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Bookkeeping for Small Business - Excel Tutorial - Part 4 - VAT Calculations

09-05-2021

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In the fourth part of this small business bookkeeping video tutorial, I will show you how to convert the current small business bookkeeping system into a VAT bookkeeping system.

Bookkeeping for Small Business - Excel Tutorial - Part 4 - VAT Calculations

Bookkeeping for Small Business - Excel Tutorial - Part 4 - VAT Calculations video tutorial

We will modify the previous spreadsheets we created in Part 1, 2 and 3 to include VAT calculations.

You can view the other 3 Excel bookkeeping tutorials below:

Watch my free video tutorial for small business bookkeeping part 4 - VAT Calculations.

Video tutorial - Bookkeeping for Small Business - Excel Tutorial - Part 4

Bookkeeping for Small Business - Excel Tutorial - Part 4


Bookkeeping for Small Business FAQs

What is the correct formula for calculating VAT in Excel?

You can also manually calculate adding VAT by multiplying the ex VAT cost by 1 + VAT Percentage.

Example:

  • Ex VAT Cost = £40.00
  • VAT Percentage = 20%
  • VAT Calculation: £20.00 x 1.2 = £48.00 inc VAT

Excel Formula VAT example: Cellx*1.2

Is there a free tool to check VAT calculations online?

Yes, you are in luck! I have created a free online VAT calculator which you can use to double-check your VAT calculations.

Add VAT Calculator Demo

Add VAT Calculator Demo

What are the alternatives to this small business bookkeeping solution?

You can find many other paid subscription accounting software applications like Quick Books or Xero that can be used for bookkeeping.

The goal of these tutorials is to try and help you to keep your costs low so you can invest more into marketing your business.

If you are running an online shopping business then it is worth investing in Quick Books or Xero which can directly integrate into a WooCommerce Shop or Shopify websites.


Tip: Ensure your VAT formulas added to the bookkeeping spreadsheets are correct. You can use my free VAT calculator to verify your VAT calculations.



Bookkeeping video tutorial by: DCP Web Designers in London


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