Rearrange Pages In Legal West Virginia Financial Statements Forms For Free

A personal financial statement is a spreadsheet that details the assets and liabilities of an individual, couple, or business at a specific point in time. Typically, the spreadsheet consists of two columns, with assets listed on the left and liabilities on the right.

A personal financial statement template is a form or document used to record an individual's financial information such as income, expenses, assets, and liabilities. It is typically used by lenders and other financial institutions to assess an individual's ability to repay a loan or make other financial commitments.

When it comes to long-term financial planning, preparing a Personal Financial Statement (PFS) is one of the best ways to assess your current situation and keep yourself on track to meet goals. The PFS is a relatively simple document that lists what you own (assets) and what you owe (liabilities).

Married couples may create joint personal financial statements by combining their assets and liabilities. Income and expenses are also included if the statement is used to attain credit or to show someone's overall financial position. This can be tracked on a separate sheet or an addendum, called the income statement.

Assets include the value of securities and funds held in checking or savings accounts, retirement account balances, trading accounts, and real estate. Liabilities include any debts the individual may have including personal loans, credit cards, student loans, unpaid taxes, and mortgages.

Lenders typically request that borrowers fill out personal financial statements (PFS) when applying for a loan. These personal financial statements can vary somewhat, although the SBA uses Form 413.