That's a wrap on the Adjusting Entries mini-series! You can find links to each video right here: ▪ Intro to Adjusting Entries → ruclips.net/video/H0N7tvXuJlU/видео.html ▪ Prepaid Expenses → ruclips.net/video/RE7wrflFOGA/видео.html ▪ Deferred Revenue → ruclips.net/video/F1zNQ1wga7o/видео.html ▪ Accrued Expenses → ruclips.net/video/9aZ6CCj-ies/видео.html ▪ Accrued Revenue → ruclips.net/video/7ibN25VCvFg/видео.html ▪ WHOLE PLAYLIST → ruclips.net/p/PL5zKSeS09l31dhHvwhS4sVjcckQSPGqtp
@@AccountingStuffwe don’t have an accrued account. So I booked it in the Other AR non ledger account. My accounting manager boss told me to book it in the AR sub ledger account 😂. Btw, where do you group your accrued revenue account in assets section? Under current asset section or else
Because you’ve helped me so much just with your videos I went ahead and purchased the bundle of cheat sheets. I love how all of them are laid out so simply. Thank you for sharing your knowledge on this subject. 😊
You are a literal life saver. I appreciate you taking the time to explain the concepts slowly and carefully, wouldn't have made it through ACC2430 with out you thank you!
Man I love you, you're a legend. Honestly don't know what I would have done at my exams without you. And I start enjoying accounting now ! Thank you so much
I am taking Accounting courses online and I am so happy to have found your channel. Seeing it as you put it up in your videos are a huge help! Thank you.
I just want to say you helped me a lotttt, I already watched half of your videos. You were able to explain accounting stuffs easily. More videos to come James, thank you so much. More subscribers to come🥳
You made accounting very interesting. You're a great teacher. Very clear, precise and entertaining. Your channel is the best accounting channel on RUclips. Thanks, James! This series hasn't finished yet, right?
Thanks for all the hard work you put into explaining accounting. Super impressed with how effective and efficient your teaching style/ accounting logic is.. really helped out. This is a subject in finance that often gets underappreciated yet it's essential. Much respect
Amazing! I learned on the job and was taught how to enter the necessary information to create journal entries in our accounting software, but didn't know the theory or rationale behind it. Your videos give me insight into what the Financial Controller was doing on the their side. And more importantly, make the learning theory fun. I can only hope my future professors are as engaging as you are. Thank yo so much for making these videos!
Just bought your cheat sheet bundle. Please continue showing examples in quickbooks online for the small business owners out here watching your videos. Thanks!
This is terrific James. I've been struggling with adjustments on the old multicolumn worksheets. So showing us your T accounts has been so helpful to my learning. GREAT VIDEO!
THANK YOU SO MUCH.. You have no idea how much these videos have helped me. I bought the cheat sheet and I am sure I will use it tons. BEST VIDEOS ON LINE
You are Awesome!!!! I always had a hard time understanding accounting...till now. You are clear and concise and NEVER boring!!!! Not to mention ur VERY EASY ON THE EYES! Thank you 😊 so much.
I'm currently a 12th grade student learning accounting. Your videos helped me a lot in understanding the complexity of the subject. I've also got pretty high grades so thank you!!
Bc you’re not going to remember it from one video or lecture.. YOU have to do the work. You should be studying for more hours than you are in lecture. You have to practice practice practice. No one can do it for you. I’m studying for the CPA rn.. graduated years ago, been working in the field.. I still need to brush up on fundamentals. You will do 1,000 accrual entries before you truly understand it for good
Man, this is amazing! I need to watch over this again tomorrow. Thanks for recommending that video. I understand everything, although, it needs to sink in. I can't show enough appreciation. Thank man! (I'll check out the PFD too)
Just got through this whole mini series, wow, very nice! I can’t help but want to find some middle ground between the cash basis and the accrual basis, but not that modified cash/accrual basis that government entities use. Here is an idea that I cannot get out of my head: IBR basis. The IBR basis (Invoice-Bill-Receipt basis) recognizes revenue when an invoice or sales receipt is generated and recognizes expenses when a bill or purchase receipt is generated. This would eliminate the need for these adjusting entries, and would place the focus back on the accounting triggers themselves. I argue that the focus should be placed on the accounting triggers, especially when focusing on the accruals side of this mini series, and the reason is that for those who have seller/buyer relationships on account, you wouldn’t and shouldn’t expect cash to change hands until after an invoice/bill is created. I’m interested to hear the communities response!
