I asked Gemini to record 4 journal entries. Accountants should use AI!
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- Опубликовано: 21 окт 2024
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I challenged Google Gemini to record the journal entries to 4 business transactions.
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Thanks for the video, its very informational as a first year businness student
thanks, will be maybe beneficial to start doing some video on the accounting standards or ifrs with practical example
I like your honest, some people would never honor up. Better than u got two wrong where you have to amortize over a period of time😂
I don't know in practice, but when asking for explanations on accounting rules, Gemini and GPT are re tar dead. They contradict themselves and give vague or open ended answers
True to some extent, but that's why I like to use it in combination with my own professional judgement
Which AI do I use then?
Thanks for the video, its very helpful. but I have questions
Regarding Transaction No. 3
How we will make the expense over the life of the contract and we already booked from beginning as a cost. you mentioned it will be done through amortization or depreciation method but how will be?
Regarding Transaction No. 4
Can you please write what will be the correct journal entry for this case
In transaction No 3, the Dr is to Customer Acquisition Cost, which is an Asset (not an Expense), the asset will be amortized over the life of the customer.
In No 4, Dr Capitalized Commission Asset, Cr Cash (then amortize the asset over the life of the customer)
Hi Bill,
Do you have any tips/made a video on a framework/guideline on what information should be included in journal entry header to make it detailed and consistent?
I scored 97 in the ACCA financial accounting exam, and I got all 4 of these wrong😐, I'm so screwed man. AI is definitely going to take my job 🤦♂
I think you'll gain this skill when you gain more life experience
@@TheFinancialController thanks for the kind words ❤️
@@TheFinancialControllerthis is amazing. Are these actually accounting transactions that you would enter when dealing with accounts receivable or accounts payable? Also, is this what they mean by automation in accounting? Thanks
very thin line between question 3 and 4.. i can argue that for question 3 as well if they don't sign the contract they don't incur 500k.
Thanks for the video. Please can you do a video on amortization? I get that cash would be credited in the last transaction, I just don't understand the subsequent entry. How do you capitalize and amortize over the number of years given.
Hey, I don't know if you'll see this in time but I have a life changing interview next week for a manager of financial reporting. I have a general ledger accounting background and I want to familiarize myself with a day in the life of a financial reporting accountant. Do you have any videos that discuss this career path or know of any good ones I can seek out? I will be helping to finalize the financial statements and dealing with external auditors is all I could gather from the job description.
For Transaction #1, I'm curious how this is done in the real world. The filing of the Bankruptcy petition doesn't necessarily mean the creditor isn't going to get anything from the Bankruptcy estate. Being an unsecured creditor they are lower on the priority list. Is the account still written off even if it the bankruptcy process isn't complete and the debt hasn't been discharged?
Good question. In our example, we found out from our attorney that we not going to get paid. So if it's determined later that customer will actually pay us, we would have to stand up the AR again by creating a Dr to AR and CR Allowance
@@TheFinancialControllergood morning, and thank you very much for sharing your knowledges. I work as a bookkeeper in NJ, and I enjoy a learn from your videos
Hi Bill! I’m a newly promoted Big 4 Senior. I’m planning to stay at big 4 until at least manager (3 more years).
If I want to climb as high as possible in industry, is controller the top position? When should I leave PA to get there? And what type of role should I look for in an exit? (GL, consolidations, sec reporting, etc).
Thanks!
I explain this in my video 5 most common exits from public accounting
@@TheFinancialController thanks I’ll check it out
so what is the correct answer for Q4??????
Great video but I was wondering what the last journal entry should be?
Dr Capitalized Commission Asset, Cr Cash (then amortize the asset over the life of the customer)
I want to change myself because I have only done physical jobs, so I have been studying bookkeeping independently. But if AI can solve so much, I feel like what I'm doing is pointless.
AI will be only helping the professional. I don't think AI can take over for at least another 10 years.
Great and thanks..Needed video on US GAAP
Please share us consolidated balance sheet outside ownership
Great video! Can you try other AIs like chatgpt?
thank you
Hi, can u explain the cheque discounting with journal entries, eg 100k cheque dated 01/12/24 we discounting today with 20% margin what is the journal to pass as we received after 20% margin how we reconcile the bank today and actual maturity date
Any reply?
For the case number 2. If buyers Journals on February 28
(D) inventory
(K) acrued liabilitas
My question is. What is the Journal for the Sellers on February 28...?
Thank you, need your help..
Should we recognize it as account receivable
(D) account receivable
(K) inventory
Or ( D) acrued revenue
(K) inventory
i am new to your page, if you haven't already can you please talk about personal property taxes/statement requirements and process?
Great video!
When's the next tax video with Jeff? 😄
awesome
Wait until 2025
Second!
First