Get Opening Day Balance Sheet

Filling out the Opening Day Balance Sheet online is an essential step in understanding your company's financial position as it opens for business. This guide provides a detailed walkthrough of each section of the form, ensuring you complete it accurately and confidently.

Follow the steps to complete your Opening Day Balance Sheet smoothly.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Enter your company name in the designated field at the top of the balance sheet. Ensure that the name reflects your registered business name for accurate record keeping.
3. Move to the 'Assets' section and begin with 'Current Assets.' Fill in the applicable fields for cash in the bank, inventory, prepaid expenses, and any other current assets you possess. Sum these values to calculate 'Total Current Assets.'
4. Proceed to the 'Fixed Assets.' Complete the fields for machinery and equipment, furniture and fixtures, leasehold improvements, and real estate/buildings. Add any other fixed assets you have. Calculate the 'Total Fixed Assets' by summing these amounts.
5. For 'Other Assets,' specify any intangible items such as patents or trademarks, or deposits. Sum these to get 'Total Other Assets.'
6. Now add together all the totals from 'Total Current Assets,' 'Total Fixed Assets,' and 'Total Other Assets' to get the 'Total Assets.'
7. Next, move to the 'Liabilities & Net Worth' section. Start with 'Current Liabilities.' Enter amounts for accounts payable, taxes payable, notes payable due within 12 months, and the current portion of long-term debt. Include any other current liabilities and calculate 'Total Current Liabilities.'
8. Continue to 'Long-term Liabilities.' Input data on bank loans payable, considering the short-term portion, and enter any long-term debt. Total these to find 'Total Long-term Liabilities.'
9. Sum 'Total Current Liabilities' and 'Total Long-term Liabilities' to calculate 'Total Liabilities.'
10. Next, determine 'Owners' Equity (Net Worth)' by subtracting 'Total Liabilities' from 'Total Assets.'
11. Finally, combine 'Total Liabilities' and 'Net Worth' to confirm that it matches 'Total Assets' for overall balance. Review all entries for accuracy.
12. Once you have filled out the form completely, you may opt to save changes, download, print, or share the completed balance sheet as required.

Start filling out your Opening Day Balance Sheet online today to fully understand your company's financial standing.