@@shaheedalhelal Hey Shaheed, I've just put up a vid covering practice questions on Debits and Credits --> ruclips.net/video/yCOZ7aylC0c/видео.html Give me a shout if there are any other topics you would like me to do questions on as well
This is the best explanation ever!!! I literally sat there reading my textbook for 15 hours yesterday and I could NOT make any sense of this. Then in this 7 minute video you just made everything click together. Thank you so much. You are a phenomenal teacher.
you bricked it down to the core living out of it good presentation and examples. that's how everybody should teach, once they fully understands something, not like other 45m videos to explain simple thing by pure ranting .
I'm so happy I found your channel. You are the reason why I will pass my accounting class. My teacher is awful, so everything I'm learning, I'm learning from you. Thank you so much.
I hold a BSc in Microbiology, but having worked in the banking sector, I developed an affinity for Finance and decided to pursue a masters degree in Finance, it was really tough and challenging for me until I came across your channel. Thank you so much ( I wish you could create an A to Z terms in Finance and Accounting)
Yes! Please make practice question videos. You have made my job of bookkeeping for my new business a hell of a lot clearer! Thank you....Can't wait to learn more.
Hey Joanna, I'm glad you are finding some value in these! Yes, I am keen to make some videos on practice questions. Are there any areas that you would like me to cover?
Hey Joanna, the first practice question video is up --> ruclips.net/video/yCOZ7aylC0c/видео.html. This one covers Debits & Credits. Let me know what you think? If there are other topics you'd like covered then give me a shout
I wish you were around when I was in school 5 years ago. Your ability to break down the concepts behind why accounting works the way it does is so exciting and fun to watch. I can't get enough! Thanks.
I would not be passing my accounting class if it weren't for your videos! Not only am I passing, I have an "A" so far. Thank you for making videos that are so clearly stated and fun to watch! I learn more from your short videos than in my instructor's PowerPoint presentations. You are amazing!
I work in a small charity transitioning from cash to accrual. I have no accountancy background (working with operational data most of the time) so this was a really useful overview to skill me up for meetings. Thanks!
bro i have a term exam i understand the concept of basic acccounting because you are presice and your vidieos are informative and intersing at the same time
Wooow! I am beyond amazed as to how well you made this presentation and how easy to understand this video was. I am an accountant but, I used to tutor accounting for the college I attended to for 3 1/2 years and very few people can understand and explain how accounting really works. I really enjoyed your video. Great job! 👍👍
So happy I found this channel! Your videos are definitely going to help me get down the basics as I am currently taking my first Accounting course at University!
why was the expense not recorded in September, because that's when the substance of the transaction occurred? Which transaction - the transaction of purchasing material for the cake?
Thank you so much for your videos! You would not believe the anguish I have endured trying to get through my accounting class! Your videos have been a godsend. And hopefully, help me pass my final this next week! Many teachers (including the boring man I watch videos from) could really learn how to teach from your style!
Hi James. I found your videos two days ago and have been binge watching ever since. I'm a new bookkeeper and am learning so much from you. I have a question about my client who owns a restaurant. She wants to use the accrual basis for her books, she's an S Corp, and her CPA files income tax on cash basis. My question is this: at the end of a month if she buys a big order of food ingredients, how can I possibly know how much of that food is used for meals sold that month vs. meals sold in the first week of the next month? Do people really do that. She buys so much food and beverage and if it's done late enough in the month you can bet that some of it gets used in the next period. How do people do that? Thank you.
God bless you whoever you are and wherever you are. Your explanation is magic i never got this from my professors or books. You made is simple. You are excellent
This guy is doing a great job , for students who came from a engineering background , its soo hard for us to understand accounting but he makes it seem so easy , thank you , best wishes
@@AccountingStuff killing it so far with 94% I am a visual so your videos really help (books alone are not enough) + you have a great energy. Thank you so much for your hard work. I definitely appreciate it big time. Cheers.
