C1: Excel for Acct. : Chapter 2

A lot of daily work comes from categorizing and expense items._ and _ help with this

Excel and basic general ledger

On Excel, in a basic general ledger, when entering in expenses/income, what fields do you involve?

date, income/expense name, income/expense amt, business area, payment method, (sometimes category)

bigger companies may use ____ or __ for expenses

General ledger codes and signoffs

T/F:excel can autofill values

true : just press enter

T/F: excel can help us visualize important information

True

most firms dont usually start using _, instead many rely on customized packages like_

1) Excel

2) QuickBooks

QB can

create new invoices, create a record of customers, track our expenses, our workers, create various reports, create sales receipts

to create a sales receipt

+sign → sales receipt -→ enter: customer name, billing address, sales receipt date, payment method, reference number, “deposit to” → enter product/service, description, QTY, Rate → “save and send” →adds to customers books as well as our own

product example) Widgets

description exampe) “ Widget sales to customer 2 for 2018”

Viewing Sales on Quickbooks

Sales → All Sales

Exporting sales to Excel

click checkmark off sales → Export button → should say “ Export to Excel “ if you hover over it, —> open file at the bottom of page → can send over to excel to perform analytics

Excel can perform analytics for example:

for total sales of a particular period or for forecasting

T/F QB does not have a feature for computing profit and loss

False: it does have that feature

QB can select patterns of ___ and ___ based on time span

1. income

2. expenses

Ex: last 30 days, this quarter, this year, last month, and last quarter

=SUMPRODUCT

• lets you go through and evaluate the total amt. of sales and costs for each month

• multiplies columns and sums up all products

When entering in =SUMPRODUCT you must remember to

update column ranges and time (month)

formula for =SUMPRODUCT

=SUMPRODUCT(array1, [array 2], [array 3])

Ex) =SUMPRODUCT(C8:C17, D8:D17)

array = ?

range

Interpret = SUMPRODUCT(C8:C17, D8:D17)

will continue multiplying numbers until it reaches to C!7 and D17