Keep track of business expenses with this simple spreadsheet template. If you’re self-employed, include home office expenses and other deductibles to help save time during tax season. The template keeps a running subtotal of expenses, adjusting the total sum with each new entry. Use this balance sheet template to report your business assets, liabilities, and equity.

The sales receipt template is ideal if you attend fairs and need to issue a receipt to clients for a cash sale. It can be used as proof of purchase and a guarantee for goods or services. By entering actual monthly sales income, you can compare your projected sales with reality and adjust your forecasting methods as needed. Please read our guide to find out further information about business expenses.

How long should I retain my financial records?

As you continue to enter new transactions, the spreadsheet will automatically update your balance. Ensuring employees are paid accurately and on time is another essential function of bookkeeping. This includes calculating hourly wages or salaries, withholding taxes, and processing payments. For example, if a company employs ten workers, the bookkeeper would track their hours, compute their wages, and manage their payroll distribution.

• These invoices are then sent to customers or clients, and their payment status is tracked.
• Format your columns to accommodate the type of data you’ll be entering.
• Tax and business tips from Joe specifically for Canadian business owners.

You will likely have multiple bills to pay in a month, to different companies and on different dates. It is important to have a way to track when specific bills are due, the amount that is due, and to whom. This payment schedule template will help you remember when each bill is due and be able to budget accordingly.

Profit and Loss Dashboard Template

Finally, many bookkeeping templates are customizable so you can tailor them to fit your individual needs. This includes being able to add new categories or columns as well as change existing ones without having to start from scratch. Plus, most providers offer support should you ever run into any issues while working on your template.

Balance Sheet and Profit & Loss Statement

Make twelve copies of the original income statement, one for each month in the year. Before we get started on DIY bookkeeping, download https://personal-accounting.org/10-free-bookkeeping-templates-in-excel-and-clickup/ a copy of Bench’s Income Statement Template. Later, you may prefer to use a different template, or even create your own.

Free Bookkeeping Template – Excel and Google Sheets

Tax and business tips from Joe specifically for Canadian business owners. If you recorded any asset purchases, you will see details of those on this tab as well. Assets aren’t deducted the same way as expenses so they are broken out separately. Enter Your Sales Transactions‍This works in the same way as the expense transactions, but you’ll choose “Sales” from the drop-down menu in column F. Enter Your Expense transactions and Asset Purchases ‍Transactions should be recorded into the blue shaded cells within the “Bookkeeping Transactions” section. Important Note – If you try and edit the template directly, you’ll receive an error message saying you don’t have permission to edit it.

Deposit Slip Template

Use this template to provide consent to a potential lender to learn more about the prospective borrower’s credit history. Once you’ve customized the Income Statement Template for your business, you’ll mostly be using the Transactions sheet. To get started, check out our Google Sheets Cash Flow Projection Template. 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. The same follows for any other account that doesn’t apply to your business.

Bookkeeping software helps small business owners understand the ins and outs of their businesses with ease. In order to make informed choices about the future of your business, you will need to thoroughly understand your business’s finances. Software accounting can streamline this process and aid you in the task.