That's a wrap on the Adjusting Entries mini-series! You can find links to each video right here: ▪ Intro to Adjusting Entries → kzitem.info/news/bejne/qWaEnaiskad7n4o ▪ Prepaid Expenses → kzitem.info/news/bejne/s3tt3aacpXiAenY ▪ Deferred Revenue → kzitem.info/news/bejne/p2ewtIVnsJmSaqQ ▪ Accrued Expenses → kzitem.info/news/bejne/mpeQnHd5o1-amKg ▪ Accrued Revenue → kzitem.info/news/bejne/mJ-YtGZrj3WneZw ▪ WHOLE PLAYLIST → kzitem.info/door/PL5zKSeS09l31dhHvwhS4sVjcckQSPGqtp
@Logos3432-t5n
6 ай бұрын
Error, "Accrued Revenue..."earnt for the client we haven't built for client,". Should be "billed"?
@AccountingStuff
6 ай бұрын
Yes it should be billed@@Logos3432-t5n
@bellamatela4273
4 жыл бұрын
I must say, you are good! You explained in less than 10 minutes what took my lecturer 2 hours.
@AccountingStuff
4 жыл бұрын
Thanks Bella!
@kgabisopoto5039
2 жыл бұрын
Honestly
@sallyho146
Жыл бұрын
@@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
@jacksingarajah
4 жыл бұрын
You gotta respect the filming and editing put into this. Respect my guy
@AccountingStuff
4 жыл бұрын
Cheers Jack :)
@soemoe8237
5 жыл бұрын
You made accounting very interesting. You're a great teacher. Very clear, precise and entertaining. Your channel is the best accounting channel on KZitem. Thanks, James! This series hasn't finished yet, right?
@AccountingStuff
5 жыл бұрын
Thanks Soe! Yes, the Adjusting Entries Mini-Series is complete. But plenty more Accounting vids coming soon
@niloykarmaker1024
5 жыл бұрын
HANDS DOWN!! THIS IS THE BEST KZitem CHANNEL! PRODUCTION LEVEL......INTERACTION LEVEL....HELPFUL!! WHAT MORE I CAN ASK FOR! LOVE FROM BANGLADESH!
@AccountingStuff
5 жыл бұрын
Haha, thanks mate! Best wishes from Canada
@niloykarmaker1024
5 жыл бұрын
@@AccountingStuff so you are from CANADA? I thought you are an AMERICAN.
@a.c.n.9421
5 жыл бұрын
Seriously!!!
@AccountingStuff
5 жыл бұрын
@@niloykarmaker1024 I'm from the UK but I live in Canada
@niloykarmaker1024
5 жыл бұрын
@@AccountingStuff hmm.. now it goes with your akcent.
@jakeelder8830
2 жыл бұрын
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!
@ilayda9067
4 жыл бұрын
I LOVE your examples, really makes the things way easier to remember!
@AccountingStuff
4 жыл бұрын
That's great to hear, thank you!
@wayatanka6085
3 жыл бұрын
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
@AccountingStuff
3 жыл бұрын
Thanks for your kind words!!
@abirsadafofficial
5 жыл бұрын
Please make a video on UNEARNED REVENUE VS OUTSTANDING REVENUE! LOVE FROM BANGLADESH IN ADVANCE
@AccountingStuff
5 жыл бұрын
Hey Abir, cheers for the suggestion!!
@kimzzz3
4 жыл бұрын
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🥳
@AccountingStuff
4 жыл бұрын
Thanks Kim, more videos are coming soon :)
@dalenapier2956
2 жыл бұрын
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!
@TheBandi17
4 жыл бұрын
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
@AccountingStuff
4 жыл бұрын
Cheers Cyril! Hope the exams went well!!
@pabloavila6397
4 жыл бұрын
Accounting aside, these videos are insane. The amount of effort being put into them is remarkable. Congrats homie
@AccountingStuff
4 жыл бұрын
Cheers Pablo!
