Free Personal Financial Statement Template

This template can be immensely useful in tracking the individual’s overall wealth, mostly used when an applicant seeks to apply for a bank loan. It comprises all the assets owned and liabilities owed by an individual. This statement may or may not include the income and expenses of an individual.

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  • Excel 2003 (.xls) OpenOffice (.ods)CSV (.csv)Portable Doc. Format (.pdf)

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Understanding Personal Finance Statement Template

The personal financial statement template comprises an individual’s income statementIncome StatementThe income statement is one of the company’s financial reports that summarizes all of the company’s revenues and expenses over time in order to determine the company’s profit or loss and measure its business activity over time based on user requirements.read more and balance sheetBalance SheetA balance sheet is one of the financial statements of a company that presents the shareholders’ equity, liabilities, and assets of the company at a specific point in time. It is based on the accounting equation that states that the sum of the total liabilities and the owner’s capital equals the total assets of the company.read more where all their expenses are borne. In addition, provides the income earned and the total of all their assets and liabilities. This template of an individual also provides their general personal information like name, address, contact details, etc.

#1 – Income Statement

  • The income statement of an individual signifies the inflows and outflows of money. The results of an income statement could be either a net profit or a net lossNet LossNet loss or net operating loss refers to the excess of the expenses incurred over the income generated in a given accounting period. It is evaluated as the difference between revenues and expenses and recorded as a liability in the balance sheet.read more.The net profit is earned by an individual when their total income exceeds their total expenses, while the net loss takes place when their total expenses exceed their total income. An income statement’s particulars are divided into two segments: income and expenses.The expenses and income of an individual are recorded when they take place, along with the value. The personal income statement of an individual is prepared to evaluate their financial results for a particular period.The personalized incomePersonalized IncomePersonal income refers to the total earnings of the individuals and households of a nation through multiple sources such as salary, wages, business profits, bonus, investment returns, dividends, rental receipts, employer contribution in provident or pension funds, etc.read more statement reflects the total revenue generated and an individual’s expenses for a given period. The difference will be a net profit or a net loss.The positive numbers would mean net profits, while the negative numbers would ideally mean net losses. The income statement is a concept that states debit the expenses and credit the income earned.The revenue or income earned by an individual might come from their salary, part-time income, bonus, dividends income, net investmentNet InvestmentNet investment is calculated as capital expenditure minus non-cash depreciation and amortization for the period, and it indicates how much the company is investing to maintain the life of its assets and achieve future business growth.read more income, interest income, dividend income, other investment income, other income, real estate income, capital gains, and so on. The total of all this will be termed total income.On the other hand, an individual’s expenditures shall include services, groceries, personal insurance, grooming expenses, entertainment, conveyance expenses, fuel expenses, home rent, insurance, taxes, retail payment, credit card payment, car EMI, etc. The total of these annual expenditures would be a total expenditure. The difference between total expenses and income will be an individual’s net profit or a net loss.

#2 – Personal Balance Sheet

  • An individual’s balance sheet can be resourceful for learning about their current financial standing or well-being. The balance sheet of an individual has two particulars: assets and liabilities.The asset side is to record financial entries like cash in hand, cash in the bank, real estate, automobiles, savings accounts, notes receivableNotes ReceivableNotes Receivable is a written promise that gives the entitlement to the lender or holder of notes to receive the principal amount along with the specified interest rate from the borrower at the future date.read more from business, retirement accounts, non-readily marketable securitiesMarketable SecuritiesMarketable securities are liquid assets that can be converted into cash quickly and are classified as current assets on a company’s balance sheet. Commercial Paper, Treasury notes, and other money market instruments are included in it.read more, other assets, etc.The liabilities side of an individual’s balance sheet displays financial items like real estate mortgages, loans taken against mortgages, car loans, school loans, credit cards, unpaid taxes, other liabilities, etc.The total of all the assets and liabilities provided in an individual’s balance sheet must have equal balances. If the total assets and liabilities mismatch, then the individual will need to recheck if any entry has been missed or wrongly passed or if any amount is wrongly mentioned and accordingly redress the required changes.

How to use this Template?

  • An individual provides the above template, which can be used by an individual to input all their details like name, contact number, address, period, etc. After filling up all the required information, an individual can fill in the actual amount borne as expenses and earned as an income in the income statement account.Once all the entries pass, they must total all the expenses and income and calculate the difference between them. Based on the results, they must determine whether they have earned a profit or a loss for that period. Once the net income/loss for the period ascertains, an individual must proceed with the balance sheet.They must provide the date and then fill up the actual figures of all sorts of their assets and liabilities. Once the figures are incorporated, they must tally the total assets with total liabilities and check whether the total of both balances is the same. If the balance does not tally, they must recheck and make the necessary rectifications to ensure that the balance sheet is accurate.

This article is a guide to Personal Financial Statement Template. Here, we provide a free template to prepare an individual’s income statement and balance sheet. Also, you can download and use this template in Excel, Google Sheets, or CSV format.

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