Income Tax Business Worksheet Using Excel

This course includes lifetime access so you can complete it at your own speed.

This course is designed for those interested to learn the basics of accounting entries for business income tax using Excel, how to build an adjusting and tax worksheet from scratch, how to enter tax entries, the benefits of its use, as well as how to reconcile book net income and tax net income in Excel.

Benefits of taking this course include:

• Unlimited and lifetime access to the course
• Learn the course at your own pace
• Course can be accessed on any platform
• 24/7 Customer support

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.

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

The Income Tax Business Worksheet Using Excel will cover the following topics:

Section 1 - Introduction

• Tax And Adjusting Entry Year-End Accounting Excel Worksheet
• Downloadable Materials – Income Tax Business Worksheet Using Excel

Section 2 - Why Use An Adjusting Entry And Tax Entry Worksheet

• Why Use An Adjusting Entry And Tax Entry Worksheet
• Why Use Adjusting And Tax Entries Worksheet In Excel
• Excel Adjusting And Tax Worksheet Format

Section 3 - Create Adjusting Entry And Tax Entry Worksheet In Excel

• Create Adjusting Entry And Tax Entry Worksheet In Excel
• Trial Balance Generate Report QuickBooks Export To Excel
• Make Trial Balance From Balance Sheet And Income Statement Excel
• Format Exported Excel Workbook
• Format Debits And Credits To One Column
• Conditional Formatting To Check If In Balance
• Calculate Net Income On Trial Balance Excel
• Format Header of Unadjusted Trial Balance Excel
• Add Grid Lines Or Borders To Trial Balance Excel
• Add Adjusting Trial Balance Column Excel
• Add Tax Trial Balance Column Excel
• Add Journal Entry Columns Excel

Section 4 - Adjusting Entry For Accounting Error

• Adjusting Entry For Accounting Error
• Adjusting Entry Correct Error Excel

Section 5 - Tax Entry For Nondeductible Expenses

• Tax Entries For Nondeductible Expenses
• Tax Entry Meals And Entertainment Excel
• Tax Entry Charity, Penalties, And Political Contributions Excel

Section 6 - Adjusting And Tax Entries For Insurance

• Adjusting And Tax Entries For Insurance
• Adjusting Entry Prepaid Insurance Excel
• Tax Entry Prepaid Insurance Excel

Section 7 - Adjusting And Tax Entries For Depreciation

• Adjusting And Tax Entries For Depreciation
• Adjusting Entry Depreciation Excel
• Tax Entry Depreciation Excel

Section 8 - Add Columns To Adjusting And Tax Entry Worksheet

• Add Columns To Adjusting And Tax Entry Worksheet
• Add Columns To Worksheet Excel

Section 9 - Enter Adjusting And Tax Entries For Sale Of Fixed Asset

• Enter Adjusting And Tax Entries For Sale Of Fixed Asset
• Adjusting Entry Sale Of Fixed Asset Excel
• Tax Entry Sale Of Fixed Asset Excel

Section 10 - Tax Entry For Tax Exempt Interest Income

• Tax Entry For Tax Exempt Interest Income
• Tax Entry Tax Exempt Interest Excel

Section 11 - Adjusting And Tax Entry For Personal Expenses

• Adjusting And Tax Entry For Personal Expenses
• Adjusting Entry Personal Expense Excel
• Tax Entry Adjust Meals And Entertainment Excel

Section 12 - Alternative Format Of Adjusting And Tax Worksheet

• Alternative Format Of Adjusting And Tax Worksheet
• Alternative Worksheet With Debit And Credit Columns Excel

Section 13 - Manually Enter A Trial Balance Into An Existing Excel Worksheet

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

Section 14 - Adjusting Entry For Equity Section

• Adjusting Entry For Equity Section
• Retained Earning Or Equity Adjusting Entry Excel Worksheet

Section 15 - Discuss Options For Entering Adjusting Entries To Accounting Software

• Discuss Options For Entering Adjusting Entries To Accounting Software
• Options For Entering Adjusting Entries To QuickBooks

Section 16 - Enter Adjusting Entries In Accounting Software

• Enter Adjusting Entries In Accounting Software
• Enter Adjusting Entries From Excel Worksheet To QuickBooks
• Compare Trail Balance In QuickBooks To Adjusted Trial Balance In Excel

This course is designed for those interested to learn the basics of accounting entries for business income tax using Excel, how to build an adjusting and tax worksheet from scratch, how to enter tax entries, the benefits of its use, as well as how to reconcile book net income and tax net income in Excel.

Should understand debits and credits and have some experience with Excel

None

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Certificate of completion

Digital certificate - Included