How to Label Your Account in Excel

In making financial reports, the first thing you should consider is how you manage your account groups. If you are wrong in a group set up an account, then in the making of general ledger or trial balance, you will have trouble. Grouping of accounts will accelerate and simplify the processing financial journal reports at any time.

In this post, I will introduce the basics of classifying and labeling an account with excel for beginners.

Consider that you have 5 different types of accounts,  they are Assets, Liabilities, Equity, Income and Expense. In this tutorial, assume that all asset accounts beginning with number 1, so that each assets account will have a number 1xxxx. and liabilities that start with number 2, Equity start with number 3, Income start with number 4, and Expense start with number 5.

1. Type in all your accounts in the correct order, place the account number, account type and account name in different columns. See the picture above.

2. Select the entire account from the first row to the last account (Not including the label), at the upper left corner of your Excel program, by default the name of the table you selected is the first cell (in the example the name of the default is A4). Rename the entire selected table with the name you want, in this example I'm using"TABLE" name. then presss ENTER, See the picture below.

3. Now repeat steps Number : 2 but now you only Select and Rename Accounts Number. Rename it with "Account_Num" or other name that you can remember easily, then presss ENTER.

Note that the this labeling steps will be useful in the next tutorial, so you must familiar in the naming a column or a table in excel.