Hi James, if you go to 4:05 in the video you can see it's blank in AB in September for expenses. What if you continually buy loads and loads of supply in a month only to have not seen your continually increasing expenses till the next month or the month after that because the product has not yet been sold? Then, what if your product does not get sold out because the consumer reneges on the deal. I see this is a disadvantage of AB, but how do you deal with this if you use AB? (accruals basis) Also, can you confirm that this is a disadvantage of AB, that if consumers renege on deals, businesses are screwed due to no logging of expenses?
Nevermind, I see that revenue is also, on the flipside in generation, only ecognised as transactions occur therefore you won;y buy that much till you actually have laready made sells
You've spotted a major risk in the balance sheet. Anything that is recognised as an 'Asset' is a debit which needs to be justified. If an Asset isn't expected to bring any future economic benefit then the debit should be transferred to the income statement i.e. written off as an expense. In reality business's make provisions against inventory that could potentially be obsolete and eventually write them off
@@AccountingStuff Thanks for this video. I'm just also wondering what happens under the accruals basis if you have stock you buy and expect to hold and sell in the medium to long term. Is there a particular way you can record this so that you can claim the expense in the immediate term rather than months and years ahead?
A saloon uses the Cash basis to prepare it's financial records, but now consider switching to the accural accounting the salon want to make a transition of instead using the accural accounting. • how will the change positively impact the salon's reports •how will the change negatively impact the the salon's reports •will you recommend the transition of the cash accounting to accural accounting. Please explain why!!
You are really genius Master. Especially your words and structuring of ideas are very encouraging for weak students of accounting like me. I very eager to follow those videos to come which will hopefully cover practice sessions. Thank you again
Definitely would like to see practice problems worked into the videos. The videos are beneficial even without the practice problems, but they'd be even better with them! Thanks and keep up the great work!
Hey Irina & Joshua, yes I will make a couple of videos explaining the direct & indirect method. The Accruals Basis of Accounting doesn't track cash flow because revenue / expenses are recorded when they are earned / incurred. So the income statement doesn't reflect a business's cash flow
Hey Irina, I've just uploaded a video on the Direct Method... ruclips.net/video/Xy-yDw0gsgc/видео.html There will be another one up soon covering the Indirect Method 👍
Great video. I have 2 questions: 1. If you buy ingredients for cake in September, that is expense too, and it phisicly happend, so why in october? Or there are adjusting entry? But if it's biig manufacturing company, you don't always use all ingredients you bought, for product you made and sell? 2. So accrual method it's when expenses incurred. But we, accountants, can only know by invoice, so basically date in invoice????. In big companies you don't even know what they order, who receives what, and what do they do with it, and you don't really care, because you only deal with numbers, not with row materials etc. Thank you, but little confused
Great video! Love it. My question is that since the accrual earning is recorded as it incurred, theoretically a business could like to assign a contract say any amount of income, and falsely report as their earning of that period of time; and then cancel it after the report. So essentially, a non-existing income has been reported. Is there any way able to identify this?
Great posts. Very useful. I am a student, just starting in accounting and have learned a tremendous amount from your super easy teaching methods. Keep posting, please.
Great video, however, in your example aren't the expenses for the ingredients accrued when they're paid for in September rather than when they're used in October?
Thanks this vid really help me alot I just started accounts and I didn't know what exactly to do but I think i have a better idea of what to do thanks alot
I own a real estate business, and rent is due on the 1st of the month. Two similar but different questions: Sometimes the tenants pay in the previous month. Do I record that as revenue for the previous month or do I record that for the month it is due. Sometimes, I’ll get multiple payments on, say the 1st and 3rd for one reason or another. Do I record those as multiple entries, or do a single transaction for the whole sum on the 1st.
If you are cash accounting then you would record the revenue once you receive the cash payments. But if you are accrual accounting then 'Revenue is recognised as it's earned', not when cash is received.
Accounting Stuff I am switching to accrual accounting, so by earned, I can list a single journal entry on the 1st even though the cash was actually received on the 30th or 1st and 3rd?
Could you do a video explaining the write off and allowance methods for uncollectible accounts? And explaining how to close entries? I am struggling a little bit with those. And thanks for this video!
Hey I’m a used Car Dealer that does buy Here Pay Here. We have been doing accrual method. My current accountant is telling me I can’t do the cash method does that sound right ?
