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This simple cash basis journal started with a download from the bank as a CSV file.
The data provided by your bank may vary somewhat. For instance they may use properly formatted date fields, or simply use a text field that can only be visually understood. In other words, Excel may not understand it as a date. Our first job after downloading it from the bank is to format it for use. We add column headings (DATE, Payee/Description, REF, Cheque, Deposit) to describe the data. In the sample journal we use a CHART of Accounts, however you can simply add an ACCOUNT NAME column and and enter the name of the category. It will still work if you want to use a PIVOT TABLE to summarize.
This journal could be kept as a posting source and the individual entries would then be posted to an online accounting system (eg. Wave – Xero – QBO). Alternatively you can use the import function in these programs to “suck in” the Bank’s CSV file directly.
Download the spreadsheet and watch the Cash-Basis Write Up video while you follow along with your spreadsheet…