This video is gold. It's so nice to get actual explanations rather than theory. The way you share good content makes me want to take your course. Thanks for your effort!
Here in France and in Belgium, the Law imposes companies to follow a standard Charts of Accounts (Plan Comptable) where the 4 first numbers are the same for all companies, like 3511 is for all finished products inventory , then each companies will add their own numbers (given their size and needs) to create more detailed accounts (like 35110000 would be finished product A, 35112230 for another one), but at least, everybody working in the Accounting and Audit sector, can transition to any company and understand directly the accounts. Up to the point that in practice, among accountants, you will hear the chief accountant says to one of his junior staff "book this invoice on 623 and not on 624", without mentioning the nature of the account and he will directly understand (because we had to memorize them during our education)
@@TheFinancialController Thanks for your channel, it's really the best on RUclips for controlling. Being myself a financial controller (also having begun as an auditor), here in France, controllers not only supervise the accounting but also prepares budgets, forecasting and business reports (sales margin for instance) : I saw your video about budgeting, it was quite interesting, but I was wondering if you could prepare maybe a more "advanced" one more focused on forecasting methods and sensitivity analysis on Excel ?
Could this be the definition of a calling? If it were not so, why did it seem so effortless on your part and so simple to understand on my part. Hats off
@@Unresourceful Thank you for the note. Please feel free to leave me your comment under my video. I think Bill already has some videos about Financial Modeling on this channel and his website you may check it out for now. I’ll definitely create video in near future.
This is an Amazingly informative video for the financial accounting, kind of masterpiece. Could you please share your expertise on the COA design in terms of what accounting elements need to be there (e.g. company code, account, cost center, management unit, intercompany etc.) and how to chose them based on various industries. Appreciate your effort.
For deliveries that are not pay until the following week, what account should that fall into? Since there is no money received but it has been earned throughout the week?
For health care industry, doctors, nurses salary and benefits = cost of sales? you didn't mention about the sub-ledger accounts. I find that a lot of accountants dont understand how sub-ledger accounts work.
What is true is forever true and what is false is forever false. We cultivate sincerely for the benefit of ourselves, not for others. Even the Bodhisattva is unable to save a person with a defiled heart.
This is WILDLY overcomplicated and I don't recommend people doing any of this. I own a biz with 35+ employees and our books are setup much simpler than this. It's obvious why bookkeeping and accounting are so confusing to people, the "teachers" out there really don't understand how to pair-things-down and simplify things. KEEP THINGS SIMPLE. You're business will thank you later.
This accounting approach is definitely more geared towards larger businesses. I usually advise smaller to medium businesses to keep it simple as well. Too many details can be overwhelming. But as you scale, the details may become more important, especially when you incorporate more cost centers. I've realized accountants who work for large corporations think and teach differently from your bookkeeper who works with SMBs.
EBIDTA is used to compare investment opportunities when purchase different types of businesses. It’s not so much for accounting purposes but to manage the finances
This video is gold. It's so nice to get actual explanations rather than theory. The way you share good content makes me want to take your course. Thanks for your effort!
Thanks brother!
Thank you for your videos, I find them to be more useful for actually practicing in private accounting versus what was taught in school.
Glad you like them!
Just enrolled in the Controller course. You've provided a wealth of knowledge thus far I can't wait to learn more through the four modules.
Here in France and in Belgium, the Law imposes companies to follow a standard Charts of Accounts (Plan Comptable) where the 4 first numbers are the same for all companies, like 3511 is for all finished products inventory , then each companies will add their own numbers (given their size and needs) to create more detailed accounts (like 35110000 would be finished product A, 35112230 for another one), but at least, everybody working in the Accounting and Audit sector, can transition to any company and understand directly the accounts.
Up to the point that in practice, among accountants, you will hear the chief accountant says to one of his junior staff "book this invoice on 623 and not on 624", without mentioning the nature of the account and he will directly understand (because we had to memorize them during our education)
Thanks for this info! Those Belgian eh!!
