Year-end financial statements?

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Year-end financial statements?

Post by ERMD » Sun Jan 18, 2015 12:40 pm

Anyone else put together a year-end financial statement for their families/themselves in Word/Excel? Was interested in seeing what other people did as a template. I was thinking a simple table in Word with year as the row, and columns for: AGI, Federal taxes/%, State taxes/%, Retirement accounts, Taxable accounts, and Cash savings.

Do people go into more detail than this? (i.e. do you chart specific expenses for groceries/utilities/mortgage etc for the year?)
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Re: Year-end financial statements?

Post by NOVACPA » Sun Jan 18, 2015 1:12 pm

I just print from Quicken:

Balance Sheet
Income Statement
Cash Flow Statement

It has this year's numbers and last year's numbers.

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Re: Year-end financial statements?

Post by livesoft » Sun Jan 18, 2015 1:15 pm

MS Money keeps track of everything, so no need to do anything at year-end. But I create the following chart which I annotate with rebalancing and RBD moves that I made. It is great to look at in hindsight to see that I am following my plan or not. It is easy to annotate since I make so few trades annually.

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Re: Year-end financial statements?

Post by Toons » Sun Jan 18, 2015 1:28 pm

I Have a Quicken File.Certain family members have the password(along with my Lastpass master password)in case I fall off the face of the earth. :happy
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Re: Year-end financial statements?

Post by magneto » Sun Jan 18, 2015 2:12 pm

Before I knew what an IPS was, put together at the end of each a year a Review of Investments.

+ Asset Class Allocations; with their real yields and thoughts on possible changes in the light of the real yields noted and other factors. Also background financial information and comments on the significant events and changes during the year.
+ Bonds : holdings with real yields and changes year on year, again with thoughts
+ Stocks : Ditto
+ Cash : Ditto
+ Real Estate : Ditto
+ Actions : for the year ahead (now mostly covered by IPS).

The Review and the IPS (with which there is much overlap), are scrutinized by family before finalising, to make sure we are all in agreement, and the family know what to do should I suddenly depart.
While I still keep up the annual review process, the IPS is by far the more important document and now includes a section on a simple low maintenance Bullet-Proof Portfolio for our heirs.

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Re: Year-end financial statements?

Post by Xpe » Sun Jan 18, 2015 4:54 pm

Monthly I document the ending balance for each of my accounts, along with some summary data (total investments, change in investment value, investment contributions, salaried take home income, total expenses for the month, and asset allocation).

I've considered adding columns for more granular expense tracking (by category) and will probably eventually do that, it will probably help with budgeting.

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