@@AccountingStuff @Accounting Stuff I have gone through most of your videos regarding accounts and really felt good as you have provided very good information in the simple way, but sir , my request is after each and every video if you can attach practical questions it will be highly useful for many of the people. Please do the needful.
![Who Wrote a Short Story That Seriously Disturbed a Teacher? | Dirty Laundry x Smosh [Full Episode]](http://i.ytimg.com/vi/bvHAy_rKoEI/mqdefault.jpg)
Who would be interested in some videos covering practice questions on each topic?
intrested =^>
@@shaheedalhelal Thanks for watching, I'm putting out a video on practice questions on Monday :)
@@shaheedalhelal Hey Shaheed, I've just put up a vid covering practice questions on Debits and Credits --> ruclips.net/video/yCOZ7aylC0c/видео.html
Give me a shout if there are any other topics you would like me to do questions on as well
Yes, longer videos would be great.
Interested
This is the best explanation ever!!! I literally sat there reading my textbook for 15 hours yesterday and I could NOT make any sense of this. Then in this 7 minute video you just made everything click together. Thank you so much. You are a phenomenal teacher.
Great to hear it's clicking for you!!
you bricked it down to the core living out of it good presentation and examples. that's how everybody should teach, once they fully understands something, not like other 45m videos to explain simple thing by pure ranting .
Thanks mate, I do my best to value your time and keep these as short and concise as possible. All the best!
I'm so happy I found your channel. You are the reason why I will pass my accounting class. My teacher is awful, so everything I'm learning, I'm learning from you. Thank you so much.
I'm so glad I found your channel!!! Started studying accounting and this really helps cuz I'm a visual learner!! Thank you so much!
No problem Deanna, I am also a visual learner so can appreciate the struggle with textbooks etc. All the best
I hold a BSc in Microbiology, but having worked in the banking sector, I developed an affinity for Finance and decided to pursue a masters degree in Finance, it was really tough and challenging for me until I came across your channel. Thank you so much ( I wish you could create an A to Z terms in Finance and Accounting)
Yes! Please make practice question videos. You have made my job of bookkeeping for my new business a hell of a lot clearer! Thank you....Can't wait to learn more.
Hey Joanna, I'm glad you are finding some value in these! Yes, I am keen to make some videos on practice questions. Are there any areas that you would like me to cover?
Hey Joanna, the first practice question video is up --> ruclips.net/video/yCOZ7aylC0c/видео.html. This one covers Debits & Credits. Let me know what you think? If there are other topics you'd like covered then give me a shout
I wish you were around when I was in school 5 years ago. Your ability to break down the concepts behind why accounting works the way it does is so exciting and fun to watch. I can't get enough! Thanks.
No worries, I'm happy to help!
I love your video production man! Great content making job!
Thanks buddy!
I would not be passing my accounting class if it weren't for your videos! Not only am I passing, I have an "A" so far. Thank you for making videos that are so clearly stated and fun to watch! I learn more from your short videos than in my instructor's PowerPoint presentations. You are amazing!
Hey Bonnie, it's great to smashing your accounting classes! Keep up the good work :)
I just watched five videos on this topic for school and this was the most clear example.
Thanks Scott, hope it's making sense :)
Thank you so much for your videos! I am in my first year of an accounting degree and I would not have made it through the basics without your channel
I work in a small charity transitioning from cash to accrual. I have no accountancy background (working with operational data most of the time) so this was a really useful overview to skill me up for meetings. Thanks!
Best of luck with the transition!
You are an answered prayer to accounting students like me. Thank you so much ❤
You're welcome, I'm happy to help!
my 3 hour lecture was summed up in 6 minutes. just sent you thank you cash. amazing
Great to hear it made sense :)
Would love to go through some examples of expense and revenue accrued! Also the reversal of them 😊
Here you go... ruclips.net/p/PL5zKSeS09l31dhHvwhS4sVjcckQSPGqtp
bro i have a term exam i understand the concept of basic acccounting because you are presice and your vidieos are informative and intersing at the same time
Good luck in your exam!!
