For compiling worksheets, the data needed is data in the trial balance journal and adjusting entries. From these two data, then we can compile an income statement and balance sheet. Meanwhile, if you also don’t want to spend more time on bookkeeping yourself, we suggest you hire the bondi junction xero bookkeeper.
The following is the worksheet compiling process:
1. Create the format
First, you have to format the worksheet. For the most common, this worksheet consists of six columns, the first column being the Account Name / Estimated, Balance Sheet, Adjustment, After-adjusted Balance Sheet, Balance Sheet, Profit, and Loss.
2. Fill in the trial balance
Before filling in the worksheet, you must have a trial balance sheet. Just enter the data about the account into the forecast column, then the balance is entered into the trial balance column. Make sure that the data you write is in accordance with the trial balance.
Add up the balances and make sure the balances in the debit and credit columns are the same or in balance.
3. Enter the account in the adjusting entry
After that, enter the accounts in the adjusting entry into the adjustment column. If there is an account name that is not in the trial balance column, it can be entered under it in the forecast column. Calculate the amount of balance in the adjustment column until a balanced result is found.
4. Fill in the trial balance column after adjusting it by adding the balance in the trial balance and adjustments
Meanwhile, to fill in the balance sheet column after adjusting, do the sum between the balance in the trial balance and adjustments. Add the amount of debt to debit, credit to credit, then the sum of debits can be entered into the debit column, and the results of adding credit to the credit column. Make sure the account name/estimate is the same.
5. Fill in the profit and loss column and balance sheet
This income and balance column must be based on the data in the trial balance column after adjusting.
6. Looking for profit or loss
After that, you can calculate the difference in balances on debits and credits in the income and balance columns. The difference is what determines whether the company’s finances in the period loss or profit.