Great video! More content like this would be awesome and appreciated. The only addition that would have helped me more is some visuals of the credit and debit examples just after the accounting equation part. Nothing fancy but seeing it onscreen would have left no doubts in understanding which accounts to debit and credit. Otherwise, great content! I've been watching for a couple of months and am seriously considering starting a bookkeeping business to hopefully get out of the rat race. Thanks Zach.
@@BookkeepingExpert I appreciate your reply. Graphics do take more time and effort but aren't necessary, IMO. A simple spreadsheet of examples would be ideal to me. Anyway, I learned plenty from the video as is, and truly appreciate your time and knowledge you share here.
Thank you so much for this video! I'm curious about who should be responsible for keeping the receipts of transactions - the business owner or the bookkeeper? I hope you don't mind me asking, I just want to make sure I understand.
Accrual bookkeeping question. My client is a therapist who gets paid by insurance companies by submitting claims. Wouldn't I need to know when a claim is submitted right now I only see the income from the bank statements.
Hey Zach, I have a question. I am taking a bookkeeping course at my community college but I’m also taking an Intro to Accounting Course. Do I need to take the bookkeeping course or would it be enough for me to learn bookkeeping from my accounting course?
Do you use numbers in your chart of accounts? I always thought this was a good idea no matter the size of your business. But is this overcomplicating? Thanks, Zach!
So Z, doesn't the software make the entries for double bookkeeping? In a small to medium sized business, isn't there about 100 entries that a bookkeeper would need and all he has to do is memorize them and its use in certain situations?
Isn't Accrued revenue?instead Account receiveble? Dr. Account receivable " Balance sheet" Cr.Revenue Account on the " Income Statement" Thank you for the information👍
Hi Zach, I have a question and hopefully you can help clarify it for me. So, i have to reimburse a self-contractor that bought some supplies for my client's business, do i need to record the reimbursement and then the actual expense?
If you have a subcontractor, they should be tracking their income and expenses and filing a schedule C. So everything you pay your subcontractor should be included in the 1099 at the end of the year.
Not really. Debit will always increase assets and expenses. Credit will always increase liabilities and income. The opposite is also true. Debit will always decrease liabilities and expenses and credit will always decrease assets and expenses. So if you buy a truck with a loan. You would debit the asset and credit the liability - which increases the asset and increase the liability. Double entry accounting is confusing until it "clicks" in your brain, then it all just magically makes sense!
Yes please more like this!!!!! 🙂
Ok good to know! 😁
The Fundamentals are very interesting, and I'm a CPA lol This is a freshman yr refresher for me :)
Thanks so much for watching!! Gotta love debits and credits 😆
Thank you, yes, more videos like this please! These are great to refer back to as needed.
It seems like people like it!
Please more videos thank you
Will do!
Absolutely! More of these please. Great for us newbies that want to get into the business. Much appreciated. Thank you!
More to come!
dude what. Your content has to be the best around for accounting/bookkeeping on RUclips
Thanks so much! That’s very kind
Love this style video, very helpful! Would very much enjoy more like it.
Good to know! Will try to do more
Thank you for lesson!
Glad it was helpful!
Keep up with these kinds of videos, please! Great job!
Thanks, will do!
Thanks!
You’re welcome!
Great video! More content like this would be awesome and appreciated. The only addition that would have helped me more is some visuals of the credit and debit examples just after the accounting equation part. Nothing fancy but seeing it onscreen would have left no doubts in understanding which accounts to debit and credit. Otherwise, great content! I've been watching for a couple of months and am seriously considering starting a bookkeeping business to hopefully get out of the rat race. Thanks Zach.
It takes more effort to add the graphics 😅 but absolutely I agree!
@@BookkeepingExpert I appreciate your reply. Graphics do take more time and effort but aren't necessary, IMO. A simple spreadsheet of examples would be ideal to me. Anyway, I learned plenty from the video as is, and truly appreciate your time and knowledge you share here.
I love it 💯
I'll make more!
Great video, would love to learn the reconciling and reporting steps of bookkeeping Thank you!
Great suggestion!
God bless you brother
God bless you!
More of these videos please 🙏🏻
Will do!
Yes more!!
Will do!
Thanks so much
You're welcome
Great video!
Thanks!
This is really helpful
I’m happy to help!
Very helpful video
Glad it was helpful!
Thank you so much for this video! I'm curious about who should be responsible for keeping the receipts of transactions - the business owner or the bookkeeper? I hope you don't mind me asking, I just want to make sure I understand.
I answered your question in my recent video! ruclips.net/video/MAItr6GE3oU/видео.html
@@BookkeepingExpert Your are awesome Zach! Thank you so much!
This is awesome! Thank you
Thanks for watching!
Please make a detail video on How to setup chart of accounts for real estate rental and flipping
Check out this one! ruclips.net/video/JByvHSxg2F0/видео.html
Please more videos!!!
I will keep them coming!
Yes please this was great 😊
Thanks for watching!
Thank you ❤
You're welcome 😊
Accrual bookkeeping question. My client is a therapist who gets paid by insurance companies by submitting claims. Wouldn't I need to know when a claim is submitted right now I only see the income from the bank statements.
Yes, you should ask your client for an A/R aging report if they have one!
Hey Zach, I have a question. I am taking a bookkeeping course at my community college but I’m also taking an Intro to Accounting Course. Do I need to take the bookkeeping course or would it be enough for me to learn bookkeeping from my accounting course?
ruclips.net/video/kcRNRQpqGWM/видео.html
Do you use numbers in your chart of accounts? I always thought this was a good idea no matter the size of your business. But is this overcomplicating? Thanks, Zach!
ruclips.net/video/kcRNRQpqGWM/видео.html
So Z, doesn't the software make the entries for double bookkeeping? In a small to medium sized business, isn't there about 100 entries that a bookkeeper would need and all he has to do is memorize them and its use in certain situations?
ruclips.net/video/kcRNRQpqGWM/видео.html
Isn't Accrued revenue?instead
Account receiveble?
Dr. Account receivable " Balance sheet"
Cr.Revenue Account on the " Income Statement"
Thank you for the information👍
You would Debit AR and Credit Income when you create the invoice. Then Debit cash and credit AR when you receive payment.
Hi Zach, I have a question and hopefully you can help clarify it for me. So, i have to reimburse a self-contractor that bought some supplies for my client's business, do i need to record the reimbursement and then the actual expense?
If you have a subcontractor, they should be tracking their income and expenses and filing a schedule C. So everything you pay your subcontractor should be included in the 1099 at the end of the year.
@@BookkeepingExpert Awesome, that is what i ended doing.
Thankyou
You’re welcome 😊
Can debits and credits be simplified into a verb? Are debits like “gaining” and credits like “spending”?
Not really. Debit will always increase assets and expenses. Credit will always increase liabilities and income. The opposite is also true. Debit will always decrease liabilities and expenses and credit will always decrease assets and expenses. So if you buy a truck with a loan. You would debit the asset and credit the liability - which increases the asset and increase the liability. Double entry accounting is confusing until it "clicks" in your brain, then it all just magically makes sense!
Can you make a vid for REI on refinancing?
Yes, I can!
@@BookkeepingExpert 🐐
Do you have clients that are on an accrual basis? Do they ever ask you if they should be?
Yes, and yes. I usually explain the difference between cash and accrual then tell them to ask their tax accountant.
Do you also do financial and valuation analysis??
No, I only do bookkeeping
@@BookkeepingExpert either way I enjoy the content bro 💯
Thanks for your videos. I sent you an email would appreciate if you can respond! 😊
Thanks for watching!
I love it 💯
Thanks for letting me know!