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Excel is full of easy accounting cheats. Here are two you can't live without

by , 23 September 2014
Some people think they have to buy expensive accounting systems to do their company's books. This isn't true.

While Excel doesn't cost as much or have all the fancy bells and whistles an expensive accounting product do, you shouldn't count Excel out of the accounting software race. In fact, Excel's simplicity makes it one of the easiest and most effective ways to do your accounting.

And it contains easy accounting cheats that work just as well, if not better, than any function in an expensive accounting system.

Here are two of them...

 

Use these two Excel accounting cheats to help you easily do your accounting


Cheat #1: This IF function
 
Microsoft Excel's IF function helps you easily determine certain details about an amount. 
For example, if you know you have to cover a particular cost, let's say R75 000, with your sales to make a profit.
 
You can use Excel's IF function to help you do this. In the appropriate cell in your records add this formula: IF(75 000<, [profit], [loss]). Excel will then see if the value if greater than 75 000. If it is, it will make it a profit and if not it will make it a loss.
 
This will save you time by doing the work for you.
 
This second cheat will help you easily analyse your finances.
 
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Cheat #2: Pivot Tables
 
An Excel Pivot Tables helps you extract data you need and transport it into a separate table that you can easily analyse.
 
This makes the process of sifting through all of your data much easier. For example, if you want to pull your profits and losses from your sales for the past year, you can find and select that data and pull it into a Pivot Table for easy analysis.
 
Use these two Excel accounting cheats to help you and check out the Practical Guide to Excel for even more tips and cheats.
 


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