TEMPLATES & BUSINESS WORKFLOWS

Balance Sheet in Excel: Free Template That Balances and Checks Itself

A balance sheet shows what a business owns, what it owes and what belongs to the owners on one date. In this guide you will build a comparative balance sheet in Excel straight from your account balances: SUMIFS maps every account to its line, the subtotals follow the standard current and non-current layout, and built-in checks prove that assets equal liabilities plus equity, that no account is left out and that retained earnings roll forward from the profit and loss. The free template uses a real small-business example, so every number ties.

Balance sheet in Excel at Sep 30, 2026 with total assets of 198,980.68, liabilities of 70,990.45, equity of 127,990.23, a Balanced check and working capital of 71,340.23. — Assets equal liabilities plus equity: the balance sheet is balanced.

What goes on a balance sheet

Every balance sheet follows the accounting equation: assets = liabilities + equity. Assets and liabilities are split into current (due or used up within 12 months) and non-current, so a reader can see at a glance whether the business can pay its short-term bills.

Section	What it holds	Lines in the template
Current assets	Cash and items turned into cash within a year	Cash, accounts receivable (net), inventory, prepaid expenses
Non-current assets	Long-term assets, net of depreciation	Property and equipment, net
Current liabilities	Amounts due within a year	Accounts payable, accrued expenses, sales tax payable, current portion of the bank loan
Non-current liabilities	Amounts due after more than a year	Bank loan, less current portion
Equity	The owners’ stake	Share capital, retained earnings

Free download: Get the balance sheet template (.xlsx). It has an Accounts sheet for your balances, a comparative Balance Sheet with checks, a retained earnings roll-forward and quick ratios, and a How It Works sheet. Works in Excel 2010 and later, Microsoft 365 and Excel for the web.

Step 1: List the account balances and map each one

Start from your closing account balances, for example the debit and credit balances of a trial balance. On the Accounts sheet, each row has the account name, the balance sheet line it belongs to (column B), its type (Asset, Liability or Equity) and the balance on two dates: Dec 31, 2025 and Sep 30, 2026.

Enter assets as positive numbers and liabilities and equity as positive numbers too, so each side adds up naturally. The exceptions are contra accounts: the allowance for doubtful accounts and accumulated depreciation reduce assets, so they are entered as negatives on asset lines.

Account	Balance sheet line	Sep 30, 2026
Cash in bank	Cash and cash equivalents	24,180.35
Petty cash	Cash and cash equivalents	300.00
Accounts receivable	Accounts receivable, net	39,500.00
Allowance for doubtful accounts	Accounts receivable, net	(2,370.00)
Equipment	Property and equipment, net	82,500.00
Vehicles	Property and equipment, net	45,000.00
Accumulated depreciation	Property and equipment, net	(39,650.00)

Excel account list with 16 accounts, each mapped to a balance sheet line and a type, with total assets of 198,980.68 equal to liabilities plus equity on Sep 30, 2026. — Each account is mapped to exactly one balance sheet line.

Checkpoint: 16 accounts. On Sep 30, 2026 the asset accounts total 198,980.68 and the liability and equity accounts total 198,980.68.

Step 2: Pull each line with SUMIFS

On the Balance Sheet sheet, column A holds the line names exactly as they appear in Accounts column B. In B7, for the Sep 30, 2026 column:

=SUMIFS(Accounts!$E$4:$E$19,Accounts!$B$4:$B$19,$A7)

SUMIFS adds every account whose balance sheet line matches the name in A7. Two accounts map to Cash and cash equivalents, so the line shows 24,180.35 + 300.00 = 24,480.35. The Dec 31, 2025 column uses the same formula with Accounts!$D$4:$D$19. If SUMIFS is new to you, see summing monthly values with SUMIFS.

The mapping is what makes the template reusable: add a new bank account or a second vehicle to the Accounts sheet, give it an existing line name, and the balance sheet picks it up without a new formula.

Excel balance sheet line pulled with SUMIFS from the account list: accounts receivable, net of 37,130.00 is receivables of 39,500.00 less an allowance of 2,370.00. — One SUMIFS per line, summing every mapped account.

Checkpoint: Accounts receivable, net = 39,500.00 – 2,370.00 = 37,130.00. Property and equipment, net = 82,500.00 + 45,000.00 – 39,650.00 = 87,850.00.

Step 3: Add the subtotals and totals

Use plain SUM and addition for the subtotals, so the structure is easy to audit:

Row	Line	Formula	Sep 30, 2026
11	Total current assets	`=SUM(B7:B10)`	111,130.68
15	TOTAL ASSETS	`=B11+B14`	198,980.68
23	Total current liabilities	`=SUM(B19:B22)`	39,790.45
26	Total liabilities	`=B23+B25`	70,990.45
30	Total equity	`=SUM(B28:B29)`	127,990.23
31	TOTAL LIABILITIES AND EQUITY	`=B26+B30`	198,980.68

The bank loan is split between the current portion (the 9,600.00 due in the next 12 months) and the rest, 31,200.00. A loan amortization schedule gives you both numbers: add the principal due over the next 12 payments.

Excel balance sheet subtotals: total current assets 111,130.68, total assets 198,980.68, total liabilities 70,990.45 and total equity 127,990.23. — The report form: assets first, then liabilities and equity.

Checkpoint: Total assets 198,980.68 = total liabilities 70,990.45 + total equity 127,990.23.

