This is my 3rd year using this template for my small business! Love how this template is organized and its simple to adjust to each year. And small world, Paul I went to school with Shawna for AT :)
Thank you so much! I was able to make changes to the file while keeping the formulas intact. I will be doing the bookkeeping for my husband's new business, and I feel your video and file provided me everything I need to do so successfully!
Thank you, seamless to follow. Just a minor observation. My home office use is about 20% approx $3000. I see that weather I claim it or not, it has no impact on GSTHST calculation. Even though HST is paid on every home expenditure such as Heat Hydro Repairs etc. Your thoughts
Thank you for a simple a straightforward system. I've downloaded it and made some tweaks (since I'm in the US). I'd appreciate some guidance on how to split a transaction. I have one receipt that needs to go to multiple places.
Hey Leah - I'm glad the template has been helpful for you! You could break up a purchase into multiple lines and record part of it to different accounts. Just be careful to make sure the line items add up to the total of the receipt. If possible I recommend keeping it as one line item so it minimizes chances of error. The spreadsheet is really designed to try and keep things simple.
Thank you so much Paul, Very nicely prepared and explained. I am in the process of taking over the small restaurant business and after watching this video I am much confident to do bookkeeping my self. Very easy to use and understandable spreadsheet is made.
Hi, I have reached row 1000 in the google sheet in the bookkeeping section and the coding for the columns for the data to be transferred automatically to the income statement has finished. Is there a way i can add more rows as well as the coding because I am able to add more rows but unsure on how to get more rows with the respective coding for it to automatically add the figures to the income statement. Please advise me accordingly, thanks much!
Hi Paul - Thanks for the video. I have a business account but I transfer money to my personal account to do the transactions. Can i use personal credit card statements for book keeping or should I use my company bank account transactions ? ( I receive money for my services and transfer money to personal account for expenditures). Please advise. Thanks
Can I use these formulas here in the United States? I am in Virginia. This really helped me understand the process behind what I need to do, but I wonder if much of it would be different in the US?
I'd love this spreadsheet even more if it has the income statement by the month, I track everything monthly and love to to see where we are at at the end of each month. Is there a way to update this spreadsheet to show a monthly income statement?
Great video !! Simple, easy to follow, great pacing. Question: What about personal money invested into a business. Would this be classified as equity, and if so, how would we record that into this spreadsheet?
Hi there, I was thinking about using your template for a small Landscaping company. I have to submit GST/HST every month. Is that possible to keep those totals separate for each month with your template? I have made my own template over the years but its not very professional.
Hey Paul, Thank you very much for this video and the book keeping template. Just had a quick question in regards to adding additional transection types? How can I add additional transection type for example: Fire inspection, Cleaner fee, etc. so it can automatically calculate the cost on the INCOME STATEMENT TAB?
Hi Paul! Thank you so much for this video! I am sole proprietor of a small little cafe/bake shoppe and bookkeeping is not my best skill. (Not even near the top of the list) because times are tough my accounts are all used for business and personal, because of borrowing from Peter to pay Paul. can a transfer all my accounts info and use this just as easily? All info in one place sort of thing? thanks for the guidance :) Deb
Hi Paul. I'm so happy I found this video. I just started a self employed business and template and your explanation are highly helpful. Here a question. I used my personal funds to purchase over 2-4 year period the required equipment and utensils. How could I record them?
Normally you'd debit the expense or asset account for the purchase and then credit either a bank account, credit card or cash. Here you're basically increasing the value of an expense and decreasing the value of an asset (bank / cash) However you can pay things from whatever account you use to track owners funds, so whether that's a drawings account or some sort of director's loan account depending on your type of business. For example if you've bought a laptopfor $500 then it could be Debit: Capital Asset - Computer Equipment Credit: Drawings
Hey Adan - you could use a negative number and record the return to your sales account. Or if you prefer, you could create a separate expense account and record returns to that account using positive numbers on the spreadsheet.
Can we do a statement for income ( receipts) separately and expenses ( payments separately and then the results to merge in the profit and loss account? Also how can we get a ledger extract for each transaction type ( each expenditure head separately
Great tutorial - Have not received the template - tried different email addy's and it never arrived, not even spam. Sent an email, too requesting. Would love to use your template. Thanks!
Hey Lisa, thanks for bringing this up! You should have received an email from Laurie with a link to the bookkeeping template while we try to fix this issue. ☺
Hi! Sorry to say that there isn't a way with that sheet to record inventory as it's not set up for balance sheet accounts besides capital asset purchases. We'll be coming out with another spreadsheet that allows you to record balance sheet items like inventory so keep an eye on the channel.