@theMOCmaster
4 жыл бұрын
This is as far as my class goes thanks for everything!
@AccountingStuff
4 жыл бұрын
No worries, you're very welcome! All the best
@kondwanibarton1391
2 жыл бұрын
OMG! Where have you been all my life 💃💃 Thanks
@lindadowling6702
2 жыл бұрын
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.
@HectorGarciaCPA
5 жыл бұрын
purchased it... love that you are monetizing!
@AccountingStuff
5 жыл бұрын
Cheers Hector!
@roxy505
2 жыл бұрын
You're a fantastic teacher. I wouldn't be making it through my course without your videos. Thank you!
@flaviofeniello
5 жыл бұрын
Each video is very useful to improve my English and in particular Accountung English! Many thanks, greetings from Italy
@AccountingStuff
5 жыл бұрын
Glad to hear it Flavio! All the best from Canada
@TheRealFlacus
5 жыл бұрын
you should do financial statement analysis next... vertical & horizontal analysis, etc.
@AccountingStuff
5 жыл бұрын
Hey Giancarlo, cheers for the suggestions!!
@elieldan1997
11 ай бұрын
why do accounting teachers not explain things like this, so simple, so understandable, so clear
@AccountingStuff
11 ай бұрын
Glad you found it useful!
@bg048
4 жыл бұрын
Love your videos! This channel definitely needs more attention! It would be awesome if you made a video on the closing process!
@AccountingStuff
4 жыл бұрын
Thanks for your suggestion!
@via624
4 жыл бұрын
watching this last minute at 12am so i don't fail tomorrow HDKSJS
@AccountingStuff
4 жыл бұрын
Good luck in your exam!!
@nasseryousif1222
5 жыл бұрын
Whats the difference between accrued revenue and accounts receivable ??
@gordwilkes
3 жыл бұрын
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!
@darkshinigami9438
3 жыл бұрын
Can you please make a video about account receivables that are not received and the bad debt thing?
@AccountingStuff
3 жыл бұрын
Thanks for your request!
@Niaax_09
4 жыл бұрын
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!!!!!!
@AccountingStuff
4 жыл бұрын
Good luck!!!
@AC_Blanco
5 жыл бұрын
Bought! Will come very handy next year for Financial Reporting module 👍🏻
@AccountingStuff
5 жыл бұрын
Legend!
@cellomon09
Жыл бұрын
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?
@annakelly7214
4 жыл бұрын
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?
@AccountingStuff
4 жыл бұрын
Hey Anna, thanks for your suggestions!
@raed666n
3 жыл бұрын
Would someone please explain why those different answers between Q1 and Q2 Q1 - A department store sells gift certificates that may be redeemed for merchandise. Each certificate expires 3 years after issuance. The revenue from the gift certificates should be recognized (Answer : In the period the certificates are redeemed or in the period they expire if they are allowed to lapse.) Q2-An entity sells a durable good to a customer on January 1, Year 1, and the customer is automatically given a 1-year warranty. The customer also buys an extended warranty package, extending the coverage for an additional 2 years to the end of Year 3. At the time of the original sale, the company expects warranty costs to be incurred evenly over the life of the warranty contracts. The customer has only one warranty claim during the 3-year period, and the claim occurs during Year 2. The company will recognize income from the sale of the extended warranty (Answer : In Year 2 and Year 3.) Why Q1 answer revenue is recognized @ end of period, while in Q2 evenly over 2 years, Im so confsued, please help !!
@maressamelo7635
2 жыл бұрын
Hello, I have a question. If the company received a good in June, the company paid the invoice in June but by error the invoice was posted only in July. Should I do a adjusting entry? Thanks
@chanmanhei3429
5 жыл бұрын
Wanna know more about closing entry
@AccountingStuff
5 жыл бұрын
Ok Chan, thanks for letting me know
@muhammadasadmalik4669
4 жыл бұрын
Is there a way to memorize the difference between Accrued Revenue and Unearned Revenue? I've watched all four videos adjusting entries just a while ago. I just can't differentiate between the two on first thought. The only way I have come up is; Accrued Revenue is an Asset and Unearned Revenue is a Liability.
