You may think that there's no need to link worksheets in your Excel accounting. But that's not 100% correct.
While you can just click on your worksheets to find what you're looking for, linking them creates a seamless way of working with your accounting data.
This makes accounting much faster and more accurate. Read on to discover how to simplify your accounting process by linking your Excel worksheets...
Here's how linking your Excel worksheets will help you with your accounting
When you create links between your Excel accounting worksheets, it'll help you:
• Locate data in different worksheets and spreadsheets; and
• Effectively structure your accounting records.
This will help you find the accounting data you need in a different worksheet in just a few seconds, instead of wasting 30 minutes searching for it.
So here's how you do it.
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Here's how to create a link between your Excel worksheets
You can link worksheet that show:
• Monthly sales for each type of item sold;
• The sales volume, value, total sales per month;
• A comparison between planned sales and actual sales for the month; and
• Calculation of the 20% to distribute between employees.
Let's say, for example, you want to work out your total expenses but your salary expenses and production expenses are in two different worksheets. Then you can use the linking function to join the two worksheets.
Now you must complete the following steps:
1. Let's say your salary expenses are in D4 and your production expenses are in C4 in a different sheet. So you must put an equal sign (=) in cell D4. And in C4 type an asterisk (*).
2. Then you'll reference the amount in the Production Expenses spreadsheet. In the formula, after the asterisk, click the 'Production Expenses' tab and then click cell C4. The formula bar understands the Excel function you created.
3. Excel will create the formula that reads as: =Table1[[#This Row],[Percentage of total]]*Sheet2!C4
Don't put any space between the reference spreadsheet and the cell. If you don't follow these rules, Excel will return an error because it won't understand what you mean.
4. Press 'Enter' and you'll get the result in the original spreadsheet that you created the function in.
You've now linked the two spreadsheets in functionality.
Linking spreadsheets is relatively simple but do it carefully. This is important, especially in cases involving more than two worksheets in a formula.