There are various accounting software available in the market. During my work placement I realize that its better to custom design these software as per organisations requirement and when there are difficulties the best way is to analyze data by exporting it to excel and drill down to discover these issues. Excel is most commonly used to manipulated data. However, excel can be used in many different ways. We can input data in a format, store it, extract customized reports and manipulate the data as well. So, I like to know if there is any add-ons available for excel by which we can use it as a basic accounting program as well. To my knowledge creating this like program is not hard as Microsoft access is one which is designed to use as an accounting program and many other different ways by simply customizing organisations requirements and developing queries as needed. Therefore I just like to know if there is any readily available solution (any add-ons) so I need not to go through step by step process in excel.
I don't think if there is an add-in for excel to do basic accounting program, but you can use some formulas to do it.
I have just created my own template which generates a general ledger, and then it is linked automatically to produce a Trial balance, Income statement, Statement of Changes in Equity, Statement of Financial position as well as Cash flow statement.
The only task you do is to input (post) daily transactions in a general ledger and then the other reports will be produced automatically on daily basis as you post your transactions in Microsoft excel.
I have also designed a template which can be used to track inventory movement as you purchase or sell your inventories. The template shows the remaining balance of the inventory and if the inventory is below your desired re-order point, the remaining balance is highlighted red colour and bold, it also has a column to alert you once the red colour occurs, the column shows words like " Order more inventory".
So it is just your creativity that can allow you making excel working like an accounting program. These useful templates are very useful for small and medium sized entities in keeping their accounting records..
Kindly share with me also.