Step 4: Prove that it balances

Three cells under the statement do the proving. The difference in B33:

=ROUND(B15-B31,2)

Then the checks in B34 and B35:

=IF(B33=0,"Balanced","Check")

=IF(ROUND(B15-Accounts!E20,2)=0,"Ties","Check")

ROUND to cents stops tiny floating-point differences from showing as errors. The second check matters as much as the first: if an account’s line name is misspelled in the Accounts sheet, SUMIFS silently skips it, and the balance sheet can still look tidy. Comparing total assets with the total of all asset accounts (Accounts!E20, a SUMIFS on Type = Asset) catches the missing account.

Excel balance sheet checks showing a difference of zero, Balanced in both columns and Ties for every account mapped to the balance sheet. — Balanced, and every account is on the balance sheet.

Try it: In Accounts!B6 change Accounts receivable, net to Receivables. Total assets drops to 159,480.68, the difference in B33 is (39,500.00), the missing receivable, and both checks show Check in both columns. Change it back.

Step 5: Roll forward retained earnings

Retained earnings link the balance sheet to the income statement. Opening retained earnings, plus net income for the period, less dividends, must equal the closing balance in the ledger. The template does this in B38:B43:

Line	Sep 30, 2026
Retained earnings, Dec 31, 2025	58,000.00
Add: net income, Jan 1 – Sep 30, 2026	31,990.23
Less: dividends declared	(12,000.00)
Retained earnings, Sep 30, 2026 (calculated)	77,990.23
Per the ledger	77,990.23
Roll-forward check	Ties

Net income comes from your profit and loss statement for the same period. If the check shows Check, look for a dividend that was not recorded, a prior-period adjustment posted straight to retained earnings, or a period mismatch between the P&L and the balance sheet date.

Excel retained earnings roll-forward: 58,000.00 opening plus net income of 31,990.23 less dividends of 12,000.00 equals 77,990.23, the same as the ledger. — Opening + net income – dividends = closing retained earnings.

Mid-year balance sheets: Before the year is closed, many ledgers still show the opening retained earnings and keep the year’s profit in the income and expense accounts. In that case add a Current year earnings line (net income to date) under equity, or the balance sheet will be out by exactly the year-to-date profit.

Step 6: Compare the dates and read the numbers

Column D shows the change since Dec 31, 2025 (=B7-C7) and column E shows each line as a percentage of total assets:

=IF($B$15=0,0,B7/$B$15)

Below the checks, three ratios give a quick health reading for both dates:

Measure	Formula	Sep 30, 2026	Dec 31, 2025
Working capital	`=B11-B23`	71,340.23	61,800.00
Current ratio	`=B11/B23`	2.79	2.75
Debt to equity	`=B26/B30`	0.55	0.68

Brightline Trading has 2.79 of current assets for every 1.00 of current liabilities, and it paid down 7,200.00 of the bank loan, so debt to equity fell from 0.68 to 0.55. Receivables grew 6,480.00 (21.1%), the biggest increase among current assets; an accounts receivable aging report shows which customers are behind. On the other side, an accounts payable aging report backs up the 22,853.05 owed to suppliers.

Excel balance sheet analysis with the change and percent of total assets columns, working capital of 71,340.23, a current ratio of 2.79 and debt to equity of 0.55. — What moved, and what the ratios say.

Checkpoint: Cash grew 5,730.35, from 18,750.00 to 24,480.35. Equity is 64.3% of total assets.

Month-end checklist before you trust the balance sheet

The trial balance balances (see the trial balance template) and the bank is reconciled.
Depreciation is posted (see the depreciation schedule) and prepaid expenses are amortized (see the prepaid expense amortization schedule).
Receivables and payables agree with the aging reports, and the allowance for doubtful accounts has been reviewed.
Inventory agrees with the stock count.
The current portion of every loan is split out.
Balanced, Ties and the roll-forward check all pass for both dates.

For a larger workbook, Excel’s error checking rules help you find formulas that were overwritten with typed numbers.

Frequently asked questions

How do I make a balance sheet in Excel?

List your account balances, map each account to a balance sheet line, pull each line with SUMIFS, add subtotals for current and non-current assets and liabilities, and check that total assets equal total liabilities plus equity.

Why does my balance sheet not balance?

Usually an account that is not mapped to a line (SUMIFS skips it), a contra account entered with the wrong sign, or the current year’s profit missing from equity. Check that every account is on the balance sheet first.

What is the difference between a balance sheet and an income statement?

The balance sheet shows balances on one date: assets, liabilities and equity. The income statement shows revenue and expenses over a period. Net income from the income statement flows into retained earnings on the balance sheet.

What is a comparative balance sheet?

A balance sheet with two or more dates side by side, usually the current date and the last year end, plus a change column. The template compares Sep 30, 2026 with Dec 31, 2025.

Should the balance sheet be in report form or account form?

Either is correct. Report form lists assets first and liabilities and equity below, which fits a portrait page and is what the template uses. Account form puts assets on the left and liabilities and equity on the right.

Final checklist

Every account has a balance sheet line and a type.
Contra accounts are negative on their asset line.
Both date columns show Balanced and Ties.
The retained earnings roll-forward shows Ties.
The loan is split between current and non-current.
Working capital and the ratios make sense compared with the last year end.

Practice file: Download the balance sheet template. Replace the yellow balances with your own and add or rename accounts on the Accounts sheet; the statement, checks and ratios update automatically.

Close the month with confidence

Browse the ready-to-use Excel templates for more accounting tools, visit the OneXcel Tutorial Hub for step-by-step guides, or turn your balance sheet into a dashboard with the OneXcel Dashboard Builder.