delve into the practical application of accounting principles by entering detailed data for accounts receivable, accounts payable, and inventory, utilizing subledgers to enhance organization and reporting accuracy.

The course guides learners through the step-by-step preparation of essential financial statements, including a balance sheet and income statement, allowing participants to interpret and present financial results accurately after one full month of operations. Additionally, learners will gain proficiency in handling complex business transactions, including recording and processing payroll, calculating and paying payroll taxes, and managing sales tax collection and remittance.

By the end of this course, participants will have mastered techniques for managing dynamic accounting tasks within Excel, including reconciling accounts, creating and analyzing subledgers, and producing accurate financial statements.

This course is ideal for accounting professionals, small business owners, and students who wish to expand their financial management capabilities using Excel. Key topics include advanced data entry and reconciliation techniques, efficient subledger setup and maintenance for specific accounts, structured workflows for balance sheet and income statement creation, detailed payroll and tax processing, and comprehensive strategies for recording and paying sales tax.

Who this course is for:

  • Accounting Professionals: Individuals seeking to enhance their skills in financial management, subledger creation, and Excel-based accounting processes.
  • Small Business Owners and Managers: Entrepreneurs who want to take control of their business finances by learning to manage accounts, subledgers, and financial statements effectively.
  • Students and Recent Graduates: Learners in accounting, finance, or business-related programs who wish to gain practical, hands-on experience with real-world financial tasks in Excel.
  • Office Administrators and Bookkeepers: Professionals responsible for maintaining business records, preparing financial reports, and managing payroll and tax-related transactions.
  • Excel Enthusiasts with an Interest in Accounting: Individuals proficient in Excel who want to expand their expertise into financial management and accounting workflows.

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