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Beginning account balances have already been entered for you in the problem template provided Type...

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USING EXCEL TEMPLATES TO COMPLETE EXERCISES
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Page 1: Beginning account balances have already been entered for you in the problem template provided Type your journal entries in this space – you do not have.

USING EXCEL TEMPLATES TO

COMPLETE EXERCISES

Page 2: Beginning account balances have already been entered for you in the problem template provided Type your journal entries in this space – you do not have.

Beginning account balances have already been entered for you in the problem template provided

Type your journal entries in this space – you do not have to type commas, the cells are formatted to put them in.

Estimated Revenues 750,000Estm’ Other Financing Sources 100,000 Appropriations 800,000 Budgetary Fund Balance 185,000

To record budget

Next we will post these to the t-accounts.

Page 3: Beginning account balances have already been entered for you in the problem template provided Type your journal entries in this space – you do not have.

Estimated Revenues 750,000Estm’ Other Financing Sources 100,000 Appropriations 800,000 Budgetary Fund Balance 185,000

To record budget

Click on the first cell where you wish to post the entry.

Page 4: Beginning account balances have already been entered for you in the problem template provided Type your journal entries in this space – you do not have.

Estimated Revenues 750,000Estm’ Other Financing Sources 100,000 Appropriations 800,000 Budgetary Fund Balance 185,000

To record budget

Type an equals sign

Click on the cell you wish to link from and hit “enter” key

=

Page 5: Beginning account balances have already been entered for you in the problem template provided Type your journal entries in this space – you do not have.

Estimated Revenues 750,000Estm’ Other Financing Sources 100,000 Appropriations 800,000 Budgetary Fund Balance 185,000

To record budget

The amount will appear in the destination cell

750,000

Page 6: Beginning account balances have already been entered for you in the problem template provided Type your journal entries in this space – you do not have.

Estimated Revenues 750,000Estm’ Other Financing Sources 100,000 Appropriations 800,000 Budgetary Fund Balance 185,000

To record budget

=

Repeat for additional debits and credits in the entry - Type an equals sign

Click on the cell you wish to link from and hit “enter” key

Page 7: Beginning account balances have already been entered for you in the problem template provided Type your journal entries in this space – you do not have.

Estimated Revenues 750,000Estm’ Other Financing Sources 100,000 Appropriations 800,000 Budgetary Fund Balance 185,000

To record budget

=

Repeat for additional debits and credits in the entry - Type an equals sign

Click on the cell you wish to link from and hit “enter” key

750,000

100,000

Page 8: Beginning account balances have already been entered for you in the problem template provided Type your journal entries in this space – you do not have.

After you post each journal entry, scroll down to check that debits equal credits. If they don’t, you probably posted something to the wrong side of a t-account.

Page 9: Beginning account balances have already been entered for you in the problem template provided Type your journal entries in this space – you do not have.

OK, now we have all the journal entries posted and we are ready to move on to closing entries. These are located on the second tab, found at the bottom of the excel screen.

Page 10: Beginning account balances have already been entered for you in the problem template provided Type your journal entries in this space – you do not have.

But before we move on, what accounts will we be closing? Only the Activity and Budgetary accounts are closed.

Now open the second window by clicking on the tab below

Activity Accounts

Budgetary Accounts

Page 11: Beginning account balances have already been entered for you in the problem template provided Type your journal entries in this space – you do not have.

Type in names of the budgetary and activity accounts. Because we are closing the accounts, we will debit those with credit balances and credit those with debit balances

Click a cell and type an equals sign.=

Page 12: Beginning account balances have already been entered for you in the problem template provided Type your journal entries in this space – you do not have.

=

Open the first tab

Page 13: Beginning account balances have already been entered for you in the problem template provided Type your journal entries in this space – you do not have.

Click on the cell you wish to link from and hit “enter” key

Page 14: Beginning account balances have already been entered for you in the problem template provided Type your journal entries in this space – you do not have.

You will return to the 2nd tab and the amount will appear. Repeat these steps for each activity and budgetary account.

703,000

Page 15: Beginning account balances have already been entered for you in the problem template provided Type your journal entries in this space – you do not have.

The T-accounts for the “equity” accounts (Fund balance or Net Position) appear again on this tab. Post the closing entry to these T-accounts using the same linking (=) procedures.

The budgetary fund balances are now eliminated. The remaining fund balance is the end of the year balance and will appear on the balance sheet.

Page 16: Beginning account balances have already been entered for you in the problem template provided Type your journal entries in this space – you do not have.

GASB requires that the “equity” accounts (Fund balance or Net Position) be reported within specific categories, as described in the textbook. A table is provided for allocating the total among the various categories.

Equals supplies

Equals encumbrances Plug

Then open the first financial statement tab

Page 17: Beginning account balances have already been entered for you in the problem template provided Type your journal entries in this space – you do not have.

The headings are built into the template and will appear when the file is printed

Some problems may assume balances for other funds. This will be described on the spreadsheet.

areas shaded in blue are not a requirement of this exercise but are assumed to provide a complete financial statement  

Page 18: Beginning account balances have already been entered for you in the problem template provided Type your journal entries in this space – you do not have.

It is now time to link the financial statements to the work completed on earlier tabs

All items appearing on Activity Statements can be found in the closing entry

Click on the first cell and type an equals sign. Open the 2nd tab.

=

Page 19: Beginning account balances have already been entered for you in the problem template provided Type your journal entries in this space – you do not have.

Click on the desired cell and hit enter.

Page 20: Beginning account balances have already been entered for you in the problem template provided Type your journal entries in this space – you do not have.

The template will calculate subtotals and totals

The amount will appear in the financial statement. Repeat for remaining items

703,000

Page 21: Beginning account balances have already been entered for you in the problem template provided Type your journal entries in this space – you do not have.

Before leaving the activity statement, check that the totals agree with tab 2

Note, link to the beginning fund balance here (Tab 1)

Page 22: Beginning account balances have already been entered for you in the problem template provided Type your journal entries in this space – you do not have.

Finally, move on to the balance sheet

Page 23: Beginning account balances have already been entered for you in the problem template provided Type your journal entries in this space – you do not have.

Link all these items to ending account balances on Tab 1

Link all these items to the table on Tab 2

Page 24: Beginning account balances have already been entered for you in the problem template provided Type your journal entries in this space – you do not have.

Finally, check to see if the Balance Sheet is in balance.

Page 25: Beginning account balances have already been entered for you in the problem template provided Type your journal entries in this space – you do not have.

By using links within your worksheet, if you need to adjust a journal entry, you can do so and everything else will be automatically adjusted for the change.


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