Q:

How do you create income templates in Excel?

A:

Quick Answer

Use the built-in formula calculations in Excel to help calculate totals. Creating a column of totals allows users to see real-time totals as information is added and updated.

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Full Answer

Income templates make it easy to track income and expenses. By either modifying a template downloaded from the Internet or making one from scratch, users can have Excel calculate totals quickly and effortlessly.

Step 1: Gather financial information

Have as much financial information handy as possible. Bank records work well, either as electronic data or printed statements.

Step 2: Create row and column labels

In the first column, label each row with the name of a month, starting with either January or the current month, depending on the information the spreadsheet is tracking. Along the first row, label the different incomes to track. These can be client payments, totals from different jobs worked or income from different household members.

Step 3: Create formulas for monthly income totals

Use the "formulas" button in Excel to create a total at the end of each month's row. This total is all of the income from all sources inputted for that month.

Step 4: Total the yearly income

In the last cell underneath the monthly totals, use the "formulas" button again to create a total for the year, using the monthly totals. As the monthly incomes update, the yearly total also updates.

Step 5: Save the spreadsheet

At the top of the spreadsheet, click "File," and then click "Save as." Enter a title for the spreadsheet and select a location in which to store the file.

Step 6: Update the file regularly

Input data regularly to keep the file updated.

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