Explanation for structure of Balance Sheet page 56

Explanation for structure of Balance Sheet

Here's what you need to do:

In cell A1: Enter the name of the business,

In cell A3: Enter the title for the statement.

In cell A5: Write CATEGORY (to represent categories in the Balance Sheet). In the cells below it, enter the list of items of the main categories and sub-categories. Arrange the items accordingly, or you can follow the sample above. Make sure the spelling for each category and sub-category is the same as that used in the TB sheet.

In cell B5: Write NOTES or any other suitable name. In the cells below it, you can write any notes against each item in the list of category and sub-category.

In cell C5: Write YEAR TO DATE or some other term of your choice.

In cell C6: Write the cut-off date.

In cell A8: Starting from this cell downward, write the items that you want to appear. Make sure the spelling you use is the same as that used in column C in sheet TB (unless the item is a title).

In cell C8: Write this formula:

=SUMIF(INDIRECT("TBICS:C2000"), A8, INDIRECT("TB!H5:H2000"))

This formula assumes that there is a category written in cell A8. This formula will compute the total amount of each sub-category in sheet TB where the item is the same with one stated in cell A8. In sheet TB, the sub-category is in column B while the amount is in column H.

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Copy this formula down to each cell which has a category stated in column A.

NOTE

Understanding the SUMIF and INDIRECT functions will enable you to design the Balance sheet statement differently (to suit your own requirements).

Formatting

Certain columns need to be formatted with appropriate format to accommodate the proper type of data. Usually, data can be a text type, date type or number type Columns to accommodate date type must be formatted with date formatting. Columns to accommodate number type must be formatted with number formatting. Columns to accommodate text type must be formatted with text formatting

Keep This Sheet

Keep this sheet. Do not delete it, or you will have to build it again from scratch.