Are you looking for a tool to track assets and liabilities like a pro?
Excel boasts plenty of tools to manage day-to-day activities and expenses. Users can easily create a balance sheet and track revenue with built-in formulas.
Maintaining a Balance sheet without any proper tools can indeed be a tedious task.
In this article, we will explore the top 9 free Balance sheet templates created using Excel and learn many things about Balance sheets. Make sure to read the article to the end.
Top 9 FREE Excel Balance Sheet Templates
There are numerous Excel Balance sheet templates available on the internet. Most of them are unique in some regards.
However, we understand that you may not be able to download and test each one to find a perfect fit. So, we have done the heavy lifting for you! Here is a list of Balance sheet templates that automatically calculate total assets, liabilities, and net worth.
1. Yearly Balance Sheet Template by SoftwareAccountant
Click Here To Use This Template!
Have a look at this excellent tool to track your company’s financial performance. Using it, you can compare your current year’s financial health with last year’s.
The template is easy to use, and you can download it for free.
It uses Excel’s built-in formulas to calculate the total income generated by assets, the total amount used for repaying the liabilities, and the owner’s equity over a given period.
The template is divided into four sections:
- Assets
- Liabilities
- Owner’s Equity
- Financial Ratios
Note that the template also calculates the Debt ratio, current ratio, assets-to-equity ratio, debt-to-equity ratio, and working capital in the Financial ratios section.
It is a highly customizable template. Using the various formatting tools in Excel, you can play around with the colors and even add more rows or columns to meet your requirements. As mentioned earlier, the template contains many predefined formulas to automate multiple calculations. So, please avoid editing the cells holding the formulas.
2. Balance Sheet Template by Vertex42
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If you are a small business, this balance sheet template by Vertex42 is a perfect choice. It has a user-friendly design and lets you compare current and previous year’s financial performance.
The template includes sections for assets, liabilities, and equity, allowing you to track how much your business owns and owes efficiently. It uses many built-in formulas to automatically calculate totals, making it easier to get accurate financial insights.
You can customize this template by adjusting the categories and values to suit your specific needs. It is a very straightforward tool for organizing your financial data and is worth trying.
3. Balance Sheet Template by HubSpot
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This professional-looking Balance sheet template was designed by Hubspot experts. It can be used to track an organization’s financial health over the past few years.
Click on the link above to download the template for free. By default, it tracks the company’s performance over the past six years, but you can easily add extra columns to include more years.
4. Balance Sheet Template by Corporate Finance Institute
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One more comprehensive balance sheet template on this list. Professionals can use it to track their company’s financial health.
It shows the total assets, liabilities, and shareholder’s equity.
There are many built-in formulas to calculate the totals automatically. The template comes with an intuitive design and is an efficient and accurate way to create balance sheets for precise decision-making.
Make sure to include your company’s name at the top to make the template more personalized.
5. Monthly Balance Sheet Template by Smartsheet
Click Here To Use This Template!
This balance sheet template provides an easy way to track and analyze your financial data on a month-to-month basis. Start by entering the assets, liabilities, and owner’s equity for each month. The template automatically calculates the totals for both current and long-term assets, liabilities, and equity for each month of the year.
Note that the template includes predefined categories like cash, accounts receivable, fixed assets, and liabilities to simplify the financial reporting process. It is a good choice for small businesses or individuals who want a clear, structured view of finances over the year.
The light green and gray colored cells hold the formulas. You are not supposed to edit them; otherwise, the template will not work as expected.
6. Balance Sheet Template by Spreadsheet123
Click Here To Use This Template!
Are you looking for a minimal balance sheet template to track your financial performance and growth yearly?
We have already discussed a few in the above section, but this one comes with a minimal design and includes all the features. It helps you quickly compare the current and previous year’s financial growth.
The template is free to download and can be customized as per your preferences.
Whether you manage a small business or work as an independent contractor, this template provides a straightforward way to organize your financial data.
7. Quarterly Balance Sheet Template by Smartsheet
Click Here To Use This Template!
This template is a perfect fit for individuals and business owners looking to track quarterly financial performance. You can input each month’s assets and liabilities.
Note that the template is ideal for short-term financial analysis but can also be used to compare year-over-year results on a monthly and quarterly basis.
You need to start by entering the details, such as the company name, last updated by, date of updation, etc., at the top. Make sure you avoid editing the cells containing the formulas.
8. Balance Sheet Template by Zapier
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This Zapier template is a must-have for small and medium-sized businesses. Its beautiful design will attract stakeholders.
There are two tables in this template:
- Assets
- Liabilities and equity
This template can be used to compare the current and last year’s financials. Note that the light orange cells contain formulas to determine the total assets, liabilities, and equity.
This template is highly customizable, and you can easily add more components to your financial statement as per your requirements.
