I went to school to become an accountant and could never understand the T accounts, years later i'm taking refreshing courses and can now say I understand the T account. Thank you for the demostration and making it easier to understand
I am trying to get experience in bookkeeping and can honestly say you are a better teacher than my college professors. If only they taught me PEARLS....... So grateful for these videos.
Funny thing! I went to a college, earned a bachelor's degree in accounting and still did not understand T accounts! Amazingly you just made it so easy to remember, I wish you were my professor! Respectfully, thanks a billion times for your videos!
Thanx, I am HOOKED up to your Basic Bookkeeping course, I think for me the BEST thing to learn is to learn the BASICs, and then gradually SCALE up when you already acquired some confidence in your newly acquired skills, BIG Thanx, from a fan from the Philippines.
I am so glad my manager shared your link with me, I appreciate the time and effort you have put into explaining and how easy it is to understand. Thank you
I would liked to say thank you i found your youtube channel about bookkeeping, I am new to this course and for me your the best teacher very well explain.
I should admit that this is one of the videos. Thank you for sharing it for free and helping us understand. I am in an online college and but none explained as clear as you did wow thank you again.
I did the AAT some years ago before taking time out to do a Psychology degree (yep I know quite different) - this brief course was great as a very succinct, comprehensive reminder - so much so I am thinking of taking the Ultimate Bookkeeping Course even though I have covered everything there before in my studies, but at the very reasonable value of £85 (£65) currently it is very tempting. For anyone getting started in bookkeeping you really can't go wrong with these videos and I think they are a good example of the quality one might expect from his courses. Thank you so much for this great quality free content Bookkeeping Master.
After review the module 4 I'm completely satisfy with your introduction to bookkeping I will visit the website to take this course seriously. Thank you
Thank you so much Sir you are great. I wish I knew about your RUclips channels before. I have watched so many of your videos several time and have learnt so much from you.
Hi, i studied accounting in Brazil, then i am a bit lost where to start here in UK. I wish learning more and more, but i don't want attending in a university again. Thanks for keeping my mind working through these videos.
Hi. Great course. I just couldn't understand debits, credits and T accounts. But now it's clear. Your explanations are clear and easy to digest. To take my learning further, do you have any courses on VAT accounting? Thanks
Thanks for the course. Really appreciate your efforts. Can you kindly share the link of your older bookeeping course you mentioned at the end of this video.
Great mini lectures. Quick question, with PEARLS, and credits, what is the difference between Revenue and Sales. To me it means the same thing money coming into a business. Can you give some examples? Thank you
Sales is revenue but revenue is not always sales. Revenue is generally the term used for all money generated from the business, such as sales, interest received, royalties, commissions, discounts, etc, etc. I hope this helps. Thanks for watching.
Question: So glad to finally understand T accounts. But this looks a bit scary for tracking accuracy. It's hard to glance at this and know that I've got all the things in the right places and the debits and credits balance out. How do you know it's right? My brain isn't processing this as orderly, it looks chaotic to me. (not saying it's ACTUALLY that, just how I'm processing it right now and I'm hoping to process it in a better way!)
I'm so glad you now understand T-accounts. You need to use accounting software. This helps with the accuracy and saves a lot of time. If you keep t-accounts manually, it can become messy, but regularly closing the accounts should highlight if there are any discrepancies. I hope this helps. Thanks for watching.
Having watched a number of your videos I find them clear and interesting. Generally when watching accounting videos something that does confuse at times is the difference between Sales and Revenues, Dividends and Purchases! Are they simply different terms used?
Sale and revenue can be the same thing. Dividends are payment of profits to shareholders. Purchases are cost of sales. I hope this helps. Thanks for watching.
Hi, really like the vids, Just an observation from someone who is learning, ref; T accounts,, when you showed wages being recorded in my mind you should record taking the money out of the bank first then record putting it into the wages T account seconded, I understand the end result is the same it just seemed over-complicated doing it the other way around. ( this is not a criticism ).
great video thanks one question what is the difference between quickbook and bookkeeping? and do we need to know about quickbook in order to do bookkeeping?