@AccountingStuff
4 жыл бұрын
Accrued Revenue is Revenue that has been earned but not Invoiced yet, whereas Unearned Revenue occurs when payments are received before the work is done
@darksiaxx
2 жыл бұрын
So im a little confused on one thing. If say the invoice ended up being 450 instead. Youd be left with 50 in Accrued revenue. So if you then credit that back out and debt it back to revenue youd show 1 month earnings off 500 just to then show a loss of 50 the next. If were reporting when earned then wouldnt the 500 earned be a lie? Since we actually only made 450 then? Sorry just trying to wrap my brain around a few more examples so i understand ALL of the basics it applies to how i record keep
@hariprasadradhakrishnan8967
Жыл бұрын
Those charts which you are showing. I would like to purchase them. Can you make them available for us to buy in India. In Indian currency?? Thanks
@salihkaratas33
Жыл бұрын
If in the end you invoice 600 I guess you still credit accrued revenue by 500 and you credit your revenue by 100 while debiting accounts receivable by 600? But if your final invoice is 400, there will be an access balance of 100 in the accrued revenue, how do you handle that i.e. a dead asset that can no longer be converted to "cash"?
@dt5999
3 жыл бұрын
How to keep this in spreadsheet in a big company, with lots of accrued revenue. The spreadsheet without formulas including to prepare monthly journal looks messy and is time consuming :(
@NaveedKhan-ic3km
2 жыл бұрын
Good Explanation but adjustment entries always difficult in modern accounting softwares.
@titoarce6983
2 жыл бұрын
The longing cancer problematically separate because theory geometrically glow outside a productive custard. talented, strange rowboat
@Alphawaveshipping
4 ай бұрын
Hi James i am abit confused with entry of sales invoice, when the sales invoices is posted then revenue will be credited again in july and it will be double entry unless we debit revenue and credit the accured revenue to nullify the effect.Please correct me if im wrong.
@HectorGarciaCPA
5 жыл бұрын
brilliant
@morgangadson3860
4 жыл бұрын
can you discuss closing journal entries?
@AccountingStuff
4 жыл бұрын
Hey Morgan, thanks for your suggestion!
@Michael.design
8 ай бұрын
So do I understand correctly that if one bills/sends an invoice at the same moment of the delivery of the goods or services it will be a debit of the accounts receivable and there would be no accrued revenue? Or do they exist next to eachother?
@newenglandsteamworks457
3 жыл бұрын
Why wouldn't the seller just raise the invoice when the transaction is complete, rather than creating a manual journal and invoicing later?
@MrsEjze
5 жыл бұрын
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
@AccountingStuff
5 жыл бұрын
No worries, it's great to know that the videos have helped you out. I hope you find the cheat sheet helpful!
@andreicudisal2731
3 жыл бұрын
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!!
@AccountingStuff
2 жыл бұрын
Congrats on your high grades! Great to hear it's going well for you :)
@sallychen4955
4 жыл бұрын
I have to say your channel is the best one I found during this quarantine !! Thank you very much for helping !!
@AccountingStuff
4 жыл бұрын
Thanks Sally! I'm happy to help. Hope you're keeping safe!
@user-wi9nn6dz8w
11 ай бұрын
How is it different from sales in excess of invoicing/billing for point-in-time revenue recognition?
@srinurafiqah2803
5 жыл бұрын
Do cover irrecoverable debts! Your videos are really helpful for my accounting exams!!
@AccountingStuff
5 жыл бұрын
Thanks for the suggestion, I'll keep it in mind!
@Jendabendaify
4 жыл бұрын
Absolute legend this man. Explaining things in simply in entertaining fashion. Will definitely buy the cheat sheet. My favorite YT channel!
