A Google Sheets Accounting Template Gallery (7 Free Templates)

As a business owner, you must keep track of your accounting records. One of the best ways to do this is using a cloud-based program like a Google Sheets accounting template.

However, simply using one Google Sheet accounting template won’t cover everything. That’s why I’ll introduce you to seven accounting templates for Google Sheets that can be downloaded and customized to suit your business needs.

Below, I’ll cover why you may need several accounting templates and what each template does. Read on to find a free bookkeeping template for Google Sheets that works for you.

Different Google Sheets Accounting Templates 

There are many accounting templates to cover the financial aspects of your business. For example, if I need an invoice tracker to ensure all my clients have paid their dues, an income statement template helps track financial health.

Therefore, I will review several styles of Google Sheets accounting templates and what they’re good for.

Profit and Loss Templates

In any business, a profit and loss (P&L) statement shouldn’t be overlooked. These factors are derived from the total revenue of a certain company, its total costs, and other inflows and outflows of its finances.

One way to gather this data into one place is via a profit and loss statement (also known as an income statement) template. These typically contain separate fields to input data like total revenue, expenses, net income, and much more. You can get our Google Sheets bookkeeping template free to help you keep track of profits and losses.

Invoice Tracking Templates

Invoices serve as records of your sales. Not only do they detail the enterprises your business has dealings with, but they also showcase the related products or services, amounts involved, and other information (like payment dues and financial channels).

An accounting spreadsheet tailored to track your invoices is handy in this regard. Our template version records the names and contact details of your clients, their payment deadlines, outstanding balances, and transaction statuses.

Business Budget Spreadsheets

A good grasp of your money is essential to ensure that all parts of your business are adequately funded. Mental calculations and arbitrary estimates won’t suffice. Therefore, you’ll want to lay out all the necessary expenses to keep your company running.

A business budget spreadsheet assists in financial planning. Typically, it includes categories for your total income and a detailed breakdown of your business expenses, fixed and variable costs, and goals.

A comparison of your actual finances is also crucial, as this lets you adjust your budget allocation at more accurate levels. For example, you can allocate $500 on a particular expense (instead of $1000) by knowing the actual costs. Getting the differences between the forecasted and actual amounts also lets you gauge your available funds.

Payroll Templates

As a business owner, you know that employee payroll is one of the most significant expenses. While you want to ensure your workers are fairly compensated, it’s important not to pay out more than necessary.

To meet both conditions, a payroll tracking template usually contains separate fields for an employee’s payment scheme (hourly or annual salary), the total amount of work done, taxes and deductions, and net income.

This helps business owners understand how much money is spent on salaries, plan payroll expenses, and ensure that their enterprise has enough cash flow to meet payroll obligations. These data points might also be needed in income statements, particularly the total amount spent on wages.

Balance Sheet Templates

As one of the most critical accounting reports, balance sheets provide business owners with a comprehensive picture of a business’s finances at a specific time. They usually include information about what you own, what’s owed, and what’s left over for the owners (also known as assets, liabilities, and equity).

Balance sheets are essential instruments that showcase a business’s creditworthiness, especially regarding asset information. They’re also helpful when the time comes to file taxes.

Balance sheet templates usually place your asset information alongside the sum of your liabilities and equity. These are then divided into more specific categories (e.g., your current and fixed assets) and current/long-term liabilities. A sum for each category is provided, which you can use to determine if your finances are indeed “balanced.”

Account Ledger Templates

Ledgers are detailed records of all financial transactions within your business, organized by account or category. In addition to tracking inflow and outflow, they record your accounts payable, loans, inventory costs, and more.

You might notice that ledgers are interrelated with the other templates we’ve discussed. The sums contained within can be used as a reference when you plan your finances, create your balance sheet, prepare your income statement and more.

Ledger spreadsheets typically feature a date range, a starting amount, transaction dates, reference numbers, and transaction details. They can be categorized as a sales, purchase, or general-purpose ledger template.

