Wednesday, June 23, 2010

Closing Cumulative Monthly Accounts

1. Initially, when we started using Excel as our system, we use one file (workbook). In this first file, we record data of day to day transactions from the beginning of the period until todate. This file is the up-to-date file, or, the most current file.

2. If we want to close the file (or the accounts) to up to a certain date (closing date) (usually up to end of a particular month), which is a date usually earlier than the current date, we must make a copy of the current file, then in the copy file we remove rows of transaction data that having date later than the closing date, so that the copy file contains only the transaction data from the beginning of the period until the closing date.

3. To remove the rows of transaction data that having date later than the closing date in the copy file, we have 2 methods :

3.1 Method 1 : Identify the relevant row one by one and delete the row one row by one row.

3.2 Method 2 : Filter the data so that we see only rows of transaction data that having date later than the closing date. Select the visible rows in one go (use menu Edit --> Go To --> Specials --> Visible Cells Only --> OK. Delete the visible rows.

4. Once the above is done, automatically the Trial Balance, Balance Sheet, Profit Loss and other analysis are updated.

5. Name or Rename the copy file appropriately.

6. Continue updating the current data in the current file, not in the copy file.

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