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.