# Preparing Financial Statements Using Pivot Tables-Books Pdf

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Preparing Financial Statements using Pivot Tables,Duncan Williamson. January 2011, I am often asked the question of whether it is possible to prepare an income statement and a. balance sheet in Excel I always reply that of course it is simple to do that providing you know the. basic layout of those statements , This set of notes illustrates that all you really need to prepare an income statement and a balance. sheet using Excel are , The data a list of revenues expenses assets liabilities and capital are all you need In these. notes I will be dealing with the income statement and balance sheets separately. A Pivot Table well in this set of notes two Pivot Tables but the homework at the end of the. notes is for you to combine everything into one list and one Pivot Table. I am assuming that you already know the basics of, Financial statements.
Preparing and using a Pivot Table,Just put Everything into a list. One major lesson that I give to anyone who is looking to prepare financial and other quantitative. statements is to follow these simple rules, 1 Classify everything first write down what it is you want to see at the end of this process. 2 Set up a table to record all of your data based on step 1. 3 Record everything in the form of a list in that table you don t even need to sort it. 4 Now create a Pivot Table from your list, Honestly that s it the secret of your success is in step 1 classifying everything before you start. Let s work through the examples firstly the income statement . Income Statement, I am going to take you through the process out of order So I will begin with steps 2 and 3 together. then step 1 and finally step 4 I need you to see the importance of step 1 so will demonstrate what. happens when you don t take it , Here is a screenshot of some basic income statement data but notice that some numbers are.
positive and some are negative these are equivalent to debits and credits and the rules are. All revenues income money coming in are shown as positive figures. All expenses costs and money going out are shown as negative figures. Applying these two rules helps to make the process entirely automated. Financial Statements from a Pivot Table,Duncan Williamson January 2011. Page 1 of 8, We need to create column headings so that Excel knows how to set up a Pivot Table. I have put the information in a bit more of a logical. order now but is it ready to create a Pivot Table from. this table now does it give you what you want , can it give you what you want . The answer is that no it is not good enough for, preparing a final income statement What is missing. is step 1 the classification of accounts we need a. chart of accounts for this as follows ,Financial Statements from a Pivot Table.
Duncan Williamson January 2011,Page 2 of 8, By classifying the accounting information we have split everything into three sections . Revenues, Cost of sales, Other income, Expenses, We have then sub classified everything by giving them their own account number . So we can see that all revenues are classified as account category 1000 and then sales are allocated. to account number 1010 and sales revenues allocated to account number 1020 . All other categories work in a similar way ,Prepare the Pivot Table now and what happens . My Pivot Table based Income Statement looks like this now . Financial Statements from a Pivot Table,Duncan Williamson January 2011. Page 3 of 8, It works but some things are missing where is the gross profit the gross income and the net.
profit Well we didn t set up any categories for them yet In my case I have coded them as follows. Account Category Account Account Name, Number,2500 Gross Profit 2500 Gross Profit. 3500 Gross Income 3500 Gross Income,4500 Net Profit 4500 Net Profit. Add those to your list and program the necessary formula to calculate these values and you should. find the following As a matter of interest as I hinted at the beginning you could simply type these. extra categories at the end of the table without sorting and the Pivot Table will use your coding to. put everything in its proper place ,Financial Statements from a Pivot Table. Duncan Williamson January 2011,Page 4 of 8, By the way you could consider creating a category for cost of sales and total other income I didn t. and have programmed the gross profit gross income and net profit cells accordingly For example . Gross profit in cell G34 SUM G28 G29 SUM G30 G33 you should see the benefits of negative. and positive values now , In the end then a full screenshot of my income statement and Pivot Table is here .
Financial Statements from a Pivot Table,Duncan Williamson January 2011. Page 5 of 8, Balance Sheet, In this example I am going to give you just three things. The data, The chart of accounts, The final Pivot Table. The rest is up to you ,Financial Statements from a Pivot Table. Duncan Williamson January 2011,Page 6 of 8, Financial Statements from a Pivot Table.
Duncan Williamson January 2011,Page 7 of 8, Homework. Combine the two sets of data and prepare one Pivot Table to prepare a combined Income Statement. and Balance Sheet ,Conclusions, Preparing almost any statement by combining the power of a classified list and a Pivot Table is such. an easy and smart thing to do As I have demonstrated here it s not that difficult with just a little bit. of knowledge of accounting and Pivot Tables, You should feel confident after having worked though this with me of doing and finishing the. homework and of completing similar projects yourself . Duncan Williamson,21st January 2011,Financial Statements from a Pivot Table.

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