Excel Accounting Problem from Udemy

This course will walk through a comprehensive accounting problem using Microsoft Excel in a step-by-step process. You may also use another spreadsheet software like Google Sheets.

Learners will learn how to navigate Microsoft Excel as well as how to create a well-designed accounting worksheet, complete with a general journal, trial balance, general ledger, subsidiary ledgers for accounts receivable, accounts payable, & inventory, financial statements and much more.

Excel is a very good tool to learn accounting because it is much more transparent than a database program, like accounting software, QuickBooks being a common example of accounting software.

As we enter transactions into our Microsoft Excel worksheet, we will discuss how the data input would commonly be entered into accounting software like QuickBooks and what data input forms would normally drive the transactions.

The course will start out from a blank Excel Worksheet. We will build the outline for our accounting system from the blank spreadsheet.

For each new step in the process, you will have access to a downloadable Excel Workbook, containing at least two tabs, one with the answer, the new steps being completed, the other starting out where the prior presentation left off.

Therefore, you can complete the entire problem starting from one blank spreadsheet, or you can jump forward in the problem and rework any component of the problem by downloading the related worksheet at that point in the process.

After constructing the outline of our accounting worksheet, the first section will discuss the most common accounting transactions and the data input form often used in accounting software, like QuickBooks, to enter them, common data input forms including invoice, bill, deposit. . .

We will then start our comprehensive problem, constructing a new Excel worksheet and entering beginning balances into it, imagining that we had a prior accounting system which we are now converting to our new accounting system in Excel.

We will then enter two-months worth of data input. When entering the accounting data we will create the journal entry, post it to the trial balance, giving us a good look at which accounts are impacted, post to the general ledger, and make adjustments to any subsidiary ledgers needed.

We will also update the financial statements periodically.

For the second month of operations, we create a bit more complex trial balance, allowing us to calculate both the year-to-date numbers, including both months of data input, and the current period numbers, showing income statement accounts for just the second month of operations.

After entering two months of data input, we will process two bank reconciliations, using mock bank statements. As we construct our bank reconciliations, we will discuss how accounting software often accomplishes this task.

Next, we will adjust our worksheet to enter period end adjusting journal entries as well as reversing entries. For each adjusting entry we will consider the reasons for it and how to set up the accounting system so that our adjusting entries do not mess up the data input process in the accounting department.

After entering the adjusting entries we will construct our financial statements.

What's inside

Learning objectives

How to navigate microsoft excel or other computerized spreadsheet like google sheets
How to create an accounting system in excel from a blank worksheet including a general journal, trial balance, general ledger, subsidiary ledgers and more
How to enter journal entries related to common transactions and list the data input forms often used to enter them into accounting software like quickbooks
How to enter two months worth of data input into our accounting system

How to do two month of bank reconciliations, comparing the process to how accounting software like quickbooks would accomplish the task
How to enter period end adjusting journal entries
Create financial statements

How to navigate microsoft excel or other computerized spreadsheet like google sheets
How to create an accounting system in excel from a blank worksheet including a general journal, trial balance, general ledger, subsidiary ledgers and more
How to enter journal entries related to common transactions and list the data input forms often used to enter them into accounting software like quickbooks
How to enter two months worth of data input into our accounting system
How to do two month of bank reconciliations, comparing the process to how accounting software like quickbooks would accomplish the task
How to enter period end adjusting journal entries
Create financial statements

Syllabus

Create Excel Worksheet

1025 Create Accounting Worksheet Part 1

1028 Create Accounting Worksheet Part 2

1031 Create Accounting Worksheet Part 3

Traffic lights

Read about what's good

what should give you pause

and possible dealbreakers

Provides a practical understanding of accounting principles by applying them within a familiar spreadsheet environment, which is a common starting point for many in the field

Mirrors the workflow of popular accounting software like QuickBooks, which helps learners transition to professional accounting tools more seamlessly

Uses Excel, which is more transparent than database programs, to help learners understand the underlying logic of accounting processes

Offers downloadable Excel workbooks at each step, which allows learners to jump in at any point and rework specific components of the accounting problem

Requires learners to have access to Microsoft Excel or a similar spreadsheet program, which may require a purchase or subscription

Focuses on using Excel 2016, which may not reflect the latest features and functionalities available in newer versions of the software

Reviews summary

Practical accounting system in excel

According to learners, this course provides a practical, step-by-step guide to building a complete accounting system in Excel from scratch. Many find the downloadable Excel workbooks extremely helpful for following along and practicing. The course is praised for making complex accounting concepts clearer by showing their application outside of dedicated accounting software, offering a transparent view of ledgers and financial statements. While some reviewers note the volume of detail and pace can be challenging, particularly for those new to either Excel or accounting, the hands-on problem-solving approach is widely seen as a valuable learning method. It's particularly useful for those wanting to understand the mechanics behind software like QuickBooks.

