How to Make Journal Entries in Excel – 3 Steps

STEP 1 – Creating an Initial Balance Sheet

Steps:

• The sample dataset showcases the starting condition of a production business. It includes: Particulars, Credit/Debit, Debit, and Credit.

• Enter the following formula to sum Debit:

The SUM function returns the summation of D5:D12.

• Press ENTER.

• Drag down the Fill Handle to see the result in the rest of the cells.

STEP 2 – Create Financial Statements for a Certain Period

Steps:

• Enlist the financial activities for a period of time. Here, July 2022.

• Rearrange the financial activities into a balance sheet mentioning debit and credit.

STEP 3 – Finalize the Journal Entries in Excel

Steps:

Consider every financial statement into account (both in the initial balance sheet and the new balance sheet).

Calculate every financial statement.

• Enter the following formula to have the present Machines condition:

The total value of the machines is added.

• Press ENTER.

Only D6 refers to Inventory in the Dataset worksheet.

• Enter every financial statement in the journal following the above procedure.

• Enter the following formula to see the debit summation.

The SUM function returns the summation of D5:D16.

• Press ENTER to see the debit total.

• Drag down the Fill Handle to see the credit total.

Both debit total and credit total are equal: the sheet is balanced.

Download Practice Workbook

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