That way, you can cross-reference it, and avoid errors-like forgetting to enter invoice payments, or entering the same invoice twice. When you enter income from paid invoices into your Transactions sheet, include the invoice number in the description. Optional-Add a sheet for tracking invoices Learn more about calculating these expenses.ĥ. They’re often used interchangeably-COS by retailers, and COGS by manufacturers. These accounts track the money you have to spend to create the product you sell your customers or clients. Cost of Sale (COS) and Cost of Goods Sold (COGS) are unique.Expense designates any account used to track money leaving your business.Income designates any account used to track money coming into your business.Likewise, if there are any transaction categories you need for your business that are missing from the Chart of Accounts, you should add them. The same follows for any other account that doesn’t apply to your business. The Chart of Accounts includes an account for “Gas & Auto.” But if you don’t drive for work, you don’t need this row-so you can delete it. Add or remove accounts from the Chart of Accounts Here’s how you adapt it to your business. The info in the copy of the Income Statement Template you downloaded is only there as a placeholder. Then it summarizes how much income your business has earned and spent within a defined date range.Īre you currently doing your own books for your business?Ĭustomizing the Income Statement Template for your business This pulls info from your Transactions and performs some basic calculations. This contains details of every business transaction you perform-the date, a description, the amount, and the account. Every transaction you record gets sorted into one of these categories. This lists all the accounts that make up your books. There are three sheets in Bench’s Income Statement Template: 1. Understanding the Income Statement Template You’ll also need access to spreadsheet software such as Excel or Google Sheets. What you need to use the Income Statement Template for DIY bookkeepingīefore you get started with Bench’s Income Statement template, make sure you understand the differences between single-entry and double-entry bookkeeping. Or, think about hiring a bookkeeper (like Bench). If you’re at the point where you believe your business needs double-entry bookkeeping, it’s time to use accounting software. However, it’s also more work to maintain-and difficult to set up in Excel. It’s more effective than single-entry for tracking cash flow and protecting against errors and fraud. The double-entry method of bookkeeping is standard for larger, more complex businesses. Every time money enters or leaves your business, it’s recorded once, as a positive (income) or negative (expense) value.Ī quick heads up about double-entry bookkeeping. Single-entry bookkeeping is a good choice if you run a small, simple business with a low volume of transactions. And it has everything you need to get a grasp of single-entry bookkeeping in Excel. But when you’re getting started, the Income Statement Template is tidy and approachable. Later, you may prefer to use a different template, or even create your own. Single-entry bookkeeping in Excelīefore we get started on DIY bookkeeping, download a copy of Bench’s Income Statement Template. That being said, even if you’re good enough at Excel to compete internationally, there’s only so much you can do with it in a DIY bookkeeping context. The better you know how to use it, the more you can get done. All rights reserved.Microsoft Excel (and its simpler, online cousin Google Sheets) is adaptable. Please remember that colors may vary slightly when printed, due to monitor calibration settings, printout settings and material typeĪll additional props such as frames, items on display and non-incorporated writing are just for illustrative purposes and are not included within the sale. You may print and design in your home, business, or a public place but may not resell, reproduce, distribute by electronic means (even as a freebie) or profit in any way from the design. If you have any questions or concerns about your order, please feel free to reach out to us anytime. *No physical product will be shipped, frame and props are not included*Įvery digital and instant download purchase is non-refundable, as there is no way for us to tell whether you have printed the design. ⚖️ Keep track of all of your income and expenses with this ledger sheet ⚖️Īccount for every dollar with these printable accounting ledger pages! Great for the home and small businesses owners tooĬomes in FIVE colors, with space to add your account details, starting balance, credits (expenses) and debits (income) as well as keeping track of your ongoing balances.ĭigital means its ready to download straight away after buying! No waiting, and no shipping fees.
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