Contextualizes accounting software usage.

"The comparison to QuickBooks was insightful, helping me understand how automated systems handle these steps."

"Understanding how the Excel process relates to accounting software helps bridge the gap for me."

"The course explained how these manual steps translate to automated systems like QuickBooks, which is very useful."

Focus on hands-on problem solving.

"This hands-on problem-solving approach is a highly valuable learning method; it's not just theory."

"I learned practical tools and strategies that I could apply immediately to understand or build simple systems."

"Working through the comprehensive problem gave me confidence in applying accounting rules in a real-world context."

Reveals accounting process details clearly.

"It really clarified for me how journal entries flow through to the trial balance and financial statements in a tangible way."

"Seeing the accounting system built step-by-step in Excel gave me a much deeper understanding of the underlying mechanics."

"I finally feel I understand what happens behind the scenes in accounting software after going through this process manually."

Essential resource for practice and review.

"The downloadable Excel files were a lifesaver; I could jump in anywhere or check my work against the answer files."

"Being able to download the exact worksheet at each stage made practicing easy and effective for me."

"I couldn't have completed the exercises without the provided Excel files; they are a crucial part of the course."

Clear, sequential walk through of the problem.

"I really appreciated the step-by-step process from a blank sheet; it made it easy to follow along."

"Following along module by module was very straightforward for me, building the system piece by piece."

"The instructor broke down the complex problem into manageable steps, which I found incredibly helpful."

Benefits from prior accounting basics.

"I felt it assumed some prior knowledge of basic accounting terms like debits and credits."

"This might be tough if you are completely new to basic accounting concepts; I'd suggest reviewing fundamentals first."

"I'd recommend having a basic accounting foundation before taking this, though the Excel part is well-explained."

Volume of detail requires focus and time.

"There's a lot of detail covered, and I felt it moved quickly at times, requiring frequent pauses."

"I found myself pausing and replaying sections frequently to ensure I didn't miss a step in the process."

"It requires patience and dedication to get through the entire comprehensive problem."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Excel Accounting Problem with these activities:

Review 'Accounting for Dummies'

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Solidify your understanding of accounting fundamentals by reviewing a beginner-friendly accounting book. This will provide a strong foundation for the Excel-based problem-solving in the course.

View Accounting For Dummies on Amazon

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Read the chapters covering basic accounting principles.
Complete the practice questions at the end of each chapter.
Take notes on key concepts and definitions.

Review Basic Accounting Principles

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Reinforce your understanding of fundamental accounting principles before diving into Excel-based problem-solving. This will help you better understand the logic behind the formulas and processes.

Browse courses on Accounting Principles

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Review the accounting equation (Assets = Liabilities + Equity).
Study the definitions of debits and credits.
Familiarize yourself with the chart of accounts.

Brush Up on Excel Fundamentals

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Practice basic Excel skills to ensure you can efficiently navigate the software and create formulas. This will save time and reduce frustration during the course.

Browse courses on Excel Formulas

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Practice creating basic formulas (SUM, AVERAGE, etc.).
Learn how to use cell references (relative, absolute, mixed).
Familiarize yourself with common formatting options.

Four other activities

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Show all seven activities

Review 'Excel Formulas and Functions'

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Enhance your Excel skills by studying a dedicated guide to Excel formulas and functions. This will enable you to create more sophisticated and efficient accounting worksheets.

View Microsoft Excel Formulas and Functions (Office... on Amazon

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Read the chapters covering formulas relevant to accounting (e.g., financial functions, lookup functions).
Practice using the formulas in Excel with sample data.
Experiment with different formula combinations to solve accounting problems.

Practice Excel Accounting Problems with Peers

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Collaborate with other students to solve practice accounting problems in Excel. This will help you learn from different approaches and identify areas where you need more help.

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Form a study group with 2-3 other students.
Choose practice problems from accounting textbooks or online resources.
Work through the problems together, explaining your reasoning.

Create a Video Explaining a Specific Excel Accounting Function

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Solidify your understanding of a specific Excel accounting function by creating a short video tutorial. Teaching others is a great way to reinforce your own knowledge.