Watch Our Accounting Spreadsheet Video

Are you in a rush? No problem! Watch an accounting spreadsheet video to learn more about our templates to decide which one is most suitable for your needs (or find a specific template like my rental property spreadsheet)!

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7 Accounting Google Sheets Templates for Business

“Accounting” is a fairly broad term, and there’s a multitude of balance sheet templates for Google Sheets that can fall under that umbrella. Here, we cover the basics, from invoice tracking spreadsheets to inventory templates for Google Sheets.

1. Invoice Tracking Template

Free Google Sheets accounting template—invoice tracking template

Sales are among the most integral parts of your business, and one relevant document that you usually work with is an invoice. An invoice tracking template lets you keep your invoices in one place, which makes them easier to manage and organize.

Several functions have been set up, which automatically add the total outstanding amount (depending on the status of your bills). We’ve also provided a metric that lets you see how many days have passed since your payment deadlines.

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2. Google Sheets Ledger Template

Google Sheets ledger template screenshot

Using a Google Sheets ledger template can help you keep track of your financial transactions, from wages paid to sales you earned. We’ve kept this template reasonably simple, so feel free to customize and tailor it to your specific needs.

Our ledger spreadsheet has automated features to reduce human error (e.g., calculations of your balances). It’s also equipped with dropdown lists so you can quickly select a specific account category, depending on the type of transaction.

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3. Profit and Loss Bookkeeping Template for Google Sheets

Profit and loss Google Sheets template screenshot

If you’re looking to track the metrics that indicate whether you’re earning or losing capital, you might need a P&L bookkeeping template.

Divided into four categories, it’s easy to see your sales, the costs of what you’ve sold, operating expenses, and add-backs. This makes this template a perfect small business bookkeeping template for Google Sheets. I update this one once a month to track my sales.

A P&L sheet is usually necessary for businesses doing their taxes. It also might be helpful for those required to file Schedule C forms. This template can be combined with other templates to create a Google Sheets double-entry accounting template.

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4. Payroll Spreadsheet for Small Businesses

Payroll Google Sheets spreadsheet template screenshot

Employees are the backbone of any business, so ensuring that they’re well-compensated is a must. One way to do this is to track employee hours with a payroll spreadsheet accurately.

This template not only does that but also uses automatic calculations with built-in formulas. We also included fields for sick leaves and holidays (in case you have a different payment scheme for these events).

You might find the last five columns of our template particularly handy when calculating deductions from your employees’ total salaries. After all, employers must withhold some wages and pay their share of Social Security and Medicare taxes.

I once owed some extra tax from messing up an employee’s pay, and I wouldn’t recommend it.

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5. Google Sheets Inventory Template

Google Sheets inventory template screenshot

In the retail industry, you must know that a healthy inventory is a must. One way to accurately and efficiently track your stocks is with Google Sheets templates for businesses focusing primarily on inventory.

Our inventory spreadsheet automatically and accurately calculates using the data you entered (the same way we built our golf handicap calculator, golfers!), reducing the risk of human error.

We’ve also included conditional formatting and statements that help increase visibility in your spreadsheet. For example, a particular cell turns red if you’ve stocked more than the maximum capacity of your storage.

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6. Business Budget Template

Business budget template screenshot

Money allocation usually requires a customized spreadsheet to determine specific costs. To make one, check out our guide on how to create a budget spreadsheet for your business.

Our free business budget template also provides a snapshot of your finances at the top, and succeeding tables show your income sources and expenses.

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7. Balance Sheet Templates

Balance sheet template screenshot

In addition to the side-by-side comparison, our balance sheet template also involves ratios that help determine whether finances are sound. An example is the debt ratio, which compares your liabilities to your assets. Investors look at this metric to know whether your company is worth their money.

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Instructions on Using Our Best Bookkeeping Templates for Google Sheets

Our spreadsheet templates have been created to be highly intuitive: It only takes a few minutes to explore how to use them (check out the one I made for apartment shopping, for example). However, to ensure that you maximize their built-in features, here are a few guides to follow:

1. Track Pending Payments With Our Invoice Template

When you download our invoice tracking template, head over first to the “Client Base” tab. This lets you update the details of your customers (Note: you’ll need to enter their invoice information in the Tracker tab).

