Moving from the General Journal to the Income Statement
It is typical for a business to record its daily transactions in a General Journal. This record keeps track of every individual transaction in every account, whether cash investments, cash paid, accounts receivable, accounts payable, and so on.
Getting the General Journal into Excel
There are many different software programs available to help you record and store this information. Because some programs provide the user with such conveniences as a predefined chart of accounts, many people prefer to use software other than Excel to gather information on individual transactions. (A chart of accounts is simply a list that associates account names with numbers that identify the account: for example, ...
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