Explore our simple balance sheet template streamlining financial tracking for small business, covering assets, liabilities, equity, and data verification.
1
Identify the time period for the balance sheet
2
Document current assets
3
Document fixed assets
4
Calculate total assets
5
Document current liabilities
6
Document long-term liabilities
7
Calculate total liabilities
8
Calculate owners' equity
9
Cross verify all the entered data with financial statements
10
Approval: Financial Manager
11
Enter all the details accurately into the balance sheet template
12
Cross-check inputs for any calculation mistakes
13
Prepare a draft of the balance sheet
14
Approval: Accountant
15
Make necessary adjustments after accountant approval
16
Prepare the final balance sheet
17
Approval: Business Owner
18
Archive the finalized balance sheet in the business records
Identify the time period for the balance sheet
This task involves determining the specific time period that the balance sheet will cover. It is crucial to accurately define the duration to provide an accurate snapshot of the financial position. Consider the start and end dates, accounting period, and any relevant reporting requirements. What is the time frame for the balance sheet?
Document current assets
In this task, we need to document all the current assets of the business. Current assets are assets that are expected to be converted into cash or used up within one year. These assets include cash, accounts receivable, inventory, and prepaid expenses. List down all the current assets owned by the business.
Document fixed assets
Fixed assets are long-term assets that are not expected to be converted into cash within one year. Examples of fixed assets include buildings, vehicles, machinery, and equipment. In this task, document all the fixed assets owned by the business.
Calculate total assets
Total assets are the sum of current assets and fixed assets. In this task, calculate the total assets of the business by adding up all the current assets and fixed assets. What is the total value of assets?
Document current liabilities
Current liabilities are obligations that are expected to be settled within one year. Examples of current liabilities include accounts payable, short-term loans, and accrued expenses. In this task, document all the current liabilities of the business.
Document long-term liabilities
Long-term liabilities are obligations that are not expected to be settled within one year. Examples include long-term loans and deferred tax liabilities. In this task, document all the long-term liabilities of the business.
Calculate total liabilities
Total liabilities are the sum of current liabilities and long-term liabilities. In this task, calculate the total liabilities of the business by adding up all the current liabilities and long-term liabilities. What is the total value of liabilities?
Calculate owners' equity
Owner's equity represents the owner's share of the business assets after deducting liabilities. It can be calculated by subtracting total liabilities from total assets. In this task, calculate the owners' equity of the business. What is the total value of owners' equity?
Cross verify all the entered data with financial statements
In this task, cross verify all the entered data with financial statements such as income statements and cash flow statements. Ensure that the balance sheet data aligns with the information presented in the financial statements. Are all the balance sheet figures correctly represented in the financial statements?
1
Yes
2
No
Approval: Financial Manager
Enter all the details accurately into the balance sheet template
To create an accurate balance sheet, enter all the details carefully into the balance sheet template. Double-check the accuracy of the data and ensure that it is entered in the correct format. Have all the details been accurately entered into the balance sheet template?
1
Yes
2
No
Cross-check inputs for any calculation mistakes
In this task, cross-check all the inputs for any calculation mistakes. Verify the calculations performed in the balance sheet, including the totals of assets, liabilities, and owners' equity. Have all the inputs been cross-checked for calculation mistakes?
1
Yes
2
No
Prepare a draft of the balance sheet
In this task, prepare a draft of the balance sheet using the entered data. Ensure that the balance sheet format is correct and all the calculations are accurate. Review the draft for any errors or discrepancies. Is the draft of the balance sheet prepared?
1
Yes
2
No
Approval: Accountant
Will be submitted for approval:
Prepare a draft of the balance sheet
Will be submitted
Make necessary adjustments after accountant approval
After obtaining approval from the accountant, make any necessary adjustments to the balance sheet. This may involve correcting errors, updating values, or revising the format. Implement the required adjustments as instructed by the accountant. Have all the necessary adjustments been made after accountant approval?
1
Yes
2
No
Prepare the final balance sheet
Based on the approved draft and adjustments, prepare the final balance sheet. Ensure that all the data is accurate, calculations are correct, and formatting is consistent. Review the final balance sheet and compare it with the draft for any discrepancies. Is the final balance sheet prepared?
1
Yes
2
No
Approval: Business Owner
Will be submitted for approval:
Prepare the final balance sheet
Will be submitted
Archive the finalized balance sheet in the business records
Once the final balance sheet is prepared and approved, archive it in the business records for future reference. This ensures that the balance sheet is easily accessible and can be retrieved whenever needed. Has the finalized balance sheet been archived in the business records?
