How to Create and Use Journal Entries in Excel


Step 1 – Create Formation of an Initial Balance Sheet

  • Take into account every expense of the business and organize them.
  • We have organized the data in Particulars, Credit/Debit, Debit and Credit columns.

2- organizing data into several columns

  • Enter the following formula to sum the debit.
  • Drag the Fill Handle to the right to get the credit total.
  • Press Enter.

3- formation of an initial balance sheet

Step 2 – Generate Financial Statements for a Certain Period

  • Enlist the financial activities for a certain period. Here, we have enlisted the financial activities of a company in the month of July 2022.
  • Rearrange the financial activities into a balance sheet mentioning debit and credit.

4- generating financial statements for a certain period

Step 3 – Finalize Journal Entries in Excel

We will create entries of the financial data in the journal.

  • Consider every financial statement, including the initial balance sheet and the newly created balance sheet.
  • Calculate every financial statement with these two sheets.
  • Enter the following formula in Cell D5:
=Dataset!D5+'Making Journal Entries'!E17
  • Press Enter.
  • Here, Dataset and Making Journal Entries are two different sheets that we used.

5- calculating present Machines condition

  • Create entries of every financial statement in the journal following the above procedure.
  • Enter the following formula to sum the debit and AutoFill the right cell to get the total credit.

6- finalizing journal entries in Excel

We have created balanced journal entries since both the debit total and credit total are equal.

How to Create a Forex Trading Journal Using a Simple Excel Sheet


  • Create a spreadsheet like the following image.
  • Enter the initial and highest balance.

7- making spreadsheet included with Initial and Highest balance

  • Select cell C5 and choose Data >> Data Tools >> Data Validation.

8- creating data validation to create forex trading journal

  • Select List under the Allow section and type the currency pairs in the Source text box from the Data Validation window.
  • Click OK.

9- selecting the list and typing currency pairs in the data validation window to create a forex trading journal

  • Drag the Fill icon downwards to AutoFill the lower cells with this Data Validation.
  • Click on the drop-down icon, as shown in the following image to see the currency pairs.

10- auto filling cells with data validation in Pair column

  • Create another Data Validation list for the Long and Short positions of the traders.

11- creating another data validation list for L and S column

  • Enter the following formula in cell I5 to calculate the Risk/Reward ratio:

12- inserting formula in cell I5 to calculate the Risk Reward ratio

Here, the IF function returns the Risk/Reward ratio by using the Entry, Stop Loss, and Take Profit values. If this ratio is greater than 1 then the Risk is higher than the Reward, but if it’s less than 1 then the Reward is positive, meaning the risk would be worth taking.
  • Enter the data according to the market infrastructure and complete the datasheet.

13- final output image of forex trading journal in Excel

We have created a Forex Trading Journal in Excel.

How to Post Transactions Using Journal Entries in Excel


14- sample journal entries of july-2022

Here is a sample journal entry that includes the date, the journal entry number, account number, dollar amounts, and a description of each entry. Journal entries have debits and credits that determine where a certain dollar amount is posted in the entry.

A debit adds to the expense and asset accounts and subtracts from the liability, revenue, and equity accounts, while a credit subtracts from the expense and asset accounts and adds to the liability, revenue, and equity accounts.

How to Post Journal Entries Using Excel


  • Make a copy of your chart of accounts and paste it into the spreadsheet.
  • Create column headings for dates, account numbers, account titles, debit, credit, etc.
  • For each entry, add rows to the document.
  • Copy and paste the account numbers and titles from the chart of accounts.
  • Calculate total debits and credits using formulas. The total formula tracks the total dollar amount of all debits and credits.

Here is a sample journal entry that we have created.

15- sample journal entries where debit and credit are equal

Download the Practice Workbook

Journal Entries in Excel: Knowledge Hub

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Nujat Tasnim
Nujat Tasnim

Nujat Tasnim, BSc in Computer Science and Engineering from American International University-Bangladesh, has a year-long tenure with ExcelDemy. Initially a Content Developer at SOFTEKO, she transitioned to the Software Team as Junior Software Quality Assurance Engineer. Currently serving as a Junior SQA Engineer at SOFTEKO, she excels in SDLC, STLC, and requirement analysis and possesses profound insights into OOP-related software development processes. Nujat is also proficient in design software like Photoshop and Illustrator, contributing diverse skills to her... Read Full Bio

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