{"id":51196,"date":"2022-12-29T09:00:02","date_gmt":"2022-12-29T01:00:02","guid":{"rendered":"https:\/\/www.crazydomains.com\/learn\/?p=51085"},"modified":"2023-01-04T09:38:34","modified_gmt":"2023-01-04T01:38:34","slug":"balance-sheet","status":"publish","type":"post","link":"https:\/\/www.crazydomains.co.nz\/learn\/balance-sheet\/","title":{"rendered":"Your Ultimate Guide to Preparing a Balance Sheet for Your Startup"},"content":{"rendered":"<p><span data-contrast=\"auto\">The importance of a balance sheet in determining the state of a business&#8217;s finances is immense.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Analysing a balance sheet gives you an idea of how healthy your finances are based on various parameters, such as whether the income matches the expenses.\u202f<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">If you run a startup business and are looking for a comprehensive guide to understanding and preparing a balance sheet, this post is for you. We&#8217;ll discuss everything from what goes into a balance sheet to the steps you need to take in creating it.<\/span><\/p>\n<h3><b><span data-contrast=\"auto\">What is a Balance Sheet?<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">A balance sheet is a financial statement that highlights what a startup business owes and owns as assets and liabilities.<\/span><\/p>\n<p><span data-contrast=\"auto\">Apart from this, the balance sheet shows the startup owner\u2019s equity, which represents the total assets of a business that owners can claim.<\/span><\/p>\n<h4 aria-level=\"3\"><b><span data-contrast=\"auto\">Components of A Balance Sheet<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/h4>\n<p><span data-contrast=\"auto\">Here are the three main components of a balance sheet:<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<h5><b><span data-contrast=\"auto\">Assets<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/h5>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Cash reserves or how much cash the business has on hand<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Various prepaid expenses such as rent, taxes, and insurance<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Inventory of property, goods, and patents<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Investments such as bonds, stocks, real estate, or other long- or short-term investments\u202f<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/li>\n<\/ul>\n<h5><b><span data-contrast=\"auto\">Liabilities<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/h5>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Accounts payable by businesses, including fuel and energy costs, leases, transportation, services, or any other logistical obligations<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Any kind of interest owed by a startup representing the total amount of interest the business owes to lenders<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Any debt owed to the shareholder<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/li>\n<\/ul>\n<h5><b><span data-contrast=\"auto\">Shareholder&#8217;s equity<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/h5>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Any leftover assets after all business abilities have been accounted for<\/span><\/li>\n<\/ul>\n<p style=\"text-align: center;\"><strong><span class=\"TextRun SCXW172748061 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW172748061 BCX0\">READ: <\/span><\/span><a class=\"Hyperlink SCXW172748061 BCX0\" href=\"https:\/\/www.crazydomains.com\/learn\/budgeting-tips-small-businesses\/\" target=\"_blank\" rel=\"noopener\"><span class=\"TextRun Underlined SCXW172748061 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW172748061 BCX0\" data-ccp-charstyle=\"Hyperlink\">11 Smart Budgeting Tips for Small Businesses<\/span><\/span><\/a><\/strong><\/p>\n<h3 aria-level=\"2\"><b><span data-contrast=\"auto\">Why Does Your Startup Business need a Balance Sheet?<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">The balance sheet is an important document you can provide to potential lenders to get a startup loan.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">It also gives a clear snapshot of the business at different points in time\u202fand shows the complete financial position of the startup business.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h4 aria-level=\"3\"><b><span data-contrast=\"auto\">Balance Sheet Format<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/h4>\n<p><span data-contrast=\"auto\">A balance sheet template or format offers you the basic layout and structure to create a sheet.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Here&#8217;s a format that startups can use:<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-51150\" src=\"https:\/\/www.crazydomains.com\/learn\/wp-content\/uploads\/2022\/12\/Balance-Sheet-Format.png\" alt=\"\" width=\"728\" height=\"365\" srcset=\"https:\/\/www.crazydomains.co.nz\/learn\/wp-content\/uploads\/2022\/12\/Balance-Sheet-Format.png 728w, https:\/\/www.crazydomains.co.nz\/learn\/wp-content\/uploads\/2022\/12\/Balance-Sheet-Format-300x150.png 300w\" sizes=\"(max-width: 728px) 100vw, 728px\" \/><\/p>\n<h3 aria-level=\"2\"><b><span data-contrast=\"auto\">How a Balance Sheet Differs from a Trial Balance<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">A balance sheet and a trial balance are very important financial documents for any business. But the two differ in many ways.