Excel Formula for Accounting Bank Reconciliation with IF, ISNUMBER & SUM Functions. EMT 1921.
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Learn how to create an amazingly efficient set of formulas to calculate the book balance and the bank balance for a checking or savings account. See an amazing SUM function trick to avoid errors. See how to automatically reconcile an account with Excel Formulas.
Topics:
1. (00:00) Introduction.
2. (00:38) Fundamental problem with tracking bank account balances, and thus why bank reconciliation is such an important accounting task.
3. (02:31) Data Validation dropdown list feature to verify that only a y value can be added to the reconciliation column.
4. (03:11) #1 Formula to calculate “My Book Balance” using the SUM, IF, and ISNUMBER functions.
(03:52) SUM function trick to reference the previous bank balance (Relative Cell Reference) and not get a #VALUE! Error.
5. (04:29) Angry Rabbit (Crosshair) Trick #1.
6. (06:52) Angry Rabbit (Crosshair) Trick #2.
7. (07:50) #2 Formula to calculate “Bank Balance” using the SUM, ISNUMBER, and two back-back nested IF functions.
8. (09:16) Angry Rabbit (Crosshair) Trick #3.
9. (10:34) Next video: Dynamic Spilled Array Formula.
10. (10:59) Closing.
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