In businesses, either corporate or non-corporate, owners have to disengage their personal assets from business. Therefore personal balance sheet is the sole record of finance at hand and its total serving in various activities.
There are exclusively designed Excel balance sheet templates which help you easily managing extensive entries and record of various financial transactions that is not possible to keep in mind. Rather than noting these things on a paper in unorganized way or even by drawing the balance sheet draft, it is much comfortable and handy to manage everything using templates.
This sheet basically presents the company’s financial position at any specific date. Professionals also name this financial statement as the snapshot of financial position of the business. Taking down this extended accounts handling job for personal financial assets using tool just make it amazingly easy to monitor the strength of your finances and every relevant aspect. By simply following the fundamental equation of accounting, this sheet is only considered error free when assets count is equal to the sum of capital count and liabilities count.
Format of Personal Balance Sheet Template
Since this is one of the most important financial stamen, therefore it’s not all about matching figures instead you have to be precise about entering the name of accounts and general entries. There is a standard format for writing budget according to standard accounting principles.
List of Balance Sheet Usage for Record
Here we have listed the entire layout pattern of this formal accounting document that will help you learning all the standard parameters to create a professional balance sheet;
- For record keeping purposes, write the name of company or any other reference name in case of personal accounting
- Write the heading of balance sheet for xyz on the date mentioned according to requirements
- Based on the net accounting record till that date, write a heading of assets and a sub heading of current assets
- Write all your current assets defined by accounting principles
- Also write all your non-current assets and bring down a total of your assets
- Then write a heading of Liabilities and write all your current and non-current liabilities in the light of stated accounting parameters
- Similarly write down all the equity in your business ending up by the sum of total equity
- After listing down all the things, you can count their sum and the resultant values will be the net financial position of your business
So download many balance sheet template in different excel version, use in business accounting financial documentation and many other standard issues.