Tax & Adjusting Entry Year-End Accounting Excel Worksheet

Build Excel worksheet for adjusting adjusting & tax entries, reconciling net income calculated on a book and tax basis

4.30 (236 reviews)
Udemy
platform
English
language
Microsoft
category
56,651
students
5 hours
content
Nov 2018
last update
$99.99
regular price

What you will learn

How to build an adjusting and tax worksheet from scratch in Excel

What the benefits of an adjusting and tax worksheet are

How to enter adjusting entries into an adjusting and tax Excel worksheet

How to enter tax entries into an adjusting and tax Excel worksheet

How to reconcile book net income and tax net income using an Excel worksheet

Description

Create a new Excel worksheet from scratch to be used in the adjusting and tax entry process.

This course is most beneficial to tax preparers and public accountants who enter adjusting entries but is also useful to anybody in accounting. Similar Excel worksheets to the ones we will construct can be useful for analyzing many areas of accounting, and the Excel skills learned in creating them are also very applicable both inside accounting and outside of it.

We will discuss the reasons for creating an adjusting and tax entries Excel worksheet. Some benefits of the Excel worksheet include the ability to enter adjusting entries in an efficient way and build an adjusted trial balance, the ability to enter tax entries efficiently and build a trial balance on a tax basis, and the ability to reconcile book net income and tax net income.

An Excel worksheet can be used to show the difference between net income on the unadjusted trial balance, the adjusted trial balance, and tax trial balance in an easy visual way. A worksheet can be used as a reference to communicate to supervisors, clients, and as a reference for us to look back at in the future.

The course will build an Excel worksheet from scratch providing tools to help with the construction for each step along the way. We will provide an updated Excel worksheet for most steps, allowing us to jump forward or to rework any part of the course without starting over. The Excel worksheets will generally have at least two tabs, one with the completed step, showing the end product, and one that has been completed up to the current step in the process, allowing us to fill it in with the help of the instructional video and the Excel tab showing the completed work.

We will then practice entering some adjusting entries and tax entries into the worksheet. As we add adjusting and tax entries to the Excel worksheet, we will better understand how the worksheet is formatted and how best to use it. We will see how net income is calculated on a book basis, on a tax basis, and how the worksheet will show the reconciliation of the two.

This course is not designed to give tax advice but to show how to construct an Excel worksheet to track adjustments.

The course will also discuss some alternative formats for building an adjusting entry and tax entry worksheet that can be found in practice. We will discuss the pros and cons of the different formats.

We will also discuss how to format an adjusting and tax entry worksheet made in the prior year so that we can enter the current year trial balance and data into it.

In addition to the instructional videos, this course will include downloadable  

•    QuickBooks Pro Desktop 2019 Backup files

•    Excel practice files

Content

Introduction

Introduction

Why Use An Adjusting Entry & Tax Entry Worksheet

2 Why Use An Adjusting Entry & Tax Entry Worksheet
310 Why Use Adjusting & Tax Entries Worksheet In Excel
315 Excel Adjusting & Tax Worksheet Format
Accounting Comic Break

Create Adjusting Entry & Tax Entry Worksheet In Excel

3 Create Adjusting Entry & Tax Entry Worksheet In Excel
Download Backup Files
510 Trial Balance Generate Report QuickBooks Export To Excel
511 Make Trial Balance From Balance Sheet & Income Statement Excel
512 Format Exported Excel Workbook
515 Format Debits & Credits to One Column
517 Conditional Formatting To Check If In Balance
519 Calculate Net Income On Trial Balance Excel
522 Format Header of Unadjusted Trial Balance Excel
524 Add Grid Lines Or Borders To Trial Balance Excel
526 Add Adjusting Trial Balance Column Excel
528 Add Tax Trial Balance Column Excel
530 Add Journal Entry Columns Excel
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Adjusting Entry For Accounting Error

4 Adjusting Entry For Accounting Error
550 Adjusting Entry Correct Error Excel
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Tax Entry For Nondeductible Expenses

5 Tax Entries For Nondeductible Expenses
560 Tax Entry Meals & Entertainment Excel
565 Tax Entry Charity, Penalties, & Political Contributions Excel
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Adjusting & Tax Entries For Insurance

6 Adjusting & Tax Entries For Insurance
Adjusting & Tax Entries For Insurance
574 Tax Entry Prepaid Insurance Excel
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Adjusting & Tax Entries For Depreciation

7 Adjusting & Tax Entries For Depreciation
582 Adjusting Entry Depreciation Excel
584 Tax Entry Depreciation Excel
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Add Columns to Adjusting & Tax Entry Worksheet

8 Add Columns to Adjusting & Tax Entry Worksheet
592 Add Columns To Worksheet Excel
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Enter Adjusting & Tax Entries For Sale of Fixed Asset

9 Enter Adjusting & Tax Entries For Sale of Fixed Asset
602 Adjusting Entry Sale of Fixed Asset Excel
604 Tax Entry Sale of Fixed Asset Excel
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Tax Entry For Tax Exempt Interest Income

10 Tax Entry For Tax Exempt Interest Income
612 Tax Entry Tax Exempt Interest Excel
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Adjusting & Tax Entry For Personal Expenses

11 Adjusting & Tax Entry For Personal Expenses
622 Adjusting Entry Personal Expense Excel
624 Tax Entry Adjust Meals & Entertainment Excel
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Alternative Format Of Adjusting & Tax Worksheet

12 Alternative Format Of Adjusting & Tax Worksheet
630 Alternative Worksheet With Debit & Credit Columns Excel
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Manually Enter A Trial Balance Into An Existing Excel Worksheet

13 Manually Enter A Trial Balance Into An Existing Excel Worksheet
640 Enter Trial Balance Into Existing Excel Worksheet

Adjusting Entry For Equity Section

14 Adjusting Entry For Equity
645 Retained Earning or Equity Adjusting Entry Excel Worksheet
Accounting Comic Break

Discuss Options For Entering Adjusting Entries To Accounting Software

15 Discuss Options For Entering Adjusting Entries To Accounting Software
Download Backup Files
655 Options For Entering Adjusting Entries To QuickBooks
Accounting Comic Break

Enter Adjusting Entries In Accounting Software

16 Enter Adjusting Entries In Accounting Software
Download Backup Files
660 Enter Adjusting Entries From Excel Worksheet To QuickBooks
665 Compare Trail Balance In QuickBooks To Adjusted Trial Balance In Excel
Accounting Comic Break

Screenshots

Tax & Adjusting Entry Year-End Accounting Excel Worksheet - Screenshot_01Tax & Adjusting Entry Year-End Accounting Excel Worksheet - Screenshot_02Tax & Adjusting Entry Year-End Accounting Excel Worksheet - Screenshot_03Tax & Adjusting Entry Year-End Accounting Excel Worksheet - Screenshot_04

Reviews

Adriel
February 22, 2022
Very good & interesting course!! I like the calculations and accouting entries related to insurance & non deductible expenses such as penalties, donations & political contributions.
Ivana
February 12, 2019
A great course as usual by Bob! Practical and with clear explanations and very down-to-earth examples. Bob guides you step-by-step through the whole process of recording each individual transaction and at the same time points to potential drawbacks we all come across from time to time when doing accounting on a daily basis and provides us with solutions as to how to deal with these situations most efficiently.
Jian
January 5, 2019
Too much time is spent explaining on how to use the very basic function of the excel. I personally feel the course can at least be shorten by 3/4 so far.

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Related Topics

2045146
udemy ID
11/24/2018
course created date
9/28/2019
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