How to automatically synchronize multiple worksheets . Financial Report

I'm currently working on a Financial Report using MS Excel 2007. I have multiple spreadheets for different reports.
First, I have the " Chart of Accounts" which acts like a database for the items, the items are all categorized in their specific type (e.g: expenses, current assets, revenue, etc.)

Second, I have the Balance Sheet, Income Statement, Cashflow statement etc. Now, how do I sync the items from the "Chart of Accounts" to the other financial report? Is it possible to do that within Excel?
By "sync", I mean , let's say I have a new item for the company, and I key it in the "Chart of Accounts" and once I key the item in, the other spreadsheet like the Income Statement spreadsheet will automatically update the new item and that item will be placed under their specific category in the Income Statement spreadsheet.
How do I make it dynamic instead of hard coding the sheet.
Can you imagine the hassle for updating multiple spreadsheet one by one?

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