How a spreadsheet is a good accounting tool to perform bank reconciliations and track cash inflows and outflow?

How a spreadsheet is a good accounting tool to perform bank reconciliations and track cash inflows and outflow?

Postby demothi92 » Sun Apr 10, 2011 6:52 am

I've always been an excel geek but until my first "real" accounting job, I didn't know how really invaluable spreadsheets are. Accounting is hard. There's no two ways about that. And a lot of the time in accounting, when you're having a hard time figuring out a journal entry, or a bank rec or any kind of general account balance, the best way to wrap your mind around the issue is to "draw" it out, step by step. And excel is by far the best way to do it. It does so much of the math for you. That's nice. Sometimes you have to really "see" some accounting issues in order to really understand them. And when it's all said and done and your bank account is reconciled and your journal entry is done and your end of month numbers balance, you have that wonderful little spreadsheet to use as backup. VERY important.
Check out the website for Accounting Web. You can sign up for a free weekly newsletter that always has a great and very useful tip for using excel.
Good luck!
demothi92
 
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Joined: Sun Feb 27, 2011 9:09 am



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