I'm a little confused - in the wages T account, for example, is the description not meant to say "Bank" as the opposite account of that transaction instead of repeating "Wages"?
Yes, it could-whatever makes sense to the reader. However, if you are taking exams and they require something specific, such as a bank, then you must enter that. Thanks for watching.
Thanks for your videos ! I’m 45 years old live in london and so interested in accounting. Do u think I can get a job if I do a course ? And if yes which course is better ? Many thanks
The video before this with entering debits and credits, do I need to put that info into T accounts like this video shows? What about dates etc . . . and is this for everything, paying bills, transfers, invoices etc . . .
@@BookkeepingMaster There are no dates on the T accounts, would the accountant know the dates if given the debits and credits with the dates (receipts attached) and a separate sheet for T accounts? Or is there a way to do the debits and credits like a T account with dates etc . . .
@@BookkeepingMaster I think the poster is asking what happens if the CR and DR columns in one T Account are equal. Say you paid off the entire bank loan, so CR is 10000 and DR is 10000. You can't then say which column is larger, so you could either write CR = 0 as the total on the CR side or DR = 0 as the total on the DR side. Which one do you choose?
I still can’t figure out if I’m just reselling items online how I will go about it? First I have to add the journal transaction item under debit and bank account under credit. But when I sell the item at the higher profit how do I go about it? I know i have to add the transaction as dr bank account and cr sales but is that it?!
Hi Alex. You are right... The very basics are DR Purchases CR Bank, then DR Bank and CR Sales. The profit and loss will then show the difference between the purchase price and the sale price. I hope this helps. Thanks for watching.
So if an account has a balance in the CR, does that mean that account is negative/money owed to make that account a non-expense or a profit for the company/business?
Hi i would like to ask when it comes to sale it was on credit side. how come it reflected as debit in the bank account if it is a sale. I am confused. Should it be on the credit side?? Please help. Thanks
The video is for learning theory rather than practice. In reality, it is not practical to use T-accounts like this. It's best to use accounting software, such as QuickBooks, Xero, Sage, etc. Thanks for watching.
DR Wages, CR Bank Account. Please keep in mind that this is bookkeeping basics. Wages are usually posted to a control account using wages journals first. Thanks for watching.
I am not understanding how money going into the bank account is a debit. I thought money that comes into my account was a credit and anything leaving my account was a debit. I'm a little confused at this point.
The way you understood it before was from the banks point of view. In accounting, debit is money in to the bank, credit is money out. I hope this helps.
There it is again. Money coming in being called a debit. When I get money, it's a credit. When I spend money, it's a debit. But not in bookkeeping. It's upside down. Except on Tuesday. Then it's reversed. ;) Very confusing. A dictionary definition of debit I just looked up is "a charge against a bank account" Synonyms = liability, negative, strike and so on. How can I distinguish this from normal terminology? Because this is not normal. I'll keep going and hopefully it will gel at some point. And I don't mean to confuse anyone else. It's just really get to me that I cannot make sense of this.
I am new to you videos and I am liking it. However, the cc you are providing is very distracting, I would appreciate if you could not put them while explaining through figures. Thank you 😊
I would appreciate it if you explained more clearly, that your acceptance is not clear, I appreciate you trying to help people but you it does not help me nothing
You did an excellent job in creating these videos, I know it takes a lot of your personal time but millions of people can benefit from it
I went to school to become an accountant and could never understand the T accounts, years later i'm taking refreshing courses and can now say I understand the T account. Thank you for the demostration and making it easier to understand
No problem. Thanks for watching
Must be a poor learner. This is the way it was done before the word was introduced to Excel.
I am trying to get experience in bookkeeping and can honestly say you are a better teacher than my college professors. If only they taught me PEARLS....... So grateful for these videos.
No problem. I'm so glad my content helped
Funny thing! I went to a college, earned a bachelor's degree in accounting and still did not understand T accounts! Amazingly you just made it so easy to remember, I wish you were my professor! Respectfully, thanks a billion times for your videos!
