Question

What options are available in the Fonts & Numbers tab for a balance sheet??

Answer 1

As per the above question little more information would be required as it is not cleard in the question in which parts is talk about (Like are you looking for formation or designing of the balance sheet or is this related to excel or any particular oftware).So I just tries to give you solution with my best preactice and knowledge, below is the answer.

A balance sheet is an important document to any business that is serious about its financial activities. The balance sheet is the document the account team needs to prepare to show the financial health status of the company.

Display of Zeros and Precision as Displayed

One of the confounding problems of using any of the financial number formats (accounting, currency, and number) is the display of zeros. Recall that the third part of any number format code is the code to display zeros. However, the format code only applies when the value in a cell is equal to zero, not when the value in a cell appears to be zero, such as when a small value rounds off automatically to zero for display. This is especially problematic when using the accounting format because cells can be displayed as zeros, positive zeros, or negative zeros

Some practitioners have become so frustrated with this problem that they enter hard-coded zeros over formulas when this occurs so that zeros display consistently throughout their reports. In the process of overwriting their formulas, however, they potentially corrupt their worksheet so that it does not recalculate properly in the future.

There are two easily applied solutions to this problem. The most common solution is to round-off calculations to the number of displayed decimals. In other words, the values 0.001 or -0.001 (or smaller) rounded to two decimals would result in a cell value of zero, which would be displayed properly when using the accounting format. When a positive or negative zero cell is encountered, simply round the contents of the cell to the appropriate number of decimal places using the ROUND function.

The second solution to this problem is to enable global rounding in the affected workbook. When global rounding is enabled, all values are rounded to their cell formats. In other words, the values 0.001 or -0.001 (or smaller) displayed with two decimals would automatically be rounded to a cell value of zero, which would be displayed properly when using the accounting format. To enable global rounding in a workbook, users of Excel 2010 should click the File tab of the Ribbon, Options, Advanced, and, in the section labeled When calculating this workbook, check the box next to Set precision as displayed and click OK.

Excel 2007

Excel 2007 users should click the Office Button and then Excel Options. Select Advanced on the Navigation Bar on the left. In the Option Pane on the right, check Set precision as displayed in the section entitled When calculating this workbook. Click OK.

Regardless of which version of Excel is running, enabling global rounding in a workbook causes Excel to display the warning .

All the commands and functionality of prior versions of Excel are still in Excel 2007 and 2010. However, because people cannot find them in the Ribbon Interface, they believe they are gone. That is not true. It is all there, somewhere, with the exception of the OLAP Cube Wizard. It is also easier to find commands now with all commands listed in numeric, then alphabetical order.

The Accounting Format

When asked if they use the accounting format, many accounting professionals respond that they do not use it at all. In reality, the accounting format is probably the most frequently used number format within the profession.

Cleanup Data with Text to Columns Command

The data parsing capabilities of Excel are excellent, but you can often still end up with junk in cells. When faced with text that looks like numbers or dates that will not work, run the Text to Columns command, use the delimited option, but select no delimiter. This will run the data through the standard “car wash” and should clean up your issues.

Footnotes on Numbers

This tip is only for those of you who are obsessive, although that may include a majority of the accounting profession. From time to time, accounting practitioners ask whether it is possible to have footnote numbers on numeric data. It is possible, but the process is sufficiently convoluted to warrant its use only in the context of templates. In other words, we do not necessarily suggest using this process in workbooks created as part of day-to-day tasks and activities.

Attempts to add footnote numbers to numeric data usually end in frustration. That's because the footnote number becomes the least significant digit in the number to be footnoted, and because the superscript formatting is not maintained. Since a footnote number actually alters the numeric value in a cell, any calculation on the number is also affected. The solution is to convert the numeric data to text. However, that creates another problem – we can't use labels that look like numbers in calculations using functions, such as SUM or AVERAGE, that accounting professionals use every day. The solution requires numeric data that is calculated accordingly on one worksheet (the working sheet) and reported on another (the reporting sheet) as text that looks like numeric data, along with the requisite footnote numbers. The footnote numbers will be added to the reporting sheet by using a VLOOKUP table. The lookup table will consist of numbers cross-referenced to UNICODE superscript numeric characters.