{"id":37646,"date":"2024-02-12T04:12:52","date_gmt":"2024-02-12T04:12:52","guid":{"rendered":"https:\/\/www.process.st\/templates\/google-sheets-financial-statements-template\/"},"modified":"2024-03-05T17:09:10","modified_gmt":"2024-03-05T17:09:10","slug":"google-sheets-financial-statements-template","status":"publish","type":"post","link":"https:\/\/www.process.st\/templates\/google-sheets-financial-statements-template\/","title":{"rendered":"Google Sheets Financial Statements Template"},"content":{"rendered":"\n<section id=\"create-a-new-google-sheets-document\"> \n <h2>Create a new Google Sheets document<\/h2>\n <div class=\"text-content\">\n   Create a new Google Sheets document to serve as the foundation for the financial statements template. This task is crucial as it provides the starting point for organizing and tracking financial data. Without a new document, it would be difficult to generate accurate financial statements. \n <\/div> \n <div class=\"members-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Assigned to <\/label> <select disabled class=\"form-control\"> <option value=\"A member or group will be selected here\">A member or group will be selected here<\/option> <\/select> \n  <\/div> \n <\/div> \n<\/section> \n<section id=\"name-the-document-financial-statements-template\"> \n <h2>Name the document 'Financial Statements Template'<\/h2>\n <div class=\"text-content\">\n   Provide an appropriate name for the Google Sheets document as 'Financial Statements Template' to clearly identify its purpose. The document name acts as a quick reference for users and helps maintain organization throughout the process. \n <\/div> \n <div class=\"text-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Document Name <\/label> \n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\"> \n  <\/div> \n <\/div> \n<\/section> \n<section id=\"create-a-income-statement-sheet\"> \n <h2>Create a 'Income Statement' sheet<\/h2>\n <div class=\"text-content\">\n   Create a new sheet within the Google Sheets document named 'Income Statement'. The income statement provides insights into a company's financial performance by detailing its revenues, expenses, and resulting profits or losses. This sheet plays a pivotal role in analyzing the financial health of the business. \n <\/div> \n<\/section> \n<section id=\"input-headers-revenue-cost-of-goods-sold-gross-profit-operating-expenses-operating-income-net-income-on-income-statement-sheet\"> \n <h2>Input headers (Revenue, Cost of Goods Sold, Gross Profit, Operating Expenses, Operating Income, Net Income) on 'Income Statement' sheet<\/h2>\n <div class=\"text-content\">\n   Input the necessary headers (Revenue, Cost of Goods Sold, Gross Profit, Operating Expenses, Operating Income, Net Income) on the 'Income Statement' sheet. These headers act as column labels and create a clear structure for entering relevant financial data. The placement of these headers is essential for ensuring accurate calculation and analysis of the income statement. \n <\/div> \n<\/section> \n<section id=\"create-a-balance-sheet-sheet\"> \n <h2>Create a 'Balance Sheet' sheet<\/h2>\n <div class=\"text-content\">\n   Create a new sheet within the Google Sheets document named 'Balance Sheet'. The balance sheet presents a snapshot of a company's financial position by listing its assets, liabilities, and shareholders' equity. This sheet plays a critical role in assessing the company's financial stability and overall value. \n <\/div> \n<\/section> \n<section id=\"input-headers-current-assets-noncurrent-assets-total-assets-current-liabilities-noncurrent-liabilities-total-liabilities-shareholders-equity-on-balance-sheet-sheet\"> \n <h2>Input headers (Current Assets, Non-Current Assets, Total Assets, Current Liabilities, Non-current Liabilities, Total Liabilities, Shareholders' Equity) on 'Balance Sheet' sheet<\/h2>\n <div class=\"text-content\">\n   Input the necessary headers (Current Assets, Non-Current Assets, Total Assets, Current Liabilities, Non-current Liabilities, Total Liabilities, Shareholders' Equity) on the 'Balance Sheet' sheet. These headers act as column labels and provide a framework for organizing and analyzing the various components of the balance sheet. Proper placement of these headers ensures accurate calculation of the financial position. \n <\/div> \n<\/section> \n<section id=\"create-a-cash-flow-statement-sheet\"> \n <h2>Create a 'Cash Flow Statement' sheet<\/h2>\n <div class=\"text-content\">\n   