There are a number of bills that need to be paid every month. It is not always easy to remember all the due dates and ensure all the payments have been done in a timely manner, especially if one has to pay various bills. If a person has a checklist for this purpose, managing the bills becomes easy as well as requires less time and effort. In addition, the maintenance of a yearly checklist helps in the analysis of financial position as well as aids in forming a budget and manage the finances of the future.
However, maintaining a manual checklist is often not considered an option in this technological era. One can easily download the customizable bill paying checklist template of MS Excel and change it as per the need.
What is the bill paying checklist template?
The bill paying checklist template is an Excel spreadsheet that helps in keeping a record and tracking all the details of monthly bills. It is a predesigned template that can be easily customized for a person’s due bills; the fields are easy to change and update as well. This indicates that the template can be used by any person with different bills and requirements.
The checklist template has fields for each months’ bills and the whole year bills’ situation is available at a glance to the user. Basically, for every month, there are four fields for each bill. One is related with the amount of the bill, the second one has the due date, the third records the date on which the payment was made and the fourth column is a field to indicate that the bill has been cleared as it has a checkmark after the payment.
[For Excel: xlsx & Polaris Office] [Size: 335 KB]
[OpenDocument Spreadsheet .ods] [Size: 74 KB]
The categories and subcategories of the bills can vary from person to person. However, the usual broad categories are
- Loans, credit cards and overdrafts
- Others such as school fees, etc.
The template records the details of bills for each month throughout the year. At the end of the month or the year, an individual can analyze how much of his income has been spent on bill payments. This will help him in assessing his financial stability as well as help him in planning and budgeting for the future and manage the finances.
In addition, the template can help you manage and track your bills and their payments so that late payments can be avoided.
How to use the template?
The template is easily accessible to be downloaded and is very user-friendly. Once, all the rows have been updated based on the individual bills’ categories and subcategories, the data can be inserted in. The amount due and the due date are inserted in first. Once the payment gets made, the paid date is recorded and the next field is checked so to indicate that the bill payment has been cleared.
The data is updated in the fields every month for the whole year. At a glance, the user can quickly get the idea of the monthly bills, payments and the overall scenario of the finances. The information in this template can be used for future budgeting and management.
In addition, the user can generate graphs or charts to see the bill patterns or their increase/decrease over the year. This will help in analyzing the income situation of the person. The checklist or the graphs can be printed as well.
Benefits of the template
There are many benefits of using the bill paying checklist template of MS Excel. Some of those are listed here:
- It helps in recording and tracking of various bill details.
- It helps in saving time and effort.
- It can be easily downloaded and customized.
- All the details of the bills regarding the amount, due date and date paid are mentioned.
- It helps in ensuring that all the bills have been paid by check marking them.
- Any missed out bill can be easily tracked and the timely payment can be made to avoid any late payments, financial penalties or other issues (such as electricity cuts)
- It records monthly bills throughout the year so that one can analyze the overall picture and the income being spent on the bills.
- Graphs and charts can be generated from the inserted data and trends and patterns can be analyzed.
- It helps in assessing and managing finances by providing an overview of an individual’s income position.
- The spreadsheet or the graphs can be easily printed to keep a physical record of bill payments or for the analysis purposes.
The template has many benefits over the manual record-keeping and one can effectively and efficiently manage the bill payments which is why the template is widely used.
We hope that reading this article and using the template will support the management of your bill payments and we hope that you can easily keep a checklist and ensure timely payments. For any queries or feedback, please write to us. Thank you!