Entering data in sheet TB page 19

Input Data In Sheet TB (Trial Balance)

After you set the structure in the sheet TB, you can start adding date in it. It is a good idea to set up your chart of accounts first in this sheet before you enter transaction data in sheet DATA. However, you can choose to do otherwise. No harm in that.

Entering Data In The ACCOUNTS Column (Column Al)

In cells in column A titled ACCOUNTS, you will enter names of accounts you have. The names do not necessarily have to be entered in alphabetical order. You can always sort them later (You have to know how to sort in Excel.)

For accounts that usually appear in the Profit & Loss statement, enter the name of each item (account). For example: Printing & Stationery, Legal tees, Assessments fees. Upkeep of Motor Vehicle, Upkeep of Building, Road Tax, Insurances, Licences, Bank Charges, etc. (one after another).

Here are the specific items which deserve separate treatment:

Salary

This is an item that usually appears in the Profit & Loss statement. It can be broken down into more other, more detailed accounts (such as basic salary, allowance, deductions, net etc). Enter each detailed item. (Later on, you can combine the various accounts into one salary figure in the actual Profit & Loss statement using a formula.)

Fixed Assets and Provisions for Depreciation

Enter each asset category, not each detailed item, because this book expects that a separate system exists for fixed assets. Usually, the categories are Land, Buildings, Plant & Machinery, Office Equipments, Furniture & Fittings, etc.

Enter also the provisions for depreciation accounts for each asset category, which usually are: Prov for Depr for Plant & Machinery, Prov for Depr for Motor Vehicles etc. (Different industries have different categories.)

Closing Stock

Enter each category of closing stock name, not each item of stock, because this book expects that a separate system exists for stock. Usually, the categories are: Raw Material, Semi-Finished Product, and Finished Product. However, different industries have different categories.

Investment

Enter each category name (such as quoted and unquoted), not each item, because this book expects that a separate system exist for investments.

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