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eloAccountRecords User Guide

eloAccountRecords User Guide A user friendly MS Excel Accounting Records Template; eases preparation of financial statements Peter Elolo Darrah, elodarah@yahoo.com, +233244592866 7/23/2012


eloAccountRecords User Guide

FOREWORD ................................................................................................................................... 3 OVERVIEW OF WORKBOOK RESOURCES ............................................................................... 4 Index sheet ................................................................................................................................... 4 AccountSetup sheet ..................................................................................................................... 4 Financial Statements sheet ......................................................................................................... 6 Trial Balance sheet ....................................................................................................................... 7 MonthlySum sheet ....................................................................................................................... 7 Jan- December sheets .................................................................................................................. 7 PrintFinStatement sheet ............................................................................................................. 8 SECURITY....................................................................................................................................... 9 GETTING STARTED .................................................................................................................... 10 HOW TO OBTAIN A COPY OF THE eloAccountRecords TEMPLATE ................................ 10 HOW TO SAVE A COPY OF THE eloAccountRecords TEMPLATE ..................................... 10 HOW TO OPEN THE eloAccountRecords TEMPLATE ......................................................... 10 INDEXING ..................................................................................................................................... 11 ACCOUNTS SETUP ....................................................................................................................... 11 FINANCIAL STATEMENTS ........................................................................................................ 12 TRIAL BALANCE ......................................................................................................................... 12 MONTHLY SUM........................................................................................................................... 13 PREPARING THE CASH BOOK ................................................................................................. 14 PREPARING THE JOURNAL ................................................................................................. 15 PRINTING OF FINANCIAL STATEMENTS .............................................................................. 15 CONCLUSION .............................................................................................................................. 16 BIBLIOGRAPHY........................................................................................................................... 17

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eloAccountRecords User Guide

FOREWORD eloAccountRecords template has been designed to ease preparation of accounting records and relevant financial reports such as Trial Balance, Income Statement and Balance Sheet (Andrews). The user is not burdened with the drudgery of preparing columns for accounting heads (items) on all worksheets involved in the record-keeping. All the user needs to do is just to set up the required Chart of Accounts (with Account Codes) under desirable groups of accounts just like a conventional accounting application system. However, the eloAccountRecords is only effective and accurate to the extent that the formula cells are not inadvertently removed or altered by the user. The user, therefore, is ultimately responsible for the accuracy of the records prepared; using this template.

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eloAccountRecords User Guide

OVERVIEW OF WORKBOOK RESOURCES We have the following sheets in eloAccountRecords Workbook:

Index sheet

AccountSetup sheet

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eloAccountRecords User Guide

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eloAccountRecords User Guide

Financial Statements sheet

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eloAccountRecords User Guide

Trial Balance sheet

MonthlySum sheet

Jan- December sheets There are identical sheets for January right up to December. Each of these sheets contains a Cash Book and a Journal.

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eloAccountRecords User Guide

PrintFinStatement sheet

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eloAccountRecords User Guide

SECURITY It is possible to loose all your documents unexpectedly due to the presence of virus in your system. To safeguard your work, please do the following from time to time:  Check on your system’s health status; Go to start and click on ‘control panel’ and then on ‘Review your computer’s status’ or ‘Action Center’ to check on the effectiveness of your Anti Virus Application.  Scan your system and memory sticks (pen drives) on suspicion of a virus.  Ensure that you have a backup and get an external storage device i.e. pen drive, hard drive etc for backing up important documents. Hint: do not keep your system (computer) and the secondary drive together.  Important documents or files may be attached to emails or uploaded to a trusted site on a dedicated server.  Save Financial Statements and Trial Balance in a PDF to avoid unwanted alterations.  You may put a password on your documents to restrict or prevent access. (Hint: please do remember the password).

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eloAccountRecords User Guide

GETTING STARTED HOW TO OBTAIN A COPY OF THE eloAccountRecords TEMPLATE The template can be obtained from the address on the Jan-December sheets (i.e. +233244592866 or elodarah@yahoo.com).

