7+ Monthly Income and Expense Statement Templates in PDF | DOC

Why Keep a Monthly Income-Expense Statement?

A monthly income-expense statement will help you to analyze where your money is heading and the sheet will represent your inculcate income. This is how you can help to save your money and make future investments by saving some.

What is an Expense Analysis?

Expense analysis in a business is a very technical work and is beyond the scope of most bookkeepers. Usually, the task is given to the CFO of a company. If he is a good one, then he should probably be doing it without being explicitly told to do so. More time spent on the analysis does not equate to better results. What matters are the answers?

How to Create an Expense Analysis in MS Word?

Step 1: Create a New Document

Open MS Office and create a new document. You might use any other spreadsheet software that you feel comfortable with. If you have some other software you can use that as well. Write ‘Expense Analysis’ as the title of the document. Change the font size to around 20pts make it look like a title.

Step 2: Income Section

One of the benefits of using a spreadsheet is that you won’t be having to create tables separately. Write the headings as ‘income source,’ ‘estimated,’ ‘actual’ and ‘difference’ for the four columns that we are going to be using.

Step 3: Expenditure Section

In the expenditure section, we are going to use create columns as well. The first one would be the ‘expenditure sources’ column and the second one would contain the amount you had specifically allocated for that purpose. The third one would be containing the actual amount that was getting used. The last table should contain the difference between the previous two.

Step 4: Balance

In this section, the balance needs to be calculated. This is the difference between the amount of money that you have earned and that you have spent. If you use the functional programming feature in Google Sheets, you can check the change in realtime. You don’t have to calculate everything yourself. This way you can adjust your expenses when you have over-spent on something.

Step 5: Graph

It’s harder to get something sensible from just a bunch of numbers. That is why it is suggested that you make use of graphs. When the data gets visually represented it makes easier to figure out where you need to cut corners. Use the type of chart that is best suited for the data that is being recorded here. We would recommend that you use a bar graph.