Excel Sheet Accounting and Formulas+Tax Write Offs

[Jace2]

Hi, I just created my first excel sheet for dropshipping bookkeeping.

I want to know if you think I should add more columns and if so, of what topic/heading. I think I have all that I need but let me know.

Also, I want to add 2 formulas to my sheet. I explain by the letters of the column

1st Formula: (D)-(G)=(I)

2nd Formula: (E)+(F)=(D)

I have no idea how to even start to add a formula so please explain really basic.

I will attach the screenshot below

One more thing, I also created a second sheet for possible tax write offs, I am not educated in how these work but I heard that you can write off the time you spend on you business or the time you spend researching new stuff- can you explain this?-Is there a minimum amount of time you need to spend to start logging? Is is per day or per month? etc.

I also added some things that are necessary to run my business such as electricity, pens, paper, computer, etc. I have not even launched my business yet but I want to be all set up when the time comes to start logging everything. I will attach the screen shot below

In the tax write-off sheet, I would like to add a formula as well,

I want (B)+(C)=(D)                        I want the D section to keep adding onto itself though too, if that is even possible.

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It looks like your first sheet is for tracking your dropshipping business finances. It's a good idea to have a separate sheet for this purpose to keep your finances organized and make it easier to track your income and expenses.

As for the columns, it looks like you have all the necessary information. If you want, you can add additional columns for any other details you want to track, such as the category of the item you sold or the shipping cost.

To add a formula to a cell in Excel, you can type an equals sign (=) followed by the formula you want to use. For example, to add the formulas you mentioned, you can do the following:

1. In cell I, type =D-G and press Enter. This will subtract the value in cell G from the value in cell D and display the result in cell I.

2. In cell D, type =E+F and press Enter. This will add the values in cells E and F and display the result in cell D.

To create a formula that keeps adding onto itself, you can use the SUM function. For example, in cell D of your tax write-off sheet, you can type =SUM(B:C) and press Enter. This will add the values in cells B and C, and whenever you add a new value to either of these cells, the formula will update to include the new value.

As for tax write-offs, you can typically write off expenses that are directly related to your business, such as the cost of supplies, equipment, and services. You can also write off the time you spend on your business, as long as you are able to demonstrate that the time was spent on business-related activities. There is no minimum amount of time you need to spend to start logging your business expenses, but it's a good idea to keep track of all your expenses and the time you spend on your business so you can take advantage of all the tax deductions you're eligible for.

I hope this helps! If you have any further questions or need more assistance, please don't hesitate to ask.

[Olinvest]

I’ve found conditional formatting super helpful for spotting deductible expenses quickly. Also, setting up proper formulas for cost breakdowns saves tons of time. If you’re looking to sharpen your Excel skills for better financial tracking, https://excel.tv/best-excel-courses/ has great resources to level up without getting overwhelmed.