HOW TO SAVE A COPY OF THE eloAccountRecords TEMPLATE It is important to have MS Office Application which should be of a version not lower than MS Office 2007 before the template can be saved on your system. If there is a lower version like MS Office 2003 on your system, then the template must be saved as MS Office Excel 2003 before copied for transfer (saving).

HOW TO OPEN THE eloAccountRecords TEMPLATE A password may be prompted at each time that an attempt is made at opening the template; which must be supplied by the user.

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eloAccountRecords User Guide

INDEXING All the resources in eloAccountRecords workbook are found in the index sheet. Each of this is linked (i.e. hyperlinked) to its location in the workbook. The index page is accessible on any resource in the workbook. The headings for Account Codes in each Cashbook/Journal are linked to the AccountSetUp Sheet. This is activated by just a click on the heading: Allocation: set a/c codes.

ACCOUNTS SETUP This is the most important aspect of the recording process. With reference to the AccountSetup sheet in OVERVIEW, type in the Business or Organisation Name, Start Date, End Date and Accounting year

This is best explained in the table below:

CELL NUMBER C3 C4 E4 G4

EXPECTED CONTENT Business or organisation name Start date; e.g. 01/01 End date; e.g. 31/12 or 12/31 for US-English Accounting or period year: e.g. 2012

Proceed to type in the Account codes and respective Account items (heads). Those Account Codes with respective Account Groups found on the template are somewhat suggestive. User may use or apply own codes, items and group of accounts. You may insert more rows while ensuring that you maintain the serial numbering in column A. Serial numbering is required, also, on certain cells in row 9 of Jan sheet. This action has already been performed but just in case the user has to re-perform the task, the following procedure is available: On the Jan sheet, insert serial numbers of cash and banks in cells G9, H9 and I9, respectively. Further, insert 1 and 2 in cells L9 and M9. Select these two cells (L9 and M9). Point the

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eloAccountRecords User Guide

mouse curser to the lower bottom right of cell M9 until curser changes to a plus (+). Hold and drag rightwards up to cell MW9; to effect the serial numbering. Once the above procedure is done correctly, you should have the account codes and account items, among others, properly positioned on all other sheets such as the Financial Statements, Trial balance and the Jan-December sheets.

FINANCIAL STATEMENTS All that one needs to do on this sheet is to ensure that the serial numbers (i.e. on column A) of the AccountSetUp sheet are properly linked to the cells in column A of Financial Statements Sheet. For instance, type in an ‘equal to’ (=) sign in cell A11 of Financial Statements sheet and select cell A59 of AccountSetUp sheet. To complete this link, hit the enter key once. You have just finished linking up the cells identifying fixed assets on both sheets. Simply fill A11 of Financial Statements sheet (i.e. after selecting A11, hover the mouse pointer to the bottom right of that cell until it turns into a plus+) and drag downwards to the desirable point. You may perform fill and drag downwards procedure in any of the columns wherever desirable. However, one is not under any obligation to perform the above action when it is already done with.

TRIAL BALANCE All that one needs to do on this sheet, also, is to ensure that the serial numbers (i.e. on column A) of the AccountSetUp sheet are properly linked to the cells in column A of Trial Balance Sheet. For instance, type in an ‘equal to’ (=) sign in cell A9 of Trial Balance sheet and select cell A10 of AccountSetUp sheet. To complete this link, hit the enter key once. You have just finished linking up the cells which identify Revenue on both sheets.

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eloAccountRecords User Guide

Simply fill A9 of Trial Balance sheet (i.e. after selecting A9, hover the mouse pointer to the bottom right of that cell until it turns into a plus+) and drag downwards to the desirable point. You may perform fill and drag downwards procedure in any of the columns wherever desirable. However, one is not under any obligation to perform the above action when it is already done with. May you now start preparing your accounts by making entries of opening balances in column D. Do remember that in modern day accounting Dr. = positive (type it straight) and Cr.= Negative(precede with minus sign).

