This course is designed to take users through the process of building the fundamental financial statements in Excel; income statement, balance sheet and cashflow statement.

The statements are built from basics using key assumptions and/or linking related items together e.g. accounts receivable and revenue. Key assumptions and model inputs are made explicit to allow for subsequent scenario building. Once completed, the statements are tied together through the cash movement with error checks being added to reduce mistakes.  

The resulting model, while basic, provides a framework which can be expanded to add more detail, greater complexity, alternative financial structures or any other business specific features that need to be incorporated. Later courses look at some examples to build onto this core course.

An accurate and reliable financial model provides an invaluable tool for planning, budgeting, scenario analysis and predicting future financial performance and is an invaluable skill for many users in the financial function as the logic and comprehension can be applied to many other modeling situations..

Learning Objectives
  • Explore how to construct the three financial statements from scratch
  • Explore how to link related items in the financial statements
  • Identify and recognize how to make explicit key inputs and assumptions
  • Explore how to link the financial statements together to create a dynamic model
  • Discover how to build in appropriate error checks
  • Explore how to construct a simple scenario within the model


Last updated/reviewed: March 13, 2024
7 Reviews (29 ratings)


Member's Profile
Excellent walk through of building the three financial statements. I was hesitant to do the class as I thought it might be too basic, but I ended up getting a surprising amount out of it. Good walk though in excel.

Member's Profile
The course is well structured for non-financial managers to understand. It is particularly important for people that need to fully understand how the business is performing.

Anonymous Author
Simple model. Some of the information regarding cash flow is incorrect. For instance, capital expenditures should not be offset against disposals in a cash flow statement.

Anonymous Author
Effective presentation with real advice on how to enhance the quality of integrated reporting. Most finance professionals and beginners would benefit greatly.

Anonymous Author
Somewhat basic overview of the topic, but had several useful tidbits for those more familiar with the topic.

Member's Profile
Great pointers, such as linking cash to the cash flow statement and not plugging the balance sheet.

Member's Profile
A lot covered in 1 hour. Looking forward to more in the series.

Course Complexity: Intermediate

No Advanced Preparation or Prerequisites are needed for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
  Introduction to Integrated Financial Models In Excel - Core Course3:46
Integrated Financial Models in Excel
  The Income Statement 8:43
  The Balance Sheet 11:21
  The Cash Flow Statement 9:49
  Closing the Loop and Error Checking 7:19
  Constructing a Simple Scenario 6:19
Continuous Play
  Integrated Financial Models in Excel- Core Course 47:17
  Slides: Integrated Financial Models in Excel – Core CoursePDF
  Integrated Financial Models in Excel – Core Course Glossary/IndexPDF
  Workbook: Integrated Financial Model - Core (Start)XLSX