Hi,,, you are providing a great material especially for someone like me know nothing about accounting but with your videos i think i know much more, I have bought the adjusting entries cheat sheet, it is great, but I request you please to make more detailed cheat sheets for all 4 types of adjusting entries, for example for the Pre-paid expenses , how it is recorded, and adjusted and readjusted and what accounts are affected in both income statement and balance sheet .... this would be great for us to understand it more and memories it :) Thank you
very nice video. One thing that should be mentioned is that Revenue is generally booked when there is certainty and agreement from the client and the service has been provided. You may have done work, but if there is no acceptance, in any form, such as a contract or statement of work, revenue would be compromised and you would not be able to record it.
My guy, you deserve all the subscribers! Absolutely amazing videos bro, my prof couldn’t even teach like this. Btw I saw that you used Canadian currency in another video haha, best wishes from Ontario!
Thank you master for the series. Very helpful.. I just have a small query :- As you mentioned in earlier video that deferred revenue/prepaid revenue/unearned income are one and same thing.. So are there any similar terms for expenses?? Is deferred expense same as Prepaid expenses ?
Hello James , your videos have helped me greatly in my studies. Please can you do a video on accrual /prepayment accounting for when you have a bill that’s for 3 months. Say you’ve received a bill for jan, feb, and March , you are billed in March for the three months. How do you account for each month in the books, and adjusting for them. The question papers I’ve used to practice on and tested on, do not specify exactly when the company pays the bill. It gives you when they year ends but that’s it. Say it’s feb, do you account for January’s “ earned” part of the bill in the books or do you account for both jan and febs “earned” portion of the bill? In the final accounts. I’ve been puzzled by these type of questions whether it’s accrued or prepayment adjustments in the final accounts. Please can you help.
Not sure why someone would do a GL entry instead of issuing an invoice if the work completed in a period, but I can see if the work flowed over multiple periods particularly year end where a estimate of earned income should be recorded. Then there is the issue of sales taxes. Record them as revenue is earned or when the invoice is issued? I must admit that I have gotten lazy in monthly adjustments, but by watching your videos it offers a refresher of what we should be doing if rules are to be followed.
Hey Rick, sometimes you aren't allowed to bill until you hit a certain milestone. Or the invoice doesn't get approved on time. It happens surprisingly often actually. Sales tax is recorded once the invoice is issued.
Hi, brilliant stuff, very helpful while I study financial accounting. Any chance for similar videos on IRRECOVERABLE debts and irrecoverable debts paid as well as ALLOWANCES for Receivables?
Possible dumb question: Would AR also include the amounts of open invoices for future goods/services? Example: a customer orders a $500 plane ticket that departs in September, and I send a net 30 invoice in July. Would you debit AR and credit unearned revenue? It just seems odd to describe an invoice for future services as an “asset”. Am I missing something?
That's a wrap on the Adjusting Entries mini-series! You can find links to each video right here:
▪ Intro to Adjusting Entries → ruclips.net/video/H0N7tvXuJlU/видео.html
▪ Prepaid Expenses → ruclips.net/video/RE7wrflFOGA/видео.html
▪ Deferred Revenue → ruclips.net/video/F1zNQ1wga7o/видео.html
▪ Accrued Expenses → ruclips.net/video/9aZ6CCj-ies/видео.html
▪ Accrued Revenue → ruclips.net/video/7ibN25VCvFg/видео.html
▪ WHOLE PLAYLIST → ruclips.net/p/PL5zKSeS09l31dhHvwhS4sVjcckQSPGqtp
Error, "Accrued Revenue..."earnt for the client we haven't built for client,". Should be "billed"?
Yes it should be billed@@Logos3432-t5n
I must say, you are good! You explained in less than 10 minutes what took my lecturer 2 hours.
Thanks Bella!
Honestly
@@AccountingStuffwe don’t have an accrued account. So I booked it in the Other AR non ledger account. My accounting manager boss told me to book it in the AR sub ledger account 😂. Btw, where do you group your accrued revenue account in assets section? Under current asset section or else
You gotta respect the filming and editing put into this. Respect my guy
Cheers Jack :)
HANDS DOWN!!
THIS IS THE BEST RUclips CHANNEL!
PRODUCTION LEVEL......INTERACTION LEVEL....HELPFUL!!
WHAT MORE I CAN ASK FOR!
LOVE FROM BANGLADESH!
Haha, thanks mate! Best wishes from Canada
@@AccountingStuff so you are from CANADA? I thought you are an AMERICAN.
Seriously!!!
@@niloykarmaker1024 I'm from the UK but I live in Canada
@@AccountingStuff hmm.. now it goes with your akcent.
Because you’ve helped me so much just with your videos I went ahead and purchased the bundle of cheat sheets. I love how all of them are laid out so simply. Thank you for sharing your knowledge on this subject. 😊
Thanks for your support!
