Accounting Equation Using Excel-Analyzing Form Transactions
What you'll learn
- xplain the purpose and function of key accounting forms such as bills, checks, and expense entries, and their impact on the accounting equation.
- Break down financial transactions and evaluate their effects on subledgers, including Accounts Receivable, Accounts Payable, and Inventory.
- Use Excel to replicate and record financial transactions in the accounting equation format.
- Design Excel templates that simulate the functionality of accounting software for transaction recording and reporting.
- Assess the accuracy of financial records by reconciling subledgers and identifying discrepancies in transaction flows.
- Integrate knowledge of transaction impacts to produce comprehensive financial summaries and reports for decision-making.
- Identify common financial forms and their corresponding roles in the accounting cycle.
Requirements
- Basic Understanding of Accounting Concepts: Familiarity with foundational accounting principles, such as the accounting equation (Assets = Liabilities + Equity), is recommended but not mandatory. Beginners are welcome, as foundational concepts will be reviewed.
- Basic Excel Skills: Participants should have a working knowledge of Excel, including entering data, using basic formulas, and navigating spreadsheets. No advanced skills are required, as all Excel tools used will be taught during the course.
- Access to a Computer: A computer with Microsoft Excel or a compatible spreadsheet application installed (such as Google Sheets) is required for hands-on exercises and practical applications.
- Interest in Financial Processes: A desire to understand and analyze financial transactions and their impact on accounting records is essential for getting the most out of this course.
Description
This comprehensive course dives into the fundamentals of the accounting cycle, with a specialized focus on the real-world application of financial forms and transactions often entered into accounting software like QuickBooks. Participants will explore the purpose and function of key forms such as bills, checks, and expense entries, dissecting how each affects the accounting equation and core subledgers, including Accounts Receivable, Accounts Payable, and Inventory.
Through step-by-step instruction, learners will gain hands-on experience replicating and analyzing these transactions using Excel. You will learn how to post data in the accounting equation format, trace the flow of transactions through subledgers, and reconcile the effects on overall financial reporting. The course emphasizes not just the "how" but the "why," enabling participants to connect software automation to foundational accounting principles.
Practical exercises include creating and customizing Excel templates to simulate key accounting processes, developing skills in error detection, automating routine calculations, and building summaries for management reporting. Whether you’re a small business owner, an aspiring accountant, or a professional looking to sharpen your financial skills, this course equips you with the knowledge and tools to confidently navigate and analyze the accounting cycle.
By the end of the course, participants will have the ability to independently manage transaction flows, understand their implications for financial reporting, and optimize their use of accounting software for accurate and efficient financial management.
Who this course is for:
- Small Business Owners: Entrepreneurs and small business owners who want to better understand their financial transactions and how they impact their accounting records.
- Aspiring Accountants: Students and individuals starting their journey in accounting or finance, seeking practical, hands-on experience to complement theoretical learning.
- Accounting Professionals: Entry-level accounting professionals looking to enhance their technical skills in transaction analysis, Excel-based reporting, and understanding software logic.
- QuickBooks Users: Individuals using QuickBooks or similar accounting software who want to understand the mechanics behind automated processes and improve their efficiency.
- Financial Managers and Analysts: Professionals responsible for preparing or analyzing financial reports who want to deepen their understanding of transaction flows and their impact on subledgers and financial statements.
- Non-Financial Professionals: Individuals in roles such as office management, project coordination, or operations who interact with financial records and want to gain a better grasp of basic accounting processes.
Instructor
- 4.4 Instructor Rating
- 58,820 Reviews
- 979,802 Students
- 163 Courses
Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.
Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).
Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.
In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.
Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.
Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.
Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.
Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.
The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.
Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge like Udemy.