![]() ![]() 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. ![]() Like what you see? Get our updates.Microsoft Excel (and its simpler, online cousin Google Sheets) is adaptable. You’ll find it on the Microsoft Money Home page. Technically, anyone could download and start using it, but I certainly don’t recommend it at this point. If you had business data in a Money file, this could help you to get your data back out. It allows you to use the software without online activation. Microsoft has released a “sunset” edition of Money. Here’s the related press release.ĭisclosure: Small Biz Survival has partnered with Intuit in the past. It converts data from Microsoft Small Business Accounting and Office Accounting products through the 2009 versions into QuickBooks Pro, Premier, and Enterprise Solutions editions. It can also convert Microsoft Office Accounting Express to QuickBooks Simple Start 2010. Intuit is providing a free conversion tool. You will need to provide your Microsoft Office Accounting serial number. Through September 30, 2010, small businesses interested in obtaining a free, fully functional, downloadable version of Sage Peachtree Pro Accounting 2011 to replace their Microsoft Office Accounting may visit For those interested, Sage will assist them with company set-up by converting the following information from Microsoft Office Accounting: Chart of Accounts, Customers, Customer Contacts, Employees, Inventory, Jobs, and Vendors. Sage is now offering Sage Peachtree Pro Accounting 2011 free of charge plus conversion assistance and 30 days of free support and online training. Microsoft Money (for personal accounting) was also discontinued. I have no idea how many small businesses were using MS Accounting or MS Money, but Sage Accounting just sent out a press release about their options for “where to go now.” So this seemed like a good time to talk about it. Microsoft Office Accounting was discontinued in November of 2009. One reality of software is that sometimes it goes away. ![]()
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