How to maintain construction company accounts in excel?
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1. Create a spreadsheet using Excel with the following fields: company name, income, expenses, profits, fixed assets and liabilities.
2. Input existing account information into the spreadsheet.
3. Set up formulas to allow for automatic calculations as new data is entered (i.e. income minus expenses equals profits).
4. Create headings for each column and populate the cells with appropriate data.
5. Input new financial transactions into the spreadsheet as they occur.
6. Monitor and update all pertinent financial data such as assets and liabilities, income, expenditures, and profits.
7. Double-check calculations for accuracy and accuracy can be verified through the use of the formulas set up in the spreadsheet.
8. Create a ledger or journal that resembles a traditional accounting system with debits, credits and bank statements.
9. Use the ledger/journal to track income, expenses, assets and liabilities on a daily basis.
10. Generate financial reports such as balance sheets, profit and loss statements, and cash flow statements.
11. Consult a qualified accountant for additional advice and guidance if needed.