Building My Dream Business For the Future.
Using Microsoft Excel Businesses acquire several types of fixed assets or plant assets for their operations. Those long term assets benefit more than one period; thus, the cost must be allocated between reporting periods. As we know, various methods for allocating exist such as straight line, sum of the years, double declining and others. As…
Savings: First Step to Success Savings is the action of setting aside. In the financial world, you set aside certain amount of your funds. The idea to save means that you have for the future, for whatever plan you may have. How do you open a savings account? In the old days, people visited their…
Using Microsoft Excel / Google Sheets Do you have credit sales? Do you feel cumbersome keeping track of due dates and aging accounts receivable? Would you like to have your clients on a worksheet easy to maintain? The answers to these and other questions can be answered with an Account Receivable Subsidiary with an Aging….
Using Google Sheets / Microsoft Excel This post is about creating a Payroll worksheet. You can create a functional payroll worksheet using Google Sheets or Microsoft Excel. You can keep track of one or more employees, with different rates and deductions. In the image, I show you an example with some data for purposes of…
Using Google Sheets Last in, First out methodology The LIFO methodology assumes that items bought last will be sold first. LIFO holds true when inventory are kept in stacks; thus, the first one sold should be the last one acquired. Using this method, causes that last prices become your cost of goods sold, and older…
Using Google Sheets Average Cost Calculation The average-cost method allocates the cost of goods available for sale on thebasis of the weighted-average unit cost incurred for a given period. Several businesses use this methodology when inventory units are similar in nature. Note, the calculated average does not refer to a per unit cost only; instead,…
Using Google Sheets Most of us work in businesses that already have their accounting software, that calculates for us all the account balances. We do not need to prepare agings, schedules, or inventory lists since the system takes care of us. However, several times your software does not accomodate your ideal solution for calculating an…
Using Google Sheets function SYD( ) To setup a Sum of the Years Depreciation Schedule for your fixed assets, you need to list your assets (column A). Then, include the item’s cost (column B), include each asset’s useful life in years (column C). Last, determine any residual value (optional), if not include $0 (column D)….
This site contains affiliate links to products and services. We may receive a commission for purchases made through these links. Definition: Amounts owed to the business by individuals or businesses. Receivables arise from credit sales of goods or services. To the company, these represent current assets; several companies have large amounts of accounts receivable. Financial…
This site contains affiliate links to products and services. We may receive a commission for purchases made through these links. For many of us, opening a bank account is our first formal financial transaction. Before that, we all paid with cash, and most of the time it was for miscellaneous things and not too expensive….