I'm making accrual adjusting entries for an audit, and the accrual expense/revenue videos are priceless in helping me take the right steps. Thank you!
You are a literal life saver. I appreciate you taking the time to explain the concepts slowly and carefully, wouldn't have made it through ACC2430 with out you thank you!
Man I love you, you're a legend. Honestly don't know what I would have done at my exams without you. And I start enjoying accounting now ! Thank you so much
Cheers Cyril! Hope the exams went well!!
OMG!
Where have you been all my life 💃💃
Thanks
I am taking Accounting courses online and I am so happy to have found your channel. Seeing it as you put it up in your videos are a huge help! Thank you.
I just want to say you helped me a lotttt, I already watched half of your videos. You were able to explain accounting stuffs easily. More videos to come James, thank you so much. More subscribers to come🥳
Thanks Kim, more videos are coming soon :)
You made accounting very interesting. You're a great teacher. Very clear, precise and entertaining. Your channel is the best accounting channel on RUclips. Thanks, James! This series hasn't finished yet, right?
Thanks Soe! Yes, the Adjusting Entries Mini-Series is complete. But plenty more Accounting vids coming soon
Thanks for all the hard work you put into explaining accounting. Super impressed with how effective and efficient your teaching style/ accounting logic is.. really helped out. This is a subject in finance that often gets underappreciated yet it's essential. Much respect
Thanks for your kind words!!
Amazing! I learned on the job and was taught how to enter the necessary information to create journal entries in our accounting software, but didn't know the theory or rationale behind it. Your videos give me insight into what the Financial Controller was doing on the their side. And more importantly, make the learning theory fun. I can only hope my future professors are as engaging as you are.
Thank yo so much for making these videos!
Great to hear it's clicking for you!
You're a fantastic teacher. I wouldn't be making it through my course without your videos. Thank you!
Just bought your cheat sheet bundle. Please continue showing examples in quickbooks online for the small business owners out here watching your videos. Thanks!
Thanks for supporting the channel!! I appreciate it. Cheers for your suggestion
I LOVE your examples, really makes the things way easier to remember!
That's great to hear, thank you!
Accounting aside, these videos are insane. The amount of effort being put into them is remarkable. Congrats homie
Cheers Pablo!
yo i know you might not see this but you made me sooooooo happy helped me alot for my exam tomorrow shared it with my friends thay absoloutly loved it
Each video is very useful to improve my English and in particular Accountung English! Many thanks, greetings from Italy
Glad to hear it Flavio! All the best from Canada
Absolute legend this man. Explaining things in simply in entertaining fashion. Will definitely buy the cheat sheet. My favorite YT channel!
Thanks and cheers for your support!
This is terrific James. I've been struggling with adjustments on the old multicolumn worksheets. So showing us your T accounts has been so helpful to my learning. GREAT VIDEO!
I have to say your channel is the best one I found during this quarantine !! Thank you very much for helping !!
Thanks Sally! I'm happy to help. Hope you're keeping safe!
THANK YOU SO MUCH.. You have no idea how much these videos have helped me. I bought the cheat sheet and I am sure I will use it tons. BEST VIDEOS ON LINE
No worries, it's great to know that the videos have helped you out. I hope you find the cheat sheet helpful!
You are Awesome!!!! I always had a hard time understanding accounting...till now. You are clear and concise and NEVER boring!!!! Not to mention ur VERY EASY ON THE EYES! Thank you 😊 so much.
No worries Lydia, you are very welcome!
Wow! You are such an outstanding teacher! Thank you x1000!
Happy to help!
I'm currently a 12th grade student learning accounting. Your videos helped me a lot in understanding the complexity of the subject. I've also got pretty high grades so thank you!!
Congrats on your high grades! Great to hear it's going well for you :)
This is as far as my class goes thanks for everything!
No worries, you're very welcome! All the best
Thank you so much!!! Your vids got me an A in my midterms. I have my finals tomorrow and I’m super nervous but your videos are helping a lot!!!!!!
Good luck!!!
Wow excellent work in the explanation. It’s so much easy to get this when you said “hold it temporarily in the BS”
Great to hear it's making sense :)
Thank you.
This video helps me a lot.
before I watch it all was mixed up in my head but know it’s all clear and my work is becoming very easy.
Great to hear it's making sense :)
why do accounting teachers not explain things like this, so simple, so understandable, so clear
Glad you found it useful!
Bc you’re not going to remember it from one video or lecture.. YOU have to do the work. You should be studying for more hours than you are in lecture. You have to practice practice practice. No one can do it for you.
