Balance Sheet Templates Excel XLS can use as a balance sheet by professional companies as well as business personnel. In excel templates help to keep financial record more save and free from errors. It actually enlists all the aspects of a balance sheet in it. A balance sheet is a number statement that enlists all the costs, income, financials, capital, equity, liabilities, assets, etc. owe by an organization, business unit or individual. It usually comprises of the following three sections:
Assets are equal to Liabilities plus equity i.e. the joint sum of Total liabilities and equity always stays equal to the total sum of Assets. This balances the sheet. Therefore, it is call a balance sheet because it is always balance by the total amount of assets equaling to total amount of liabilities and equity.
This Balance Sheet is generally found in MS Excel format. The three sections of Balance sheet i.e. Assets, Liabilities and Equity are represent as three columns in the balance sheet document in an MS Excel worksheet. The first column is for the first section usually assign for Assets that enlists all the belongings that are term as a company’s assets. Similarly, the second column is assign for the second of Balance sheet i.e. for Liabilities. This section contains all the belongings which a company has to pay to another party. The third section is assign for Equity that enlists all the capital owe by a company.
Creating a Balance Sheet Templates Excel XLS Format
You can create a balance sheet very easily by following the basic accounting principles. If you are creating the balance sheet in MS Excel, then you can simply create three columns in the worksheet: first column is for Assets, second is for Liabilities, and the third is for Equity, as mention above. Just mention all the asset values in the Assets’ column, and Liabilities and Equity values in their respective columns turn by turn. Find the total amount of each column and evaluate the total amounts using the Balance Sheet equation.
Balance Sheet Templates Excel XLS:
Assets = Liabilities + Equity
This equation is also call Accounting equation. . Get More Excel Templates
If the total amount of Assets is equal to the sum of Liabilities and Equity, then you have a correct Balance Sheet and it is rightly balance. If the sum does not follow the Accounting Equation, then you cannot call your Balance Sheet as ‘Balanced’. You must make changes in it in order to make it balanced. Usually, the main reason for an un-balanced sheet is that either you have insert wrong values in the balance sheet or you have not calculate the sum correctly. You must cross check each value and the sum total in each column to rectify the balance sheet. A correct balance sheet always imply following the accounting equation.
You can get sample of this template on different blogs and websites on the internet. You will find three sections of a balance sheet. Assets, Liabilities and Owner’s Equity.