This article will teach us how to create a sole trader bookkeeping Excel. Here, we will create a template and add all the information to complete the template. This template contains different payment methods, and we will get all information regarding the payment method you select.
Bookkeeping is an important and useful way to keep track of all the information in a business. You can get every information, a cost breakdown, and a profit and loss breakdown as well. This is the best way to keep all the information in one place for a business.
Download Practice Workbook
You may download the below workbook for practice.
How to Create a Sole Trader Bookkeeping in Excel: Step by Step Procedure.
Here we will show the step-by-step procedure to create sole trader bookkeeping in Excel. This procedure is quite simple and helps trace all the data.
Step 1: Adding Book Names with Prices, Quantities, and Order Date
- Initially, write down all the required data (Book name, Quantity, Price, Payment Method, and Discount Applied) to add to the template.
Step 2: Adding Pickup Points and Dates
- Here, add some more information to improvise the template. For instance, add Pickup Points, Delivery Dates, and all the available Price Methods to add information.
Step 3: Selecting Payment Method for Creating Sole Trader Bookkeeping
Therefore, to get detailed data for a selected payment method, create a drop-down list using the below process.
- In the beginning, select cell I9 and go to Data >> Data Tools >> Data Validation to add the list in that cell.
- After that, the Data Validation dialog box will pop up.
- Select, the List from the Data Validation Criteria option and select the source range H12:H15 to get the data from that range.
- Lastly, select OK to complete the process.
- Finally, the drop-down list is created as below.
Step 4: Getting Details for Selected Payment Method
- Now, select cell B19 and enter the FILTER function to get detailed information for the selected payment method.
Step 5: Sum Up the Total Payment for Selected Methods for Sole Trader Bookkeeping
- Therefore, select cell I7 to sum up the total price of the selected method and complete the template using the SUM function.
Things to Remember
- While adding a drop-down list, select unique values as the source range if there is a duplicate value in the source range, then there will be duplicate values in the drop-down list.
- The FILTER function works as an array, and we cannot select any cell value in that array.
Frequently Asked Questions
Q1: How to do bookkeeping for sole traders?
Ans: Bookkeeping is a method to keep detailed information about sales, costs, and products. You can use a template to collect all this data.
Q2: Can I do my bookkeeping in Excel?
Ans: Yes, you can do bookkeeping in Excel if the business is small, as you cannot add a huge range of information in Excel.
Q3: What is the best spreadsheet for self-employed people?
Ans: Excel is an excellent template to use for self-employed people. You can add all your information to an Excel sheet.
Here, we learned how to create a sole trader bookkeeping Excel template. Therefore, we create a template and add all the required information. The bookkeeping shows the different payment methods of a bookstore, and you will get detailed information about all the payment methods and the total price as well. Hopefully, you can solve the problem shown in this article. Please let us know in the comment section if there are any queries or suggestions, or you can also visit Exceldemy to explore more.