Frequently Asked Questions
1. Do I need to know Excel to use Ledger1 ?
A basic knowledge of Excel is needed to use Ledger1. Navigating, saving and naming files, editing cells, undoing, and basic formula knowledge is recommended.
2. Who should use Ledger1 ?
Anyone who has Accounts that need to be tracked, or Transactions that need to be categorized. Ledger1 can be as simple as tracking one checking account, or as complex as tracking hundreds of Accounts across multiple asset classes. From bank accounts to real estate and brokerage accounts, Ledger1 can track anything that has a balance.
3. My Macros aren't working. What do I do ?
Turn on macro capability in settings. Click on the File menu, then select Options. Under Options select "Trust Center". Click on "Trust Center Settings" at the right of the screen. Next select "Macro Settings". Choose the option "Disable all macros with notification". This will notify you that macros are present and allow you to choose to allow or not allow macros when you open a file.
4. Could I lose my data ?
Ledger1 has been tested for over 3 years with over 100,000 transactions and no data has ever been lost. In fact, we have never had a file failure or data corruption of any kind.
5. How is my data backed up?
Like any standard Excel file, you'll need to save backup files in the event of a file failure, or computer failure.
6. How can I learn to use Ledger1 ?
View the Tutorial series on the website, or refer to the instructions page in the Ledger1 file itself.
7. Will Ledger1 help me with budgeting and tracking my spending limits ?
Yes, the budget page is set up to track your monthly spending. View the tutorial for more information.
8. Can I download transactions from my bank?
Yes, Ledger1 has an import tool that allows you to copy and paste transactions from other data sources, such as your banks download file. You can also import from other Excel (or Google) spreadsheets.
9. Can I create reports?
Yes, Ledger1 comes with several reports that can be copied and modified or you can start from scratch. New reports can be created, and pivot tables can be used to create reports. Formula and formatting skills are needed to create customized reports.
10. Can more than one person use a single Ledger1 file?
Yes, in fact it is a great way for married couples with separate accounts to track all their accounts in one place, so when tax time comes there is no need to combine two sources of data.
11. How do I set up Ledger1 to be used by more than one person?
Create groups of accounts using the "Group" feature in Ledger1. Each person who is assigned to his own group will be able to use Ledger1 for his accounts only.
12. Can Ledger1 track my inventory?
Yes, Ledger1 is set up to automatically track inventory levels and Cost of Goods calculations based on transactions entered in the ledger.
13. Can Ledger1 handle stocks and other securities?
Any account that is assigned to the "Brokerage" type will automatically be capable of handling shares. See the instructions or the Securities tutorial for more information.
14. Can Ledger1 track my time?
Yes, just create an account and assign it to the "Timebank" type. Multiple time accounts can be created. See the Tutorial for more information.
15. Can Ledger1 handle foreign currencies and foreign exchange?
Yes, you can designate a foreign currency for any account in the Accounts Table. You'll also need to add the currency name to the Currency Table in Set Up Options. See the instructions or the Foreign Exchange tutorial.
16. What do I do if I accidentally delete a formula?
Ledger1 formulas are all protected. As long as you leave page protection on, there is no possibility of accidentally deleting formulas. If you do accidentally delete something, you'll need to refer to a backup file to replace the missing formula.
17. How do I upgrade to the latest version of Ledger1?
You'll need to copy the data from any of the 12 data tables you are using in Ledger1: 1. Accounts 2. Types 3. Groups 4. Payees 5. Categories
6. Transactions 7. Custom Fields 8. Quotes 9. Foreign Currency Table 10. Inventory Control Table options 11. Inventory Table 12. Securities Table. You can skip any tables that you are not using. For example, if you have no inventory, you can skip the Inventory Table and the Inventory Control Table.
18. What are the system requirements?
Ledger1 requires macro enabled Excel 2007 or later. Computer speed and memory requirements are higher for users with larger data requirements (10,000 or more transactions). Older and slower computers might not be able to use the photo slideshow feature of Ledger1. Larger files will also benefit from using the 64 bit version of Excel instead of the 32 bit.
19. Can I convert from my existing software program?
If you are currently using software that allows you to export data, then you can import that data into Ledger1 using the import page.
20. Can I export tax data from Ledger1 to my tax software (H&R Block or TaxCut for example)?
Yes. Ledger1 is set up to export data to a "Tax Exchange Format" file (.txf file), which can then be imported to various tax applications (any that allow import of .txf files). It is also easy to export tax data (or any transaction data) from Ledger1 to a .csv file (comma separated values file).