Tax & Adjusting Entry Year-End Accounting Excel Worksheet

Tax & Adjusting Entry Year-End Accounting Excel Worksheet

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

Language: english

Note: 4.5/5 (228 notes) 54,290 students

Instructor(s): Robert (Bob) Steele

Last update: 2018-11-25

What you’ll 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

 

Requirements

  • Should understand debits & credits and have some experience with Excel

 

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

 

Who this course is for

  • Tax professionals who want to reconcile book net income and tax net income
  • Public accountants who work with adjusting entries
  • Any accountant who wants to learn how to set up a practical worksheet to work through accounting transactions
  • Any accountant who wants practical practice formatting Excel Worksheets

 

Course 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
    • Accounting Comic Break
  • Adjusting Entry For Accounting Error
    • 4 Adjusting Entry For Accounting Error
    • 550 Adjusting Entry Correct Error Excel
    • Accounting Comic Break
  • 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
    • Accounting Comic Break
  • Adjusting & Tax Entries For Insurance
    • 6 Adjusting & Tax Entries For Insurance
    • Adjusting & Tax Entries For Insurance
    • 574 Tax Entry Prepaid Insurance Excel
    • Accounting Comic Break
  • Adjusting & Tax Entries For Depreciation
    • 7 Adjusting & Tax Entries For Depreciation
    • 582 Adjusting Entry Depreciation Excel
    • 584 Tax Entry Depreciation Excel
    • Accounting Comic Break
  • Add Columns to Adjusting & Tax Entry Worksheet
    • 8 Add Columns to Adjusting & Tax Entry Worksheet
    • 592 Add Columns To Worksheet Excel
    • Accounting Comic Break
  • 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
    • Accounting Comic Break
  • Tax Entry For Tax Exempt Interest Income
    • 10 Tax Entry For Tax Exempt Interest Income
    • 612 Tax Entry Tax Exempt Interest Excel
    • Accounting Comic Break
  • 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
    • Accounting Comic Break
  • Alternative Format Of Adjusting & Tax Worksheet
    • 12 Alternative Format Of Adjusting & Tax Worksheet
    • 630 Alternative Worksheet With Debit & Credit Columns Excel
    • Accounting Comic Break
  • 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

 

Tax & Adjusting Entry Year-End Accounting Excel WorksheetTax & Adjusting Entry Year-End Accounting Excel Worksheet

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