When you enter income from paid invoices into your Transactions sheet, include the invoice number in the description. Optional-Add a sheet for tracking invoices Name the sheet after the month it covers.ĥ. Then, on each Income Statement sheet, change the Date Range (Beginning Rate and End Date) to cover the relevant month. Make twelve copies of the original income statement, one for each month in the year. In order to generate monthly Income Statements, you’ll need separate sheets for each month. Make copies of the Income Statement for each month For instance, if you don’t track “Gas & Auto” as an expense, delete the row.Ĥ. If you’ve added or removed accounts from the Chart of Accounts, make the same changes to the Income Statement. Add or remove accounts from the Income Statementīy default, the Income Statement includes data for every account listed in the Chart of Accounts. Select everything in the Date, Description/Transaction, and Category columns, and delete it.ģ. Learn more about calculating these expenses.īefore you can start tracking your own transactions, you need to clear the placeholder data. They’re often used interchangeably-COS by retailers, and COGS by manufacturers. These accounts track the money you have to spend to create the product you sell your customers or clients. Cost of Sale (COS) and Cost of Goods Sold (COGS) are unique.Expense designates any account used to track money leaving your business.
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