Money In Excel - Income Tax Sch. C & Personal Financials
What you'll learn
- What Money In Excel can be useful for
- How to setup the Money In Excel Template
- How to connect Money In Excel to financial institutions
- How to add account or categories and subcategories to data
- How to sort business and personal data
- How to create an income statement that may be useful for taxes
- How to create a balance sheet or statement of net position
- How to use the Money in Excel budgeting template
- Microsoft Office would be preferable
Money in Excel is an Excel template provided by Microsoft that has bank connectivity similar to many accounting software applications such a QuickBooks, bank connectivity allowing for the download of financial data directly from the financial institutions.
Money in Excel can be used to construct a small business income statement which could be useful when preparing an income tax return Schedule C Profit or Loss From Business.
The Money in Excel template can also be used to complement accounting software such as QuickBooks. For example, many small businesses use accounting software like QuickBooks to record financial transactions and construct financial statements for their business. However, far fewer use financial accounting software to fulfill the same functions for their individual finances, a task that may be accomplished with Money in Excel.
Unlike financial accounting software, Money in Excel will also bring in balance sheet data directly from our financial institutions and put it in one location, balance sheet data like checking accounting balances, savings accounting balances, brokerage account balances, credit card balances, loan balances, and mortgage balances.
Accounting software like QuickBooks does not generally pull balance sheet balances directly from financial institutions because accounting software is designed to construct the ending balances using the double entry accounting system. Once the balance sheet balances have been constructed traditional accounting software will compare our book balance to the institution balance using tools such as bank reconciliations.
This course will cover how to access the Money in Excel template and connect it to financial institutions, downloading financial data.
We will work through a practice problem, imagining we are a small business wanting to construct an income statement needed for our income tax preparation at year end, income tax reported on a Schedule C Profit or Loss From Business Form. As we work the practice problem, we will compare the process to what may be done using traditional accounting software like QuickBooks.
We will then investigate construction of a personal balance sheet using Money in Excel, comparing how the process may be done using traditional accounting software.
The course will also cover other functions provided by Money in Excel including budgeting options and recurring transactions.
Who this course is for:
- Business owners who report business income using a Sch. C on their income taxes
- Business owners & individuals who would like an easy snapshot of their financial data
- Accounting and Bookkeeping professionals
- Accounting and business students
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.