Debit Credit in Excel Templates

Debit Credit in Excel Templates

Excel ledger template is used for bookkeeping the entries of the financial transactions. Accounting ledger journal entries are made for recording the transaction details in terms of its description, transaction type, and balance. In this template, you can download plenty of debit credit template in Excel format.

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Note: Some Debit Credit Template is available only on request

The accounting ledger template includes entries for all types of credit and debit transactions. Such as:

Credits:

  1. Cash
  2. Petty Cash
  3. Investments
  4. Accounts Receivables
  5. Inventory
  6. Supplies
  7. Property, Plants, and Equipment
  8. Intangible Assets

Debits:

  1. Accounts Payables
  2. Notes Payables
  3. Salaries and Wages
  4. Taxes
  5. Warranty Liabilities
  6. Unearned Revenues
  7. Bonds Payable

Importance of Excel Template with Credits and Debits:

The general ledger is maintained by every company for making an income statement and balance sheet. It is similar to the manual bookkeeping in the accounting logbooks. Just like receivable ledger format, this template’s layout design same.

Debit Credit in Excel Templates

The importance of accounts ledger can be easily understood from the below utilities:

  1. Recording of the Transactions
  2. Detailed Financial Information
  3. Preparation of the Balance Sheet
  4. Preparation of the Income Statement

The objective of the excel ledger template with debits and credits is to provide classified financial information of the economic and non-economic transactions. So, the profit and loss, and the financial position of the business can be evaluated using this template.

As the ledger is developed using MS Excel. It is very easy to use and customize according to the nature of the business.

Components of Excel Ledger Template:

There are different formats for recording the financial transactions of the business. One of the most famous ledgers is the general ledger of the company.

Therefore, bookkeeping of the company ledger with credits and debits involve the following components:

  1. Account No.
  2. Accounts Month
  3. Date
  4. Initial Balance
  5. Balance Method
  6. Transaction Code
  7. Description
  8. Journal Reference
  9. Transaction (Credits and Debits)
  10. Balance (Credits and Debits)

How to make an Excel Ledger Template?

Excel ledger template with credits and debits can be made without having any professional accounting skills. It can be used to record any type of transaction type.

Therefore, this template has referred to like the accounts general ledger. There are certain specific ledger sheets as well that are used for recording the specific type of transaction such as accounts receivables ledger sheet.

Basic Layout of Debit Credit Template

The general ledger excel template has a basic header section with details of accounts month, account no., initial balance, and balance method information.

  1. A tabular approach is used for making account journal entries for each transaction type. Firstly, the date and description of the transaction are written along with the journal reference.
  2. Secondly, the amount of the transaction is written under credits or debits as per the nature of transaction and balance is calculated.

Let’s suppose accounts receive a cheque of Rs. 50 thousand from a customer on Feb 26th, 2020. The entry of this transaction will be done by writing the date under the date section.

Therefore, the description will be written as accounts receivable and journal reference as a cheque journal. The entry of Rs. 50 thousand will be done under the credit head and balance will be calculated by subtracting the credited amounts from the previous transaction balance.

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