I am so happy that I discovered your channel. I was having such a difficult time in accounting and this is really helping
Hey Natasha, sorry to hear that you've been having trouble it. I'm glad that the videos are helping. All the best with your studies!
You don't only explain beautifully but also the video quality (editing, sounds, production) is amazing.
Thanks, I'm glad you enjoyed it :)
Wooow! I am beyond amazed as to how well you made this presentation and how easy to understand this video was. I am an accountant but, I used to tutor accounting for the college I attended to for 3 1/2 years and very few people can understand and explain how accounting really works. I really enjoyed your video. Great job! 👍👍
So happy I found this channel! Your videos are definitely going to help me get down the basics as I am currently taking my first Accounting course at University!
I hope so - Good luck with your course!
You are an accounting god!!! Is there any online classes with you?
why was the expense not recorded in September, because that's when the substance of the transaction occurred? Which transaction - the transaction of purchasing material for the cake?
Your videos are so helpful! This is my first time taking an accounting class and you're helping so much!
Cheers Jennifer! Hope your studies are going well :)
Currently reading publication 535 and this was really difficult to grasp but your video really helped. Thank you 👏🏽
Thank you so much for your videos! You would not believe the anguish I have endured trying to get through my accounting class! Your videos have been a godsend. And hopefully, help me pass my final this next week! Many teachers (including the boring man I watch videos from) could really learn how to teach from your style!
Hey Marie, best of luck in your final exam!!! Hope it goes well :)
Hi James. I found your videos two days ago and have been binge watching ever since. I'm a new bookkeeper and am learning so much from you. I have a question about my client who owns a restaurant. She wants to use the accrual basis for her books, she's an S Corp, and her CPA files income tax on cash basis. My question is this: at the end of a month if she buys a big order of food ingredients, how can I possibly know how much of that food is used for meals sold that month vs. meals sold in the first week of the next month? Do people really do that. She buys so much food and beverage and if it's done late enough in the month you can bet that some of it gets used in the next period. How do people do that? Thank you.
Professor James, Thank you again haha. I literally watch your videos before i review my lecture material. Helps me understand 100x faster.
Great to hear it's making sense! All the best in your studies :)
I would really appreciate longer videos with practical exercises.
Thanks for your request!
God bless you whoever you are and wherever you are. Your explanation is magic i never got this from my professors or books. You made is simple. You are excellent
Yes please do the practice questions!
your videos and al your lectures really help me while having deep problems in my accounting...
thanks a million for your hard working ..
Have my first exam for Accounting tomorrow morning worth 250 points and I was really confused on this chapter. Thank you for making videos like these.
Good Luck Jocelyn!!
Easy and Simple...!!! Thanks a ton...!!!
Great explanation !! Thank you!!!
You're absolutely the best! Thank you man!💪💪💪
You are a great teacher.
You saved a Chinese business student! Thank you so much
You are welcome, it's great to hear that you found it useful
Your videos really helped me a lot . Thanks for sharing such useful videos .
This guy is doing a great job , for students who came from a engineering background , its soo hard for us to understand accounting but he makes it seem so easy , thank you , best wishes
Thanks for your kind words!
@@AccountingStuff keep up with the good uploads 😋 ,
Really helpful. Thanks. Keep it up.
Your videos are life savings to me. I always watch them before I start an exam on a particular subject.
Thanks 🙏
Glad to hear it! Hope your exams are going well :)
@@AccountingStuff killing it so far with 94%
I am a visual so your videos really help (books alone are not enough) + you have a great energy. Thank you so much for your hard work. I definitely appreciate it big time. Cheers.
@@VA-jf5pb Thanks awesome, congrats!!!
Great staff, im just on my way to learn ACCA Financial Accounting and found ur channel here hope ur videos will help me
I hope so too! Good luck with your studies
These video's are very useul James, keep them coming
Thanks, that's great to hear!
