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30-Day Money-Back Guarantee

This course includes:

  • 5 hours on-demand video
  • 29 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
Office Productivity Microsoft Excel Analytics

Tax & Adjusting Entry Year-End Accounting Excel Worksheet

Build Excel worksheet for adjusting adjusting & tax entries, reconciling net income calculated on a book and tax basis
Rating: 4.3 out of 54.3 (115 ratings)
28,266 students
Created by Robert (Bob) Steele
Last updated 11/2018
English
English [Auto]
30-Day Money-Back Guarantee

What you'll learn

  • How to build an adjusting and tax worksheet from scratch in Excel
  • What the benefits of an adjusting and tax worksheet are
  • How to enter adjusting entries into an adjusting and tax Excel worksheet
  • How to enter tax entries into an adjusting and tax Excel worksheet
  • How to reconcile book net income and tax net income using an Excel worksheet

Requirements

  • Should understand debits & credits and have some experience with Excel

Description

Create a new Excel worksheet from scratch to be used in the adjusting and tax entry process.

This course is most beneficial to tax preparers and public accountants who enter adjusting entries but is also useful to anybody in accounting. Similar Excel worksheets to the ones we will construct can be useful for analyzing many areas of accounting, and the Excel skills learned in creating them are also very applicable both inside accounting and outside of it.

We will discuss the reasons for creating an adjusting and tax entries Excel worksheet. Some benefits of the Excel worksheet include the ability to enter adjusting entries in an efficient way and build an adjusted trial balance, the ability to enter tax entries efficiently and build a trial balance on a tax basis, and the ability to reconcile book net income and tax net income.

An Excel worksheet can be used to show the difference between net income on the unadjusted trial balance, the adjusted trial balance, and tax trial balance in an easy visual way. A worksheet can be used as a reference to communicate to supervisors, clients, and as a reference for us to look back at in the future.

The course will build an Excel worksheet from scratch providing tools to help with the construction for each step along the way. We will provide an updated Excel worksheet for most steps, allowing us to jump forward or to rework any part of the course without starting over. The Excel worksheets will generally have at least two tabs, one with the completed step, showing the end product, and one that has been completed up to the current step in the process, allowing us to fill it in with the help of the instructional video and the Excel tab showing the completed work.

We will then practice entering some adjusting entries and tax entries into the worksheet. As we add adjusting and tax entries to the Excel worksheet, we will better understand how the worksheet is formatted and how best to use it. We will see how net income is calculated on a book basis, on a tax basis, and how the worksheet will show the reconciliation of the two.

This course is not designed to give tax advice but to show how to construct an Excel worksheet to track adjustments.

The course will also discuss some alternative formats for building an adjusting entry and tax entry worksheet that can be found in practice. We will discuss the pros and cons of the different formats.

We will also discuss how to format an adjusting and tax entry worksheet made in the prior year so that we can enter the current year trial balance and data into it.

In addition to the instructional videos, this course will include downloadable  

•    QuickBooks Pro Desktop 2019 Backup files

•    Excel practice files

Who this course is for:

  • Tax professionals who want to reconcile book net income and tax net income
  • Public accountants who work with adjusting entries
  • Any accountant who wants to learn how to set up a practical worksheet to work through accounting transactions
  • Any accountant who wants practical practice formatting Excel Worksheets

Course content

16 sections • 65 lectures • 5h 10m total length

  • Preview07:32

  • Preview00:28
  • Preview09:42
  • Preview11:42
  • Accounting Comic Break
    00:15

  • 3 Create Adjusting Entry & Tax Entry Worksheet In Excel
    00:49
  • Download Backup Files
    01:50
  • 510 Trial Balance Generate Report QuickBooks Export To Excel
    04:37
  • 511 Make Trial Balance From Balance Sheet & Income Statement Excel
    16:20
  • Preview06:25
  • 515 Format Debits & Credits to One Column
    07:12
  • 517 Conditional Formatting To Check If In Balance
    06:42
  • 519 Calculate Net Income On Trial Balance Excel
    06:30
  • 522 Format Header of Unadjusted Trial Balance Excel
    05:55
  • 524 Add Grid Lines Or Borders To Trial Balance Excel
    02:06
  • 526 Add Adjusting Trial Balance Column Excel
    06:45
  • 528 Add Tax Trial Balance Column Excel
    05:05
  • 530 Add Journal Entry Columns Excel
    09:25
  • Accounting Comic Break
    00:15

  • 4 Adjusting Entry For Accounting Error
    00:49
  • 550 Adjusting Entry Correct Error Excel
    07:51
  • Accounting Comic Break
    00:15

  • 5 Tax Entries For Nondeductible Expenses
    00:41
  • 560 Tax Entry Meals & Entertainment Excel
    11:32
  • 565 Tax Entry Charity, Penalties, & Political Contributions Excel
    17:25
  • Accounting Comic Break
    00:15

  • 6 Adjusting & Tax Entries For Insurance
    00:50
  • Adjusting & Tax Entries For Insurance
    09:09
  • 574 Tax Entry Prepaid Insurance Excel
    07:27
  • Accounting Comic Break
    00:16

  • 7 Adjusting & Tax Entries For Depreciation
    00:33
  • 582 Adjusting Entry Depreciation Excel
    07:05
  • 584 Tax Entry Depreciation Excel
    07:26
  • Accounting Comic Break
    00:15

  • 8 Add Columns to Adjusting & Tax Entry Worksheet
    00:24
  • 592 Add Columns To Worksheet Excel
    05:19
  • Accounting Comic Break
    00:15

  • 9 Enter Adjusting & Tax Entries For Sale of Fixed Asset
    00:39
  • 602 Adjusting Entry Sale of Fixed Asset Excel
    13:29
  • 604 Tax Entry Sale of Fixed Asset Excel
    11:20
  • Accounting Comic Break
    00:15

  • 10 Tax Entry For Tax Exempt Interest Income
    00:14
  • 612 Tax Entry Tax Exempt Interest Excel
    05:21
  • Accounting Comic Break
    00:16

Instructor

Robert (Bob) Steele
CPA, CGMA, M.S. Tax, CPI
Robert (Bob) Steele
  • 4.4 Instructor Rating
  • 14,828 Reviews
  • 307,438 Students
  • 91 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.

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