This is a real time screen recording of setting up and entering some data into Dynamic Ledgers.
To set up Dynamic Ledgers could hardly be simpler: prepare lists of your customers and suppliers in spreadsheets. Copy and paste those lists into the Customer List and Supplier List tabs. Then enter the month your financial year starts – if 1 April 2019, then put Apr 2019 in the START tab. The first 90 seconds of the video show how this is done.
You’re now ready to start listing your invoices which will immediately generate, in real time, monthly profit and loss statements and a multitude of useful infographics and views of your revenue and expenditure. The remainder of this short video show input of invoices into the first couple of months of the year, and flicks through some of the ways this data is then presented to help you understand how your business works.
To begin with the fascination is watching how an input changes the various reports and infographics … and once you understand this, it’s a short step to consciously deciding what inputs you need to cause to create the output you want.
You will see that entering invoices in the lists takes less than 30 seconds per line. It is not uncommon to accurately and consistently enter data at a rate of 120 lines per hour. For most businesses, with far fewer than 120 invoices per day, this rate of data input means you can be up-to-date in your ledgers in minutes per day – or maybe an hour a week.
Google Sheets is a highly evolved spreadsheet and Dynamic Ledgers make full use of its capabilities to minimise key strokes and maximise consistency. Another incredibly useful capability is that multiple users can simultaneously enter data – a team effort. If you’re catching up, several users can complete, say, a month each. Meanwhile, other users can watch the various reports evolve as more and more information is input.