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Choose an Excel accounting function (e.g., VLOOKUP, SUMIF).
Research the function and its applications in accounting.
Record a video explaining the function and demonstrating its use.
Share your video with other students for feedback.

Develop a Personal Budgeting System in Excel

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Apply the skills learned in the course to create a personal budgeting system in Excel. This will provide practical experience and help you manage your own finances.

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Create a spreadsheet with categories for income and expenses.
Track your income and expenses for a month.
Analyze your spending patterns and identify areas for improvement.

Career center

Learners who complete Excel Accounting Problem will develop knowledge and skills that may be useful to these careers:

Bookkeeper

A bookkeeper maintains accurate financial records for organizations, which is directly related to topics covered in this course. This course helps one become proficient in creating accounting systems in Excel, including setting up a general journal, trial balance, general ledger, and subsidiary ledgers. These are all essential components of the bookkeeping process. The course also demonstrates how to enter common accounting transactions and reconcile bank statements, valuable skills for any bookkeeper. One who wishes to become a bookkeeper should appreciate that this course starts with a blank Excel worksheet, and then builds up to final financial statements. It may aid in their own development of similar financial statements.

See salaries and explore the career path for Bookkeeper

Accounting Clerk

An accounting clerk is responsible for recording financial transactions, updating statements, and verifying records. This course provides a comprehensive walkthrough of accounting processes in Microsoft Excel, creating a well-designed accounting worksheet. The course demonstrates the creation of a general journal, trial balance, general ledger, subsidiary ledgers, and financial statements. Mastering these skills in Excel helps the accounting clerk ensure accuracy and efficiency in their work, as well as an understanding of how accounting software works. Anyone aspiring to be an accounting clerk will appreciate that this course will demonstrate bank reconciliations, comparing the process to how accounting software accomplishes the task.

See salaries and explore the career path for Accounting Clerk

Junior Accountant

A junior accountant supports the accounting department with tasks such as data entry, account reconciliation, and financial reporting. This Excel course provides the learner with hands-on experience in creating an accounting system within Excel, which translates directly to the responsibilities of a junior accountant. The course covers essential tasks such as creating a general journal, trial balance, and general ledger, along with subsidiary ledgers for accounts receivable and payable. The course demonstrates how to enter two months of data into an accounting system, all of which helps a junior accountant better understand the full accounting cycle. The Excel skills acquired in this course are invaluable for performing daily tasks efficiently.

See salaries and explore the career path for Junior Accountant

Staff Accountant

A staff accountant is responsible for preparing journal entries, maintaining balance sheet reconciliations, and assisting with month-end closings. This course helps build a strong foundation in accounting principles and Excel skills, both critical for a staff accountant's success. By learning how to create an accounting system in Excel from scratch, including journal entries, trial balance, general ledger, and financial statements, the learner gains practical experience in the full accounting cycle. Furthermore, the discussion of data input forms commonly used in accounting software like QuickBooks allows the staff accountant to see how data entry works. A future staff accountant might find the coverage of adjusting journal entries and reversing entries particularly helpful.

See salaries and explore the career path for Staff Accountant

Accounts Payable Specialist

An accounts payable specialist manages the process of paying invoices and tracking vendor payments. This course is correlated, because it covers the creation of subsidiary ledgers for accounts payable, along with instructions for paying bills. This course helps the specialist to ensure efficiency in their payments. One aspiring to be an accounts payable specialist will appreciate that the course also includes a discussion of how to enter common accounting transactions and reconcile bank statements. This adds to the specialist's confidence in the reliability of the financial data.

See salaries and explore the career path for Accounts Payable Specialist

Accounts Receivable Specialist

An accounts receivable specialist manages the process of invoicing customers and tracking payments. This course is correlated, because it covers the creation of subsidiary ledgers for accounts receivable, along with instructions for creating bills. This helps the specialist to ensure efficiency in their collections. The aspiring accounts receivable specialist will appreciate that the course also includes a discussion of how to enter common accounting transactions and reconcile bank statements. This adds to the specialists confidence in the reliability of the financial data.

See salaries and explore the career path for Accounts Receivable Specialist

Auditor

An auditor examines financial records to ensure accuracy and compliance. This course may be useful for gaining stronger accounting skills, which will be foundational to the skills of an auditor. This course enhances one's understanding of how financial data is recorded and summarized in Excel. The auditor may be involved in assessing financial statements and the underlying data that constitutes those financial statements. The course takes one through a comprehensive accounting problem using Microsoft Excel in a step-by-step process, from a blank worksheet. This is also useful for understanding common accounting transactions and the data input forms often used in accounting software.

