This last part - how you increase your accounts - is the most confusing aspect of Excel for small businesses, and I’ll return to it momentarily.Īssets and expenses belong on the left side of a balance sheet (or balance equation), while liabilities, equity, and revenue belong on the right. Create a list of all your accounts including what type of accounts they are and how you increase them. The first page of your Excel accounting workbook should be a chart of accounts. In addition to your balance sheet, you need to keep worksheets for each of the accounts included on it. In accrual accounting, you need more than a single ledger. Every time you increase or decrease one side of the equation, you need to do the same to the other. Double-entry accounting helps you ensure that you keep this equation balanced. This is where double-entry bookkeeping comes in. ![]()
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