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Forecasting your balance sheet
Key points in this article
- Current and fixed assets
- Long-term and current liabilities
- Calculating your equity in the business
For an idea of what position your balance sheet will be in by the end of the year, download our balance sheet forecaster to estimate your assets and liabilities at a future date.
Once you've downloaded the spreadsheet, first enter the date of your estimation.
Inputting your assets
Input the dollar values of your current assets – these are assets that can be converted into cash within 12 months.
Only fill in the boxes that are applicable to your business. The template will calculate your total current assets.
Next, input each of your fixed assets – those that can’t easily be changed into cash. Again, the template will automatically calculate your total fixed assets and your total assets.
Be sure to include all your current and fixed assets in this section.
Including your liabilities
Enter each of the current liabilities you have. Current liabilities need to be settled in cash by your business within the next 12 months.
Ignore the fields that aren’t relevant. Do the same with your long-term liabilities – those liabilities due after 12 months.
The template will total both these columns and calculate your total liabilities figure.
Adding your equity
Lastly, enter any goodwill and owner’s equity you have in your business, plus any retained earnings from your previous year’s operations if applicable.
Goodwill is an intangible asset that relates to the perceived value of such assets as:
- your brand
- the quality of your business relationships
- your reputation.
Retained earnings relates to the portion of net income from your business that is retained by the business and not distributed as dividends.
The template will automatically calculate your total equity as well as your current asset and quick asset ratios.
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Any advice does not take into account your personal needs, financial circumstances or objectives and you should consider whether it is appropriate for you.
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