Accounting Worksheet Template Definition, Components, and Types
Accounting worksheet template is a beneficial form that you can use to prepare the closing of accounting period. Inside the template are account list, its balance, the adjustment of every accounts, and the adjusted balance of every accounts. They are all sorted and organized to provide financial statement. The financial statement can be created manually and easily once the worksheet is finalized, because most of the preparing work goes into creating and drafting the worksheet.
Accounting Worksheet Definition
Accounting worksheet template is a pre-formatted spreadsheet document to record information related to a company’s accounting, to create financial statements at the end of each cycle of accounting in order to ensure the financial accuracy. Most templates are designed for the internal uses, instead of external purposes such as creditors or investors. The external parts of the company typically do not get many chances to see the company’s accounting worksheet. With that focus in mind, the spreadsheet is built with flexibility to be modified to suit the workflow needs and internal demand of the company.
Basic accounting worksheet component
There are many types of accounting worksheet template, you can find and download from the internet. However, there are five essential components, that each has its own data column on the templates. These are the five basic columns that included inside the accounting worksheet.
- Unadjusted Trial Balance
The first column is unadjusted trial balance, which contain data about the asset, revenue, expenses, and liability of the company throughout the year. There should be an equal amount of debit and total of credit in the unadjusted trial balance section.
The adjustment column comprised of all the company’s accounts that requires passing entry. They are listed in the column. As in the unadjusted trial balance section, there should be an equal amount of debit and total of credit in the adjustment section.
- Adjusted Trial Balance
The entries of unadjusted trial balance and adjustment columns are combined to create the adjusted trial balance. Again, the debit and total of credit in the adjusted trial balance should be equal.
- Income statement
This column contains the amount of expenses and revenues accounts.
- Balance sheet
The values of capitals, assets, and liabilities, are contained inside the balance sheet column. The debit and total of credit in the balance sheet should be equal.
Types of Accounting Worksheet
There are three types of worksheet that are going to be explained in the following. Those are general, detailed, and audit worksheet.
- General worksheet
Contains four to six columns for general business, including trial balance, adjustment, adjusted trial balance, income statement, and balance sheet.
- Detailed worksheet
It has more details on information than general worksheet, such as payable and receivable accounts list, insurance list, or production expenditure list. Typically used for particular business item.
- Audit worksheet
Aside to prepare the financial statements, audit worksheet used for various businesses, especially auditing items.
All types of accounting worksheet template have important information that is used to prepare the financial statements. The information is recorded systematically by the accountant to present the accounting data.