Uthena

Course description

Create a new Excel worksheet from scratch to be used in the adjusting and tax entry process.

This course is most beneficial to tax preparers and public accountants who enter adjusting entries but is also useful to anybody in accounting. Similar Excel worksheets to the ones we will construct can be useful for analyzing many areas of accounting, and the Excel skills learned in creating them are also very applicable both inside accounting and outside of it.

We will discuss the reasons for creating an adjusting and tax entries Excel worksheet. Some benefits of the Excel worksheet include the ability to enter adjusting entries in an efficient way and build an adjusted trial balance, the ability to enter tax entries efficiently and build a trial balance on a tax basis, and the ability to reconcile book net income and tax net income.

An Excel worksheet can be used to show the difference between net income on the unadjusted trial balance, the adjusted trial balance, and tax trial balance in an easy visual way. A worksheet can be used as a reference to communicate to supervisors, clients, and as a reference for us to look back at in the future.

The course will build an Excel worksheet from scratch providing tools to help with the construction for each step along the way. We will provide an updated Excel worksheet for most steps, allowing us to jump forward or to rework any part of the course without starting over. The Excel worksheets will generally have at least two tabs, one with the completed step, showing the end product, and one that has been completed up to the current step in the process, allowing us to fill it in with the help of the instructional video and the Excel tab showing the completed work.

We will then practice entering some adjusting entries and tax entries into the worksheet. As we add adjusting and tax entries to the Excel worksheet, we will better understand how the worksheet is formatted and how best to use it. We will see how net income is calculated on a book basis, on a tax basis, and how the worksheet will show the reconciliation of the two.

This course is not designed to give tax advice but to show how to construct an Excel worksheet to track adjustments.

The course will also discuss some alternative formats for building an adjusting entry and tax entry worksheet that can be found in practice. We will discuss the pros and cons of the different formats.

We will also discuss how to format an adjusting and tax entry worksheet made in the prior year so that we can enter the current year trial balance and data into it.

In addition to the instructional videos, this course will include downloadable  

  • QuickBooks Pro Desktop 2019 Backup files
  • Excel practice files


What you’ll learn

  • How to build an adjusting and tax worksheet from scratch in Excel
  • What the benefits of an adjusting and tax worksheet are
  • How to enter adjusting entries into an adjusting and tax Excel worksheet
  • How to enter tax entries into an adjusting and tax Excel worksheet
  • How to reconcile book net income and tax net income using an Excel worksheet


Are there any course requirements or prerequisites?

  • Should understand debits & credits and have some experience with Excel


Who this course is for:

  • Tax professionals who want to reconcile book net income and tax net income
  • Public accountants who work with adjusting entries
  • Any accountant who wants to learn how to set up a practical worksheet to work through accounting transactions
  • Any accountant who wants practical practice formatting Excel Worksheets

