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. 






Animated Social Media Icons by Acurax Wordpress Development Company
Visit Us On LinkedinCheck Our FeedVisit Us On FacebookVisit Us On TwitterVisit Us On Youtube