HOW TO DO A LEDGER T ACCOUNT DOWNLOAD

You can download TAccounts.zip Posted in Downloads Post navigationДick, thatвЂ™s pretty cool, and some of the most gripping content youвЂ™ve posted to date. Please leave your thoughts and suggestions in the comments. If any of these are not zero, youвЂ™re missing a piece of the transaction. The bottom area is a list of the 10 transactions and the net debit or credit by transaction. And, obviously, the period you identify in the transactions section determine the column. The financial statement classification number at the top left of the T account determines where your transaction ends up in this area. It expands to the right for however many periods you have.

The top area shows the effects on the major sections of your balance sheet and income statement. There are two other areas to the right of the T accounts grid. At the bottom of the T account, the debits and credits are summed up and the net debit or credit is displayed. The main white area of the T account thatвЂ™s divided vertically is the area where you record your debits and credits.

HOW TO DO A LEDGER T ACCOUNT SERIES

The lighter green section down the left side of the T account is a series of data validation dropdowns that allow you to select the transaction number. The account name is only for your reference and has no bearing on any formulas in the model. To the right of the financial statement classification number is the (merged) cell where you type the account name. That financial statement classification number is replicated down the hidden column B (and H and N) for formula purposes. ItвЂ™s a data validation dropdown containing the numbers 1-7. The top left cell of each T account is a financials statement classification number. The main section of the workbook is a 3Г—3 grid of T accounts. We pay the vendor, get paid by the customer, and finally get our rebate from the Vendor. At that point we need to make our costs correct by accruing the rebate weвЂ™re entitled to from the vendor. First, we buy the inventory from the vendor. This series of transactions represent a sale where we get a kickback from the vendor and weвЂ™re passing that savings on to the customer. In this example, the transactions are listed in the order they will happen over time. That is, you can leave off the descriptions and the periods, but good luck trying to figure out what you were thinking. You can put them all in the same GL Period if itвЂ™s not applicable to your transactions. Column E is overflow for column D because I hate merged cells. Column D is where you type the brief description. Column C is the transaction number and canвЂ™t be edited. The top left section (C2:F11) is where you write a brief description for up to 10 transactions. First, letвЂ™s look at this huge image (click to embiggen). It doesnвЂ™t seem to stop me from trying, though, and now IвЂ™m making my latest attempt available to you. They never make it easier than pencil-to-paper or marker-to-whiteboard.

IвЂ™ve made a T account template at least three times in my Excel career. Hey, wake up! This post isnвЂ™t finished yet! For you non-accounting folks, a T account is a method to trace accounting transactions through the accounts on the general ledger. IвЂ™ve made an Excel template for filling out T accounts.

How to do a ledger t account