MONTHLY SUM All that one needs to do on this sheet, also, is to ensure that the serial numbers (i.e. on column A) of the AccountSetUp sheet are properly linked to the cells in column A of MonthlySumSheet. For instance, type in an ‘equal to’ (=) sign in cell A9 of MonthlySum sheet and select cell A10 of AccountSetUp sheet. To complete this link, hit the enter key once. You have just finished linking up the cells which identify Revenue on both sheets. Simply fill A9 of MonthlySum sheet (i.e. after selecting A9, hover the mouse pointer to the bottom right of that cell until it turns into a plus+) and drag downwards to the desirable point. You may perform fill and drag downwards procedure in any of the columns wherever desirable. However, one is not under any obligation to perform the above action when it is already done with. This sheet provides one with the actual monthly Ledger Balance for each item of account, in order that entries of monthly transactions might be reconciled with monthly totals or balances. There must be a relationship between the MonthlySum Sheet and the Work and Print Area Sheet. Therefore, any printing of transactions should be done in conjunction with the Monthly Ledger Balances.

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eloAccountRecords User Guide

PREPARING THE CASH BOOK It is suggested that the cash and bank accounts are typed into B48-B50 in the AccountSetUp sheet (cash and two bank accounts are catered for but many more accounts can be accommodated). Once this action is performed correctly, we should have the cash and bank accounts appearing in appropriate positions on all the monthly cash books. The opening amounts given on the Trial Balance automatically appears as opening balances in the monthly cash books. You can therefore begin to update your cash and bank transactions.

The user input area is coloured light-blue and the allocation column is shown above. It is the accounting code that you have in your AccountSetUp sheet which does the posting to the relevant account. It is therefore very important to type in the account code into the allocation column for each transaction recorded. You may click on the above for a direct link to the AccountSetUp Sheet, get your code, click on index in A1 to return to your worksheet in minutes. Entries of cash transactions are made under cash and bank transactions under the relevant bank. Payment amounts are preceded by a minus (-). Once you have your opening balances in place you can start recording transactions from any month of your choice, assuming you did not start from January. Under no circumstances should entries be made in the Allocation Amount column. Dates should be typed in the format dd/mm. Year is not required. Where dd stands for daynumber such as 01; first day of the month and mm stands for month such as 01 being January. Therefore, 1st January should appear as 01/01 to give you 1 January and 31st December as 31/12. The reverse (i.e. 12/31 for December) of the above procedure applies to systems set up in the US-English mode.

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eloAccountRecords User Guide

PREPARING THE JOURNAL Below each cash-book is a journal. The journal transactions are supposed to be recorded vertically. (i.e. the debit or credit amounts follow, either way). A space is supposed to be left in between each set of transaction. It is the accounting code that you have in your AccountSetUp sheet which does the posting to the relevant account. It is therefore very important to type in the account code into the allocation column for each transaction recorded. `

PRINTING OF FINANCIAL STATEMENTS This sheet makes it possible for one to print financial statements (i.e. Balance Sheet and Income Statement) for any period of accounting within the financial period. All that is required of the user is to select the desired period in cell C5. The figures are supposed to change, appropriately, for each period selected.

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eloAccountRecords User Guide

CONCLUSION The eloAccountRecords template is a concept formulated for spreadsheet user accountants. This is no accounting software but rather an idea facilitating spreadsheet accounting. This concept is very reliable as it is capable of preventing errors except for the fact that no one else can be held accountable for your own inputs apart from your good self. I am very grateful to all and sundry especially Mr. Vincent Sokpoli, who assisted in the development, testing and deployment of this concept.

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eloAccountRecords User Guide

BIBLIOGRAPHY Andrews, J. J. Accounting Campus.

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eloAccountRecords User Guide