A business generates different financial statements for a given period due to the fact that these statements aid the top management in monitoring the financial aspect of the business. One of which is a business balance sheet which shows the financial condition of the company for that given period.
A simple balance sheet can be used by small or medium enterprises to know its financial position contrary to corporations that need a more comprehensive type of balance sheet because of the numerous financial accounts they handle. The following balance sheet templates are available in PDF formats for your perusal.
Simple Balance Sheet Template
Accounting Balance Sheet Template
Company Balance Sheets
Balance Sheet of Company
Loan Balance Sheets
Bank Balance Sheet
How to Write a Balance Sheet?
A balance sheet is a vital business sheet as depicted on the sample business sheet templates of this website. Using the free balance sheet templates as guide, here are the procedures you can follow on how to write a balance sheet for your business:
- State the date of the balance sheet. Write the last day of the period the balance sheet covers as the date on the balance sheet. As of that date, your business’s financial position is presented on the balance sheet you write.
- Divide the balance sheet into three key sections. With the accounting equation as basis, you are to divide the balance sheet into sections. The accounting equation includes the following elements that should be seen on your balance sheet:
- Assets – the properties you own.
- Liabilities – the debts you need to pay.
- Equity – the capital investments and business earnings.
- List down your business’s assets, liabilities and equity. On the left side of the sheet, you are to list down each appropriate section your assets, liabilities and equity similar to how information is presented on the bid sheet templates. Amounts are written at the right side of the sheet.
Tax Balance Sheets
Sales Tax Balance Sheet
Tax Return Balance Sheet
Business Balance Sheet
Balance Sheet for Small Business
Monthly Balance Sheets
Sample Balance Sheet
Balance Sheet Template Types
As you may have noticed on the templates on this website, the following are the balance sheet template types provided for your perusal:
- Loan Balance Sheet Templates – The balance sheet templates under this type have formats or outlines used by bank and lending institutions which include a listing of the receivable from issued loans as well as payment for existing obligations of the institution.
- Tax Balance Sheet Templates – Some of the balance sheet outlines under this template type are used for instructional purposes like the instruction sheet templates. An example would be the tax return balance sheet which is evident on the tax return forms to be submitted.
- Small Business Balance Sheet Templates – Small enterprises follow this balance sheet format as illustrated on this template category.
- Company Balance Sheet Templates – Companies of different forms procure the balance sheet as shown on this template type quarterly or annually depending on the needs of the company.
- Monthly Balance Sheet Templates – Most balance sheets are prepared on a monthly basis as depicted on the sample templates under this category.
- Budget Balance Sheet Templates – Budgets are presented on proposals in the form of a balance sheet as illustrated on this balance sheet category to show the client or the top management a snapshot of a company’s financial condition relevant to the budget.
- Cash Balance Sheet Templates – This type of balance sheet template is used to keep track of the cash that comes in and out of the business through its operations.
- Retail Balance Sheet Templates – Information on this balance sheet template is created in relation to the retail business operations of those in the retail business industry.
- Agricultural Balance Sheet Templates – Agriculturally inclined businesses secure this type of balance sheet template in the course of their operations within a season of particular agricultural products.
Budget Balance Sheets
Balance Sheet of Family Budget
Cash Balance Sheets
Daily Cash Balance Sheet
Printable Cash Balance Sheet
How to Use a Template for a Classified Balance Sheet?
A classified balance sheet is a comprehensive type of monthly balance sheet as all the ledger accounts and their balances are arranged in categories under the major elements of the balance sheet they belong to. Here are the steps on how to use a monthly sheet template for a classified balance sheet:
- Download the most suitable classified balance sheet template for your business. A wide variety of balance sheet templates can be found on the web for your utilization. Thus, you have to choose and to download the most suitable classified balance sheet relevant to the form of your business.
- Classify your financial accounts based on the template you are going to edit. Just like how information is segregated when you use fact sheet templates or data sheet templates, you are to classify your accounts relevant to the format or the outline of the balance sheet template you have downloaded.
- Make sure that the account balances on the sheet are equal. When you input all the financial accounts of your business with their respective amounts, be sure that the major sections of the balance sheet are balanced in amounts with reference to the basic accounting equation.
- Incorporate your business name and logo at the top of the balance sheet. You can add customization to the balance sheet at the header section by integrating your name and your business logo.
Simple Balance Sheets
Simple Retail Balance Sheet
Agriculture Balance Sheet
Tips for Business Owners to Protect their Balance Sheets
As a business owner, the following are tips you can take into account to protect the balance sheet of your business from uncertain risks:
- Integrate a risk management system. With the onset of unforeseen situations a business encounters, it is vital for a business to come up with risk management policies just like the use of insurances to protect the financial well being of the company.
- Keep a record of every business action. Maintain logs for every transfer or transaction your company encounters with the use of log sheets, like the sample score sheet templates on this website. This is to ensure that every detail is well accounted for in the books of the company.
- Hire qualified employees for skill-related tasks. In the case of company drivers, for example, it is best if you choose those drivers with a clean track record as it guarantees that there are no records of accidents in the course of his duty as a driver.
Take into account these balance sheet templates available for download in PDF formats which you can refer to when you create the balance sheet for your business that will serve as the basis of management decisions.