Income Tax Business Worksheet Using Excel

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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.

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About This CourseBeginner

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

Our Promise to You

By the end of this course, you will have learned income tax accounting entries using Excel.

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Course Curriculum

Course Sections

Tax And Adjusting Entry Year-End Accounting Excel Worksheet

Downloadable Materials – Income Tax Business Worksheet Using Excel

Why Use An Adjusting Entry And Tax Entry Worksheet

Why Use Adjusting And Tax Entries Worksheet In Excel

Excel Adjusting And Tax Worksheet Format

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

Adjusting Entry For Accounting Error

Adjusting Entry Correct Error Excel

Tax Entries For Nondeductible Expenses

Tax Entry Meals And Entertainment Excel

Tax Entry Charity, Penalties, And Political Contributions Excel

Adjusting And Tax Entries For Insurance

Adjusting Entry Prepaid Insurance Excel

Tax Entry Prepaid Insurance Excel

Adjusting And Tax Entries For Depreciation

Adjusting Entry Depreciation Excel

Tax Entry Depreciation Excel

Add Columns To Adjusting And Tax Entry Worksheet

Add Columns To Worksheet Excel

Enter Adjusting And Tax Entries For Sale Of Fixed Asset

Adjusting Entry Sale Of Fixed Asset Excel

Tax Entry Sale Of Fixed Asset Excel

Tax Entry For Tax Exempt Interest Income

Tax Entry Tax Exempt Interest Excel

Adjusting And Tax Entry For Personal Expenses

Adjusting Entry Personal Expense Excel

Tax Entry Adjust Meals And Entertainment Excel

Alternative Format Of Adjusting And Tax Worksheet

Alternative Worksheet With Debit And Credit Columns Excel

Manually Enter A Trial Balance Into An Existing Excel Worksheet

Enter Trial Balance Into Existing Excel Worksheet

Adjusting Entry For Equity Section

Retained Earning Or Equity Adjusting Entry Excel Worksheet

Discuss Options For Entering Adjusting Entries To Accounting Software

Options For Entering Adjusting Entries To QuickBooks

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


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