Electrical Balance Sheet Template

Once assets are complete, fill in the liabilities. Enter what you owe to suppliers (accounts payable), any unpaid wages, customer deposits you're holding, and the current balances on vehicle loans, equipment financing, and your line of credit. The equity section at the bottom — owner's capital contributions plus retained earnings — closes the statement. If assets minus liabilities equals equity, the sheet is balanced, and a built-in check cell will confirm this for you.

For an electrical contracting business, the balance sheet has some specific characteristics worth understanding. Accounts receivable can be substantial — commercial contractors often have 60–90 day payment cycles from GCs, so receivables may represent 30–45 days of revenue at any given time. Unbilled work in progress is another category that many contractors undervalue on their books: jobs that are complete or in progress but not yet invoiced represent real assets. On the liability side, vehicle and equipment loans are common, and the ratio of current liabilities to current assets (the current ratio) is what lenders and bonding agents look at first to assess financial health. A current ratio above 1.2 is generally considered solid for a trade contractor.