Hi James, if you go to 4:05 in the video you can see it's blank in AB in September for expenses. What if you continually buy loads and loads of supply in a month only to have not seen your continually increasing expenses till the next month or the month after that because the product has not yet been sold? Then, what if your product does not get sold out because the consumer reneges on the deal. I see this is a disadvantage of AB, but how do you deal with this if you use AB? (accruals basis)
Also, can you confirm that this is a disadvantage of AB, that if consumers renege on deals, businesses are screwed due to no logging of expenses?
Nevermind, I see that revenue is also, on the flipside in generation, only ecognised as transactions occur therefore you won;y buy that much till you actually have laready made sells
You've spotted a major risk in the balance sheet. Anything that is recognised as an 'Asset' is a debit which needs to be justified. If an Asset isn't expected to bring any future economic benefit then the debit should be transferred to the income statement i.e. written off as an expense. In reality business's make provisions against inventory that could potentially be obsolete and eventually write them off
@@AccountingStuff Thanks for this video. I'm just also wondering what happens under the accruals basis if you have stock you buy and expect to hold and sell in the medium to long term. Is there a particular way you can record this so that you can claim the expense in the immediate term rather than months and years ahead?
A saloon uses the Cash basis to prepare it's financial records, but now consider switching to the accural accounting the salon want to make a transition of instead using the accural accounting.
• how will the change positively impact the salon's reports
•how will the change negatively impact the the salon's reports
•will you recommend the transition of the cash accounting to accural accounting. Please explain why!!
thank you so much, you explained this waaaaay better than my lecturer did.
Cheers Alex!
This dude is the MVP. Thanks you sir!
I also support the idea of doing questions
Concise explanation. Thanks
You are really genius Master. Especially your words and structuring of ideas are very encouraging for weak students of accounting like me. I very eager to follow those videos to come which will hopefully cover practice sessions. Thank you again
Thanks Sunny! It's great to hear that you're finding the content helpful. I plan to release many more soon
longer videos and practise questions would be a great addition these awesome videos!
Cheers Katriina!
you made this easy to understand. thanks
Definitely would like to see practice problems worked into the videos. The videos are beneficial even without the practice problems, but they'd be even better with them! Thanks and keep up the great work!
Thanks for the feedback Mark, I'll bear that in mind for future videos!
these videos and playlist are epic!!! your a lifesaver!
Cheers James, I'm happy to help!
I had a great time learning accounting with you today. Thanks a lot
Cheers buddy :)
yes i would like for you to show more in detail
Cool! I love the way you explain complicate methods, and the most important you master the subject. My congrats💯💻📖📚💲🗂📎📌📓🗒📆✏💡
Thanks Martha, all the best :)
Can you clarify what you mean when you say that the accrual basis of accounting doesn't track cash flow and the direct/indirect method?
Hey Irina & Joshua, yes I will make a couple of videos explaining the direct & indirect method. The Accruals Basis of Accounting doesn't track cash flow because revenue / expenses are recorded when they are earned / incurred. So the income statement doesn't reflect a business's cash flow
Hey Irina, I've just uploaded a video on the Direct Method... ruclips.net/video/Xy-yDw0gsgc/видео.html
There will be another one up soon covering the Indirect Method 👍
Thank you dude! Your videos are so incredibly helpful it’s genuinely amazing
Cheers Nathan! All the best :)
It will be really useful to solving more problems
Glad to hear it!
Great video. I have 2 questions:
1. If you buy ingredients for cake in September, that is expense too, and it phisicly happend, so why in october? Or there are adjusting entry? But if it's biig manufacturing company, you don't always use all ingredients you bought, for product you made and sell?
2. So accrual method it's when expenses incurred. But we, accountants, can only know by invoice, so basically date in invoice????. In big companies you don't even know what they order, who receives what, and what do they do with it, and you don't really care, because you only deal with numbers, not with row materials etc.
Thank you, but little confused
Make more videos on accrual accounting please and with examples on how to work it out
I love that you make account so much fun♥️
No worries Rosemarie, I'm happy you are enjoying it!
Great video! Love it. My question is that since the accrual earning is recorded as it incurred, theoretically a business could like to assign a contract say any amount of income, and falsely report as their earning of that period of time; and then cancel it after the report. So essentially, a non-existing income has been reported. Is there any way able to identify this?
Very good explanation. Thanks.
