This contains details of every business transaction you perform-the date, a description, the amount, and the account. Every transaction you record gets sorted into one of these categories. This lists all the accounts that make up your books. There are three sheets in Bench’s Income Statement Template: 1. Understanding the Income Statement Template
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You’ll also need access to spreadsheet software such as Excel or Google Sheets. What you need to use the Income Statement Template for DIY bookkeepingīefore you get started with Bench’s Income Statement template, make sure you understand the differences between single-entry and double-entry bookkeeping. Or, think about hiring a bookkeeper (like Bench). If you’re at the point where you believe your business needs double-entry bookkeeping, it’s time to use accounting software. However, it’s also more work to maintain-and difficult to set up in Excel. It’s more effective than single-entry for tracking cash flow and protecting against errors and fraud. The double-entry method of bookkeeping is standard for larger, more complex businesses. Every time money enters or leaves your business, it’s recorded once, as a positive (income) or negative (expense) value.Ī quick heads up about double-entry bookkeeping. Single-entry bookkeeping is a good choice if you run a small, simple business with a low volume of transactions. And it has everything you need to get a grasp of single-entry bookkeeping in Excel. But when you’re getting started, the Income Statement Template is tidy and approachable. Later, you may prefer to use a different template, or even create your own. Single-entry bookkeeping in Excelīefore we get started on DIY bookkeeping, download a copy of Bench’s Income Statement Template. That being said, even if you’re good enough at Excel to compete internationally, there’s only so much you can do with it in a DIY bookkeeping context.
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The better you know how to use it, the more you can get done. Microsoft Excel (and its simpler, online cousin Google Sheets) is adaptable.
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