Shoebox accounting

1. Shoebox accounting
with Excel
THIS IS WHAT E X C E L E X C E L S A T

2. A client says “I have not written up my books
but I need them done fast – Oh, and cheap. I
think I should ask my sister-in-law because I
can’t afford a CPA.”

3. The Shoebox
Note:
These procedures are designed so that you can
use junior staff for data entry

4. The Shoebox
Obtain a full set of bank statements
Note: It matters not what system of entry you
use – you have to first obtain the information

5. The Shoebox
Enter the information by:
1. Download 
2. Scan in (??? – maybe not)
3. Type in (Sister-in-law?)

6. Enter the information so you get a result like this:
The Shoebox

7. 1. Balance to the Bank Statement
3. Insert a col for a code and then sort by Payee
code the items
2. Insert a column to the left and fill it with Nos
Like this:
Numbers Sorted Coded
The Shoebox
Note the AT&T payee items are listed in a group

8. The Shoebox
Technique: Bulk code the group as TEL like this:
Sort the payee column and then code the amounts in groups:
1. Highlight (the group of cell)
2. Enter the code eg Tel
3. {Ctrl-Enter} to Bulk Enter
100 3475 1/12 TELCOM F TEL 65.00 (64,723.45)
183 3551 2/4 TELCOM F TEL 65.00 (64,788.45)
311 3649 TELCOM TEL 65.00 (64,853.45)
478 3715 5/1/1924 Telcom TEL 65.00 (64,918.45)
729 3832 5/4/1998 TELCOM TEL 65.00 (64,983.45)
949 3981 6/15/1998 TELCOM TEL 65.00 (65,048.45)
1167 4111 7/29/1998 TELCOM TEL 65.00 (65,113.45)
1233 4163 TELCOM TEL 65.00 (65,178.45)
1583 4345 10/20/1998 TELCOM TEL 29.00 (65,207.45)
1584 4345 10/20/1998 TELCOM TEL 59.00 (65,266.45)
1669 4416 11/13/1998 TELCOM TEL 49.25 (65,315.70)

9. The Shoebox
6 3312 Les Cruz TNR 62.25 59,658.17 1
7 3317 Pacificare BEN 124.00 59,534.17 1
8 3336 Les Cruz TNR 3,120.00 56,414.17 1
9 3345 Missing XXX 831.51 55,582.66 1
10 3366 Fedex POS 25.75 55,556.91 1
11 3368 GF SFT 667.00 54,889.91 1
12 3369 Gene Posten TNR 950.00 53,939.91 1
The numbered col to the left enables you to re-sort back to
the original order:
Technique for the first numbered column:
1. Insert Row to the left
2. Highlight (last cellCtrl-Home
3. ROW(), {Ctrl-Enter}
4. CopyPaste SpecialValues
Note: This is a very adaptable and powerful technique that has many uses

10. The Shoebox
After coding the data you should:
Establish a comprehensive list of the codes used
(use this method)
1. Copy the code column
2. Paste it into a new sheet
3. Data/Filter/Unique values only
4. CopyPaste into another new sheet
5. Sort the list
6. Fix almost-duplicates
7. Recode appropriately (you can use sort to arrange groups)
8. Ready

11. The Shoebox
Use SUMIFS() to analyze data:
1. Payee_amount is a range
2. Code_Col is a range
3. Code is the criteria – eg TEL
SUMIFS( Payee-amount,
Code_Col,
Code )
The function will SUM the Payee_amount according to the TEL criteria

12. The Shoebox
Further: After coding the data you could enter the month
number that the item was included in the bank statement.
This will enable you to determine the outstanding items for
a reconciliation. See column headed “Bank” below

13. The Shoebox
Column N has an IF() function that returns the amount if
there is no month number entered in column M
The result is the outstanding checks in column N
See next slide for further explanation of the function details

14. The Shoebox
Use an IF() function to determine those items that have not
appeared on the bank statement yet
IF($M74>0,"",$J74) to see the outstanding checks
1. M74 is the cell in the BankMth column
2. If > 0 (BankMth is entered) then leave it blank
3. Otherwise = the payee amount [of the check?]
IF($M74>0,
"",
$J74)

15. IS YOUR LIFE
NOW CHANGED?
The End

16. Questions?

17. 17
CliffB