How Do I Fill Out an Individual Financial Statement?
An individual or personal financial statement is a form that is used to disclose all of your assets, liabilities, yearly income and yearly spending. These statements are required for many government programs and generally will be required by a bank if you attempt to open a new line of credit or extend the amount available on any particular line of credit. Remember that your individual financial statement must be 100 percent accurate in order for it to be useful to lenders or other interested parties.
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Instructions
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Complete the section of the form that asks for your personal information. Note that you must also include the personal information for your spouse if the financial statement is going to list financial information for the two of you jointly.
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Fill out the section of the form that asks about your assets. Remember that you will generally have to list cash on hand, life insurance policies, real estate and automobiles owned, and all other personal property of any value. Calculate the total value of all of these assets and any others asked for on your specific form, and include this number as the current total value of your assets.
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List all liabilities in the proper section of the individual financial statement form. Include all notes payable to banks, mortgages on real estate, taxes that are currently unpaid and any other liabilities. Total the liabilities and include this number on the proper line of the form.
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Subtract the total liabilities from the total assets if the form asks for a net worth. Write this number on the appropriate line of your form if required.
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Write all sources of income in the appropriate section of the form. Remember to write down your annual salary, all investment income, real estate income and any other source of income that you have. When applying for a loan or to extend a line of credit, your income is one of the main items that the bank will take into consideration, so be sure to include all sources of income on the form.
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Complete the expenses section of the individual financial statement. Include your taxes, mortgage interest, medical and dental expenses, insurance and payments to retirement plans. Calculate the total amount of your annual expenditures and include this total on the appropriate line of the form.
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Fill out sections at the end of the form that ask for details about any numbers included on the form. For instance, you may be asked to describe sources of income or real estate that you own. Remember that you can attach additional statements to the form if you need more room to describe anything that is asked for.
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Tips & Warnings
Ask if the signatures on the individual financial statement need notarization before you submit the form.