Course curriculum

  • 1

    Introduction

  • 2

    Why Use An Adjusting Entry & Tax Entry Worksheet

  • 3

    Create Adjusting Entry & Tax Entry Worksheet In Excel

  • 4

    Adjusting Entry For Accounting Error

    • 4 Adjusting Entry For Accounting Error

    • 550 Worksheet Adjusting Entry Correct Error Excel

    • 550 Adjusting Entry Correct Error Excel

    • Accounting Comic Break
  • 5

    Tax Entry For Nondeductible Expenses

    • 5 Tax Entries For Nondeductible Expenses

    • 560 Worksheet Tax Entry Meals & Entertainment Excel

    • 560 Tax Entry Meals & Entertainment Excel

    • 565 Worksheet Tax Entry Charity, Penalties, & Political Contributions Excel

    • 565 Tax Entry Charity, Penalties, & Political Contributions Excel

    • Accounting Comic Break
  • 6

    Adjusting & Tax Entries For Insurance

    • 6 Adjusting & Tax Entries For Insurance

    • 572 Worksheet Adjusting Entry Prepaid Insurance Excel

    • 572 Adjusting Entry Prepaid Insurance Excel

    • 574 Worksheet Tax Entry Prepaid Insurance Excel

    • 574 Tax Entry Prepaid Insurance Excel

    • Accounting Comic Break
  • 7

    Adjusting & Tax Entries For Depreciation

    • 7 Adjusting & Tax Entries For Depreciation

    • 582 Worksheet Adjusting Entry Depreciation Excel

    • 582 Adjusting Entry Depreciation Excel

    • 584 Worksheet Tax Entry Depreciation Excel

    • 584 Tax Entry Depreciation Excel

    • Accounting Comic Break
  • 8

    Add Columns to Adjusting & Tax Entry Worksheet

    • 8 Add Columns to Adjusting & Tax Entry Worksheet

    • 592 Worksheet Add Columns To Worksheet Excel

    • 592 Add Columns To Worksheet Excel

    • Accounting Comic Break
  • 9

    Enter Adjusting & Tax Entries For Sale of Fixed Asset

    • 9 Enter Adjusting & Tax Entries For Sale of Fixed Asset

    • 602 Worksheet Adjusting Entry Sale of Fixed Asset Excel

    • 602 Adjusting Entry Sale of Fixed Asset Excel

    • 604 Worksheet Tax Entry Sale of Fixed Asset Excel

    • 604 Tax Entry Sale of Fixed Asset Excel

    • Accounting Comic Break
  • 10

    Tax Entry For Tax Exempt Interest Income

    • 10 Tax Entry For Tax Exempt Interest Income

    • 612 Worksheet Tax Entry Tax Exempt Interest Excel

    • 612 Tax Entry Tax Exempt Interest Excel

    • Accounting Comic Break
  • 11

    Adjusting & Tax Entry For Personal Expenses

    • 11 Adjusting & Tax Entry For Personal Expenses

    • 622 Worksheet Adjusting Entry Personal Expense Excel

    • 622 Adjusting Entry Personal Expense Excel

    • 624 Worksheet Tax Entry Adjust Meals & Entertainment Excel

    • 624 Tax Entry Adjust Meals & Entertainment Excel

    • Accounting Comic Break
  • 12

    Alternative Format Of Adjusting & Tax Worksheet

    • 12 Alternative Format Of Adjusting & Tax Worksheet

    • 630 Worksheet Alternative Worksheet With Debit & Credit Columns Excel

    • 630 Alternative Worksheet With Debit & Credit Columns Excel

    • Accounting Comic Break
  • 13

    Manually Enter A Trial Balance Into An Existing Excel Worksheet

    • 13 Manually Enter A Trial Balance Into An Existing Excel Worksheet

    • 640 Worksheet Enter Trial Balance Into Existing Excel Worksheet

    • 640 Enter Trial Balance Into Existing Excel Worksheet

    • Accounting Comic Break
  • 14

    Adjusting Entry For Equity Section

    • 14 Adjusting Entry For Equity

    • 645 Retained Earning or Equity Adjusting Entry Excel Worksheet

    • 645 Worksheet Retained Earning or Equity Adjusting Entry Excel Worksheet

    • Accounting Comic Break
  • 15

    Discuss Options For Entering Adjusting Entries To Accounting Software

    • 15 Discuss Options For Entering Adjusting Entries To Accounting Software

    • Download QuickBooks Backup File

    • 655 Options For Entering Adjusting Entries To QuickBooks

    • Accounting Comic Break
  • 16

    Enter Adjusting Entries In Accounting Software

    • 16 Enter Adjusting Entries In Accounting Software

    • Download QuickBooks Backup File

    • 660 Enter Adjusting Entries From Excel Worksheet To QuickBooks

    • 665 Compare Trail Balance In QuickBooks To Adjusted Trial Balance In Excel

    • Accounting Comic Break

Meet your instructor!

Robert (Bob) Steele
CPA, CGMA, M.S. Tax, CPI


Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.  

Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).  

Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.  

In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.  

Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.  

Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.  

Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.  

Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.  

The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.

Take this course today!

"Tax & Adjusting Entry Year-End Accounting Excel Worksheet"

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