I was wondering the same thing. I am wanting to use this for my husband's bookkeeping, but we are in the US. So I am wondering if there are any major differences?
Hey there - you could use this for a basic income statement in the US. The sales tax component may not work, but if it's just recording expenses, it will create a basic income statement. Thanks for checking it out!
If you're using the sheet and only need an income statement to use for preparing your personal tax return, then deleting the personal transactions should work just fine. Some businesses (especially corporations) will need to show all transactions from the account so that their cash account in their books reconciles to the bank account balance at year-end. The sheet is built for the first scenario (personal tax returns) where you don't need to show agree your cash balance per the books to the cash balance in your bank account.
Hi Paul, Thanks so much for this - super useful over here in the UK. Can I ask, I work on a record label and we have various costs related to sales, such as paper inserts for records - would you say that would come under cost of sales? Thanks again so much
Hey! The sheet in this video linked below would work best for doing the bookkeeping for your corporation. th-cam.com/video/0BLkN3gfl0Q/w-d-xo.html Calculating corporate tax is a bit more complicated than I can explain here, but you can get a rough estimate by multiplying your net income by your corporate tax rate. See the link below for corporate tax rates in Canada. www.avalonaccounting.ca/blog/corporate-tax-rates-canada
Hi Ephraim - you can find the GST paid on receipts or invoices or you can calculate it from the gross total. One way to calculate GST charged at 5% is to multiply the gross total by 5 and divide that by 105. For example if we paid a total $315 for something, we could calculate the GST included in that amount: $315 * 5 / 105 = $15
Hey Marty - I'm not entirely sure how US sales taxes work, but if its a value added tax like GST/HST you could probably modify the sheet to work the same way.
Totally understandable! Due to the complexity though, we would highly recommend getting accounting software if you need a balance sheet. We love Xero but there are loads of options out there as well.
Hey! Sorry, our automation broke yesterday but I've just fixed it now. Please let me know if you still didn't receive the email with the template - it should be in your inbox now. - Paul
You could enter the refund as a negative sales item or a positive expense. They'll both have the same effect of reducing net income for the refunded amount.
13 years in business, and searching for something like this. Paul, you're the best, Thank You!
George Hachey
GH Artwork
Thanks George! Glad you've found it helpful :)
This is the pinnacle of usefulness for my business! Thank you for your contribution to the success of thousands of SBOs (small business owners) ⚜
This is my 3rd year using this template for my small business! Love how this template is organized and its simple to adjust to each year. And small world, Paul I went to school with Shawna for AT :)
So glad you’ve found it useful for your business and for so long!
it was the best template I have seen for Canada so far. Thank you!
Hi could you tell me what is the transaction type for putting money in to the business as an investment cost, great spreadsheet thank you
THANK YOU! This was so easy to follow. I so appreciate you going through this document.
You are so welcome!
Thanks!
Thanks so much!
Thank you so much! I was able to make changes to the file while keeping the formulas intact. I will be doing the bookkeeping for my husband's new business, and I feel your video and file provided me everything I need to do so successfully!
this bookkeeping template, we also need to enter all receipts, bills, to excel? still do data entry job? thanks
Thank you, seamless to follow.
Just a minor observation.
My home office use is about 20% approx $3000.
I see that weather I claim it or not, it has no impact on GSTHST calculation. Even though HST is paid on every home expenditure such as Heat Hydro Repairs etc. Your thoughts
Hey ! could you tell me, how I can add new transaction type?
Hi there! this video is amazing and so userfriendly! My question is about adding gst - can I use a formula to get the amount for each cell?
Hi Paul,
Very nice videos and blogs.
Awesome efforts there.
How can I change GST/HST to GST and add another one (and add a column) for Quebec QST.
By far the most useful video i've watched today about book keeping
Thank you for a simple a straightforward system. I've downloaded it and made some tweaks (since I'm in the US). I'd appreciate some guidance on how to split a transaction. I have one receipt that needs to go to multiple places.
Hey Leah - I'm glad the template has been helpful for you!
You could break up a purchase into multiple lines and record part of it to different accounts. Just be careful to make sure the line items add up to the total of the receipt.
If possible I recommend keeping it as one line item so it minimizes chances of error. The spreadsheet is really designed to try and keep things simple.
Can you add transaction types? I'd like "accounts payable" for payments to my vendors
A nice way to get started in basic accounting for a small / part time business. Thanks for sharing this template ! :) All the best.
Can we adapt this for QST? With the Quebec sales tax rate?
Thank you so much Paul, Very nicely prepared and explained. I am in the process of taking over the small restaurant business and after watching this video I am much confident to do bookkeeping my self. Very easy to use and understandable spreadsheet is made.
