Simple income and expense log

What the simple income and expense log does

The simplest accounts are a list of money in and money out. Enter the date, whether it was income or an expense, the category and the amount, and the log shows a running total and the totals for income, expenses and the net result, so you always know where you stand.

Who it is for

Micro businesses, freelancers and chamas that want a first, simple record, and anyone starting to keep books for the first time.

How to use the workbook

1. Enter each transaction with its date and choose income or expense.
2. Add a category and the amount.
3. Read the running total beside each line.
4. Check the totals at the top and reconcile with your cash and M-Pesa each month.
5. Save a copy under a new name for each month or year, so earlier records stay as they were.

What is inside

• Income or expense choice for each line
• Running total after every entry
• Totals of income, expenses and net at the top
• Category column for later analysis
• Simple layout you can print

The workbook has these sheets: Instructions, Log. The main table has the columns Date; Type; Category; Description; Amount; Signed amount; Running total. Yellow cells are for you to fill in and grey cells calculate by themselves, so leave the grey cells alone. The example rows show how it works; type over them with your own entries.

Tips for getting it right

• Write entries down the same day, not from memory.
• Keep the receipt for every expense.
• Use the same category names each time.
• Move to a fuller cashbook as the business grows.

Why keep this record

Accounting records let you answer three questions at any time: what came in, what went out and who owes whom. Kept consistently they also make tax returns, loan applications and the sale of a business much easier, because the evidence is already organised. Entering transactions the day they happen is far cheaper than reconstructing them at year end.

Questions people ask

Do I need to know Excel formulas? No. Type into the yellow cells and the rest is worked out for you. The formulas are visible if you want to see how a figure is reached.

Can I add rows or change the layout? You can add your own columns to the right and your own notes. If you insert rows inside a table, copy the grey formula cells down so the new rows calculate too.

Will it work on my phone or in Google Sheets? Yes for viewing and typing, but dropdown lists and the charts look best in desktop Excel or LibreOffice.

Keeping it safe and up to date

Good accounting records are a legal duty as well as a management tool: keep the supporting receipts and invoices with the workbook, and keep each year's copy for at least five years. Work on a copy, never on your only file, and back it up.

Read how to keep business records for KRA for the wider picture. Free calculators that go with it: Turnover tax calculator. See more accounting templates or ask us for a custom one.

The workbook works in Microsoft Excel, LibreOffice and Google Sheets. It is a tool to help you work out and record figures, not tax, legal or accounting advice, and it is not affiliated with the Kenya Revenue Authority. If something does not work as described, contact us and we will put it right.

Related guides, calculators and templates

• Free calculator: Turnover Tax Calculator
• Guide: How to register for turnover tax and file monthly returns on iTax
• Guide: How to use M-Pesa statements to prove income and expenses
• Guide: Bookkeeping for small businesses in Kenya: how to get started
• Another template: Cost of goods sold monthly workbook
• Another template: Accounts payable ageing schedule
• Another template: Balance sheet template

Need something different? Request a custom template, browse all guides or see every Excel template.