@@TheFinancialController Thanks for your channel, it's really the best on RUclips for controlling. Being myself a financial controller (also having begun as an auditor), here in France, controllers not only supervise the accounting but also prepares budgets, forecasting and business reports (sales margin for instance) : I saw your video about budgeting, it was quite interesting, but I was wondering if you could prepare maybe a more "advanced" one more focused on forecasting methods and sensitivity analysis on Excel ?
I love your comment OKREDHOT! Thank you for your input!!!
Quiet similar to Portugal
Could this be the definition of a calling? If it were not so, why did it seem so effortless on your part and so simple to understand on my part. Hats off
oh thank you so much for this kind comment!
I enjoyed your videos, you are gifted, so talented. Waiting for more. Thank you so much
Good video as usual. Can you make a video about set up payroll?
Great suggestion!
amazing vid love ya. so useful for personal business organization
thank you for this video, this is actually what I'm looking for.
Thank you for sharing!
I went to your channel.... Very limited vdos.... Post more, hope you'll do gr8.... Can u teach Financial Modelling?
@@Unresourceful Thank you for the note. Please feel free to leave me your comment under my video. I think Bill already has some videos about Financial Modeling on this channel and his website you may check it out for now. I’ll definitely create video in near future.
This is an Amazingly informative video for the financial accounting, kind of masterpiece. Could you please share your expertise on the COA design in terms of what accounting elements need to be there (e.g. company code, account, cost center, management unit, intercompany etc.) and how to chose them based on various industries. Appreciate your effort.
Thank you so much!
Thank you very useful and clear 👍
Hi, do you have any videos on how to reconcile a loan statement?
great video! but hmmm, what does sales return fall under? do we write under expenses in the charts of account?
Nice Video!! Thanks!
Jim Halpert 😂 love it
Very Good video!
Great video!
Glad you enjoyed it
Great video Bill. If you may explain what does WBS in SAP does vs. COA that will be great.
Is there any website or platform that you would recommend that would help me enhance my excel skills?
For deliveries that are not pay until the following week, what account should that fall into? Since there is no money received but it has been earned throughout the week?
Can I pay myself if I put me on an specific schedule to work?
For health care industry, doctors, nurses salary and benefits = cost of sales?
you didn't mention about the sub-ledger accounts. I find that a lot of accountants dont understand how sub-ledger accounts work.
Great
Is an “account” essentially a document that tracks something?
correct, it's a page (paper in the past, and now a web page) that tracks financial activity
i think there must be separate chart of accounts for Cash in Hand and Cash at bank.
No point having the former if you never deal with cash.
Love from India..sexy way of learning Boss.. Real James bond
can you share this file?
Pl provide this file
Showing this video
What is true is forever true
and what is false is forever false.
We cultivate sincerely for the benefit of
ourselves, not for others.
Even the Bodhisattva is unable to
save a person with a defiled heart.
Send this excel file
Just google chart of account and make your own. But google it like this Chart of account for construction company or whatever your industry is.
This is WILDLY overcomplicated and I don't recommend people doing any of this. I own a biz with 35+ employees and our books are setup much simpler than this. It's obvious why bookkeeping and accounting are so confusing to people, the "teachers" out there really don't understand how to pair-things-down and simplify things. KEEP THINGS SIMPLE. You're business will thank you later.
This accounting approach is definitely more geared towards larger businesses. I usually advise smaller to medium businesses to keep it simple as well. Too many details can be overwhelming. But as you scale, the details may become more important, especially when you incorporate more cost centers. I've realized accountants who work for large corporations think and teach differently from your bookkeeper who works with SMBs.
After 10 years in accounting, and owning another business, EBIDTA is complete nonsense
EBIDTA is used to compare investment opportunities when purchase different types of businesses. It’s not so much for accounting purposes but to manage the finances