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The Balance Sheet in Excel is a detailed list of all transactions that have occurred during the accounting period. It includes the balance, profit and loss figures, cash collected from the customers, the cost of goods sold, inventories, and other cash-flow sources. The major purpose of the Balance Sheet is to provide the information needed to evaluate the financial performance of the business.
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The most common formats for an Excel report are the most used formats because they are easy to use and do not require a high level of familiarity with the software. The most commonly used formats include the following:
In a balanced sheet format, a column is used for each of the activities in the business, which include purchasing, selling, making payments, and paying invoices. These are then used as a foundation for the rest of the report. It is important to start with a blank document and fill it in as you go. The usual procedure is, to begin with, the purchase, and then move on to the sale and payment activity. In this way, the sheet will be easier to understand and process when working on it later.
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Another format is called the one-sheet format which requires you to have an “A” column for each of the activities in the report. This will make it easier to look at the data for each item, and when you have an important statistic such as a cost of sales, you can keep the other columns blank. One problem with this format is that it doesn’t show you the bottom-line results of the activity.
The two-sheet format is sometimes called the journal style or web sheet format. It is easier to read than the other formats, but also a little more difficult to edit the report at a later time. For instance, you cannot change the invoice numbers and dates. Also, it is harder to convert to other formats.
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There is also a column called the operating expense which will show you a balance of the amount that you spent on buying items versus the items that you are selling. These are usually referred to as transaction costs. You should get good at reading this column, to calculate the balance sheet. It will show you where your money is going and what you need to make up for the purchases.
The profit/loss statement is sometimes referred to as the operating statement in the balance sheet format. However, you can’t adjust the number of columns because that would change the fundamental result of the report. The figures in the profit/loss statement reflect the major components of the financial operation. Some of the components are cash, accounts receivable, accounts payable, inventory, and capital expenditures.
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Sometimes you will find a total sheet in the balanced sheet format. This can be helpful if you want to look at the total number of expenses. The Balance sheet can be quite confusing, so you need to learn about the various kinds of formats. Once you know which format to use, it will be easier to understand the statistics you are looking at.