Hi, I have reached row 1000 in the google sheet in the bookkeeping section and the coding for the columns for the data to be transferred automatically to the income statement has finished. Is there a way i can add more rows as well as the coding because I am able to add more rows but unsure on how to get more rows with the respective coding for it to automatically add the figures to the income statement. Please advise me accordingly, thanks much!
Hi Paul - Thanks for the video. I have a business account but I transfer money to my personal account to do the transactions. Can i use personal credit card statements for book keeping or should I use my company bank account transactions ? ( I receive money for my services and transfer money to personal account for expenditures). Please advise. Thanks
On my end the categorized transactions are not coming up on the income statement page- please advise?
how do i add more transaction types
Hi there.I hope you can help. How do you put in refunds in the rows? Do you make a new column for that or do you just subtract it? Help! Great video!
Well done Paul! Thanks for this super helpful video. Incredible value!
Hi Paul, do you have templates for non profit organization like church accounting?
Can I use these formulas here in the United States? I am in Virginia. This really helped me understand the process behind what I need to do, but I wonder if much of it would be different in the US?
Its good should help me greatly, how do you add more transaction types to list
This is perfect, exactly what I needed. Thank you so much for providing all of this for free!!
Glad it was helpful!
Thank you so much for your great video. i will appreciate if you could make the total financial statement procedure in the following way.
Hello, thank you so much Paul. this is perfect for a small restaurant business. Can additional transaction types be added to expand the list?
Thank you very much for this template Paul. It is so helpful
I'd love this spreadsheet even more if it has the income statement by the month, I track everything monthly and love to to see where we are at at the end of each month. Is there a way to update this spreadsheet to show a monthly income statement?
How can I add additional transactions as income or expenses?
How would you add an Owner Draw as a Transaction Type?
I went into Transaction Types sheet and added a line. Miraculously it adds it to the drop down list!
Thank you Paul - great template and very well explained.I appreciate the assistance.
Hey! This is great but i cant find the template. Would yoy be able to send me a link please 😊
Thank you that is brilliant but i have one question if your inputting the stuff for book keeping is it done monthly or yearly
You can enter information as frequently as you like but the idea would be to create a new spreadsheet annually.
Great video !! Simple, easy to follow, great pacing. Question: What about personal money invested into a business. Would this be classified as equity, and if so, how would we record that into this spreadsheet?
this is great! do you have a video on how to claim gas mileage for your business?
Hi Paul where can i download the templet?
how do I add a transaction, i.e. payment of estimated taxes?
Hi there, I was thinking about using your template for a small Landscaping company. I have to submit GST/HST every month. Is that possible to keep those totals separate for each month with your template? I have made my own template over the years but its not very professional.
OMG!!! Thank you!! This is exactly what I needed.
Glad it was helpful!
Hey Paul, Thank you very much for this video and the book keeping template.
Just had a quick question in regards to adding additional transection types?
How can I add additional transection type for example: Fire inspection, Cleaner fee, etc. so it can automatically calculate the cost on the INCOME STATEMENT TAB?
Yeah I would like to know that as well. Can we use a custom chart of accounts?
Hi Paul! Thank you so much for this video! I am sole proprietor of a small little cafe/bake shoppe and bookkeeping is not my best skill. (Not even near the top of the list) because times are tough my accounts are all used for business and personal, because of borrowing from Peter to pay Paul. can a transfer all my accounts info and use this just as easily? All info in one place sort of thing? thanks for the guidance :) Deb
Hi Paul. I'm so happy I found this video. I just started a self employed business and template and your explanation are highly helpful. Here a question. I used my personal funds to purchase over 2-4 year period the required equipment and utensils. How could I record them?
Normally you'd debit the expense or asset account for the purchase and then credit either a bank account, credit card or cash.
Here you're basically increasing the value of an expense and decreasing the value of an asset (bank / cash)
However you can pay things from whatever account you use to track owners funds, so whether that's a drawings account or some sort of director's loan account depending on your type of business.
For example if you've bought a laptopfor $500 then it could be Debit: Capital Asset - Computer Equipment Credit: Drawings
This is an incredible template. Thank you for sharing.
Awesome! Funny I found this and am in the same city ! What about PST my man ?
Thanks! What do you do when you have returns for transactions. I have a lot of returns...
Hey Adan - you could use a negative number and record the return to your sales account. Or if you prefer, you could create a separate expense account and record returns to that account using positive numbers on the spreadsheet.
Great. We pay VAT of 15%. What formula can i use?
Thank you so much, Paul! GBU
Thank you for the template. A good one and simple too.
