Accounting w/Excel - how to track Principal payment (not Schedule E expense)

3 Replies

So I tried QuickBooks and Buildium, both great and snazzy but ultimately using Excel is just faster and with Office 365 I literally create a clear audit trail (my job has me working with auditors everyday...) by inputting all transactions and including a hyperlink to where the bill/receipt/pdf, etc. is located on OneDrive. etc. etc. I'll post my system later once I answer this question and make sure it's all pretty close to following the right rules,...  but here goes - 

So my Excel spreadsheet tracks all business activities according to where it falls on IRS Schedule E - that is rents received or one of the items in the expense category. Problem is, I don't know where to put "principal" because while I want my spreadsheet to pop out what's needed for my CPA I also want to see the end of the day cash in and cash out net. Currently, I am categorizing it as an Asset (choices: Asset, Expense, Income) and leave it blank in my column that has the Schedule E choices. 

Is there a better way?

Jeremy, what you want you have....in QuickBooks.  The reason you think Excel is faster is because your are use to Excel and you don't know how to use QuickBooks. 

QuickBooks gives you an automatic Audit Trail. 

QuickBooks gives you cash in and cash out by running a Profit and Loss Report Standard any time you wish, or by running a Profit and Loss Report by Class any time you wish.

The Class Feature in QuickBooks is what links income and expenses to whatever property you choose.  Just click the name of the property and QuickBooks links it for you.

I hope you will go back to QuickBooks just to see how Powerful a tool you have right in the palm of your hands.

Nancy Neville

...also Quickbooks has a feature where you can attach scanned receipts to each check as well, and it stores this copy in its own folder. (you can also attach any document to clients, vendors, etc. like contracts, leases, W-2's etc. etc. etc. Add to this, you can export QB as extraordinarily complex excel docs.  Sorry nothing directly helpful to your question. Just wanted to chime in with the "attachment" feature. 

There is always a better way:

- you a software which will give you a cash flow statement

- you can budget and/or forecast; or

- keep on using excel. Here is a way you can customize it further:

----- add a column with Heading PL/BS

------ all you need is to note which statement it goes to and all you need to do is filter the sheet and you have a report for your accountant.

Gita Faust

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