Start with Vertex42's free Balance Sheet template for Excel or Google Sheets: it's designed for small-business owners, compares two years side by side and includes common financial ratios. If you'd rather fill one in online, Template.net has balance sheet templates you complete in your browser and download as Word, Excel, PDF, Pages or Numbers files.
A balance sheet answers one question: what is the business worth on a given day? It lists what you own, what you owe and what's left over. Vertex42 says it's used to gain insight into a company's financial strength, and Template.net points to investors, creditors and management as the people who use it for decisions. Both sources are free, and both are easy to get wrong if you don't know what each block is for.
The two free balance sheet sources worth opening
| Source | How you edit it | What's inside | Licence or terms |
|---|---|---|---|
| Vertex42 Balance Sheet | Excel, Google Sheets, OpenOffice | Two-year comparison, common financial ratios, notes on every block on the page | Private Use (not for distribution or resale) |
| Template.net balance sheets | In the browser; downloads in Word, Excel, PDF, Google Docs, Google Sheets, Apple Pages and Apple Numbers | Small business, startup, blank, nonprofit and forecast versions | Check the Free label on each listing |
The equation the whole sheet hangs on
Vertex42 states the accounting equation as assets equal liabilities plus owner's equity. Turn it round and you get the number the sheet exists to show: total assets minus total liabilities gives owner's equity, which corporations call shareholders' equity and everyone else can call net worth. It's a snapshot of one point in time, not a record of a period.
That's the big difference from an income statement, which covers a stretch of time. Vertex42's author is candid about it: in his opinion no balance sheet is complete without an income statement alongside it, and as a small business owner he finds the income statement more useful for running the business. He still calls the balance sheet a critical accounting tool, because it's the one that shows net worth. If the two blur together for you, read profit and loss vs balance sheet first.
What goes in each block
Vertex42 says 'current' on a balance sheet generally means short-term, usually one year or less. Current assets are cash (including checking and savings balances), accounts receivable, which it describes as amounts customers owe you, usually within 10 to 60 days, inventory, and prepaid expenses such as insurance and rent.
Long-term assets cover long-term investments, property and equipment (land, buildings, tools, furniture, computers, vehicles) offset by accumulated depreciation, intangible assets such as patents, trademarks, copyrights and goodwill, and other assets.
On the other side, current liabilities are obligations due within a year: accounts payable, short-term loans, income taxes payable, wages, unearned revenue such as service contracts, and the current portion of long-term debt, like mortgage payments due within 12 months. Long-term liabilities are long-term debt such as notes and mortgages, capital lease obligations and deferred income tax.
Equity is what's left when you subtract total liabilities from total assets. Vertex42 says it includes the owner's investment and retained earnings, the portion of profit reinvested in the business, and that corporations usually have more categories.
Filling in the template, block by block
- Pick the date. The sheet is a snapshot, so every figure should be as of that one day.
- List current assets: cash and bank balances, accounts receivable, inventory and prepaid expenses.
- Add long-term assets, net of accumulated depreciation.
- List current liabilities due within a year, then long-term liabilities.
- Enter the owner's investment and retained earnings in the equity block.
- Check the equation: total assets should equal total liabilities plus owner's equity. If they don't match, something is missing or sitting in the wrong block.
- Fill in the second year column and compare, which is what Vertex42's two-year layout is for.
If the totals won't agree, a trial balance is the usual place to trace where a figure went.
Template.net's browser versions
Template.net describes a balance sheet as a snapshot of assets, liabilities and equity at a given date, and its templates are completed or modified directly in the browser. It says they're used by accountants, business owners, financial analysts and auditors. Its tips are sensible rather than surprising: categorise assets, liabilities and equity accurately, use up-to-date figures and double-check calculations.
The listings include a Balance Sheet for Small Business, a Startup Balance Sheet, a Blank Balance Sheet and a Nonprofit Organization Balance Sheet Report, plus forecast and projection versions. One thing to watch: the same page also lists things that aren't balance sheets at all, like a balanced meal plan and a balanced scorecard, so read the title before you click.
Licence and disclaimer, in plain words
Vertex42's file is Private Use, not for distribution or resale, as of October 2026. That means it's fine for your own business and for sharing privately with people in your company who need it. It isn't fine to host it on a website, post it to an online gallery or share it through a public link; in Google Drive, link sharing has to be off.
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Vertex42 also says the spreadsheet and its page are for illustrative and educational purposes only, that it doesn't guarantee the results or their fit for your situation, and that you should get advice from qualified professionals on financial decisions. I'd treat it the same way: a clear layout to learn from and fill in, not a replacement for your accountant's year-end figures.
When you run a small business it's easy to watch sales and forget what you owe. A balance sheet puts both on one page, and filling in two years side by side shows whether net worth is moving the right way.
My advice
I'd use Vertex42's file if you want to understand each line as you fill it in, because its page explains every block. Pick Template.net if you need a printable layout fast or you work in Pages or Numbers. Skip both if your accounting software already produces a balance sheet; a template is then only useful for learning the layout. And if you're building your own statements from scratch, start with an income statement spreadsheet, because the profit it shows feeds the equity line here.
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Frequently asked questions
Where can I get a free balance sheet template?
Vertex42 has a free Balance Sheet template for Excel and Google Sheets with a two-year comparison and common financial ratios. Template.net has balance sheet templates you edit in your browser and download in several formats.
What is the accounting equation on a balance sheet?
Assets equal liabilities plus owner's equity. Subtracting total liabilities from total assets gives owner's equity, also called net worth.
What counts as a current asset?
Vertex42 lists cash, accounts receivable, inventory and prepaid expenses such as insurance and rent. Current generally means short-term, usually one year or less.
Can I use the Vertex42 balance sheet for my business?
Yes. Its Private Use licence allows use within your company and private sharing with people who need it, but not hosting it on a website or sharing it publicly.
Is a balance sheet the same as a profit and loss statement?
No. A balance sheet is a snapshot of one date, while an income statement or profit and loss statement covers a period. Vertex42 says a balance sheet isn't complete without an income statement alongside it.