How to use invoice tracking template in GSheets

Client Base Tab

You’ll see several column headers for your customers’ data. The first three columns are fields for their primary information: Name, Client ID, and Affiliation. The latter three columns are for their contact details: Billing Address, Phone, and Fax.

Customer info Google Sheets invoice template

Tracker Tab

Once the “Client Base” tab is set, you can go back to this sheet to dive into the details of their invoices. Here’s a quick list of the fields you’ll find in this tab:

  • Invoice Number
  • Date Issued
  • Client
  • Purchase Details
  • Payment Deadline
  • Amount Due
  • Amount Paid
  • Outstanding
  • Age
  • Payment Status

Invoice Number and Client Columns

When entering your invoice numbers, you want to ensure that each has no duplicates throughout the entire column dedicated to them. In turn, this lets you avoid errors when it comes to billing.

Another section you want to consider is the “Client” column. You might notice that the cells under this header have drop-down lists, and the choices you see in them are exactly what you put inside the “Client Base” tab.

Customer details Google Sheets invoice template

Outstanding, Age, and Payment Status

We recommend not editing the cells under the “Outstanding” and “Age” columns. These are preloaded with formulas that automatically sum up the amount that hasn’t been paid yet — as well as the amount of time that’s passed since the due date.

As for the “Payment Status,” you can select To Send, Partially Paid, Fully Paid, or Closed from the drop-down lists we’ve prepared.

Payment status and outstanding balance in GSheets

Summary Section

Our template also features a summary section at the top. On the left side, you can quickly call the information (from the Client Base tab) of a particular client through a drop-down list. The Per-Client Outstanding would also be updated depending on which client you selected to view.

Outstanding balance summary Google Sheets invoice template

2. Using Our Google Sheets Ledger Template

When first opening this template, decide whether you want to use it as a general ledger or a sales ledger (Note: Sales ledgers require a few more steps for you to accomplish, such as including categories for your gross sales and net sales after taxes). After that, start customizing the template for your needs and preferences, from the fonts to colors.

Primary Ledger Information

Fill out the necessary details of your ledger. You’ll generally start with the following fields: Ledger Date Range, Opening Balance, Date, and Reference. These will help give context to the details of your ledger.

How to use a ledger template in Google Sheets

Transaction Details

Proceed to categorize your transactions under “Account” and provide their details under “Explanation” and “Credit” (or Debit, depending on the type of entry). You can refer to the table at the rightmost part of the sheet if you’re unsure which column the transaction amount should be written under.

Transaction details under Google Sheets ledger template

Other Features

The cells under the headers of the main table, as well as those under the “Balance” column, are pre-loaded with formulas. As such, you want to refrain from editing them to preserve their automatic calculation function.

Another feature in our template that you might find handy is the filter buttons under each header. They are particularly helpful when coursing through your transactions.

Ledger template filters and balance column in Google Sheets

3. Tracking Profits and Losses

To use our P&L statement spreadsheet, all you’ll need to do is feed it with your financial data. First is the “Income/Sales” category, with preloaded row headers like Website Income and Direct Phone Sales.

Put the amounts under the appropriate months, and they’d automatically be summed up under the “Total” column (at the right-most part of the table). A summation should also be provided under each column for the months, which is particularly handy for understanding monthly revenues and costs.

How to use P&L template in Google Sheets

After filling out the “Income/Sales” section, do the same for the other categories, including Cost of Goods Sold, Operating Expenses, and Addbacks. The amounts you put here would also be automatically summed up.

Gross profit calculation in Google Sheets template

Gross & Net Profit

We’ve also included a section for the “Gross Profit” and “Net Profit” of your business. The first one will be automatically summed up based on the rows Gross Revenue and Total Cost.

