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How Can Make An Income And Expenditure Account In Excel Format?

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James Harden Profile
James Harden answered
"In order to create an Income and Expenditure Account in Excel, it seems that one must have a reasonable amount of knowledge and experience with using Excel. Firstly, I do not recommend using formulas in order to automatically account for the effect expenditure and income have on your balance, as formulas are unnecessary for your objective and a potential source of errors.

A) Firstly, create a spreadsheet or database which includes columns for date, amount (i.e. Positive for income and negative for expenditure) and descriptions, should any be needed.

B) Then use a 'pivot table' (a tool used to summarise a spreadsheet of data into a table, which can include averages and totals) on the spreadsheet or database you have created.

C) The pivot table will create a (hopefully) helpful summary table of your Income and Expenditure spreadsheet.

If you wish to construct a 'home income and expenses' spreadsheet, then the best way is to have separate rows for each area of potential expenditure (e.g. Taxes, Housing, Food, Car, Insurance, Debt Repayment, Clothing, Medical, School/Childcare, Investments). I recommend having 'Total Income' as your first row, and then 'Taxes', as there is no choice as to whether to pay or not. These two rows can then be followed by the rest of the areas of potential expenditure. Between these two sections it may be of benefit to you to create a 'Net Spendable' row, in order to see how much income you have left to spend after taxes, and so you do not exceed this through the other areas of expenditure. 
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Anonymous Profile
Anonymous answered
I recived the some commission amount,  tds paid for 10% for this.
How do I expense the report to income tax department return

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