In my balances sheet, i have 2 columns called ungrouped assets and ungrouped liabilities. Where do i group them and what is the best way to do that?
On your Accounts sheet, you can enter a group name for each of your accounts. The headings on your Balances sheet are driven from this, and after you assign a group name to each account, the balances of all are catalogued by these on the Balances Sheet.
Does that help?
yes thanks. are there commonly accepted groups i might want to use?
Common ones are things like “Banking”, “Loans”, “Credit Cards”, “Property”, etc… Since they can be later changed so easily in the
Accounts sheet, you can just pick something that makes sense now and change it later without too much hassle or brittleness. (Customizing your Categories is more fussy.)
That sounds good. I am staring with retirement, checking, saving, HSA, credit cards
Very useful sheet
Yes. It can be hard to find but is an optional (where needed) overrides sheet for accounts.
I trick the system by using numbers to get the order I want. See below.
Formal BS’s generally list assets in order of liquidity.
- Health Savings Account
- Section 529 Plan
- Taxable Account
5a. 401(k) Plans
5b. 403(b) Plan
- Roth IRAs
- Traditional IRAs
- Life Insurance
9a. Other - Real Estate
9b. Other - Vehicles
- Credit Card