Project Balance Sheet Checklist

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Collect information for the Project Balance Sheet:

• Examine the concepts of assets, liabilities, and net worth in a way to relate them to your project;
• Estimate how much you owe, through the project, to the creditors and project shareholders;
• Consolidate financial records on the company’s assets belonging to the project (e.g. equipment, inventory, furniture, etc) and liabilities (loans) in one place;
• Record the amounts and sources of cash utilized to launch and maintain the project (to acquire supply, inventory, etc);
• Define how much of amounts owed are due to be paid out during the next accounting period;
• Estimate amounts residing upon accounts receivable and identify how much of them may not be received during the next accounting period;

Learn sections of the Balance Sheet:

• Assets and their items:
  • Current Assets
  • Cash in Bank
  • Petty Cash
  • Net Cash
  • Inventory
  • Accounts Receivable
  • Prepaid Expenses
  • Total Current Assets
  • Fixed Assets (Machinery, Equipment, etc)
  • Land
  • Structures
  • Less Depreciation
  • Net Land & Buildings
  • Deposits
  • Less Depreciation
    
    
• Liabilities and their items:
  • Current Liabilities
  • Accounts Payable
  • Vacation Payable
  • Employment Insurance Payable
  • State Income Tax Payable
  • Pension Payable
  • Medical Payable
  • Long-Term Liabilities
  • Long-Term Loans
  • Mortgage
  • Bonds and Notes Payable
    
    
• Shareholders’ Equity:
  • Earnings;
  • Owner’s Equity – Capital
  • Owner – Draws
  • Retained Earnings
  • Current Earnings
  • Total Earnings

Manage the Balance Sheet:

• Record your project-related assets into appropriate section to learn what your company owns in context of the project;
• Record your project-related liability into appropriate section to learn what your company owes in context of the project;
• Calculate and record your project-related equity (worth of the project): it can be also referred to as net assets, project shareholders’ equity, or net worth;
  Net Worth = Project Assets – Project Liabilities

• Calculate Current Ratio (liquidity ratio) to define whether your organization has enough current assets to meet the payment schedule of current project liabilities with a margin of safety;
  Current Ratio = Total Current Project Assets\Total Current Project Liabilities.....

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