Financial Management Starter · free course

Free course · Lesson 5 of 5

Using QuickBooks, Excel & Wave Accounting

In this lesson you will

  • Build a spreadsheet cash book with checks
  • Describe accounting software features

Digital accounting tools reduce manual errors and save time compared to purely paper-based bookkeeping, and several good options are free or low-cost.

  • Microsoft Excel: Flexible and widely available — suitable for building custom bookkeeping logs, budgets, and simple financial reports.
  • Wave Accounting: Free accounting software designed for small businesses, covering invoicing, expense tracking, and basic reports.
  • QuickBooks: A more advanced, widely used paid accounting platform suited to growing businesses and organizations with more complex needs.
  • Start with the simplest tool that meets today's needs (often Excel or Wave) and move to more advanced tools only as complexity genuinely requires it.

Practical Skill: Set up a basic chart of accounts in Excel (or Wave, if accessible) and record a week of sample transactions using it.

TemplateBasic Chart of Accounts
Worksheet
=== BASIC CHART OF ACCOUNTS (Small Business) === INCOME  4000 - Sales Revenue  4100 - Service Revenue EXPENSES  5000 - Rent  5100 - Salaries & Wages  5200 - Supplies  5300 - Transport  5400 - Utilities (airtime, electricity) ASSETS  1000 - Cash on Hand  1100 - Mobile Money Balance  1200 - Inventory/Stock LIABILITIES  2000 - Loans Payable  2100 - Unpaid Bills

Practice exercise

Set up a chart of accounts and a spreadsheet cash book with a drop-down for account codes and a check cell that flags differences.

Key takeaways

  • A chart of accounts gives every account a code
  • Software automates statements and reconciliations
  • Back up and test your backups
In the full program Module 5: Digital Accounting Tools See how this topic is taught in depth, with practical activities and an assessment.

Free self-study lesson — no certificate. For the full instructor-led program, see registration options.