Small business taxes are challenging, but Excel makes categorizing expenses easier. This can be done with QuickBooks or with Excel. Learn how to make this process simple and quick with Excel formulas like SUMIF and pivot tables.
- [Instructor] Once you're able to construct a basic ledger…and bring bookkeeping information out of QuickBooks…and into Excel,…your next step might be to analyze that information…based on the organizations needs.…For example, for annual tax record keeping purposes.…We can do exactly that using Excel and the if statement,…or more accurately, sum of the derivatives…of the if statement, such as sum if.…I'm in the 02_05_Begin Excel exercise file.…
Let's take a look at how this works.…So if we come over to the Tax Categories tab…you'll see that we have a variety…of different tax categories,…and of course we have to use predefined tax categories…put out by the IRS.…And QuickBooks would let us go through and analyze…this information based on particular categories as well,…but Excel adds a level of versatility…which is lacking in QuickBooks.…So what we've done is create our own…different expense categories.…
For ABC Company, they have bank fees, contractors,…fees to franchisor, insurance, inventory, et cetera.…How do we get this?…
- 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.