Create a new sheet within the Google Sheets document named 'Cash Flow Statement'. The cash flow statement tracks the inflow and outflow of cash in a business, highlighting the sources and uses of cash over a specific period. This sheet aids in evaluating the company's cash position and its ability to generate and manage cash effectively. \n <\/div> \n<\/section> \n<section id=\"input-headers-operating-activities-investing-activities-financing-activities-net-change-in-cash-cash-at-the-beginning-of-period-cash-at-the-end-of-period-on-cash-flow-statement-sheet\"> \n <h2>Input headers (Operating Activities, Investing Activities, Financing Activities, Net Change in Cash, Cash at the Beginning of Period, Cash at the End of Period) on 'Cash Flow Statement' sheet<\/h2>\n <div class=\"text-content\">\n   Input the necessary headers (Operating Activities, Investing Activities, Financing Activities, Net Change in Cash, Cash at the Beginning of Period, Cash at the End of Period) on the 'Cash Flow Statement' sheet. These headers serve as column labels and provide a structure for tracking and analyzing the various sources and uses of cash. Proper arrangement of these headers ensures accurate cash flow analysis. \n <\/div> \n<\/section> \n<section id=\"format-headers-bold-underline-center-alignment\"> \n <h2>Format headers (bold, underline, center alignment)<\/h2>\n <div class=\"text-content\">\n   Apply formatting to the headers of all sheets, including bold, underline, and center alignment. This formatting enhances the readability and visual appeal of the financial statements template, making it easier to navigate and interpret. Correctly formatted headers contribute to an organized and professional presentation of the financial data. \n <\/div> \n<\/section> \n<section id=\"insert-row-for-data-entry-under-each-header-on-all-sheets\"> \n <h2>Insert row for data entry under each header on all sheets<\/h2>\n <div class=\"text-content\">\n   Insert a row beneath each header on all sheets to provide space for data entry. These rows act as placeholders for entering the relevant financial information in their respective categories. Without these rows, there would be no designated area for recording the necessary data, leading to disorganized and incomplete financial statements. \n <\/div> \n<\/section> \n<section id=\"create-drop-down-list-of-months-for-data-entry\"> \n <h2>Create drop down list of months for data entry<\/h2>\n <div class=\"text-content\">\n   Create a drop-down list of months for data entry, allowing users to select the appropriate month when entering financial data. This feature ensures consistency and accuracy in recording financial information within the template. It simplifies the data entry process and aids in generating accurate financial statements for each specific time period. \n <\/div> \n <div class=\"select-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Select Month <\/label> <select disabled class=\"form-control\"> <option value=\"An option will be selected here\">An option will be selected here<\/option> <\/select> \n  <\/div> \n  <ul class=\"items\"> \n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       1 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      January \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       2 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      February \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       3 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      March \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       4 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      April \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       5 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      May \n    <\/div> <\/li> \n  <\/ul> \n <\/div> \n<\/section> \n<section id=\"set-formula-to-calculate-total-assets-total-liabilities-and-shareholders-equity-on-balance-sheet-sheet\"> \n <h2>Set formula to calculate Total Assets, Total Liabilities and Shareholders' Equity on 'Balance Sheet' sheet<\/h2>\n <div class=\"text-content\">\n   Implement formulas to automatically calculate the Total Assets, Total Liabilities, and Shareholders' Equity on the 'Balance Sheet' sheet. These formulas ensure accurate and efficient calculation of these essential financial metrics, saving time and reducing the risk of calculation errors. Correctly implemented formulas contribute to the reliability of the balance sheet. \n <\/div> \n<\/section> \n<section