Building a P&L statement in Excel is an important skill. This task is a typical one for accountants, and Excel can make profit and loss statements simple but effective.
- [Instructor] Now let's look at using Excel…for creating a profit and loss statement.…This is a key task that almost every business…has to do on a regular basis.…To get started, I'm in the 01_04_Begin…Excel exercise folder.…Now, if we look at the income tab,…the first tab on this sheet, what you'll see is…we've essentially done a statement of income…or the revenues that we bring in each month…throughout the year.…
So in January for example we brought in $50,000 in sales.…In February we brought in $63,098.…In March, $55,125, et cetera.…Now we can go through and we add up…all of these different sales…whether it's from net sales, sale discount,…sale returns, et cetera.…We sum all of this up using our trusty If statement.…And then we take into account our cost of goods sold…giving us our gross profit.…
We can go through and do this for the entire year…or for part of the year depending on where we are.…So I'll just add, for example, our sales in September.…And let's pretend we sell $90,000 in goods there…and we have $100 in returns…
- List the most common tasks and approaches faced by accountants in their daily lives.
- Determine whether transactions can be exported from Quickbooks to Excel or not.
- Outline the structure that the SUMIF function uses.
- Explain how to measure EBITDA.
- Identify at what level the General Ledger tracks expenses.
- Break down how to construct a business valuation using a cash flow analysis.