A balance sheet is used to verify the amount of assets the business has and the amount of debt the business has. The debt is listed under the liabilities section of the balance sheet and must match the debt schedule exactly. Our lenders need a business’s balance sheet to assess the company’s financial position to make an informed financial decision for the business. If your business doesn’t have any assets or liabilities, we still require a balance sheet.
A balance sheet should include:
Your YTD profit & loss and balance sheet dates need to be through the same period. For example, if you have dated your P&L statement from January-August 15th, your balance sheet must state “as of August 15th, 2023.”
The liabilities section of the balance sheet must match the debt schedule information you filled out. For example, if the balance sheet lists "American Express Credit Card $33,000," the debt schedule must have this business credit card listed with its corresponding details.
The total assets must equal total liabilities + equity (assets = liabilities + equity)
If you have QuickBooks or another accounting software and it’s up to date, you can easily download this document. Otherwise, you can work with your finance team or CPA, or put together your own with our simple, easy-to-use template.