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Money in Excel is an Excel template provided by Microsoft that has bank connectivity similar to many accounting software applications such a QuickBooks, bank connectivity allowing for the download of financial data directly from the financial institutions.
Money in Excel can be used to construct a small business income statement which could be useful when preparing an income tax return Schedule C Profit or Loss From Business.
The Money in Excel template can also be used to complement accounting software such as QuickBooks. For example, many small businesses use accounting software like QuickBooks to record financial transactions and construct financial statements for their business. However, far fewer use financial accounting software to fulfill the same functions for their individual finances, a task that may be accomplished with Money in Excel.
Unlike financial accounting software, Money in Excel will also bring in balance sheet data directly from our financial institutions and put it in one location, balance sheet data like checking accounting balances, savings accounting balances, brokerage account balances, credit card balances, loan balances, and mortgage balances.
Accounting software like QuickBooks does not generally pull balance sheet balances directly from financial institutions because accounting software is designed to construct the ending balances using the double entry accounting system. Once the balance sheet balances have been constructed traditional accounting software will compare our book balance to the institution balance using tools such as bank reconciliations.
This course will cover how to access the Money in Excel template and connect it to financial institutions, downloading financial data.
We will work through a practice problem, imagining we are a small business wanting to construct an income statement needed for our income tax preparation at year end, income tax reported on a Schedule C Profit or Loss From Business Form. As we work the practice problem, we will compare the process to what may be done using traditional accounting software like QuickBooks.
We will then investigate construction of a personal balance sheet using Money in Excel, comparing how the process may be done using traditional accounting software.
The course will also cover other functions provided by Money in Excel including budgeting options and recurring transactions.
Everything You Need to Know About Money In Excel - Income Tax Sch. C & Personal Financials
This course is a comprehensive and well-structured introduction to Money In Excel - Income Tax Sch. C & Personal Financials. The instructor, Robert (Bob) Steele, is a leading expert in the field with a wealth of experience in Business to share.
The course is well-structured and easy to follow, and the instructor does a great job of explaining complex concepts in a clear and concise way.
The course is divided into sections, each of which covers a different aspect related to Entrepreneurship. Each module contains a series of video lectures, readings, and hands-on exercises.
The instructor does a great job of explaining each topic in a clear and concise way. He/She also provides plenty of examples and exercises to help students learn the material.
One of the things I liked most about this course is that it is very practical. The instructor focuses on teaching students the skills and knowledge they need to succeed in the real world. He/She also provides students with access to a variety of resources, including templates, checklists, and cheat sheets.
Another thing I liked about this course is that it is offered on Udemy. Udemy is a great platform for taking online courses because it offers a lot of flexibility for students. Students can choose to take courses at their own pace, and they can access the course materials from anywhere with an internet connection.
Udemy also offers a variety of payment options, so students can find a plan that works for them. The course also has a very active community forum where students can ask questions and interact with each other. The instructor is also very responsive to student questions and feedback.
Overall, I highly recommend this course to anyone who is interested in learning Money In Excel - Income Tax Sch. C & Personal Financials. It is a well-organized and informative course that will teach you the skills and knowledge you need to succeed.
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