Cheers Ionut!
Love your teaching method
Thank you!
Great posts. Very useful. I am a student, just starting in accounting and have learned a tremendous amount from your super easy teaching methods. Keep posting, please.
Thank you! Great to hear that you are finding the videos useful. There are more coming soon!
Love the way you talk.
Yes examples would be very useful
Brilliant video background, concept is simply presented. Thanks
Cheers Salman!
Thank you, subscribed for more accounting stuff!
Great video, however, in your example aren't the expenses for the ingredients accrued when they're paid for in September rather than when they're used in October?
If you pay for a year of insurance in one month you would only use 1/12 of that insurance
Is the practice questions out yet
This is SO helpful, THANK YOU!!!
Cheers, you're most welcome :)
I would really love it if you started some longer form videos with practices. I appreciate your channel so much...thank you !
Thanks for your suggestion Julisca, I'm considering trying out some longer formats
Thank you for your work , it’s very useful in my studies
No problem, best of luck with it all!
Still a delightful video in 2022..
Thank you, very helpful
Thanks for the understanding bro.
Hi James, could you please make a video on Allowance vs Write off method and what they both are.
Appreciate all of your work tremendously!
Thanks for your request!
Thank you
Your teaching method is amazing
Cheers Eva :)
Yes please make the long practice problem videos.
Hey Claudia, thanks for your suggestion. I'll keep that in mind!
Hi! love these videos. Great job! Any chance you make a video walking us through the process of switching from cash-basis to accrual-basis? Thank you!
Hey Irney, thanks for your suggestion!
So when we buy the ingredients for 10 dollars, in the Accrual method we just pretend we still have those 10 dollars until we use them?
You make accounting funny and easy! Keep up the good job
Thanks Dani, I'm glad you think so. All the best
Great stuff. Make more please
Your video is very helpful 👍🏻
Thanks Rajiv!
very clear explanation, thank you!
No worries :)
Thanks this vid really help me alot I just started accounts and I didn't know what exactly to do but I think i have a better idea of what to do thanks alot
No problem Ravi! All the best :)
@@AccountingStuff thanks
I own a real estate business, and rent is due on the 1st of the month. Two similar but different questions: Sometimes the tenants pay in the previous month. Do I record that as revenue for the previous month or do I record that for the month it is due. Sometimes, I’ll get multiple payments on, say the 1st and 3rd for one reason or another. Do I record those as multiple entries, or do a single transaction for the whole sum on the 1st.
If you are cash accounting then you would record the revenue once you receive the cash payments. But if you are accrual accounting then 'Revenue is recognised as it's earned', not when cash is received.
Accounting Stuff I am switching to accrual accounting, so by earned, I can list a single journal entry on the 1st even though the cash was actually received on the 30th or 1st and 3rd?
Could you do a video explaining the write off and allowance methods for uncollectible accounts? And explaining how to close entries? I am struggling a little bit with those. And thanks for this video!
Thanks for your suggestions!
Your videos are very helpful🥰😃thanks!!! 💞💕
Wat camera do you use?!?!
Cheers Stel, you can find all of my gear here... accountingstuff.co/faq
@@AccountingStuff 💞💕💞🥰
THIS IS THE ACCOUNTING CLINIC🤗
Glad you're finding it useful!
great videos, thanks a bunch
Thanks for the video mate👍👍
You're very welcome :)
Hey I’m a used Car Dealer that does buy Here Pay Here. We have been doing accrual method. My current accountant is telling me I can’t do the cash method does that sound right ?
Would love if you could explain the Accrual Budgeting the same way. It is new topic to me.
Thanks for your request!
This video is really helpful to the most of the people. Please make video on Mortgage accounts.
Thanks.
Thanks for your suggestion Sireesha!
@@AccountingStuff @Accounting Stuff I have gone through most of your videos regarding accounts and really felt good as you have provided very good information in the simple way, but sir , my request is after each and every video if you can attach practical questions it will be highly useful for many of the people. Please do the needful.
@@sireeshai1788 Thanks, I'll see if it's possible
Yes, practice problems are the best!
Cheers Eric!