Can we do a statement for income ( receipts) separately and expenses ( payments separately and then the results to merge in the profit and loss account? Also how can we get a ledger extract for each transaction type ( each expenditure head separately
I think you might want to look at a true accounting software if your needs get this complex.
Appreciate this. Thought this would be hard.
Great tutorial - Have not received the template - tried different email addy's and it never arrived, not even spam. Sent an email, too requesting. Would love to use your template. Thanks!
Hey Lisa, thanks for bringing this up! You should have received an email from Laurie with a link to the bookkeeping template while we try to fix this issue. ☺
This is a great video thanks. Can we record purchased inventory here as well and in what category is recorded?
Hi! Sorry to say that there isn't a way with that sheet to record inventory as it's not set up for balance sheet accounts besides capital asset purchases. We'll be coming out with another spreadsheet that allows you to record balance sheet items like inventory so keep an eye on the channel.
This is great, thank you!
Very helpful. Thank you for sharing
thank you - at a simple level, I can use this to get a basic income statement in the US. any major difference?
I was wondering the same thing. I am wanting to use this for my husband's bookkeeping, but we are in the US. So I am wondering if there are any major differences?
Hey there - you could use this for a basic income statement in the US. The sales tax component may not work, but if it's just recording expenses, it will create a basic income statement. Thanks for checking it out!
Hi Paul, Thanks for an amazing video. Can you please tell, which transaction type I need to use for the salary payments to the employees?
Hey Suhkpreet - I would use the Wages and Benefits account for that.
Paul
how can I get this one
thank you for this. Do you guys file taxes for clients as well?
If we have personal and business transactions do we just delete the personal and keep all business transactions?
If you're using the sheet and only need an income statement to use for preparing your personal tax return, then deleting the personal transactions should work just fine.
Some businesses (especially corporations) will need to show all transactions from the account so that their cash account in their books reconciles to the bank account balance at year-end.
The sheet is built for the first scenario (personal tax returns) where you don't need to show agree your cash balance per the books to the cash balance in your bank account.
@@AvalonAccounting thank you I used template for my tax return.
Hi Paul, Thanks so much for this - super useful over here in the UK. Can I ask, I work on a record label and we have various costs related to sales, such as paper inserts for records - would you say that would come under cost of sales? Thanks again so much
Hey Michaela - glad you've found the template useful! Including those costs as cost of sales sounds reasonable to me.
Thanks does this sheets works for corporation? and how do i calculate income tax please help
Hey!
The sheet in this video linked below would work best for doing the bookkeeping for your corporation.
th-cam.com/video/0BLkN3gfl0Q/w-d-xo.html
Calculating corporate tax is a bit more complicated than I can explain here, but you can get a rough estimate by multiplying your net income by your corporate tax rate. See the link below for corporate tax rates in Canada.
www.avalonaccounting.ca/blog/corporate-tax-rates-canada
Thank you so much for doing this video
Thank you very much!!
You're welcome!
This is great! 👍
how did you find the GST or calculate the GST
Hi Ephraim - you can find the GST paid on receipts or invoices or you can calculate it from the gross total.
One way to calculate GST charged at 5% is to multiply the gross total by 5 and divide that by 105.
For example if we paid a total $315 for something, we could calculate the GST included in that amount:
$315 * 5 / 105 = $15
@@AvalonAccounting but i did 56.22*5/105 which then gave me 2.6771 but in your video it said 2.68... did you round to 2dp
Can I modify GST/HST to be pertinent to the US?
Hey Marty - I'm not entirely sure how US sales taxes work, but if its a value added tax like GST/HST you could probably modify the sheet to work the same way.
Hey, I'd like to see a balance sheet tutorial for this too. Thanks
Totally understandable! Due to the complexity though, we would highly recommend getting accounting software if you need a balance sheet. We love Xero but there are loads of options out there as well.
Hi, Is this template still available. I'm not receiving the email when I subscribe. Thanks, Paul.
Hey!
Sorry, our automation broke yesterday but I've just fixed it now. Please let me know if you still didn't receive the email with the template - it should be in your inbox now.
- Paul
If all items are supposed to be postive, how would you input a refund into the sheet template sheet ? Thanks
You could enter the refund as a negative sales item or a positive expense. They'll both have the same effect of reducing net income for the refunded amount.
Can't download, didn't recieve the email
Hey there!
Can you send us an email at hq@avalonaccounting? We'll send you the bookkeeping template through there! :)
Legend
anyone else have troubles downloading the template?
Hey Jordan, were you able to get the template!
If that's the case let me know so I can send one over to your inbox. :)
Can’t download it?
for a professional bookkeeping job, this is useless