No worries. Thanks so much for the comment and for watching
Thanx, I am HOOKED up to your Basic Bookkeeping course, I think for me the BEST thing to learn is to learn the BASICs, and then gradually SCALE up when you already acquired some confidence in your newly acquired skills, BIG Thanx, from a fan from the Philippines.
Great to hear! Thank you so much for watching
T accounst have never made more sense than today!!
Fantastic. That makes me so happy! Thanks for watching
I am so glad my manager shared your link with me, I appreciate the time and effort you have put into explaining and how easy it is to understand. Thank you
Thanks
I would liked to say thank you i found your youtube channel about bookkeeping, I am new to this course and for me your the best teacher very well explain.
Awesome! Thank you!
am learning a lot from Kenya. I have watched all the 4 videos and eagerly waiting for the 5th one.
Awesome! Thanks for watching
I should admit that this is one of the videos.
Thank you for sharing it for free and helping us understand. I am in an online college and but none explained as clear as you did wow thank you again.
Glad it was helpful! Thanks for watching.
I did the AAT some years ago before taking time out to do a Psychology degree (yep I know quite different) - this brief course was great as a very succinct, comprehensive reminder - so much so I am thinking of taking the Ultimate Bookkeeping Course even though I have covered everything there before in my studies, but at the very reasonable value of £85 (£65) currently it is very tempting. For anyone getting started in bookkeeping you really can't go wrong with these videos and I think they are a good example of the quality one might expect from his courses. Thank you so much for this great quality free content Bookkeeping Master.
Thanks
So much so you posted the same comment on all videos, lol.
After review the module 4 I'm completely satisfy with your introduction to bookkeping I will visit the website to take this course seriously. Thank you
I am so happy to hear that! Thanks so much for watching
Thank you so much Sir you are great. I wish I knew about your RUclips channels before. I have watched so many of your videos several time and have learnt so much from you.
You are most welcome. All the best
SLEEP, DREAM, AND EAT DEBITS AND CREDITS: I like that! Well explained.
Thanks
As usual, your videos are great, I refreshed my knowledge watching these series of bookkeeping ..........thank you very much
So nice of you. Thanks for taking the time to comment.
Love it! Thanks for the great advice!
You are so welcome! Thanks for watching
Hi, i studied accounting in Brazil, then i am a bit lost where to start here in UK. I wish learning more and more, but i don't want attending in a university again. Thanks for keeping my mind working through these videos.
Thanks!
Hi bookkeeping master. I find your videos fascinating. Thank you so much.💙
Glad you like them! Thanks for taking the time to watch and comment. God bless you.
im new to bookkeeping iam really learning... your videos are amazing. thank you so much for time, i will benefit from your teachings
Great to hear! Keep up the good work. Thanks for watching and for the comment
Hi. Great course. I just couldn't understand debits, credits and T accounts. But now it's clear. Your explanations are clear and easy to digest.
To take my learning further, do you have any courses on VAT accounting? Thanks
You are welcome! Nothing on VAT at the moment. Thanks for watching.
Loved all your 5 videos. Helped a lot!
Glad you like them! Thanks so much for the views and comment.
Splendid teaching Sir. I’ve enjoyed the course soo far. 👏
Excellent! Thanks for watching
Thanks sir
Really it help me to understand clearly.
Glad to hear that. Thanks for the comment
This was an excellent video. I really understood the information presented. Thanks.
Glad you enjoyed it! Thanks for the comment
Thank you for this videos, I easily learned this one than my teacher way back😂
You're so welcome! Thanks for the comment.
Thanks for the course. Really appreciate your efforts. Can you kindly share the link of your older bookeeping course you mentioned at the end of this video.
Hi. Here you go: ruclips.net/video/IhYJbCAcCKE/видео.html Thanks for watching.
Great mini lectures. Quick question, with PEARLS, and credits, what is the difference between Revenue and Sales. To me it means the same thing money coming into a business. Can you give some examples? Thank you
Sales is revenue but revenue is not always sales. Revenue is generally the term used for all money generated from the business, such as sales, interest received, royalties, commissions, discounts, etc, etc. I hope this helps. Thanks for watching.