I’m studying for the CPA rn.. graduated years ago, been working in the field.. I still need to brush up on fundamentals. You will do 1,000 accrual entries before you truly understand it for good
Thank you so much. Im struggling a lot with this adjustment through book. Easy to understand now
Great to hear it's making sense :)
I just bought adjusting entries cheat sheet.. Really useful. Thanks bro!! 💯💯 Happy to support ur work!
Thanks for your support! I really appreciate it
I have learned more watching these videos than my lectures.. thank you!!
No worries Manny, you're most welcome :)
Love your videos! This channel definitely needs more attention! It would be awesome if you made a video on the closing process!
Thanks for your suggestion!
Very informative series. I bought the cheat sheet too. Good work ma'man.
Cheers and thanks!
You're welcome! @@AccountingStuff
fantastic video. You did a great job making this really simple to understand
Thanks, glad you enjoyed it :)
Thanks!
Wow! Legend, thanks :)
Please make a video on UNEARNED REVENUE VS OUTSTANDING REVENUE!
LOVE FROM BANGLADESH IN ADVANCE
Hey Abir, cheers for the suggestion!!
This series has been extremely helpful - thank you so much
You're very welcome!
Man, this is amazing! I need to watch over this again tomorrow. Thanks for recommending that video. I understand everything, although, it needs to sink in. I can't show enough appreciation. Thank man! (I'll check out the PFD too)
No problem, sometimes it helps to look at a few scenarios to fully appreciate a concept.
purchased it... love that you are monetizing!
Cheers Hector!
Just love your vibe and energy and make Accounting seem a little easier
Thanks Charnisse, all the best with your studies!
Bought! Will come very handy next year for Financial Reporting module 👍🏻
Legend!
Explained very nicely and simpler way
Thanks!
Just got through this whole mini series, wow, very nice! I can’t help but want to find some middle ground between the cash basis and the accrual basis, but not that modified cash/accrual basis that government entities use. Here is an idea that I cannot get out of my head: IBR basis. The IBR basis (Invoice-Bill-Receipt basis) recognizes revenue when an invoice or sales receipt is generated and recognizes expenses when a bill or purchase receipt is generated. This would eliminate the need for these adjusting entries, and would place the focus back on the accounting triggers themselves. I argue that the focus should be placed on the accounting triggers, especially when focusing on the accruals side of this mini series, and the reason is that for those who have seller/buyer relationships on account, you wouldn’t and shouldn’t expect cash to change hands until after an invoice/bill is created. I’m interested to hear the communities response!
Hi,,, you are providing a great material especially for someone like me know nothing about accounting but with your videos i think i know much more, I have bought the adjusting entries cheat sheet, it is great, but I request you please to make more detailed cheat sheets for all 4 types of adjusting entries, for example for the Pre-paid expenses , how it is recorded, and adjusted and readjusted and what accounts are affected in both income statement and balance sheet .... this would be great for us to understand it more and memories it :)
Thank you
Hey Usama, thanks for your suggestion! I'll look into that
Thanks James for clarifying the issue which was once really confusing for me.
No problem, I'm happy to help :)
Explained perfectly again! Thank you :)
No problem, hope it made sense :)
Thanks alot from India..I hope i can use the understanding in cpa exams too
The basic concepts that I cover in my videos are applicable everywhere
Just purchased all your sheets 🎉Thank You!!
Thanks for your support!
Bro you are the Great Clear all the query
Thanks buddy :)
What a relief! Thank you for helping.
You're very welcome :)
very nice video. One thing that should be mentioned is that Revenue is generally booked when there is certainty and agreement from the client and the service has been provided. You may have done work, but if there is no acceptance, in any form, such as a contract or statement of work, revenue would be compromised and you would not be able to record it.
True, I might have to make a another video on Revenue Recognition
@@AccountingStuffWhy did you record revenue in June when there wasn't an invoice yet?
i enjoyed this one, the cloud in my mind started to clear on this episode. Thank you!
No problem :)
bought it! its been very helpful. Thank you for sharing such knowledge.
Awesome, thanks Carolyn! All the best
Do cover irrecoverable debts! Your videos are really helpful for my accounting exams!!
Thanks for the suggestion, I'll keep it in mind!
Favorite Accounting Channel :)
Thanks Leovelyn!
Great Stuff! You are one talented guy.
Thanks for your kind words!
Thank you for helping me obtain my degree
Congrats on getting your degree! That's all you :)
Excellent as always!
Thanks!
Ur explanation to good ❤
Thanks, I'm glad you found it useful :)
Love this channel. Waiting for a video on 'Inventory'.
Cheers Sameed, and thanks for your suggestion!