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">A balance sheet summarises the company&#8217;s total assets, liabilities, and shareholders\u2019 equity. A trial balance, on the contrary, summarises the closing balance of the various general ledgers of the company.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Other differences between the two are as follows:<\/span><\/p>\n<table data-tablestyle=\"MsoTableGrid\" data-tablelook=\"1696\">\n<tbody>\n<tr>\n<td style=\"width: 25.4359%;\" data-celllook=\"0\">\n<p style=\"text-align: center;\"><b>Differences<\/b><\/p>\n<\/td>\n<td style=\"text-align: center; width: 38.2169%;\" data-celllook=\"0\"><b><span data-contrast=\"auto\">Balance Sheet<\/span><\/b><\/td>\n<td style=\"width: 138.926%;\" data-celllook=\"0\">\n<p style=\"text-align: center;\"><b>Trial Balance<\/b><\/p>\n<\/td>\n<\/tr>\n<tr aria-rowindex=\"1\">\n<td style=\"width: 25.4359%;\" data-celllook=\"0\"><span data-contrast=\"auto\"><span data-ccp-parastyle=\"Normal (Web)\">What it records<\/span><\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/td>\n<td style=\"width: 38.2169%;\" data-celllook=\"0\"><span data-contrast=\"auto\">The balance sheet records the assets,\u202fliabilities, and equity of the company<\/span><\/td>\n<td style=\"width: 138.926%;\" data-celllook=\"0\"><span data-contrast=\"auto\">Trial balance records all the closing balances of the general ledgers of accounts<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"2\">\n<td style=\"width: 25.4359%;\" data-celllook=\"0\"><span data-contrast=\"auto\"><span data-ccp-parastyle=\"Normal (Web)\">What is it used for?<\/span><\/span><\/td>\n<td style=\"width: 38.2169%;\" data-celllook=\"0\"><span data-contrast=\"auto\">The balance sheet is used for external purposes<\/span><\/td>\n<td style=\"width: 138.926%;\" data-celllook=\"0\"><span data-contrast=\"auto\">Trial balance is used internally within the company<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"3\">\n<td style=\"width: 25.4359%;\" data-celllook=\"0\"><span data-contrast=\"auto\"><span data-ccp-parastyle=\"Normal (Web)\">When is it recorded?<\/span><\/span><\/td>\n<td style=\"width: 38.2169%;\" data-celllook=\"0\"><span data-contrast=\"auto\">The balance sheet is recorded at the end of every financial year<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td style=\"width: 138.926%;\" data-celllook=\"0\"><span data-contrast=\"auto\">The trial balance is recorded at the end of the quarter, half-year, and year<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"4\">\n<td style=\"width: 25.4359%;\" data-celllook=\"0\"><span data-contrast=\"auto\">Auditor approval<\/span><\/td>\n<td style=\"width: 38.2169%;\" data-celllook=\"0\"><span data-contrast=\"auto\">The balance sheet requires the signature of an auditor<\/span><\/td>\n<td style=\"width: 138.926%;\" data-celllook=\"0\"><span data-contrast=\"auto\">Does not require the approval of an auditor<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: center;\"><strong style=\"font-size: 16px; text-align: center;\"><span class=\"TextRun SCXW169016710 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW169016710 BCX0\">READ: <\/span><\/span><a class=\"Hyperlink SCXW169016710 BCX0\" href=\"https:\/\/www.crazydomains.com.au\/domain-names\/\" target=\"_blank\" rel=\"noopener\"><span class=\"TextRun Underlined SCXW169016710 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW169016710 BCX0\" data-ccp-charstyle=\"Hyperlink\">5 Basic Steps in Preparing a Trial Balance for Your Business<\/span><\/span><\/a><\/strong><\/p>\n<h3 aria-level=\"2\"><b><span data-contrast=\"auto\">Steps in Preparing a Balance Sheet\u202f<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">Here are the steps you can follow to prepare a basic balance sheet for your startup:<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<h4 aria-level=\"3\"><b><span data-contrast=\"auto\">A. Determine the Balance Sheet Reporting Date<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/h4>\n<p><span data-contrast=\"auto\">The key aim of the balance sheet is to show all the assets, liabilities, and shareholders\u2019 equity of a business either on a specific day of the year (known as reporting day) or within a given period.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">In most cases, companies prepare the balance sheet reports every quarter (last day of March, June, September, and December).<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">However, you may also choose to prepare your business balance sheet every month, where you will have to report on the last day of each month and list down all of your assets.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<h4 aria-level=\"3\"><b><span data-contrast=\"auto\">B. Identify Your Business&#8217;s Assets<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/h4>\n<p><span data-contrast=\"auto\">Once you fix a date, your next task is to list out all of your current assets as of that date.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">You can usually list assets in two ways:<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">As individual line items<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">As total assets<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">Doing so makes it easier for you to understand your assets and tally them together for final analysis. Assets here are often split into the below items:<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Current assets <\/span><\/b><span data-contrast=\"auto\">include accounts receivables, cash and cash equivalent, short-term marketable securities, and other current assets.