Question: So glad to finally understand T accounts. But this looks a bit scary for tracking accuracy. It's hard to glance at this and know that I've got all the things in the right places and the debits and credits balance out. How do you know it's right? My brain isn't processing this as orderly, it looks chaotic to me. (not saying it's ACTUALLY that, just how I'm processing it right now and I'm hoping to process it in a better way!)
I'm so glad you now understand T-accounts. You need to use accounting software. This helps with the accuracy and saves a lot of time. If you keep t-accounts manually, it can become messy, but regularly closing the accounts should highlight if there are any discrepancies. I hope this helps. Thanks for watching.
Having watched a number of your videos I find them clear and interesting. Generally when watching accounting videos something that does confuse at times is the difference between Sales and Revenues, Dividends and Purchases! Are they simply different terms used?
Sale and revenue can be the same thing. Dividends are payment of profits to shareholders. Purchases are cost of sales. I hope this helps. Thanks for watching.
ለጠቅላላ እው ቀት በጣም ጠቀሚ ነው / This is very important for generale knowledge/
Thanks
Great video! Thank you!
You bet!
Hi, really like the vids, Just an observation from someone who is learning, ref; T accounts,, when you showed wages being recorded in my mind you should record taking the money out of the bank first then record putting it into the wages T account seconded, I understand the end result is the same it just seemed over-complicated doing it the other way around. ( this is not a criticism ).
Thanks for the comment Chris and thanks for watching
Right on!
Thanks
great video thanks
one question what is the difference between quickbook and bookkeeping? and do we need to know about quickbook in order to do bookkeeping?
Yes, QuickBooks is bookkeeping software. I hope this helps. Thanks for watching.
Hello this is good stuff. Can I ask does the bank statement need to match with the bank account in Sage? Thanks
It does for the accounts to be accurate and up-to-date. Thanks for watching.
@@BookkeepingMaster Thanks for your reply. I just emailed you about Sage. Thanks for all the great videos!
Thank u for the encouragement
Thank u for the view and comment
I'm a little confused - in the wages T account, for example, is the description not meant to say "Bank" as the opposite account of that transaction instead of repeating "Wages"?
Yes, it could-whatever makes sense to the reader. However, if you are taking exams and they require something specific, such as a bank, then you must enter that. Thanks for watching.
Thank you again.
Thank you for watching!
Thank you.
No worries! Thanks for watching.
Thanks for your videos ! I’m 45 years old live in london and so interested in accounting. Do u think I can get a job if I do a course ? And if yes which course is better ? Many thanks
Yes you can! Most employers will look for some sort of qualification and/or experience though. Best of luck! Thanks for watching.
Thanks a lot! May I ask IF AAT can get me a job or does it have to be a ACCA course?
Great stuff man
Thanks a lot
The video before this with entering debits and credits, do I need to put that info into T accounts like this video shows? What about dates etc . . . and is this for everything, paying bills, transfers, invoices etc . . .
Yes, that is correct. Please watching. All should be made clear.
@@BookkeepingMaster There are no dates on the T accounts, would the accountant know the dates if given the debits and credits with the dates (receipts attached) and a separate sheet for T accounts? Or is there a way to do the debits and credits like a T account with dates etc . . .
Hey, are the different T accounts also known as ledger accounts? Hope this makes sense.
Yes, they can be. Also nominal accounts. Thanks for watching.
@@BookkeepingMaster Thank you!
Is T accounts bookkeeping used instead of or with double entry bookkeeping? Thank you. Lisa
With. 'T accounts' are an old term now though. Nowadays they are usually called nominal accounts. I hope this helps.
What is the balance if credit and debit are both equal?
The value of the debit and credit should always equal. Let me know if I have misunderstood. Thanks for watching.
@@BookkeepingMaster I think the poster is asking what happens if the CR and DR columns in one T Account are equal. Say you paid off the entire bank loan, so CR is 10000 and DR is 10000. You can't then say which column is larger, so you could either write CR = 0 as the total on the CR side or DR = 0 as the total on the DR side. Which one do you choose?
Afterr learning this course and quickbook can we do freelancing?
