The account name is only for your reference and has no bearing on any formulas in the model. To the right of the financial statement classification number is the (merged) cell where you type the account name. That financial statement classification number is replicated down the hidden column B (and H and N) for formula purposes. It’s a data validation dropdown containing the numbers 1-7. The top left cell of each T account is a financials statement classification number. The main section of the workbook is a 3×3 grid of T accounts. We pay the vendor, get paid by the customer, and finally get our rebate from the Vendor. At that point we need to make our costs correct by accruing the rebate we’re entitled to from the vendor. First, we buy the inventory from the vendor.
Microsoft excel templates for accounting series#
This series of transactions represent a sale where we get a kickback from the vendor and we’re passing that savings on to the customer. In this example, the transactions are listed in the order they will happen over time. That is, you can leave off the descriptions and the periods, but good luck trying to figure out what you were thinking. You can put them all in the same GL Period if it’s not applicable to your transactions.
Column E is overflow for column D because I hate merged cells. Column D is where you type the brief description. Column C is the transaction number and can’t be edited.
The top left section (C2:F11) is where you write a brief description for up to 10 transactions. First, let’s look at this huge image (click to embiggen). It doesn’t seem to stop me from trying, though, and now I’m making my latest attempt available to you. They never make it easier than pencil-to-paper or marker-to-whiteboard. I’ve made a T account template at least three times in my Excel career.
Hey, wake up! This post isn’t finished yet! For you non-accounting folks, a T account is a method to trace accounting transactions through the accounts on the general ledger. I’ve made an Excel template for filling out T accounts.