When you complete your closing cycle for an accounting period, it's important to update your financial statements. These statements provide an accurate look at your company's financial position and overall performance. To create a balance sheet when you don't have access to your office, you can use Google Docs -- renamed Google Drive -- to build the statement. With Google's document system, you can access the file from anywhere you have an Internet connection.

Navigate to Google Drive's My Drive Web page (link in Resources). Click "Create" and choose "Spreadsheet" from the drop-down menu. Click "File" in the spreadsheet window and choose "Rename." Enter the file name you want assigned to your balance sheet file.

Create the balance sheet header in the top center of the page. Use the formatting bar at the top of the spreadsheet window to center the text.

Enter your company name on the first line, followed by "Balance Sheet" on the second line. Create a third line on the header that includes the date of the statement. For example, if your balance sheet is based on the financial information as of the end of October, place "As of October 31, xxxx" on the third line.

Leave two or three blank lines after the header. Enter "Assets" to label the first section. Beneath the "Assets" label, list cash, accounts receivable and any other asset accounts that have a balance as of the date of the report. Place "Equipment less accumulated depreciation" directly beneath the asset list. Enter the balance with each corresponding account. Place the account name in the first column with the balance in the next.

Add any other applicable assets, each on a separate line. Create a subtotal beneath the list of assets and label it "Total Assets."

Enter "Liabilities" as a header for the next section, spaced two or three lines below the assets. List the short-term liabilities such as accounts payable, notes payable, salaries payable and any other short-term liability accounts. Short-term liabilities are those you can pay off within the fiscal year. Place a short-term liabilities subtotal at the bottom of the list.

Add all long-term liabilities, listing accounts including loans and other long-term expenses. Any liability that will sit on the books beyond the current fiscal year is a long-term liability. Subtotal the long-term liabilities at the bottom of the list, then create a "Total Liabilities" line with the sum of both short- and long-term liabilities.

Create an "Owner's Equity" section two to three lines below the liabilities. Subtract the total liabilities from the total assets and enter the difference in the "Owner's Equity" line. Label the next line "Liabilities and Owner's Equity," then place the sum of the total liabilities plus the total owner's equity. This will be equal to the total assets.

Retrieve your balance sheet file at any time from the My Drive page in your Google Drive account. The file is automatically saved as you work.

Click "File" in the spreadsheet window, and then click "Download as" to download the balance sheet file to your computer. Choose from CSV, ODS, HTML, TCT, PDF or XLS file formats.