Whether you are an accountant or not, a balance sheet is a simple but useful tool for checking and recording your finances by lining up and balancing your assets and liabilities. If you want to build a worksheet yourself, the key feature to use in Excel is the "Sum" function so you can automatically add the data you enter. The best error-free way to make a balance sheet, however, is to choose a template available from Microsoft. There are many balance sheets to choose from, so you can select one that meets your needs.
- Skill level:
- Moderately Easy
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Choose a balance sheet from templates available from Microsoft. You can search for and access templates by opening Excel and selecting "New" in the "File" menu, or browse for templates at Microsoft.com.
Enter information specific to you, such as your company's name and the year or month.
Enter the data in the cells and confirm that assets and liabilities balance.
Use a Template
Create a vertical "assets" column. Label every asset you would like to record, such as "Cash," "Inventory" and "Accounts Receivable." In the bottom cell of this column, write "Total Assets."
Create a date column or several date columns to the right of your assets column. You will record your assets underneath this label for a particular month, year or other time period.
Record the dollar amount of your assets in the corresponding cells on your table. Be sure to enter "0" for any cell with that amount; do not leave it blank.
Select the cell underneath all of the data you entered in one vertical column. This cell should line up with "Total Assets."
Click "AutoSum," which you can find in the "Editing" group on the "Home" tab of the Excel ribbon at the top of your worksheet. Press "Enter." Excel will automatically add the contents of your cells.
Repeat the "AutoSum" function for any additional date columns.
Format your numerical data with dollar signs by selecting all of it and clicking the "$" in the "Number" group on the "Home" tab of the Excel ribbon.
Repeat this process to make a "Liabilities" table, adjusting as necessary to fit that data. You can put this table anywhere on the spreadsheet. When it is complete, your total assets should match your total liabilities; otherwise, you may have entered data incorrectly or left some of it out.
Build Your Own Simple Worksheet
Tips and warnings
- If you find a template you like but would like to remove an unnecessary row or column, right-click on that column's number or letter and select "Delete." Do not attempt to add other rows or columns unless you are very familiar with how Excel works, as you may unintentionally alter your data.
- Adjust the sizes of the cells to fit your labels and data by double-clicking the edge of the letter or number of the applicable columns or rows. Your cursor will be in the right place to do this when it looks like a bar with an arrow coming out from each side.
- Excel will automatically shift the edges of the cells to fit their contents.
- To build a more complex balance sheet with multiple categories, try using the "Subtotal" function.
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