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There are several steps in preparing a balance sheet. These steps are not prescribed procedures, so there may be variations based on your company’s needs and situation. Let’s review each step in detail.
A balance sheet template is a blank format with header, date, categories, and components of categories. The template can be prepared on paper, or better off, it can be prepared in a spreadsheet software (e.g. MS Excel).
For our illustration, we prepared a balance sheet template in MS Excel and presented it below. The template is in the vertical format due to width limitations on our website:
Illustration 4: Balance sheet template