Maintaining a debit credit balance sheet of your checking and credit accounts is one of the most essential chores in personal finance. The ancients may have made certain math mistakes when recording a debit credit balance sheet. Our current spreadsheets may appear vastly superior when we use Excel formulas to do the math, but it may also lead to other types of errors. Here are 3 handy ways to create a Debit Credit Balance Sheet with Excel Formula.
Create Debit Credit Balance Sheet with Excel Formula: 3 Effective Examples
Let’s say you have an account at a bank. The bank in column C and column D tells you what balance you should deposit and withdraw from your account. Excel formulas named SUM, OFFSET, and INDEX will be used to calculate the balance sheet. Let’s introduce our dataset first. Our goal is to create a debit-credit balance sheet with an Excel formula.
Example 1: Apply a Formula with SUM Function to Create Debit Credit Balance Sheet
Using the SUM function, we can calculate the debit-credit balance from our dataset. The SUM function in Excel is the easiest and fastest way to create a debit-credit balance sheet. Please follow the steps below to apply the function.
- First, select cell E6. Type the following formula in the formula bar, then, press ENTER.
- Now, drag the Fill Handle to the remaining cells.
Here is the debit credit balance sheet in Excel using the SUM function
Read More: How to Keep a Running Balance in Excel
Example 2: Use a Formula Combining SUM and OFFSET Functions
The OFFSET function allows you to generate a reference by specifying the number of rows and columns to offset. Using our dataset, we will calculate the debit credit balance sheet in Excel using the OFFSET function. Just follow the steps below.
- First, select cell E6. Copy the following formula and paste it into the formula bar, then press ENTER.
- Now, drag down the Fill Handle to the remaining cells.
Finally, here is the balance sheet in Excel using the OFFSET function
Example 3: Combine SUM and INDEX Functions
The last way is to calculate the debit credit balance using the SUM function and INDEX function. Just follow the steps below to apply these 2 functions to create a debit-credit balance sheet in Excel.
- First, to create a table with the dataset, select the array B4:E14. Then, go to the Insert tab >> Tables >> Table. A Create Table dialog box will pop up.
- Now, check the selection (In this example, $B$4:$E$14), and select the My table has headers option. Finally, click OK.
This will create a table as shown in the image below.
- Now, select cell E5. Copy the following formula in the formula bar and press ENTER. It will automatically balance all the cells of the Balance column.
Download Practice Workbook
You can download the practice workbook that we have used to prepare this article.
In this tutorial, I have discussed 3 handy ways to create a debit-credit balance sheet in Excel with a formula. I hope you found this article helpful. Please, drop comments, suggestions, or queries if you have any in the comment section below.
- How to Make Stock Balance Sheet in Excel
- How to Prepare Balance Sheet from Trial Balance in Excel
- How to Make Projected Balance Sheet in Excel
- How to Make Profit and Loss Account and Balance Sheet in Excel
- How to Tally a Balance Sheet in Excel
- How to Make Trial Balance in Excel