If you are working for a firm as an accountant,then how will you prepare accounts& maintain inventry in excel?

Question

Its about Accounts.And how will you prepare the accounts in Excel sheet and how will you maintain stock in Excel???

Answer 1

Excel is not a very good way of maintaing accounts. Convince you bosses to purchase something as basic as Tally.

In excel to maintain inventory you need a lot of formulas & computations, also remember to take a backup everyday as such important data should not be lost.

Answer 2

Learn to use a good accounting package like peachtree, sage etc. Excel is just a spread sheet and good companies will not give job with this skill.

Answer 3

so your problem is setting up of chart of accounts.. first, you will consider what kind of business you are bound to face.. trading, service, manufacturing, retailing, wholesaling, non-profit, etc. etc.. then you have to think of possible transactions that will occur during the course of the business.. then check out the basic lists of accounts for your reference... from then on you can have a preliminary chart of account for your client. With regards to excel presentation, classify the accounts according to their nature.. assets, liabilities, equities, income and expenses. After that, create a column that will show each accounts movements and label it as for example sales, purchases, disbursements, adjustments etc etc.. be sure to provide checking formulas to ensure balancing of the accounts. make debit entries as positive and credit as negative. Create another column that will show the ending balances of the accounts.. I hope you understand what i am talking... as for the inventory management, you just have to develop a template suitable for your presentation. Have your own style as long as it is understandable and will be easy for you to pick up the information and balances you want to know.