It is vital that you use any word processing software such as the Microsoft Word or Microsoft Excel to craft your balance sheet, rather than writing it down by hand. These balance sheet templates must contain the time period, business name on top of the page. The balance sheet can be considered as the type of the record, with the help of which you can keep a proof about your liabilities and the assets for a set period of time. Generally these balance sheet templates are prepared by the business that has a lot of different department. As the name of the balance sheet indicates, it is a document that makes sure that the assets and the liabilities of the business remain equal, using the following formula:
Assets = liabilities + shareholder’s equity
Such balance sheet templates are documents which are used as a financial statement. With the help of the balance sheet you can find out the liabilities and the assets of someone or of some business for the stated time period. These assets and liabilities are then categorized in different categories, such as, shareholder’s equity, long term liabilities, short term liabilities or the current liabilities, floating assets, fixed assets, and current assets and so on and so forth. Mostly it is the duty of the finance department to create the balance sheet; however, sometimes the departments can prepare their own balance sheet and get it approved by the finance department.