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Tracking income and expenses using an Excel table

From: Excel 2007: Financial Analysis

Video: Tracking income and expenses using an Excel table

In Excel 2003 Microsoft introduced the list, which enabled you to manage tables of data more efficiently. In Excel 2007, these list objects became Excel tables, which are much more useful when performing financial analysis in Excel. Now, on this worksheet, you will see that I have the beginnings of a data table, where I have the date, category, detail, income, expense and balance columns, and then I have entries within those columns and this is what you might think of as an Excel table. But an Excel table is actually a specific object that you create within Excel, and as opposed to this data, which is in list format, the Excel table gives you other capabilities that you can use to analyze your data. It makes it much easier to use and is a real addition I think to Excel 2007.

Tracking income and expenses using an Excel table

In Excel 2003 Microsoft introduced the list, which enabled you to manage tables of data more efficiently. In Excel 2007, these list objects became Excel tables, which are much more useful when performing financial analysis in Excel. Now, on this worksheet, you will see that I have the beginnings of a data table, where I have the date, category, detail, income, expense and balance columns, and then I have entries within those columns and this is what you might think of as an Excel table. But an Excel table is actually a specific object that you create within Excel, and as opposed to this data, which is in list format, the Excel table gives you other capabilities that you can use to analyze your data. It makes it much easier to use and is a real addition I think to Excel 2007.

So how do you create an Excel table? Well, to do that, you click any cell in the data that you want to include in the table, and then on the Home tab, click Format as table, and select a table style. Excel indicates the data it will include in the table. That looks right, and then it says that your table has headers. It does. You have the date, category, detail and so on. You can click OK, and it creates the table. So here I have my starting balance of $250,000, and the second row has rent that I received for rent of unit L203 in the sum of $2,500, and you can see here that I have my running balance of $252,500, and that includes the previous balance, in cell F2, the income in cell D3, and any expense in cell E3.

When I want to add a new row to the table, I just click the last cell in the last row, and press the Tab key, and it gives me a new row to enter my data. And you will also notice that Excel extended the formula into the new row. So if I were to receive another rent payment, also on the 5th, for unit L205, for the sum of $5000, then that formula takes over, and that includes the income. And just for completeness I'll show an expense, say that I pay my mortgage on the office building. So that is an expense, call it $25,000, and the Excel table updates my running balance.

Now if you want to find a total of the values in a particular column, say for example, you wanted to find the total of all of your incomes in the table. To do that, you can add what is called a total row to the table. So you'd go up to the Table Tools Design tab that appears anytime you are editing a table, and then in the Table Style Options group, click Total Row, and the total row appears at the bottom of the table. Now you will notice that we have a total of all of your balances, which doesn't make any sense.

So to get rid of it, you just click the cell, click the down arrow, and then select None. So there is no summary there, but if you want to get a total of all of your income over a particular time, you click that cell, click the down arrow, and then select Sum, and that gives you the total of $2500 and $5000, which is $7500. You can do the same here for your expenses, click Sum, and it gives you the sum of all of your expenses. Excel tables help you summarize your data effectively and provide a base for more advanced analysis using Pivot Tables, which I'll show you in the next few lessons.

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Excel 2007: Financial Analysis

51 video lessons · 13843 viewers

Curt Frye
Author

 
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  1. 2m 6s
    1. Welcome
      1m 8s
    2. Using the exercise files
      32s
    3. Disclaimer
      26s
  2. 13m 20s
    1. Separating inputs and formulas
      2m 2s
    2. Avoiding common mistakes
      5m 39s
    3. Tracing formula precedents and dependents
      2m 52s
    4. Evaluating Excel formulas step by step
      2m 47s
  3. 18m 40s
    1. Tracking income and expenses using an Excel table
      3m 29s
    2. Creating a Pivot Table from table data
      3m 36s
    3. Pivoting a Pivot Table
      2m 22s
    4. Filtering a Pivot Table
      3m 11s
    5. Adding Pivot Table columns to enhance data analysis
      3m 5s
    6. Tracking cash flow using a Pivot Chart
      2m 57s
  4. 18m 48s
    1. Reading a corporate financial statement
      6m 1s
    2. Introducing common-sizing strategies for analyzing financial statements
      3m 59s
    3. Creating common-sized income statements
      3m 1s
    4. Creating common-sized balance sheets
      2m 53s
    5. Calculating percentage changes in financial statements
      2m 54s
  5. 8m 12s
    1. Calculating earnings per share
      1m 54s
    2. Calculating return on equity and return on assets
      2m 50s
    3. Calculating gross profit margin and net profit margin
      3m 28s
  6. 6m 19s
    1. Calculating the current ratio and quick ratio
      2m 47s
    2. Calculating the average collection period
      1m 56s
    3. Calculating inventory turnover
      1m 36s
  7. 6m 12s
    1. Calculating the equity ratio
      1m 26s
    2. Calculating the debt ratio
      2m 57s
    3. Calculating the times interest earned ratio
      1m 49s
  8. 10m 58s
    1. Calculating simple interest and compound interest
      3m 36s
    2. Applying nominal versus effective interest rates (APR versus APY)
      3m 21s
    3. Calculating the number of days between events
      4m 1s
  9. 13m 32s
    1. Computing the future value of an investment
      3m 30s
    2. Calculating present value
      2m 29s
    3. Calculating net present value
      2m 42s
    4. Calculating internal rate of return
      2m 24s
    5. Calculating NPV and IRR for uneven input periods (XNPV and XIRR)
      2m 27s
  10. 7m 30s
    1. Projecting future results using the Forecast function
      2m 9s
    2. Performing quick forecasts using the Fill handle
      2m 57s
    3. Adding a trendline to a chart
      2m 24s
  11. 22m 28s
    1. Introducing amortization
      2m 20s
    2. Calculating payments on a fully amortized loan
      2m 21s
    3. Calculating payments on a partially amortized loan (balloon payments)
      2m 4s
    4. Calculating interest and principal components of loan repayments
      5m 32s
    5. Introducing depreciation
      2m 1s
    6. Calculating straight line depreciation
      1m 30s
    7. Calculating declining balance depreciation
      3m 24s
    8. Calculating double declining balance depreciation
      3m 16s
  12. 9m 34s
    1. Introducing bonds and bond terminology
      1m 37s
    2. Calculating a bond's yield
      2m 15s
    3. Calculating the value of zero coupon bonds
      3m 18s
    4. Pricing bonds to be offered to investors
      2m 24s
  13. 23s
    1. Goodbye
      23s

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