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Non-current assets <\/span><\/b><span data-contrast=\"auto\">include\u202fproperty, goodwill, <\/span>l<span data-contrast=\"auto\">ong-term marketable securities, intangible assets, and other non-current assets.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">You should subtotal these current and non-current assets and then total them together.<\/span><\/p>\n<p><a href=\"https:\/\/www.crazydomains.com.au\/web-hosting\/?utm_source=blog&amp;utm_medium=CD_ContentHub&amp;utm_campaign=balance-sheet&amp;utm_content=banner\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"alignnone wp-image-32364 size-full\" src=\"https:\/\/www.crazydomains.com\/learn\/wp-content\/uploads\/2021\/05\/web-hosting-banner.jpg\" alt=\"\" width=\"728\" height=\"245\" srcset=\"https:\/\/www.crazydomains.co.nz\/learn\/wp-content\/uploads\/2021\/05\/web-hosting-banner.jpg 728w, https:\/\/www.crazydomains.co.nz\/learn\/wp-content\/uploads\/2021\/05\/web-hosting-banner-300x101.jpg 300w, https:\/\/www.crazydomains.co.nz\/learn\/wp-content\/uploads\/2021\/05\/web-hosting-banner-400x135.jpg 400w\" sizes=\"(max-width: 728px) 100vw, 728px\" \/><\/a><\/p>\n<p aria-level=\"3\"><b><span data-contrast=\"auto\">C. Identify Your Business&#8217;s Liabilities\u202f<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Similar to the previous step, you will need to identify your liabilities and organise them into both line items as follows:<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"8\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Current liabilities <\/span><\/b><span data-contrast=\"auto\">include accrued expenses, accounts payable, deferred revenue, the current portion of long-term debt, and other current liabilities.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"9\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Non-current liabilities <\/span><\/b><span data-contrast=\"auto\">include long-term debt, deferred revenue (non-current), long-term lease obligations, and other non-current liabilities.<\/span><\/li>\n<\/ul>\n<p aria-level=\"3\"><b><span data-contrast=\"auto\">D. Calculate Shareholders\u2019 Equity\u202f<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Under this section, you need to include the total amount invested in the business by shareholders and the business owner. Make sure to add any retained earnings that went into the business and add these as the total equity.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Some of the common line items added in this section of the balance sheet include:<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Preferred stock<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Treasury stock\u202f<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Common stock<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Retained earnings\u202f<\/span><\/li>\n<\/ul>\n<p aria-level=\"3\"><b><span data-contrast=\"auto\">E. Add up the Assets and Liabilities and Ensure that the Accounting Equation is Balanced<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">In the final step, you need to add up the total assets, total liabilities, and equity of the startup business.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">You need to compare the two values and make sure they tally. If they do, that means your balance sheet is complete.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">In case they don\u2019t tally, revisit your data to check for any miscategorised figures, check for omitted entries, and work on the balance sheet again till it tallies.<\/span><\/p>\n<h2 aria-level=\"2\"><b><span data-contrast=\"auto\">Track Your Startup\u2019s Growth with A Well-Maintained <\/span><\/b><b><span data-contrast=\"auto\">Balance Sheet Format<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">Maintaining a clear and simple balance sheet is a smart way to track your startup business&#8217; growth as it expands further.<\/span><\/p>\n<p><span data-contrast=\"auto\">Apart from managing other aspects, such as a <\/span><a href=\"https:\/\/www.crazydomains.com.au\/web-builder\/?utm_source=blog&amp;utm_medium=CD_ContentHub&amp;utm_campaign=balance-sheet&amp;utm_content=banner\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">well-functioning website<\/span><\/a><span data-contrast=\"auto\"> and <\/span><a href=\"https:\/\/www.crazydomains.com.au\/domain-names\/?utm_source=blog&amp;utm_medium=CD_ContentHub&amp;utm_campaign=balance-sheet&amp;utm_content=banner\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">domain name<\/span><\/a><span data-contrast=\"auto\">, ensure you have a balance sheet to regulate smooth cash flows in your startup. Also, to determine what you own versus what you owe as a business.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The importance of a balance sheet in determining the state of a business&#8217;s finances is immense.\u00a0 Analysing a balance sheet gives you an idea of how healthy your finances are based on various parameters, such as whether the income matches the expenses.\u202f\u00a0 If you run a startup business and are looking for a comprehensive guide [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":51114,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[2034],"tags":[2037],"coauthors":[2653],"class_list":["post-51196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business-tips"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - 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