Looking for Income and Expense template for restaurant, Hotel, IT Business, and other small businesses? Let’s look at some different designed templates for suitable all kinds of businesses including New business start-up to running the business. These templates create from Microsoft Excel, so you can easily generate different monthly copies calendar wise.
One of the most important financial sheets for any business is its income and expenses sheet. Besides a referred to as an income statement of the business. Excel Income and expense template is helpful in evaluating the financial performance of a business.
Related Template: Projected Income Statement
- All templates are formulas Base
- Videos are Also available for Descriptive detail (How to Use)
- Use all type of businesses
- Tracking Sheet (Dashboard) only for premium members of AccountingSheet
- Also, manage or create a personal budget spreadsheet
- Easily create small or short income statement through this template
Expense Record & Tracking Sheet Template
There are four key focus areas of income and expense template. Usually, revenue, expenses, profit, and losses. However, it doesn’t cover any information about receivables and payables.
The net income of a business is calculated by subtracting the total revenues from the total expenses. Mathematically, the formula for calculation of net income is;
Net Income = (Total Revenues + Gains) – (Expenses + Losses)
Formats of Profit & Loss Worksheet:
There are two main types of income and expense templates. However, it is based on the scale and diversification of the business.
Single-Step income and expense template is based on the simple calculation of net income. Such as revenues, expenses, gains, and losses of a small business.
However, the multiple-step income and expense sheet is a bit complex. It segregates the operating and non-operating revenues and expenses from the gains and losses. Moreover, it is helpful at phases such as gross profit, operating, before and after income tax.
Essential Elements of Excel Income and Expense:
As explained earlier, there is a number of factors involved in different formats of income and expense template. Let’s briefly discuss all one by one;
It is a total cash-in flow generated by selling goods or services, investments, software licensing, selling advertisements, or any income source. Moreover, all cash-in flows are categorized. However, our income and expense template can be easily customized to best fit any business.
It is the major expense in the total expenses of a business. Such as the cost of goods in the retail business. Similarly, it can be anything from payrolls, utilities, supplies, taxes, legal charges, etc.
It is calculated by subtracting total operating expenses from the gross profit. It is a part of a multiple-step income and expense sheet.
Income from Continuing Operations:
It is usually calculated by subtracting the income tax and other expenses (and add/Subtract non-operating revenues, gains, losses, and expenses) from the total operating income of a business. Moreover, it is equal to the net income of business if there is not “below the line item” involved.
It is cash-in flow from the other sources of income of a business such as the sale of company assets. Usually, gains are considered a one-time income for the business from non-business sources.
Similar to gains, losses are those expenses of a business that are considered one-time expenses. However, people confuse losses with the primary or secondary activity expenses of a business. Although, losses have nothing to do with regular expenses.
Income & Expense Template Examples
Here are a few examples of templates for different businesses. Pick the template, if you are thinking, that’s suitable for your business. Just CUT/PASTE details like company logo and description and set yours.
Hotel/Restaurant Income Expense Sheet
Customize template for restaurant and hotel business. You can manage inventory (Daily to Weekly Base), staff financial record management and generate monthly income and expense reports.
Divorce I&E worksheet
This is a special type of I&E sheet. To-Do-List in this template according to Legal Divorce type. You can edit personal detail time-to-time.
Self Employed Expense Sheet
This is the regular worksheet, duty roster (Man Hour Estimation) to the financial record of employees you can manage through this sheet. This report helps you to create a final Income statement.
In conclusion, excel income and expense template is the simplest way to analyze the financial situation of a small business. Due to its user-friendly nature, it requires only excel based beginners’skills for calculation.