In our daily life, it is a frequent need for us to calculate our daily income and expenses. We can easily calculate and summarize this with Excel. In this article, I will show you all the detailed steps to create a daily income and expense Excel sheet. Go through the article below to enhance your knowledge in this regard and create one for yourself too.
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Steps to Create Daily Income and Expense Sheet in Excel
To create a daily income and expense sheet in Excel, you will mainly need to follow the 3 steps described below.
📌 Step 1: Record Income & Expense Data
At the very beginning, you have to record the income and expense data of a person for an individual day.
- To do this, create a new worksheet named Dataset and make 3 columns named Date, Income, and Expense.
- Following put the date of your particular day and record all the income and expenses of the particular day.
📌 Step 2: List All Categories & Subcategories of Income & Expense
Now, you need to categorize and subcategorize your income and expenses.
- To do this, create a new worksheet named Income & Expense Categories. On the left side, list all categories or sources of your income.
- Afterward, list all the categories and subcategories of your expenses on the right side of the sheet.
As a result, you will get all the categories and subcategories of your income and expense in a single worksheet. For instance, the outcome should look like this.
📌 Step 3: Summarize Daily Income and Expense
Now, the main part remaining is to organize and summarize the daily income and expense Excel sheet.
- To do this, record the dates, incomes, and expenses from the Dataset worksheet first.
- Now, for better summarization, you need to record the categories of your income too. That’s why make some other columns named Category and Subcategory under the Income and Expense column.
- Now, select the C6:C13 cell >> go to the Data tab >> Data Tools group >> Data Validation tool >> Data Validation… option.
- As a result, the Data Validation window will appear. Now, at the Settings tab, choose the List option from the Allow: dropdown list. Subsequently, at the Source: text box, refer to the B5:B9 cells from the Income & Expense Categories worksheet. Following, click on the OK button.
- Consequently, you will see there is a dropdown list at C6:C13 cells where the income categories are listed. You can select your income category from here with a single click rather than writing it every time individually.
- Now, after filling the income categories properly, the next thing is to create a drop-down list similarly to the expenses category. To do this, select the E6:E13 cell and go to the Data tab. Subsequently, go to the Data Tools group >> Data Validation tool >> Data Validation… option.
- At this time, the Data Validation window will appear. Now, go to the Settings tab from this window. Following, choose List option from the Allow: options. Subsequently, at the Source: text box, refer to the D6:D17 cells from the Income & Expense Categories worksheet. Finally, click on the OK button.
- As a result, you will see all the categories of your expenses are in a dropdown list in the cells E6:E13. You can choose your category of expense from here easily.
- Now, for creating the subcategories dropdown list, select the cells F6:F13. Subsequently, go to the Data tab >> Data Tools group >> Data Validation tool >> Data Validation… option.
- Consequently, the Data Validation window will pop up. Now, click on the Settings tab. Subsequently, from the Allow: dropdown list options, choose the List option. Following, refer to the cells E6:E17 from the Income & Expense Categories worksheet at the Source: text box. Last but not least, click on the OK button.
- At this time, you can see all the subcategories are created as a dropdown list at every cell of F6:F13 cells. You can fill your expense subcategories from this list without writing them each time.
- Now, after filling the categories and subcategories, you need to calculate your total income and expenses. To do this, click on the D14 cell and write the following formula which includes the SUM function to sum all incomes recorded.
- Subsequently, click on the G14 cell and insert the following formula to calculate all expenses of today.
Thus, you have created your daily income and expense sheet in Excel successfully. Here are some extra cells after the G10 cell in case of new entries. Following the stated steps you can create such sheets daily as per your income and expenses. For example, the overall daily income and expense sheet should look like this.
It is strongly recommended that you maintain proper number formatting in your cells according to their meanings. For example, use the Date formatting for the Date column. Otherwise, there might occur some errors.
To sum up, in this article, I have shown detailed steps to create a daily income and expense Excel sheet. I suggest you read the full article carefully and practice with our free workbook given. I hope you find this article helpful and informative. If you have any further queries or recommendations, please feel free to comment here.
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