14. Balance Sheet

[M/S 14] Populating the Balance Sheet is not required for fully utilizing all the functionality features in the software.  If the balance sheet software segment is populated; the accounts will appear in [M/S -15]; the Trial Balance.   All account balances in the trial balance statement of accounts must total to zero.  If the Trial Balance does not total to zero, there is a mistake, and a  balance sheet account must be adjusted.  If [SS -14] is not populated; the trial balance will then reflect only the revenue and expense accounts.  In [M/S -14[ the cell [D59] will reflect the current period Y-T-D Ordinary Business Income (Loss) Income Statement position. Model Segment 14 of 18 -FastBooks Solutions Microsoft Excel Service Business Accounting ModelLeft click on the image above to open an enlarged image in a new tab.

Click the link to open [M/S -14] in an Adobe PDF file:

Click the link to open [M/S -14] in an Excel file:

[M/S -14] -The Balance Sheet

There are no federal tax requirements for maintaining a Balance Sheet.  It is a good general business practice to create a Balance Sheet at the end of each fiscal year. Believe it or not, it’s very easy to create a balance sheet that would result in the same exact Trial Balance positions if generating monthly financial statements in QuickBooks. Unlike the income statement, which is a “period statement,” the balance sheet is a “perpetual statement.”  There are only two financial statements that consume all the accounts within the accounts included in the trial balance.  You may have seen references to a third statement called the cash flow statement which only represents a calculation formatted to display the utilization of cash utilizing every account included in the trial balance.