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Question
how do i prepare a balance sheet in a case where i have no assets, no liabilities but received only external funding and expensed the money but acquired no assets
Dear Erima Eric,
Thank you for contacting me.
It seems that you received a grant for a special project. If it is the case, visit TechSoup.org where you will find valuable guidelines for reporting. In addition, the entity that granted you funding should have a form where you report how the funds were spent.
From the TechSoup.org:
Financial Statement
One of the most important items found in a grant report is a financial statement, which tells funders how you spent their money. A financial statement should include all costs associated with the project, including staff and contractor salaries; equipment purchases; and travel expenses.
Different funders will set different guidelines as to how detailed your financial statement should be, but in general, funders will want to see how closely the project's actual budget -- including both expenses and income -- matches the original budget found in your proposal. Some funders may even request an audit of your financial records in order to double-check your statement, so be as thorough as possible.
Balance sheet is a basic financial statement where you report assets, liabilities and business equity of a for profit entity.
I wish you continued success in your endeavors.
Sincerely,
Consuelo Herrera, CAMS, CFE
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Consuelo Herrera, International Accountant and Fraud Examiner
Expertise
I can answer questions concerning internal and operational auditing, fraud prevention procedures, internal control, the Sarbanes-Oxley Act, COSO control concepts, and management oriented auditing. I would love to provide business-owners with suggestions on how to prevent and detect fraud so that they are proactive in protecting their wealth since the very beginning of their entrepreneurial affairs. I can answer questions to both English and Spanish population. I am very committed to keep my standards up today so I know many resources where I can direct those seeking advice.
Experience
I have rendered services for private companies, profit and non for profit, in two countries. As independent consultant I have provided advice to managers in implementing procedures that streamline their operations and enhance their activities. As a staff accountant in a US CPA firm, I performed regular auditing procedures for different engagements.
Organizations
AICPA (American Association of Certified Public Accountants), ACFE (Association of Certified Fraud Examiners), ACFEI (American College of Forensic Examiners.
Education/Credentials
Bachelors of Sciences in Business Administration – Accounting
University of South Florida USF – Tampa Florida
Catholic University – Colombia
Title earned: Specialist in Tax and Customs
Central Foundation University – Colombia
Title earned: Certified Public Accountant.
On August, 2006 I passed all four sections of the Certified Fraud Exam which tests for proficiency in the following areas: Criminology and Ethics, Financial Transactions, Legal Elements of Fraud, and Fraud Investigation.
Awards and Honors
As employee of Forensic Technology Inc. a Canadian company with locations and sites worldwide, I was the winner of the 2005 President's award in the category of Cost Savings through Efficiency or Innovation granted in January 2006 in Montreal, Canada.
Past/Present Clients
I have provided advice to all kind of companies: manufacturing, service, consulting, non for profit organizations, etc.
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