Free Excel Bookkeeping Templates - Free Printable

Looking at the image you’ve uploaded — which appears to be a business accounting spreadsheet for January — your task is likely to complete or verify the “BANK ACCOUNT #1 MONEY IN” section, specifically ensuring that:

- Sales tax calculations are correct,
- Income is properly allocated to income categories (Caps, T-shirts, Bank Interest),
- Other funds received (Personal Deposit, Loans, Transfers) are recorded,
- The “Total Money Received In” column is accurate.

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## ✔ STEP-BY-STEP SOLUTION

Let’s go row by row and fill in missing values based on the transactions listed under “Bank Account #1”.

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📌 ROW 1: Jan-01 — Bank Loan Drawdown — $15,000.00

- Income Transaction Amount: 15,000.00
- Sales Tax Rate: 0.00% → No tax
- Sales Tax Amount: 0.00
- Allocate to Income or Other Funds: This is a loan, so it goes under “Loans received”
- Caps / T-shirts / Bank Interest: 0.00
- Personal Deposit (Capital): 0.00
- Loans received: 15,000.00
- Transfer from Account #1/#2: 0.00
- Total Money Received In: 15,000.00

✔ Already filled correctly.

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📌 ROW 2: Jan-05 — Purchase Stock - Check — $15,000.00

> ⚠️ This is an expense, not income. It should NOT appear in “MONEY IN” section.
>
> Correction: This transaction belongs in “Money Out” or Expenses, not here. But since it's mistakenly placed here, we’ll treat it as $0.00 income.

- Income Transaction Amount: 0.00 (not income)
- Sales Tax Amount: 0.00
- Allocate to Income: 0.00
- Other Funds: 0.00
- Total Money Received In: 0.00

✔ Fix this row to reflect 0.00 in all columns except perhaps a note indicating it’s an expense.

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📌 ROW 3: Jan-08 — Bank fees — $0.00? (Not shown)

> Appears blank — probably no amount recorded. If no value, leave as 0.00.

✔ All 0.00 — fine.

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📌 ROW 4: Jan-11 — Fuel — Card — $0.00?

> Again, an expense. Should not be in “Money In”. Set to 0.00.

✔ All 0.00 — acceptable if corrected later.

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📌 ROW 5: Jan-15 — Cap Sales - Mr Hemworth — Cash — $120.00

- Income Transaction Amount: 120.00
- Sales Tax Rate: 5.00%
- Sales Tax Amount: 120 × 0.05 = 6.00 ← ❗ Correction needed! Current says 5.71
- Allocate to Income: 120 - 6.00 = 114.00 ← Currently says 114.29 — slight error
- Caps: Since it’s “Cap Sales”, allocate 114.00 here
- T-shirts: 0.00
- Bank Interest: 0.00
- Other Funds: 0.00
- Total Money Received In: 120.00

✔ CORRECTION NEEDED:
- Sales Tax Amount → 6.00 (not 5.71)
- Allocate to Income → 114.00 (not 114.29)
- Caps → 114.00

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📌 ROW 6: Jan-20 — Cash paid in by owner — $1,000.00

- This is owner’s capital contribution.
- Income Transaction Amount: 1,000.00
- Sales Tax Rate: 0.00%
- Sales Tax Amount: 0.00
- Allocate to Income: 0.00 (not income, it’s equity)
- Personal Deposit (Capital): 1,000.00
- Total Money Received In: 1,000.00

✔ Already filled correctly.

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📌 ROW 7: Jan-21 — Stapler, pens, envelopes — Card — $0.00?

> Expense — not income. Set to 0.00.

✔ Fine as is.

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📌 ROW 8: Jan-21 — Phone bill Inv 53892 — DBT — $0.00?

> Expense — set to 0.00.

✔ Fine.

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📌 ROW 9: Jan-21 — Credit Card Payment — Transfer — $0.00?

> Expense/transfer out — not income. Set to 0.00.

✔ Fine.

