Depreciation & Other Schedules
Automate the creation, updating, and data entry associated with Balance Sheet management.
How it Works
Calculating depreciation, amortization, prepaid expenses, or anything else with a schedule should be easier. You update a schedule each period, and then input the outputs as journal entries.
Our template automates that process entirely. Generate detailed schedules (with formulas) in seconds, download GL data to populate the values, calculate debits and credits based on dates and amounts, then upload the results as Journal Entries straight to QBO.
Using this Tool
There are a few important cells in the top left of the Automatic Template. The Query account is the account you’d like to pull the GL from. The credit and debit accounts tell the journal entry where to go. Then there are some other configurations, such as when you’d like to make your first Journal Entry, and what the default lifetime of an asset is (for straight-line depreciation).
The formulas to the right will populate to calculate straight-line depreciation, but you can replace these formulas with anything you like. Ultimately, the amount in row 14 will be uploaded as a journal entry, so you can adjust this sheet to do whatever you like.
We also have the option to create a “Manual Template,” which doesn’t come pre-filled with formulas, and is more flexible.
Most expenses will also have an Expense Account, meaning the account on the P&L (or Balance Sheet) with which the Debit is associated. However, some transactions may be marked as Billable Expenses (meaning that they were paid on behalf of a customer of the business). For these, instead a Line Item (product) and Customer will be required.
Ideas & Suggestions
You can have multiple templates in the same document, so this tool can be used to create a full document with a tab for each balance sheet account you are managing.
When using the GL download feature, the tool will simply pull all transactions from the given account, regardless of type. If you are booking credits and debits to the same account (rather than using an accumulated depreciation account, for example), this may require you to manually remove the Journal Entries created into that account.
Support
This template is sensitive to changes in its format. If you add rows and columns to the tab, it may throw off the formatting of the report and cause our tool to send incorrect data to Quickbooks.
Be careful with the data you put into this sheet. Certain cells require certain formats. For example, if you put a negative number into the date column, our toolkit will have trouble interpreting the information you give it.