Build Excel worksheet for adjusting adjusting & tax entries, reconciling net income calculated on a book and tax basis
β±οΈ Length: 5.2 total hours
β 4.47/5 rating
π₯ 81,175 students
π November 2018 update
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- Course Overview
- This comprehensive Excel-focused course empowers accounting professionals, business owners, and finance enthusiasts to meticulously construct a dynamic year-end accounting worksheet.
- The primary objective is to develop a robust tool capable of managing both book (financial accounting) and tax accounting adjustments, thereby enabling a clear reconciliation of net income across both perspectives.
- Delving into the intricacies of year-end closing procedures, the course provides a practical, hands-on approach to building a functional Excel model from the ground up.
- Participants will gain a deep understanding of how accounting standards and tax regulations diverge, and how to effectively bridge these differences within their financial reporting.
- The curriculum is designed to equip learners with the skills to automate and streamline the often complex and time-consuming process of year-end adjustments and tax provision calculations.
- By mastering the creation of this specialized worksheet, individuals will be better positioned to ensure compliance, optimize tax strategies, and present a more accurate financial picture.
- The course emphasizes the practical application of Excel functions and features to solve real-world accounting challenges, making it highly relevant for immediate professional use.
- The content is structured to guide learners through a logical progression, from foundational concepts of adjusting entries to the sophisticated integration of tax considerations.
- This training is particularly beneficial for those who regularly handle month-end, quarter-end, and year-end closing processes and are looking to enhance their efficiency and accuracy.
- The November 2018 update ensures that the techniques and tools presented are current and align with contemporary accounting and tax practices.
- Requirements / Prerequisites
- A foundational understanding of accounting principles, including accruals, deferrals, depreciation, and basic financial statement preparation, is assumed.
- Proficiency in Microsoft Excel is essential, including familiarity with basic formulas, cell referencing, and worksheet navigation.
- Access to a working version of Microsoft Excel is required to follow along with the practical exercises and build the worksheet.
- While not strictly mandatory, prior exposure to tax accounting concepts would be beneficial but is not a barrier to entry.
- Skills Covered / Tools Used
- Excel Proficiency: Advanced use of Excel functions such as VLOOKUP, HLOOKUP, SUMIF(S), COUNTIF(S), INDEX/MATCH, OFFSET, and data validation for creating interactive and dynamic worksheets.
- Adjusting Entries: In-depth understanding and practical application of various adjusting entries, including accruals, deferrals, prepaid expenses, unearned revenues, depreciation, and amortization.
- Tax Basis Accounting: Learning to identify and implement the differences between book and tax accounting, including differences in revenue recognition, expense timing, and depreciation methods.
- Worksheet Construction: Designing and building a structured, multi-tabbed Excel worksheet that logically separates different accounting components and facilitates easy navigation and analysis.
- Net Income Reconciliation: Developing the ability to reconcile net income calculated on a book basis with net taxable income, identifying and detailing permanent and temporary differences.
- Data Organization & Management: Techniques for organizing financial data within Excel for clarity, auditability, and efficient processing of year-end adjustments.
- Formula Auditing & Debugging: Skills in troubleshooting and verifying the accuracy of Excel formulas to ensure the integrity of the financial calculations.
- Chart and Graph Creation (Optional but beneficial): Potentially using Excel’s charting features to visualize key financial data or reconciliation points.
- Benefits / Outcomes
- Enhanced Accuracy: Significantly reduce the risk of errors in year-end adjustments and tax calculations through a structured, automated process.
- Improved Efficiency: Streamline the complex year-end closing process, saving valuable time and resources.
- Clearer Financial Insights: Gain a more profound understanding of how book and tax accounting treatments impact net income.
- Proactive Tax Planning: Facilitate better tax planning and forecasting by accurately projecting taxable income and tax liabilities.
- Increased Compliance: Ensure adherence to both accounting standards and tax regulations through a systematic approach.
- Professional Development: Acquire a highly sought-after skill set that enhances career prospects in accounting and finance roles.
- Customizable Tool: Develop a personalized Excel worksheet that can be adapted to the specific needs of any business.
- Confident Reporting: Present year-end financial statements and tax calculations with greater confidence and accuracy.
- PROS
- Extremely Practical and Hands-On: The course focuses on building a tangible, usable tool, making learning highly applicable.
- High Student Volume and Rating: The large number of students and high rating (4.47/5) indicate strong student satisfaction and course effectiveness.
- Cost-Effective Learning: Provides significant value in terms of practical skills and a reusable financial tool for its duration and content.
- Up-to-Date Content: The November 2018 update ensures the material reflects current accounting and tax landscape.
- CONS
- Potential for Overwhelm without Strong Excel Basics: While foundational Excel is assumed, individuals with very limited Excel experience might find some of the more advanced functions challenging without additional self-study.
Learning Tracks: English,Office Productivity,Microsoft
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