A personal financial statement template is basically a spreadsheet that outlines an individual’s financial position over a given period of time. This spreadsheet is typically based on personal information about an individual, including his name, date of birth, address, an overview of his current personal assets and debts, and his annual income and expenditure. It can also contain supplemental information not necessarily based on the financial statements. For instance, if an individual were to include an expense for traveling, it would be listed along with the expense’s date of occurrence. In addition, if a person were to include a loan, it would be listed under the category of personal loans.
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The personal financial statement template can be downloaded from the Internet. One advantage of doing so is that it is generally free of charge. Another advantage is that it is readily available, and the information can easily be altered according to an individual’s personal needs. A typical free-template will have blank fields for the individual to enter his/her personal information. If more information is required, then it can be entered in the appropriate cells.
The format that a personal financial statement template normally uses is very similar to the standard format used by financial statements. The only difference is that instead of numerical values being entered into the financial statements, the information is entered into the cells relating to the income, assets, liabilities, expenses, and so on. It is easy to see how personal cash flow statement templates can be used for accounting and planning purposes. With the information readily available, it is simple to work out a budget, and make payments to creditors. Also, living expenses can be easily worked out by reviewing the information given in the template.
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The standard format used in a personal finance statement template would include the gross income, net income, current liabilities, current assets, current debts, balance sheet, profit, and loss account, and Statement of Cash Flows. The gross income accounts for the income received from all sources including salary and sales. Net income refers to the total of all income that is received minus the total expense that is incurred. Current assets are those that are considered immediately available to be used. In addition, liabilities are those that are owed that is not immediately available either through a loan or investment.
The balance sheet shows how the total assets, liabilities, and total debts are distributed among holders of the debt, equity, and capital. The asset and liability categories can be easily changed by using any spreadsheet software. It would be a good idea to view the balance sheet at least once a month. Using the personal finance statement templates, it is simple to update the total assets, liabilities, and debt as needed.
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If the balance sheet does not include certain information that the personal financial statement template requires, then it may be possible to create them using the data that is already present. This includes the information on the remaining balance, whether there are any current assets that are being carried at a lower interest rate than the total current liabilities. It also includes the balance of trade. When adding an additional category of item to the list of assets, the personal finance template may be used to add that as well.
The details worksheet is a convenient way to enter the various details that are required to be reported on the assets, liabilities, and trade. These details worksheet also works with the personal financial statement template that displays the balance sheet. This worksheet will help to determine the amount of equity as well as the level of debt. Entering the information that is required for the worksheet in the cell references within the worksheet may be done using a standard spreadsheet. However, if the contents of the worksheet are complex, then it may be best to use a macro that is included in some of the popular applications. A macro can be defined as a series of pre-defined instructions that can be used to run a series of commands through the spreadsheet.
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Once complete, the contents of the personal balance sheet template should be imported into the financial statement template that is used to create financial statements. The personal balance sheet can then be completed by the business owner or accountant. The template may also be used to generate financial statements that include an income statement, balance sheet, and statement of cash flows.
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