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Working with the I'm No Accountant Workbook

You will need to decide how to make the I'm No Accountant Workbook for Excel conform to your needs. However, you may find the following checklist to be a good starting point.

At least once a week, enter all of the checking Transactions. This way, a large number will not pile up at the end of the month. If you have new accounts, add them before you start with the Accounts command.

If you have started a new business and plan to use the checking account that is already used for other business, add the new Business names before adding new transactions. This applies only to the workbook for multiple businesses.

When you get the bank statement, first finish entering any transactions that you have put off. Then perform a checkbook Reconcile. If any transactions have been left out, or the amounts have been entered incorrectly, the reported bank balance will not be right. Check that on the Balance worksheet. Dont forget non-check transactions such as check fees or monthly bank interest.

Be sure to select categories only from the drop-downs. Otherwise an improper account number could be entered. You can check the Balance worksheet to see if deposit and expense accounts balance. A balance mismatch is usually caused by manually entering an incorrect account number.

On a monthly basis, you may want to make a hard copy printout using Print. This will be important if your computer disk crashes and all the backups (hint) are lost. In addition, each time you make changes to the spreadsheet, save the file on a backup floppy disk. Each month, you may want to make another backup on another floppy disk, just to be safe.

At the end of the year, make a hard copy printout to give to your accountant. You can also provide a copy of the workbook file on disk, if your accountant can use it.

At the end of the year, extract and printout the salary information on each employee. This record can be used to generate the W-2 and 1099 forms required by the government.

To start a new year, use the Accounts Clear All command. The new balance for the new year is the final balance for the old year. Be sure to use a new name for the workbook since you will need to keep the information from previous years.