Hi Bill , I'm one of your students at The Controller Academy . Joining you has been the best decision I've made for my career. I would definitely recommend it . I went from a non accounting job to a full accountants position in two years after finding you. I am a group accountant thanks to your Academy. I studied ACCA and your lessons sealed the gaps and gave me confidence. I hope this review helps others because I was about to give up accounting before I found your channel. Thanks Bill for sharing your knowledge to those that can't afford to take your course right now but hopefully will in future. I still find these lessons so interesting. I learn something new everytime. THANKS ☺️ from Kesh -London 🇬🇧
Watching from the UK - this is a good video and you managed to add some fun into it, too! One thing I’ve always found is that a lot of accountants explain inaccurately that a bank reconciliation is actually a balance sheet reconciliation of the bank accounts. I think it needs to be made clear a bank reconciliation is one thing and that actually doing a balance sheet rec of the bank accounts involves matching the GL balance to the cash account in the cash book module in the accounting system - which should have been matched off to the bank statement already. I guess it’s the same with AR and AP - it’s not merely just reconciling the balance in the AR/AP module to the AR/AP statements issued/received; rather that AR/AP balance sheet reconciliation involves reconciling the balance in the AR/AP module to the AR/AP accounts in the general ledger. Effectively, a three way match, to an extent. And another reason accountants should provide a more elaborate explanation is because often it is possible to post a journal into an AR or AP account, which could then cause it to not match to the subledger.
Oh gawd! The beginning of this video it's Me today. I'm feeling sick and still need to finish closing the month. Tried to login to work and I'm unable to connect🤯 I'm glad I came across this video and I hope to feel better. Tomorrow will be another day, health first 😌🙏
Nice video, I was expecting more lol but that was really insightful for a free video. This is something I would like to discuss with my seniors about reconciling AP, like you said the preparer should be the one who is in touch with the account nature, and other team member would review or double check, but on the cash should be another team member to reconcile what others post, I'm living the opposite somehow, I think is a risky approach.
Thanks for this video. I would always panic if I saw balance sheet recs in a job description. But not anymore! If I apply for those kind of roles then I'll say that I'm keen to learn!
Great video! I had a question for you. I have my 150 credit toward cpa eligibility, have prior experience doing 1 busy season as an audit intern, 1 busy season as an audit associate and now I’m 1 full year into being an Accountant at a local bank (pay is relatively low). What should my next move be? Stay here til year 3 or start looking for an assistant controller or accounting manager position?
Yeah maybe at year 3 look for a Senior Accountant role. I am not in love with Bank Accounting because unless it's JPM or a large bank, the pay is not good
@@TheFinancialController I do agree with you there. The recruiter I used did say to learn as much as possible and move out of banking before I get pigeonholed to the industry.
Hi. Can you answer my question. I'm confused to choose a career between accounting and auditing. Which one is best in terms of salary and job security?
Both are good options, go with one and work hard to make it the best choice. I tend to lean more toward audit to start a career and then move to Accounting though.
Hey Bill, quick question - I haven't used Netsuite but was curious how the transaction recording works; I'm used to the Quickbooks Online banking feed where transactions of the Checking Account sync automatically from the bank itself and then each transaction is classed to the appropriate vendor/GL Account or matched to an existing bill/invoice etc. Is it similar within Netsuite with a bank feed tab or how does that whole process of actually getting the transaction in the system and then recording it work?
Really!!! someone is on the controller position and dont know the basics??? I think this only happened in USA😂 because in rest of the world people are judged on their experiance before they get recurited for some supervisior position.Any experiance controller knew much more than that.
Hi Bill , I'm one of your students at The Controller Academy . Joining you has been the best decision I've made for my career. I would definitely recommend it . I went from a non accounting job to a full accountants position in two years after finding you. I am a group accountant thanks to your Academy. I studied ACCA and your lessons sealed the gaps and gave me confidence. I hope this review helps others because I was about to give up accounting before I found your channel. Thanks Bill for sharing your knowledge to those that can't afford to take your course right now but hopefully will in future. I still find these lessons so interesting. I learn something new everytime. THANKS ☺️ from Kesh -London 🇬🇧
Thank you Kesh! Wish you continued success my friend!
Watching from the UK - this is a good video and you managed to add some fun into it, too!