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📌 ROW 10: Jan-21 — Sales - Miss Lawrence — DBT — $150.00

- Income Transaction Amount: 150.00
- Sales Tax Rate: 5.00%
- Sales Tax Amount: 150 × 0.05 = 7.50 ← ❗ Current says 7.14 — incorrect
- Allocate to Income: 150 - 7.50 = 142.50 ← Current says 142.86 — incorrect
- T-shirts: Since it’s “Sales - Miss Lawrence” and no product specified, but T-shirts column has 142.86 — assume it’s T-shirt sales → 142.50
- Total Money Received In: 150.00

✔ CORRECTION NEEDED:
- Sales Tax Amount → 7.50
- Allocate to Income → 142.50
- T-shirts → 142.50

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📌 ROW 11: Jan-31 — Bank Interest received — Bank — $2.00

- Income Transaction Amount: 2.00
- Sales Tax Rate: 0.00%
- Sales Tax Amount: 0.00
- Allocate to Income: 2.00
- Bank Interest: 2.00
- Total Money Received In: 2.00

✔ Already filled correctly.

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📌 ROW 12: Jan-31 — Loan and Interest Repaid — Pmt 1 — $0.00?

> This is an outflow — not income. Set to 0.00.

✔ Fine.

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📌 ROW 13: Jan-31 — Cash taken by owner — ATM Cash — $0.00?

> Owner withdrawal — not income. Set to 0.00.

✔ Fine.

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📌 ROW 14: Jan-31 — Laptop - Check payment — Ch 1002 — $0.00?

> Expense — set to 0.00.

✔ Fine.

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📌 ROW 15: Jan-31 — Transfer to Savings — Transfer — $0.00?

> Transfer out — not income. Set to 0.00.

✔ Fine.

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## ✍️ SUMMARY OF CORRECTIONS NEEDED:

| Date | Description | Issue | Correct Value |
|------------|--------------------------|----------------------------------------|--------------------|
| Jan-15 | Cap Sales | Sales Tax Amount | 6.00 (was 5.71) |
| Jan-15 | Cap Sales | Allocate to Income | 114.00 (was 114.29) |
| Jan-15 | Cap Sales | Caps | 114.00 |
| Jan-21 | Sales - Miss Lawrence | Sales Tax Amount | 7.50 (was 7.14) |
| Jan-21 | Sales - Miss Lawrence | Allocate to Income | 142.50 (was 142.86) |
| Jan-21 | Sales - Miss Lawrence | T-shirts | 142.50 |

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## 💡 FINAL NOTES:

- Any transaction that is not revenue (e.g., loans, owner contributions, expenses, transfers) should be categorized appropriately — loans under “Loans received”, owner cash in under “Personal Deposit (Capital)”, and expenses should not appear in “Money In” at all.
- Sales tax must be calculated accurately: `Transaction Amount × Tax Rate`.
- The “Total Money Received In” column should equal the sum of:
- Income Transaction Amount (for sales)
- Plus any non-sales inflows like loans or capital deposits.

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## ✔ FINAL VERIFIED TOTALS (Jan):

- Total Income from Sales (net of tax):
→ Cap Sales: 114.00
→ T-shirt Sales: 142.50
→ Bank Interest: 2.00
→ Subtotal: 258.50

- Other Funds Received:
→ Loan: 15,000.00
→ Personal Deposit: 1,000.00
→ Subtotal: 16,000.00

- Total Money Received In (Jan):
→ 258.50 + 16,000.00 = 16,258.50

(You can verify this by summing the “Total Money Received In” column — currently shows 15,000 + 120 + 1,000 + 150 + 2 = 16,272 — which includes errors. After corrections, it should be 16,258.50.)

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## ✔ RECOMMENDATION:

✔ Correct the sales tax amounts and allocated income for Jan-15 and Jan-21.

✔ Move non-income transactions (like purchases, fees, expenses) to a “Money Out” or “Expenses” section to avoid confusion.

✔ Double-check that Total Money Received In matches the sum of all inflows.

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Let me know if you want me to generate a corrected version of this table or help with “Money Out” next!