How to Fill Out & Prepare a Financial Statement

Written by alia nikolakopulos
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How to Fill Out & Prepare a Financial Statement
Lenders require a financial statement before loaning cash. (form -3 image by Rog999 from

Financial statements can be requested for many reasons, but the basis of each request is to either perform a measure of liquidity or calculate the ability for a person to carry debt.

Statement forms for individuals are typically preformatted for easy completion and are relatively self-explanatory. Most government financial statements require the preparer to sign under penalty of perjury, so do not intentionally falsify financial information, especially when signing under these stipulations.

Skill level:

Things you need

  • Recent bills
  • Recent income statements
  • Proof of other items claimed
  • Calculator

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  1. 1

    Calculate monthly gross income from all sources. Gross income is the amount of income before taxes.

  2. 2

    Calculate monthly expenses. Include the withholding taxes from gross income as an expense. Gross income minus expenses equals net income, or disposable monthly earnings.

  3. 3

    Disclose asset information. Fair market value of an asset is equal to the current market price, not the amount originally paid for the item.

  4. 4

    Disclose liabilities. The value of an asset minus the balance due equals the equity. Equity indicates the gain that could be realised through the sale of the asset.

  5. 5

    Fill out the remainder of the form as per the specific statement format.

Tips and warnings

  • Support is usually requested to substantiate claims on a financial statement. It is a good idea to retain copies of recent bills, payments, income statements and loan paperwork to prove the entries are legitimate.
  • Free estimates of the value for homes and vehicles are available from some websites.

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