One thing I’ve always found is that a lot of accountants explain inaccurately that a bank reconciliation is actually a balance sheet reconciliation of the bank accounts.
I think it needs to be made clear a bank reconciliation is one thing and that actually doing a balance sheet rec of the bank accounts involves matching the GL balance to the cash account in the cash book module in the accounting system - which should have been matched off to the bank statement already.
I guess it’s the same with AR and AP - it’s not merely just reconciling the balance in the AR/AP module to the AR/AP statements issued/received; rather that AR/AP balance sheet reconciliation involves reconciling the balance in the AR/AP module to the AR/AP accounts in the general ledger.
Effectively, a three way match, to an extent.
And another reason accountants should provide a more elaborate explanation is because often it is possible to post a journal into an AR or AP account, which could then cause it to not match to the subledger.
Oh gawd! The beginning of this video it's Me today. I'm feeling sick and still need to finish closing the month. Tried to login to work and I'm unable to connect🤯
I'm glad I came across this video and I hope to feel better. Tomorrow will be another day, health first 😌🙏
Things will get better the higher level you get!
Nice video, I was expecting more lol but that was really insightful for a free video. This is something I would like to discuss with my seniors about reconciling AP, like you said the preparer should be the one who is in touch with the account nature, and other team member would review or double check, but on the cash should be another team member to reconcile what others post, I'm living the opposite somehow, I think is a risky approach.
Thanks for providing context
great content for non accountant!
Thanks!
You will not find an amazing to-do video like this one anywhere, not even in college. ✅
Thank you Richie!
I love your videos, it’s so inspiring for me, each advise and paper you have is helpful. Thank you to share it
Thanks for this video. I would always panic if I saw balance sheet recs in a job description. But not anymore! If I apply for those kind of roles then I'll say that I'm keen to learn!
This video is very helpful for us Accountants
Great video!
I had a question for you. I have my 150 credit toward cpa eligibility, have prior experience doing 1 busy season as an audit intern, 1 busy season as an audit associate and now I’m 1 full year into being an Accountant at a local bank (pay is relatively low).
What should my next move be? Stay here til year 3 or start looking for an assistant controller or accounting manager position?
Yeah maybe at year 3 look for a Senior Accountant role. I am not in love with Bank Accounting because unless it's JPM or a large bank, the pay is not good
@@TheFinancialController I do agree with you there. The recruiter I used did say to learn as much as possible and move out of banking before I get pigeonholed to the industry.
Love the opening and overall great content!
I really appreciate your work. Thank you
I appreciate your appreciation!
Great video, thank you for sharing your knowledge
Glad it was helpful!
hello , how the net income can be charged twice onec in retaind earnings and second in cfo
Thank You
Hi. Can you answer my question. I'm confused to choose a career between accounting and auditing. Which one is best in terms of salary and job security?
Both are good options, go with one and work hard to make it the best choice. I tend to lean more toward audit to start a career and then move to Accounting though.
@@TheFinancialController Thanks
Great video!
Thank you!
another great video!
Please share us Link to your financial statement and bank reconciliation statement tutorial.
Hey Bill, quick question - I haven't used Netsuite but was curious how the transaction recording works; I'm used to the Quickbooks Online banking feed where transactions of the Checking Account sync automatically from the bank itself and then each transaction is classed to the appropriate vendor/GL Account or matched to an existing bill/invoice etc. Is it similar within Netsuite with a bank feed tab or how does that whole process of actually getting the transaction in the system and then recording it work?
I can try to make a video about it
Bill, is it possible to become a controller coming from a Big 4 Tax role? What would be the best time to exit so I'm not "stuck" in tax?
Hello , how is the net income can be charged 2 times one time in cfo and the second time from retaind earnings
How would you reconcile an accrued expense account?
You'd just need a list of the accruals that make up the ending balance
That reconciliation tells me nothing. It's literally a monthly movement which any accounting package can spit out.
Really!!! someone is on the controller position and dont know the basics??? I think this only happened in USA😂 because in rest of the world people are judged on their experiance before they get recurited for some supervisior position.Any experiance controller knew much more than that.
I love your videos, it’s so inspiring for me, each advise and paper you have is helpful. Thank you to share it
You are so welcome!