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Free Google Docs Invoice Templates Smartsheet Spreadsheet Formulas Tutorial Ic Expense Report Tem Doc Scripts

Free Google Docs Invoice Templates Smartsheet Spreadsheet Formulas Tutorial Ic Expense Report Tem

By Doreen Quinn on September 29 2018 06:50:57

Many people would love to simplify their budgeting process. However, since many cannot use the Excel worksheet, there has been a desire to have an easily available and user friendly budgeting spreadsheet that would enable you budget with ease. Many versions of these spreadsheets are available and can easily be used with Microsoft Office such as Excel hence making it easy for many people.

One important column to also include is for asset purchases as fixed assets usually have different tax rules applying to the claim of the expense against tax and should be separated from other expenditure. Having set up two bookkeeping spreadsheets the task is then to produce the income and expenditure account by collecting the totals of each of the analysis columns. The sales total is the sales turnover from which is deducted the totals of each of the expenditure classification totals with the result being the net profit and loss of the business.

Sales accounting for a small business accounting purposes can be either a manual list of the sales invoices or by using a spreadsheet package a list can be made on a bookkeeping spreadsheet. Using a spreadsheet for the bookkeeping has advantages as simple formula can be used to add up the column totals. The essential information to enter for a sales invoice would be the date of the sale, name of the customer, sales invoice number if applicable and optional a brief description of the item sold. In the next column would be the total sales invoice amount. If items like value added tax are required to be accounted for then an additional column would be required to accommodate the vat or sales tax accounting.

Less financial control is often required from small business accounting software as the bookkeeper is often the owner manager who already has an intimate knowledge of each transaction. Books are still required for tax purposes and a solid requirement of preparing a set of financial books for tax purposes is that each entry is supported by third party evidence. Examples of third party evidence would be sales invoices, purchases invoices and bank statements. Financial transactions where no receipt exists can still be entered in the business books although all transactions not carrying third party evidence could subsequently be disallowed for tax purposes and certainly would be if the amounts entered indicated unusual income or expenditure.

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