Meanwhile, Total Cost is calculated by deducting the sum of Total Expenses and Total Add-backs from the Gross Revenue.

Net profit calculation in P&L Google Sheets

4. Checking Your Employees’ Payroll

The first two columns in this template are “Payment Date” and “Pay Period.” This is where your spreadsheet will indicate when the wage is due and how often you need to pay a specific individual.

Pay period spreadsheet in Google Sheets

Tracking Total Hours Worked

Next, you will come to the fields where all hours rendered by your employees — and their gross pay equivalent — are tracked. Almost all columns in this section require manual input, but we recommend you modify the formula under the “Total O.T. Pay” column based on your rates.

You can do this by changing the integer in the MULTIPLY() function. These will be summed under “Gross Pay.”

Gross pay calculation in Google Sheets employee template

Calculation of Net Pay

Next comes calculating your employees’ net pay. Here, you can indicate the tax rates and salary deductions that would be withheld from employees’ gross pay. The cells under the “Net Pay” column are automatically summed up based on your input.

Net pay calculation screenshot of GSheets template

5. Using Our Google Sheets Inventory Template

It’s very easy to use our inventory template for Google Sheets. It features two main categories:

  • Yellow cells let you manually indicate the data of your stock.
  • Purple cells are loaded with functions/formulae that provide inventory insight.

Stock Status

Let’s focus on the purple-colored categories so that you understand what metrics would automatically appear here. Under “In Store + On Order,” you will see the tally of your current stocks, automatically summed up for you.

Aside from that, you also have the “Stock Status” and “Overstocked?” categories that are set with conditional formatting (so they change color depending on the value).

Using Google Sheets free inventory template

Inventory Cost

Lastly, your costs (as well as the total) are calculated by the formulas as you input the number of the stocks currently on order and the price per unit.

Premium Inventory Management With a Dashboard

If you’re looking for a more advanced and insightful template for inventory management, consider the inventory and sales tracking spreadsheet template below.

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Why Use an Accounting Spreadsheet Template?

I use accounting spreadsheets not only to track expenses but also to handle simple arithmetic formulas and generate reports.

These pre-designed sheets come equipped with formulas, tables, and formats that simplify the organization of your financial transactions. Accounting spreadsheets typically have various tabs tailored to record your assets, liabilities, cash flow, income, and expenses. Some templates for accountants are even built to mirror financial reporting documents required for tax filings.

You can use a pre-built spreadsheet to start tracking your finances and continuously customize it rather than starting from scratch when creating your own. You can even get a Google Sheets accounting template free of charge, like the ones I’ve added above.

Frequently Asked Questions

How Do I Format Cells to Accounting in Google Sheets?

The Accounting format in Google Sheets is helpful when working with financial figures. Here’s how you can format cells to accounting in Google Sheets:

  1. Select the range of cells you wish to format
  2. Go to “Format” > “Number
  3. Choose the “Accounting” option

This will convert your values to the accounting format, usually a monetary format that aligns the decimal points of the values.

Are Spreadsheets Better Than Bookkeeping Software?

Most business owners are in dilemma on whether to use bookkeeping software or stick with spreadsheets. Both have unique pros and cons, so it ultimately depends on your accounting needs.

If you’re dealing with simple, small-scale data and don’t need a native box and whisker chart, Google Sheets might be better. It’s also a great choice if you’re not yet ready to pay for advanced software.

When managing larger amounts of financial data, it might be time to switch to specialized bookkeeping software. Xero is a major player in this regard, offering features like automated data entry and real-time reporting. Since you’ll be investing potentially large amounts in the long term, take the time to consider this switch.

Wrapping Up

For managing and organizing the financial aspects of your business, the suitable Google Sheets accounting template saves time, reduces errors, and provides valuable insights into your business’s financial health.

In this article, we’ve given you seven accounting spreadsheet Google Sheets templates you can use. We also have more Google Sheets templates that you can use.

For more advanced spreadsheet knowledge, however, we recommend enrolling in a Udemy course for Google Sheets.


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