How to fill in the balance sheet of an organization

The balance sheet of an enterprise is an ordered grouping of assets and sources of their formation (liabilities) in a monetary value on a certain date. This is one of the main reporting forms of the organization. Balance sheet indicators characterize the financial position of the company. The formation of this document is a rather lengthy and complex process, requiring a large list of accounting work.

Instruction manual

1

Before compiling the balance sheet, organizations carry out preparatory work, which includes an inventory of property and liabilities and clarification of account balances, adjustments to the value of assets and liabilities, the formation of funds and reserves, the identification of the final financial result, the preparation of a turnover sheet, including all corrective entries. All these procedures are carried out in the formation of the annual balance sheet. The remaining balances are compiled based on book accounting data.

2

The balance sheet procedure is strictly regulated. If there are no indicators for its individual articles or for the articles of other forms of financial reporting, the corresponding lines are crossed out. In the form of a balance sheet developed by the organization on its own, such lines can be completely excluded.

3

If the indicators of income, expenses, assets, liabilities or business operations are significant, and without them it is impossible to correctly assess the financial condition of the organization, then they are presented separately. If each of the indicators separately is not significant and cannot affect the opinion of interested users of the financial statements, then they can be given by the total amount. But at the same time, there should be disclosure in the notes to the balance sheet.

4

When preparing the balance sheet, it must be remembered that the information indicated in it at the beginning of the year must correspond to the data at the end of last year. The reporting date for the balance sheet is considered the last calendar day of the reporting period. All balance sheet items must be supported by inventory of property, liabilities and settlements.

5

Assets and liabilities are reflected in the balance sheet of the organization in accordance with the circulation (repayment) term: short-term and long-term. Short-term assets and liabilities include those whose maturity does not exceed 12 months from the reporting date. The remaining assets and liabilities are considered long-term.

6

The balance sheet is compiled on the basis of data from accounting registers: turnover sheet, order books, auxiliary statements. They, in turn, serve to form the general ledger. Turnovers, which are indicated in it, and are indicators of the balance sheet of the enterprise.