You will need some experience first. Thanks for watching.
Can all of this be done in Quickbooks?
Yes! I have a free QuickBooks training series here: www.freebookkeepingaccounting.com/free-quickbooks-online-course Thanks for watching.
Where do you normally display T entries? In the annual accounts when submitting to companies house?
You don't. Feel free to email me info@bpfs-online.com. Thanks for watching.
Thanks
No problem. Thanks for watching.
On the T account entry why is a sale considered a debit to the bank account if its money “IN” from a sale?
Banking debits and credits are different to accounting debits and credits. I hope this helps. Thanks for watching.
@@BookkeepingMaster Isn't money in from a sale an asset (debit?) and the credit would be a sale?
If the T account is called Loan, do we still have to write loan on the Cr or we should write the corresponding accounting name
The accounting name but you can write whatever is going to make sense to you and/or anyone else reviewing the accounts. Thanks for watching.
I still can’t figure out if I’m just reselling items online how I will go about it? First I have to add the journal transaction item under debit and bank account under credit. But when I sell the item at the higher profit how do I go about it? I know i have to add the transaction as dr bank account and cr sales but is that it?!
Hi Alex. You are right... The very basics are DR Purchases CR Bank, then DR Bank and CR Sales. The profit and loss will then show the difference between the purchase price and the sale price. I hope this helps. Thanks for watching.
I have a question 🙋🏼♂️
Money leaving the bank account isn’t it debits ? And money coming in the bank account isn’t it credits?
No, the other way around. Thanks for watching.
So if an account has a balance in the CR, does that mean that account is negative/money owed to make that account a non-expense or a profit for the company/business?
or is the profit of the business/company only determined by the "Current Bank A/C" balance?
Credit doesn't mean negative and debit doesn't mean positive
The bank balance should never be used as a gauge for profitability
Hi i would like to ask when it comes to sale it was on credit side. how come it reflected as debit in the bank account if it is a sale. I am confused. Should it be on the credit side?? Please help. Thanks
Credit sales, debit the bank. I hope this helps. Thanks for watching.
Do you use/set up T Accounts on one sheet as in the video?
The video is for learning theory rather than practice. In reality, it is not practical to use T-accounts like this. It's best to use accounting software, such as QuickBooks, Xero, Sage, etc. Thanks for watching.
hi.
wages is an expense...so we put this in debit.pls clesr me how u put this ammount in credit in current bank account
DR Wages, CR Bank Account. Please keep in mind that this is bookkeeping basics. Wages are usually posted to a control account using wages journals first. Thanks for watching.
Hello can this be used in Australia accounting system?
Yes, the principles are universal/international. Thanks for watching.
I am not understanding how money going into the bank account is a debit. I thought money that comes into my account was a credit and anything leaving my account was a debit. I'm a little confused at this point.
The way you understood it before was from the banks point of view. In accounting, debit is money in to the bank, credit is money out. I hope this helps.
@@BookkeepingMaster It absolutely does!
There it is again. Money coming in being called a debit. When I get money, it's a credit. When I spend money, it's a debit. But not in bookkeeping. It's upside down. Except on Tuesday. Then it's reversed. ;) Very confusing. A dictionary definition of debit I just looked up is "a charge against a bank account" Synonyms = liability, negative, strike and so on. How can I distinguish this from normal terminology? Because this is not normal. I'll keep going and hopefully it will gel at some point. And I don't mean to confuse anyone else. It's just really get to me that I cannot make sense of this.
Debit does not mean 'in' and credit does not mean 'out'. Unlearn these terms, they are not applicable for accounting. I hope this helps.
I am new to you videos and I am liking it. However, the cc you are providing is very distracting, I would appreciate if you could not put them while explaining through figures. Thank you 😊
Thanks. The cc can be turned off - RUclips adds this feature, not me. Thanks for watching.
@@BookkeepingMaster okay, thanks
I would appreciate it if you explained more clearly, that your acceptance is not clear, I appreciate you trying to help people but you it does not help me nothing
I'm sorry to hear that. I hope you find what you're looking for.
Thank You
You're welcome. Thanks for watching.