How to create a Balance Sheet

by Able

Able writes:
The person operating my accounting software last year disappeared with my Balance sheets, Profit and Loss statements,and no telling what else. I do have my General Ledger and tax return forms. Can I create a Balance Sheet from this information. I am trying to get certified at the SBA and as a DBE and this is required.
Do I have this right..I add all the prior years net profits to get the Retained Earning data?



Yes. Retained Earnings is the cumulation of prior years profits and losses. Sorry you had a bad experience! But you do have a couple options with what you have left of your accounting information.

If you have a General Ledger, you can prepare a Balance Sheet from that.

The first accounts listed in a General Ledger are Assets, then Liabilities, then Equity, then Revenue, then Expenses. Assets, Liabilities, and Equity are your Balance Sheet.

Also if your tax return is a corporate return, there is a small Balance Sheet in the tax return as well.

If one of these options sounds good, and you'd like some more assistance, email me again, and I can help you further.

Thanks Able!


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