9. Balance Sheet Template by Spreadsheetpoint
Click Here To Use This Template!
Our final pick on this list comes with many automated features.
Users can quickly calculate the total value of their assets and liabilities using various built-in functions.
On the extreme right side, several financial ratios, such as the current ratio, debt-to-equity ratio, debt ratio, quick ratio, and assets-to-equity ratio, are automatically determined.
It is an easy-to-use template and also includes an example sheet with sample data for your reference. The template is customizable, and you can include as many rows or columns as you want, but ensure the formulas work properly after each change.
What is a Balance Sheet?
A balance sheet is also known as a financial statement that provides a summary of a company’s finances.
It displays the total income from assets and spends on liabilities. Such a document offers valuable insights that can be leveraged to strengthen the organization’s financial health and boost its net worth.
A typical balance sheet has the following three sections:
- Assets: These include both current and long-term resources that contribute to a company’s income, such as Inventory, machinery, property, stocks, and other valuable holdings.
- Liabilities: This category covers everything from employee wages to debts and taxes. In other words, liabilities are the amounts a company owes to others, like loans and accounts payable.
- Equity: It represents the portion of a company that belongs to shareholders. It is calculated by subtracting the total liabilities from the company’s assets.
In short, a Balance sheet follows this simple formula: Assets = Liabilities + Equity.
A well-structured balance sheet helps business owners assess how much a company owns versus how much it owes. It also determines an organization’s financial growth at a specific point in time.
Benefits of Using Excel Balance Sheet Template
Balance Sheets are crucial for a company’s financial management and serve as an essential tool for decision-making.
Its goal is to allow companies to make informed financial plans, secure investments, and maintain long-term growth. Using Balance sheet templates created using Excel has several benefits.
Here are a few of them:
- Time-saving: With an automated balance sheet template, you don’t need to calculate profits and losses over time manually. All you need to do is download the template and start entering the details of assets and liabilities. The template will automatically calculate the rest of the things.
- Error Reduction: Manual calculations can often lead to mistakes when dealing with large datasets. Excel uses built-in formulas to automate complex and repetitive calculations, reducing errors and ensuring accurate results.
- Extensive Customization: Excel templates offer a high degree of customization. With a few clicks, you can even include brand elements such as the company name and logo. Additionally, you can easily add rows and columns to include more financial terms and categories.
FAQs
Q. Does Excel have a balance sheet template?
Yes, Excel offers several balance sheet templates in its library.
They are designed to help users organize and calculate their assets, liabilities, and equity.
To access the available balance sheet templates in Excel, follow the steps below:
- Launch the Excel application on your device
- Hover to the main menu and click on “File” tab
- Click on “New” from the dropdown menu
- In the search bar, type “Balance Sheet”
- Press “Enter” on your keyboard
- You will find the available balance sheet templates as shown below
- Select your preferred template
Next, click on the “Create” button as shown below
This will open the template in editing mode.
Q. What are the 3 parts of a balance sheet?
A Balance sheet is a crucial document to track a company’s financial growth. It consists of three main parts:
Assets: These are resources owned by a company, including current and long-term assets like inventory, cash, etc.
- Liabilities: These represent the amount the company owes, like the debts and accounts payable.
- Shareholder’s Equity: This is the residual value obtained after subtracting the assets from the liabilities.
Q. What is the formula for a balance sheet?
A balance sheet uses the following formula to display a company’s total assets and liabilities.
Assets = Liabilities + Equity
Where,
- Assets include current and long-term resources such as inventory, machinery, property, stocks, and other valuable holdings that contribute to a company’s income.
- Liabilities cover everything from employee wages to debts and taxes. It represents the amounts a company owes to others.
- Equity represents the portion of a company that belongs to shareholders.
The formula is quite simple. For a complete explanation, please refer to the above sections of this article.
Q. What is the balance sheet format?
A balance sheet can be created in two different ways as follows,
- Report form—In this type, the assets are listed on top of the liabilities and equity. Such a format is highly popular among top businesses in the United States.
- Account form—Here, the assets and liabilities are listed side by side. In contrast to the Report form, this balance sheet format is popular in Europe and other parts of the world.
The right choice depends upon your unique requirements. We have listed the top free balance sheet templates in both Report and Account formats. Refer to the above sections of this article.
To Summarize: Balance Sheet Template Excel
A balance sheet is crucial for the success of every organization, regardless of its size. If you don’t have one, then please immediately download one of the free templates discussed above.
By using these templates, you can save time, reduce errors, and ensure that your financial data is accurate and organized.
Let us know in the comment section if we need any fantastic templates worth adding to this list. Also, feel free to comment below if you need more information about using the templates discussed above.
Please refer to our blog section for more tips and tricks on using Microsoft Excel and Google Sheets like a pro.