Just bought totally worth it I actually got an Ace in my exam from watching your videos
Congrats Carlos!! So happy that you aced your exam!
My guy, you deserve all the subscribers! Absolutely amazing videos bro, my prof couldn’t even teach like this.
Btw I saw that you used Canadian currency in another video haha, best wishes from Ontario!
Cheers mate! Haha yes, I'm in Vancouver so it's all I have available. All the best!
awesome explanation! Thanks!!!
No problem, hope it made sense :)
You’re a life saver!
Thanks! Glad I could help
You are amazing man, this videos are so much helpful. Ur doing a great job.
Thanks Dorel!
Explained it better than Becker for FAR!! Thanks!
Thanks Vinit!!
you should do financial statement analysis next... vertical & horizontal analysis, etc.
Hey Giancarlo, cheers for the suggestions!!
The example is genial. Good job.
Thanks buddy
this is such a blessing. Thank you so much!
Thank you, this was extremely helpful and I appreciate you putting this out
Very informative, helpful videos . Thank you for making it easier to me :)
No worries Ankita! It's great to hear that accounting is becoming easier for you.
Thank you master for the series. Very helpful.. I just have a small query :- As you mentioned in earlier video that deferred revenue/prepaid revenue/unearned income are one and same thing.. So are there any similar terms for expenses?? Is deferred expense same as Prepaid expenses ?
Not so much with expenses... We have Accrued Expenses and Prepaid Expenses
Keep going mate, i like ur thumbnails and contents
Thanks Jeremy, I don't plan on stopping anytime soon
Hello James , your videos have helped me greatly in my studies. Please can you do a video on accrual /prepayment accounting for when you have a bill that’s for 3 months. Say you’ve received a bill for jan, feb, and March , you are billed in March for the three months. How do you account for each month in the books, and adjusting for them. The question papers I’ve used to practice on and tested on, do not specify exactly when the company pays the bill. It gives you when they year ends but that’s it. Say it’s feb, do you account for January’s “ earned” part of the bill in the books or do you account for both jan and febs “earned” portion of the bill? In the final accounts. I’ve been puzzled by these type of questions whether it’s accrued or prepayment adjustments in the final accounts. Please can you help.
Thanks for your request!
Good Explanation but adjustment entries always difficult in modern accounting softwares.
Fantastic playlist, thank you Sir
Thanks!
Not sure why someone would do a GL entry instead of issuing an invoice if the work completed in a period, but I can see if the work flowed over multiple periods particularly year end where a estimate of earned income should be recorded.
Then there is the issue of sales taxes. Record them as revenue is earned or when the invoice is issued?
I must admit that I have gotten lazy in monthly adjustments, but by watching your videos it offers a refresher of what we should be doing if rules are to be followed.
Hey Rick, sometimes you aren't allowed to bill until you hit a certain milestone. Or the invoice doesn't get approved on time. It happens surprisingly often actually. Sales tax is recorded once the invoice is issued.
Tq, Financial Accounting shifu...how about starting a series on Management Accounting, as well?...
Thanks for your request!
Thanks a Lot - Perfect Videos
You're very welcome :)
Hi, brilliant stuff, very helpful while I study financial accounting. Any chance for similar videos on IRRECOVERABLE debts and irrecoverable debts paid as well as ALLOWANCES for Receivables?
Hey Anna, thanks for your suggestions!
bought the cheat sheet!
Thanks for your support!
Solid 10/10 thank you so much
Cheers Harold :)
Thanks for another great video! :)
You're most welcome :)
Can you please make a video about account receivables that are not received and the bad debt thing?
Thanks for your request!
You are the best
Well explained. Thanks
The best !!!!!!!!
How is it different from sales in excess of invoicing/billing for point-in-time revenue recognition?
👏👏👏 Great
Thanks :)
can you discuss closing journal entries?
Hey Morgan, thanks for your suggestion!
Possible dumb question: Would AR also include the amounts of open invoices for future goods/services? Example: a customer orders a $500 plane ticket that departs in September, and I send a net 30 invoice in July. Would you debit AR and credit unearned revenue?
It just seems odd to describe an invoice for future services as an “asset”. Am I missing something?
Hi James, can you do a video about adjusting entries for bad debts and doubtful debts allowance?
Cheers for your suggestion Tom!
Thanks for being upfront about charging for the cheat sheets. Always disappointing to follow a link and find some absurd price for a plugged product.
No worries :)
Please do Purchase and Sale Returns. Would be a great help
Thanks for your request!
Nice job
Thanks Ahmed!
Hi. I have a question.Then at the end of this Example after received the cash i need to post 3 journal entries or just 2 ?