id=\"set-formula-to-calculate-gross-profit-operating-income-and-net-income-on-income-statement-sheet\"> \n <h2>Set formula to calculate Gross Profit, Operating Income and Net Income on 'Income Statement' sheet<\/h2>\n <div class=\"text-content\">\n   Set formulas to automatically calculate the Gross Profit, Operating Income, and Net Income on the 'Income Statement' sheet. These formulas streamline the calculation process and ensure accuracy in financial reporting. Accurate income statement calculations provide insights into the company's profitability and financial performance. \n <\/div> \n<\/section> \n<section id=\"set-formula-to-calculate-net-change-in-cash-cash-at-the-beginning-of-period-cash-at-the-end-of-period-on-cash-flow-statement-sheet\"> \n <h2>Set formula to calculate Net Change in Cash, Cash at the Beginning of Period, Cash at the End of Period on 'Cash Flow Statement' sheet<\/h2>\n <div class=\"text-content\">\n   Set formulas to automatically calculate the Net Change in Cash, Cash at the Beginning of the Period, and Cash at the End of the Period on the 'Cash Flow Statement' sheet. These formulas eliminate the need for manual calculations and reduce the risk of errors. Correctly implemented formulas enhance the accuracy and usefulness of the cash flow statement. \n <\/div> \n<\/section> \n<section id=\"add-notes-section-for-additional-information\"> \n <h2>Add notes section for additional information<\/h2>\n <div class=\"text-content\">\n   Include a notes section in the Google Sheets document to allow for the inclusion of additional information related to the financial statements. This section provides space for explanations, clarifications, and any other relevant details that contribute to a comprehensive understanding of the financial data. The notes section enhances the overall usefulness and context of the template. \n <\/div> \n<\/section> \n<section id=\"review-automatic-calculations-and-drop-down-lists-for-errors\"> \n <h2>Review automatic calculations and drop down lists for errors<\/h2>\n <div class=\"text-content\">\n   Thoroughly review the automatic calculations and drop-down lists within the Google Sheets document to identify and correct any errors. This step ensures the accuracy and reliability of the financial statements template. By validating the formulas and data entry options, the risk of misinformation and inaccuracies is minimized, resulting in more reliable financial statements. \n <\/div> \n <div class=\"multi-select-content form-field-content\"> \n  <div class=\"form-group\"> <label> Review Checklist <\/label> \n  <\/div> \n  <ul class=\"items\"> \n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       1 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Check calculations \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       2 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Verify drop-down lists \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       3 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Confirm data entry rows \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       4 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Ensure formatting consistency \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       5 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Validate formulas \n    <\/div> <\/li> \n  <\/ul> \n <\/div> \n<\/section> \n<section id=\"approval-financial-manager\"> \n <h2>Approval: Financial Manager<\/h2>\n <div class=\"approval-content\"> \n  <div class=\"header\"> \n   <div class=\"list-title\">\n    Will be submitted for approval:\n   <\/div> \n  <\/div> \n  <div class=\"approval-rule-subject-tasks-list\"> \n   <ul class=\"list\"> \n    <li> \n     <div class=\"approval-rule-subject-tasks-list-item\"> \n      <div class=\"item\"> \n       <div class=\"container\"> <span class=\"title\">Create a new Google Sheets document<\/span> \n        <div class=\"body\">\n         Will be submitted\n        <\/div> \n       <\/div> \n      <\/div> \n     <\/div> <\/li>\n    <li> \n     <div class=\"approval-rule-subject-tasks-list-item\"> \n      <div class=\"item\"> \n       <div class=\"container\"> <span class=\"title\">Name the document 'Financial Statements Template'<\/span> \n        <div class=\"body\">\n         Will be submitted\n        <\/div> \n       <\/div> \n      <\/div> \n     <\/div> <\/li>\n    <li> \n     <div class=\"approval-rule-subject-tasks-list-item\"> \n      <div class=\"item\"> \n       <div class=\"container\"> <span class=\"title\">Create a 'Income Statement' sheet<\/span> \n        <div class=\"body\">\n         Will be submitted\n        <\/div> \n       <\/div> \n      <\/div> \n     <\/div> <\/li>\n    <li> \n     <div class=\"approval-rule-subject-tasks-list-item\"> \n      <div class=\"item\"> \n       <div class=\"container\"> <span class=\"title\">Input headers (Revenue, Cost of Goods Sold, Gross Profit, Operating Expenses, Operating Income, Net Income) on 'Income Statement' sheet<\/span> \n        <div class=\"body\">\n         Will be submitted\n        <\/div> \n       <\/div> \n      <\/div> \n     <\/div> <\/li>\n    <li> \n     <div class=\"approval-rule-subject-tasks-list-item\"> \n      <div class=\"item\"> \n       <div class=\"container\"> <span class=\"title\">Create a 'Balance Sheet' sheet<\/span> \n        <div class=\"body\">\n         Will be submitted\n        <\/div> \n       <\/div> \n      <\/div> \n     <\/div> <\/li>\n    <li> \n     <div class=\"approval-rule-subject-tasks-list-item\"> \n      <div class=\"item\"> \n       <div class=\"container\"> <span class=\"title\">Input headers (Current Assets, Non-Current Assets, Total Assets, Current Liabilities, Non-current Liabilities, Total Liabilities, Shareholders' Equity) on 'Balance Sheet' sheet<\/span> \n        <div class=\"body\">\n         Will be submitted\n        <\/div> \n       <\/div> \n      <\/div> \n     <\/div> <\/li>\n    <li> \n     <div class=\"approval-rule-subject-tasks-list-item\"> \n      <div class=\"item\"> \n       <div class=\"container\"> <span class=\"title\">Create a 'Cash Flow Statement' sheet<\/span> \n        <div class=\"body\">\n         Will be submitted\n        <\/div> \n       <\/div> \n      <\/div> \n     <\/div> <\/li>\n    <li> \n     <div class=\"approval-rule-subject-tasks-list-item\"> \n      <div class=\"item\"> \n       <div class=\"container\"> <span class=\"title\">Input headers (Operating Activities, Investing Activities, Financing Activities, Net Change in Cash, Cash at the Beginning of Period, Cash at the End of Period) on 'Cash Flow Statement' sheet<\/span> \n        <div class=\"body\">\n         Will be submitted\n        <\/div> \n       <\/div> \n      <\/div> \n     <\/div> <\/li>\n    <li> \n     <div class=\"approval-rule-subject-tasks-list-item\"> \n      <div class=\"item\"> \n       <div class=\"container\"> <span class=\"title\">Format headers (bold, underline, center alignment)<\/span> \n        <div class=\"body\">\n         Will be submitted\n        <\/div> \n       <\/div> \n      <\/div> \n     <\/div> <\/li>\n    <li> \n     <div class=\"approval-rule-subject-tasks-list-item\"> \n      <div class=\"item\"> \n       <div class=\"container\"> <span class=\"title\">Insert row for data entry under each header on all sheets<\/span> \n        <div class=\"body\">\n         Will be submitted\n        <\/div> \n       <\/div> \n      <\/div> \n     <\/div> <\/li>\n    <li> \n     <div class=\"approval-rule-subject-tasks-list-item\"> \n      <div class=\"item\"> \n       <div class=\"container\"> <span class=\"title\">Create drop down list of months for data entry<\/span> \n        <div class=\"body\">\n         Will be submitted\n        <\/div> \n       <\/div> \n      <\/div> \n     <\/div> <\/li>\n    <li> \n     <div class=\"approval-rule-subject-tasks-list-item\"> \n      <div class=\"item\"> \n       <div class=\"container\"> <span class=\"title\">Set formula to calculate Total Assets, Total Liabilities and Shareholders' Equity on 'Balance Sheet' sheet<\/span> \n        <div class=\"body\">\n         Will be submitted\n        <\/div> \n       <\/div> \n      <\/div> \n     <\/div> <\/li>\n    <li> \n     <div class=\"approval-rule-subject-tasks-list-item\"> \n      <div class=\"item\"> \n       <div class=\"container\"> <span class=\"title\">Set formula to calculate Gross Profit, Operating Income and Net Income on 'Income Statement' sheet<\/span> \n        <div class=\"body\">\n         Will be submitted\n        <\/div> \n       <\/div> \n      <\/div> \n     <\/div> <\/li>\n    <li> \n     <div class=\"approval-rule-subject-tasks-list-item\"> \n      <div class=\"item\"> \n       <div class=\"container\"> <span class=\"title\">Set formula to calculate Net Change in Cash, Cash at the Beginning of Period, Cash at the End of Period on 'Cash Flow Statement' sheet<\/span> \n        <div class=\"body\">\n         Will be submitted\n        <\/div> \n       <\/div> \n      <\/div> \n     <\/div> <\/li>\n    <li> \n     <div class=\"approval-rule-subject-tasks-list-item\"> \n      <div class=\"item\"> \n       <div class=\"container\"> <span class=\"title\">Add notes section for additional information<\/span> \n        <div class=\"body\">\n         Will be submitted\n        <\/div> \n       <\/div> \n      <\/div> \n     <\/div> <\/li>\n    <li> \n     <div class=\"approval-rule-subject-tasks-list-item\"> \n      <div class=\"item\"> \n       <div class=\"container\"> <span class=\"title\">Review automatic calculations and drop down lists for errors<\/span> \n        <div class=\"body\">\n         Will be submitted\n        <\/div> \n       <\/div> \n      <\/div> \n     <\/div> <\/li> \n   <\/ul> \n  <\/div> \n <\/div> \n<\/section> \n<section id=\"save-and-close-google-sheets-document\"> \n <h2>Save and close Google Sheets document<\/h2>\n <div class=\"text-content\">\n   Save the Google Sheets document to preserve all the entered financial data and formatting modifications. Closing the document ensures that no further changes can be made inadvertently. Saving and closing the document maintains the integrity of the template and serves as a final checkpoint after completing the financial statements creation process. \n <\/div> \n <div class=\"members-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Verified by <\/label> <select disabled class=\"form-control\"> <option value=\"A member or group will be selected here\">A member or group will be selected here<\/option> <\/select> \n  <\/div> \n <\/div> \n<\/section> \n<section id=\"send-google-sheets-link-to-the-involved-parties\"> \n <h2>Send Google Sheets link to the involved parties<\/h2>\n <div class=\"text-content\">\n   Send the Google Sheets link to the involved parties, allowing them to access and review the financial statements template. This step promotes collaboration and ensures that all stakeholders have access to the relevant financial information. Sharing the link with the concerned parties facilitates effective communication and transparency in financial reporting. \n <\/div> \n <div class=\"email-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Recipient Email Address <\/label> \n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\"> \n  <\/div> \n <\/div> \n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Create a new Google Sheets document Create a new Google Sheets document to serve as the foundation for the financial statements template. This task is crucial as it provides the starting point for organizing and tracking financial data. Without a new document, it would be difficult to generate accurate financial statements. Assigned to A member [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ep_exclude_from_search":false,"cover_icon_emoji":"\ud83d\udcb0","cover_icon_url":"","tasks_count":"19","template_description":"Simplify your financial management with our interactive Google Sheets Financial Statements Template, covering income, balance and cash flow statements.","template_id":"tFfgqR2Qsv3cUABl0ZJPfA","task_0":"Create a new Google Sheets document","task_slug_0":"create-a-new-google-sheets-document","task_1":"Name the document 'Financial Statements Template'","task_slug_1":"name-the-document-financial-statements-template","task_2":"Create a 'Income Statement' sheet","task_slug_2":"create-a-income-statement-sheet","task_3":"Input headers (Revenue, Cost of Goods Sold, Gross Profit, Operating Expenses, Operating Income, Net Income) on 'Income Statement' sheet","task_slug_3":"input-headers-revenue-cost-of-goods-sold-gross-profit-operating-expenses-operating-income-net-income-on-income-statement-sheet","task_4":"Create a 'Balance Sheet' sheet","task_slug_4":"create-a-balance-sheet-sheet","task_5":"Input headers (Current Assets, Non-Current Assets, Total Assets, Current Liabilities, Non-current Liabilities, Total Liabilities, Shareholders' Equity) on 'Balance Sheet' sheet","task_slug_5":"input-headers-current-assets-noncurrent-assets-total-assets-current-liabilities-noncurrent-liabilities-total-liabilities-shareholders-equity-on-balance-sheet-sheet","task_6":"Create a 'Cash Flow Statement' sheet","task_slug_6":"create-a-cash-flow-statement-sheet","task_7":"Input headers (Operating Activities, Investing Activities, Financing Activities, Net Change in Cash, Cash at the Beginning of Period, Cash at the End of Period) on 'Cash Flow Statement' 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