See salaries and explore the career path for Auditor

Financial Analyst

A financial analyst analyzes financial data to provide insights and recommendations for business decisions. This course may be useful, as it helps the learner gain a solid understanding of accounting principles and Excel functionality. The course provides a step-by-step guide to creating financial statements and performing bank reconciliations. These accounting and Excel skills are relevant to the financial analyst's responsibilities of interpreting financial data and developing reports. Financial analysts often work with spreadsheets, so knowing how to manipulate them is helpful. A financial analyst will note that the Excel workbooks in this course can be downloaded and used for future reference.

See salaries and explore the career path for Financial Analyst

Budget Analyst

A budget analyst helps organizations develop and manage their budgets. This course may be useful for a budget analyst, because it reinforces the importance of financial data input and report preparation. The course walks through a comprehensive accounting problem using Microsoft Excel, teaching learners how to create a well-designed accounting worksheet. This includes creating a general journal, trial balance, general ledger, subsidiary ledgers, and financial statements. These are all components that will be reviewed, understood, and analyzed by a budget analyst. The course simulates the creation of an accounting system in Excel from a blank worksheet.

See salaries and explore the career path for Budget Analyst

Tax Accountant

A tax accountant prepares tax returns and ensures compliance with tax laws, often with the help of accounting software. This course may be useful, because it discusses the creation of financial statements and the entry of adjusting journal entries, which are relevant for tax accounting. This knowledge of accounting systems helps the tax accountant better analyze and interpret the information needed for tax filings. By understanding how financial data flows through an accounting system, the tax accountant can better analyze and interpret the information needed for tax filings. The tax accountant may appreciate the discussion of adjusting journal entries and reversing entries.

See salaries and explore the career path for Tax Accountant

Tax Preparer

A tax preparer prepares and files tax returns for individuals or businesses. This course may be useful, because it can help the learner become more familiar with financial data and how it is organized in an accounting system. The course covers the creation of financial statements and the entry of adjusting journal entries, which are relevant for tax preparation. By understanding how financial data flows through an accounting system, the tax preparer can better analyze and interpret the information needed for tax filings. The tax preparer may appreciate the discussion of bank reconciliations and how these accounting processes are used in computerized systems.

See salaries and explore the career path for Tax Preparer

Payroll Specialist

A payroll specialist manages the processing of employee payroll, including calculating wages, taxes, and deductions. This Excel course may be useful, as it provides a foundational understanding of accounting principles and Excel skills. The payroll specialist can better understand how payroll data integrates with the general ledger and financial statements. The course also demonstrates how to enter common accounting transactions and perform bank reconciliations. A payroll specialist would most likely find the discussion of data input forms commonly used in accounting software like QuickBooks most useful.

See salaries and explore the career path for Payroll Specialist

Treasurer

A treasurer manages an organization's finances, including investments and cash flow. This course may be useful in understanding accounting data, which is core to the treasurer's role. This course provides the treasurer with information on the creation of financial statements. The course will also cover common accounting transactions and the data input forms often used in accounting software. A treasurer requires an understanding of accounting software packages. The course demonstrates examples from Quickbooks, a popular accounting software. This will make the treasurer better equipped to oversee the accounting department.

See salaries and explore the career path for Treasurer

Cost Accountant

A cost accountant analyzes production costs and develops cost accounting systems. This course may be useful, as it teaches the learner how to track financial transactions in Excel. Cost accountants should recognize that the creation of Excel-based accounting systems may assist in understanding data management. This is valuable when assessing the integrity of data from other software systems. This course starts with a blank Excel Worksheet and builds the outline for an accounting system from the blank spreadsheet. This may assist in creating one's own cost accounting models.

See salaries and explore the career path for Cost Accountant

Accounting Manager

An accounting manager oversees the accounting department and ensures the accuracy of financial reporting. An accounting manager usually has an advanced degree. While this course may be useful, an accounting manager will typically need to oversee individuals who perform routine duties, and not perform these tasks alone. Nevertheless, the course demonstrates creation of a general journal, trial balance, general ledger, subsidiary ledgers, and financial statements. These skills are important for the accounting manager to have visibility as they oversee those underneath them. The accounting manager may wish to use this course to familiarize new employees with the flow of accounting transactions.

See salaries and explore the career path for Accounting Manager

Excel Accounting Problem

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Learning objectives

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Reviews summary

Practical accounting system in excel

Activities

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