Explore our comprehensive workflow for creating a precise projected balance sheet, from data input to final evaluation and approval, ensuring accurate financial planning.
1
Determine the starting date for the balance sheet template
2
Identify the current assets and input the data
3
Calculate the total current assets
4
Identify the fixed assets and input the data
5
Calculate the total fixed assets
6
Identify the current liabilities and input the data
7
Calculate the total current liabilities
8
Identify the long-term liabilities and input the data
9
Calculate the total long-term liabilities
10
Calculate the total assets and liabilities
11
Calculate the net worth by subtracting the total liabilities from the total assets
12
Input the shareholders' equity data
13
Calculate the total equity and net worth
14
Verification of all entries
15
Approval: Accountant
16
Compare the calculated values with the estimates
17
Adjust any discrepancies or errors
18
Review the finished projected balance sheet template
19
Approval: Finance Manager
20
Save and archive the final balance sheet template
Determine the starting date for the balance sheet template
Specify the starting date for the balance sheet template. This will help in organizing and tracking the financial data. When should the balance sheet start from?
Identify the current assets and input the data
Provide details of the current assets. Current assets typically include cash, accounts receivable, inventory, and prepaid expenses. Input the data for each asset.
Calculate the total current assets
Sum up the values of all current assets identified in the previous task. Calculate the total current assets.
Identify the fixed assets and input the data
Provide details of the fixed assets. Fixed assets typically include property, plant, and equipment. Input the data for each asset.
Calculate the total fixed assets
Sum up the values of all fixed assets identified in the previous task. Calculate the total fixed assets.
Identify the current liabilities and input the data
Provide details of the current liabilities. Current liabilities typically include accounts payable, accrued expenses, and short-term debt. Input the data for each liability.
Calculate the total current liabilities
Sum up the values of all current liabilities identified in the previous task. Calculate the total current liabilities.
Identify the long-term liabilities and input the data
Provide details of the long-term liabilities. Long-term liabilities typically include long-term debt and deferred taxes. Input the data for each liability.
Calculate the total long-term liabilities
Sum up the values of all long-term liabilities identified in the previous task. Calculate the total long-term liabilities.
Calculate the total assets and liabilities
Add the total current assets and total fixed assets calculated earlier. Also, add the total current liabilities and total long-term liabilities calculated in previous tasks. Calculate the total assets and total liabilities.
Calculate the net worth by subtracting the total liabilities from the total assets
Subtract the total liabilities from the total assets to determine the net worth. Net worth represents the equity of the company.
Input the shareholders' equity data
Provide details of the shareholders' equity. Shareholders' equity typically includes common stock, additional paid-in capital, and retained earnings. Input the data for each equity component.
Calculate the total equity and net worth
Sum up the values of all shareholders' equity components identified in the previous task. Calculate the total equity. Also, calculate the net worth by adding the total equity with the total liabilities.
Verification of all entries
Double-check all the entered data in this workflow for accuracy. Verify that all values are correct and match the provided information.
1
Verify Current Assets
2
Verify Fixed Assets
3
Verify Current Liabilities
4
Verify Long-term Liabilities
5
Verify Shareholders' Equity
Approval: Accountant
Will be submitted for approval:
Verification of all entries
Will be submitted
Compare the calculated values with the estimates
Compare the calculated values of total assets, total liabilities, net worth, and total equity with the estimated values or projections. Identify any discrepancies or differences.
Adjust any discrepancies or errors
If there are any discrepancies or errors found in the previous task, make the necessary adjustments to the data or calculations. Rectify any mistakes or inconsistencies.
Review the finished projected balance sheet template
Review the completed balance sheet template. Ensure that all calculations are accurate, all data is properly inputted, and the format is consistent and professional.
1
Check Calculation Accuracy
2
Check Data Input Accuracy
3
Check Formatting and Consistency
Approval: Finance Manager
Will be submitted for approval:
Review the finished projected balance sheet template
Will be submitted
Save and archive the final balance sheet template
Once the balance sheet template is reviewed and finalized, save it in the appropriate storage location and archive it for future reference. Ensure that the file is properly named and organized.
