Create a new Google Sheets document
Start by creating a new Google Sheets document to serve as the template for the Personal Financial Statement. This document will be used to input and organize all the necessary financial information. Make sure to name the document appropriately.
Design the layout of the Personal Financial Statement Template
Design the layout of the Personal Financial Statement Template as per the desired format. Consider using different columns and sections to clearly separate and organize the different categories and divisions. Ensure that the design is visually appealing and easy to read.
Input categories needed for the financial statement: Assets, Liabilities, Equity
Input the three main categories needed for the financial statement: Assets, Liabilities, and Equity. These categories will serve as the foundation for organizing the financial information. Consider adding these categories as headers in separate sections of the document.
Divide the 'Assets' category into: current assets, fixed assets, other assets
Under the 'Assets' category, divide the assets into further divisions: current assets, fixed assets, and other assets. These divisions will help categorize and provide a clearer understanding of the different types of assets. Use subheadings or separate sections to represent each division.
Divide the 'Liabilities' category into: current liabilities, long term liabilities
Under the 'Liabilities' category, divide the liabilities into further divisions: current liabilities and long-term liabilities. These divisions will help categorize and provide a clearer understanding of the different types of liabilities. Use subheadings or separate sections to represent each division.
Input details for each division under 'Assets' category
For each division under the 'Assets' category (current assets, fixed assets, other assets), input the relevant details. This may include listing the specific assets, their estimated values, and any additional information that may be required. Use appropriate form fields to collect this information.
Input details for each division under 'Liabilities' category
For each division under the 'Liabilities' category (current liabilities, long-term liabilities), input the relevant details. This may include listing the specific liabilities, their amounts, and any additional information that may be required. Use appropriate form fields to collect this information.
Calculate the total assets value
Calculate the total value of all the assets by summing up the values from each division under the 'Assets' category. Make sure to include the necessary formulas or functions in the Google Sheets document to automatically calculate this value.
Calculate the total liabilities value
Calculate the total value of all the liabilities by summing up the amounts from each division under the 'Liabilities' category. Make sure to include the necessary formulas or functions in the Google Sheets document to automatically calculate this value.
Calculate 'Equity' by subtracting total liabilities from total assets
Calculate the 'Equity' value by subtracting the total value of liabilities from the total value of assets. This represents the net worth or ownership value. Include the necessary formulas or functions in the Google Sheets document to automatically calculate this value.
Columns formatting and styling
Format and style the columns in the Google Sheets document to enhance readability and presentation. Consider adjusting the width of the columns, applying cell formatting, and using appropriate font styles and sizes.
Put in the owners' equity
Input the owners' equity value into the appropriate section of the Personal Financial Statement. The owners' equity represents the invested capital or retained earnings of the owner(s) of the financial statement. Use an appropriate form field to collect this information.
Recognition of income and expenses
Recognize and categorize the income and expenses in the Personal Financial Statement. This may involve listing and categorizing various sources of income and expenses. Use appropriate form fields to collect this information.
Determine the net income/loss
Calculate the net income or loss by subtracting the total expenses from the total income. This will provide an overview of the financial performance. Include the necessary formulas or functions in the Google Sheets document to automatically calculate this value.
Review the financial statement for any errors or miscalculations
Thoroughly review the financial statement and double-check for any errors or miscalculations. Ensure that all values and formulas are correctly entered and that the financial statement accurately represents the financial situation. Make any necessary corrections.
Approval: Financial Analyst
Will be submitted for approval:
Review the financial statement for any errors or miscalculations
Will be submitted
Secure the document with a password if necessary
If necessary, secure the Google Sheets document with a password to protect the sensitive financial information. Choose a strong password and ensure that only authorized individuals have access to the document. Use an appropriate form field to collect the password.
Document the process for future reference
Document the entire process of creating the Personal Financial Statement template for future reference. This documentation will serve as a guide and reference point for any future updates or modifications to the financial statement. Use an appropriate form field to collect any additional comments or notes.
