From the course: Excel for Accountants

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Taxes and Excel record-keeping

Taxes and Excel record-keeping - Microsoft Excel Tutorial

From the course: Excel for Accountants

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Taxes and Excel record-keeping

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- [Instructor] Once you're able to construct a basic ledger and bring bookkeeping information out of QuickBooks and into Excel, your next step might be to analyze that information based on the organization's needs. For example, for annual tax recordkeeping purposes. We can do exactly that using Excel and the If state, or more accurately, some of the derivatives of the If statement, such as Sumif. I'm in the 02_05_Begin Excel exercise file. Let's take a look at how this works. So if we come over to the Tax Categories tab, you'll see that we have a variety of different tax categories. And of course, we have to use predefined tax categories put out by the IRS, and QuickBooks would let us go through and analyze this information based on particular categories as well. But Excel adds a level of versatility which is lacking in QuickBooks. So what we've done is create our own different expense categories. For ABC Company, they have bank fees, contractors, fees to franchisor, insurance…

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