Balance Sheet Notes and Descriptions

A balance sheet can give you a snapshot of your business's finance. Choose a specific date or use numbers
from the end of a period of time, such as the last day of a month. If you want, you can compare the results from
Category Date
Date
1 2 (optional)
Change (optional) different periods.
Add up the total value as of the
date, or the last day of the
Assets period, you chose. Assets are worth something today or will provide the business value later.
CURRENT ASSETS Current assets are cash and items that the business plans to use or sell within a year.
Cash $0.00 The money in business bank accounts plus any cash the business has outside of a bank account.
Accounts receivable $0.00 Money that other business or people owe the business for services/products that have already been sold.
Inventory $0.00 Products, materials and other items that the business owns and plans to sell within a year.
Prepaid expenses $0.00 Expenses the business paid for services ongoing or future services. For example, prepayments for an insurance policy.
Other current assets $0.00 Any current assets that don't fit in one of the other categories.
Total Current Assets $0.00 $0.00 $0.00 The total of the all the current assets.

FIXED ASSETS Fixed assets are physical assets that the business will use for more than a year.
Furniture $0.00 The furniture the business owns.
Machinery and equipment $0.00 The machinery and equipment the business owns, including computers.
Vehicles $0.00 The vehicles the business owns.
Land $0.00 The land the business owns.
Buildings $0.00 The buildings the business owns.
Other fixed assets $0.00 Any fixed assets that don't fit in one of the other categories.
Depreciation $0.00 Use a negative value here. Depreciation is the value of the fixed assets that the business has already used.
Total Fixed Assets $0.00 $0.00 $0.00 The total of the all the fixed assets.

OTHER ASSETS Any other tangible or intangible assets such as intellectual property or investments.
Intangibles $0.00 Non-physical assets, such as trademarks or patents, that the business owns.
Security deposits $0.00 Deposits the business paid to rent property or equipment that it will receive back later.
Other $0.00 Other assets that don't fit any of the other categories.
Total Other Assets $0.00 $0.00 $0.00 The sum of the all the other assets.

TOTAL ASSETS $0.00 $0.00 $0.00 The total current assets, fixed assets and other assets.

Add up the total value as of the

date, or the last day of the
Liabilities period, you chose. Liabilities are the money that a business owes other people or businesses.
CURRENT LIABILITIES Current liabilities are debts that must be paid within one year.
Accounts payable $0.00 Money that the business owes others for products or services it received.
Taxes payable $0.00 The tax payments that are due in the next year.
Wages and salaries payable $0.00 Wages and salary earnings that are owed to employees and haven't been paid yet.
Customer deposits $0.00 Money that customers have paid for a product or service that hasn't been delivered yet.
The current portion of debt payments $0.00 The amount of loan payments and interest that's due in the next year.
Interest payable $0.00 Interest that has accrued, but hasn't been paid, and is due in the next year.
Total Current Liabilities $0.00 $0.00 $0.00 The total of the current liabilities.

LONG-TERM LIABILITIES Long-term liabilities are debts that the business will owe for more than a year.
Long-term debts $0.00 The total amount principle balance (the amount that was borrowed) that the business still owes.
LESS: the current portion of debt payments $0.00 Subtract the current portion of debt payments from the current liabilities section. Use a negative number.
Rentals or leases $0.00 Equipment or property lease and rental payments, not including the current year's expenses.
Other long-term debt $0.00 The
The total
sum ofamount of any
the Bank other
Loans long-term
Payable, debtPayable
Notes that does
to not fit into the above
Stockholders, categories.
Less: Short Term Position, and Other Long Term
Total Long-Term Liabilities $0.00 $0.00 $0.00 Debt fields.

TOTAL LIABILITIES $0.00 $0.00 $0.00 The total current liabilities and long-term liabilities.

Add up the total value as of the

date, or the last day of the
Owners' Equity period, you chose.
OWNERS EQUITY The money that’s left over if the business collects everything it's owed, turned its non-cash assets into cash and paid all of its debt.
Common stock/partners' equity $0.00 Money that investors have put into the business in return for equity (i.e., ownership).
LESS: Owners' draws $0.00 Money taken out of the business by its owners. Use a negative number.
Net Income $0.00 An increase in income since the start of the fiscal year -- taken from the profit and loss statement.
Retained earnings $0.00 A profit that was kept by the company rather than being distributed to the business owners.
Total Owners' Equity $0.00 $0.00 $0.00 The total of common stock and retained earnings.

TOTAL LIABILITIES AND EQUITY $0.00 $0.00 $0.00 The total liabilities and owners' equity.
TOTAL ASSETS $0.00 $0.00 $0.00 The total current assets, fixed assets and other assets.
$0.00 The "total liabilities and equity" should equal "total assets"