Manufacturing Business Accounting Templates
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- April 14, 2019 Updated
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Accounting System for Manufacturing Company is an Excel spreadsheet to record and create financial report for manufacturing companies. Manufacturing company is type of company that purchases raw materials, process them into salable finished goods. There are many companies that fall into this type and most of them are having their own brands. Like Nike, one of leading sportswear industry who manufactures shoes, t-shirts, jerseys and many more. Their factories are spreading in several countries. Reason for those are to minimize raw materials and direct labor cost as well as their factory overhead. If you are accounting or financial students, or you are working in those areas, you may understand it very well.
This accounting system for manufacturing company uses double-entry bookkeeping method to record any transactions. In accounting, double-entry bookkeeping means every financial entry to an account (mostly in journals) requires a corresponding and opposite effects in at least two different accounts. It needs accounting knowledge to entry all information to correct accounts, though. It will confuse people if they don’t know its basic terms since debit and credit classification could be different in each journal types.
You might find other accounting software elsewhere. But, you find that only a few that use Microsoft Excel as its foundation. Also, most of them requires Macro to be activated which make it uncomfortable if people plan to move spreadsheet between different Operating System and Excel version. This spreadsheet doesn’t use Macro or any VBA codes. But, still, it requires you to understand basic knowledge of Accounting to use it properly as well as to do any modification to suit your company specific bookkeeping.
This spreadsheet is suitable for :
- Finance/accounting students who want to practice their skills and learn how to record journals and create financial report with real samples.
- Finance/accounting Managers and Staffs who already work with Microsoft Excel to record their financial transactions and want to continue to do it quicker.
- Small Business Owners who want to track their company financial situation using any type of devices without worrying about their incompatibilities.
Different companies might adopt different accounting models to generate their accounting reports. This spreadsheet represents a general model of accounting report that you can customize to meet your company’s financial report model. You may add journals, modify report formulas, add more financial forms etc. Since this spreadsheet is created in Microsoft Excel, you won’t have any difficulties on modifying it as long as you have Excel and Accounting basic knowledge.
Since this accounting spreadsheet is created for Manufacturing companies, you need to define whether your company falls into this category. If your company purchases raw materials and produce it into salable products, then you can declare your company is a manufacturer. If your company just sells products buy purchasing similar products from manufacturers or other stores you can try Accounting System for Trading/Retail Company.
To use this spreadsheet properly understanding of double-entry book keeping knowledge is required. Excel formulas will process any entries into particular financial report automatically but inputting transaction data in incorrect places could yield incorrect calculation. Furthermore, it could make balance sheet become unbalance and give you incorrect financial reports.
1. Home Panel
It consists direct links to particular worksheets. All links are formed in Button and they are arranged like a flow chart that should remind you on the next task to do.
2. Integrated Journals and Reports
This spreadsheet is equipped with formulas where all entries will be processed and calculated to yield financial reports that should be useful to analyze your company’s performance.
3. Simple Journal Entry System
There are one general journal and four special journals for recording all of your transactions.
4. Customized Balance Sheet Report
Select accounts that you want to show in Balance Sheet. Respective values will be calculated and shown automatically. You can see reports in one fiscal period in total and by month.
There is one worksheet to create your own report manually. You can copy and paste initial balance sheet report as values and start to customize it.
5. Customized Profit and Loss Report
Similar to balance sheet, select particular company account that you want to see in Profit and Loss report. And respective values will be calculated and shown automatically based on Journal entries.
6. Customized Cash Flow Report
You can choose which method to present Cash Flow report. There are two methods, Direct and Indirect Method. Set the accounts you want to see in both methods and respective values will be shown. But, monthly report is available in Direct Method only.
7. Automatic General Ledger
Select particular account to show balance for that account. You can toggle debit/credit to see them in positive values.
8. Automatic Depreciation Calculator
There is a formula to calculate depreciation of your company assets automatically. You can put all of your assets that have different purchasing dates and usage period within one table. It should ease you on getting the values to be put on respective journals and reports. It uses a common Straight Line method to depreciate all of your assets. Machines that you use for production can be included in this worksheet.
9. Customized Cost of Goods Manufactured Report
Select particular account, type initial raw materials inventory and you will get automatic calculation on Manufacturing Cost.
- Microsoft Excel 2007 and above for Windows
- Microsoft Excel 2008 and above for Mac
You will get two files in this package. One file with dummy accounting data that should ease you understanding how this accounting system works and one file with blank tables that you should fill with your company and financial information.
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