@AccountingStuff
4 жыл бұрын
Thanks and cheers for your support!
@NoNameLondon
4 жыл бұрын
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)
@AccountingStuff
4 жыл бұрын
No problem, sometimes it helps to look at a few scenarios to fully appreciate a concept.
@carolynespancho4415
4 жыл бұрын
bought it! its been very helpful. Thank you for sharing such knowledge.
@AccountingStuff
4 жыл бұрын
Awesome, thanks Carolyn! All the best
@Vikermajit
2 ай бұрын
Tq, Financial Accounting shifu...how about starting a series on Management Accounting, as well?...
@AccountingStuff
2 ай бұрын
Thanks for your request!
@michaelflink8010
4 жыл бұрын
What are the fundamental differences between the ACCOUNTS PAYABLE and ACCRUED REVENUE account?
@AccountingStuff
4 жыл бұрын
Accrued Revenue is refers to income that has been earned, but not invoiced yet. It is a type of Asset. Once it's been invoiced the Asset moves to Accounts Receivable. Accounts Payable is a Liability.
@shashankshay
24 күн бұрын
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 ?
@AccountingStuff
23 күн бұрын
Not so much with expenses... We have Accrued Expenses and Prepaid Expenses
@birbalkumar5790
Ай бұрын
Do we need to post the first entry - debit accrued income credit Income on "reversal basis"? If yes, then it would have been reversed next month and how come the second entry debit account receivable credit accrued income will turn out? Thanks for your help.
@AccountingStuff
Ай бұрын
Adjusting Entries like Accrued Revenue are often posted as reversing journals at the end of every month. This allows for them to be reviewed at month end each time to make sure they are still necessary
@yveschristiandjenzou5492
6 ай бұрын
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.
@AccountingStuff
6 ай бұрын
Great to hear it's making sense :)
@spideyfanboy
3 жыл бұрын
where did the account receivables come from?
@sameedagha5133
5 жыл бұрын
Love this channel. Waiting for a video on 'Inventory'.
@AccountingStuff
5 жыл бұрын
Cheers Sameed, and thanks for your suggestion!
@zhenzhenjian4881
6 ай бұрын
Am I right by saying if the invoice is raised then the adjustment entry would be account receivable, if haven’t raised then accrued revenue?
@AccountingStuff
6 ай бұрын
If the invoice is raised then it will typically be coded straight to Accounts Receivable and Revenue. If the invoice hasn't been raised then it needs to be coded to Accrued Revenue and Revenue (assuming Accrual Accounting is being followed)
@maiphuong5168
4 ай бұрын
Thank you so much. Im struggling a lot with this adjustment through book. Easy to understand now
@AccountingStuff
4 ай бұрын
Great to hear it's making sense :)
@pigeonwing9172
4 жыл бұрын
As an example, why is this not suitable to DEBIT accounts Receivable not Accrued Revenu?
@af1132racing
2 жыл бұрын
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!
@joekuhlase6532
4 жыл бұрын
Sold 400 backpacks for $120 each. The customer signed a 12-month, 3% Note. How do you adjust his entry?
@rajmehta4883
6 ай бұрын
fantastic video. You did a great job making this really simple to understand
@AccountingStuff
6 ай бұрын
Thanks, glad you enjoyed it :)
@GlimmerHandbags
3 ай бұрын
Wow! You are such an outstanding teacher! Thank you x1000!
@AccountingStuff
3 ай бұрын
Happy to help!
@axehealaroha7233
4 жыл бұрын
I just wanna ask Sir could you please drop here the initial entry to the journal and then it's adjusting and final entry to the journal : Thank you very much in advance hoping for your response 🤗🤟🍍✌️
@GG-cq5vj
3 жыл бұрын
How about the "DEPRECIATION"? Is it accrued?
@AccountingStuff
3 жыл бұрын
Hey there! I cover depreciation in these videos... kzitem.info/door/PL5zKSeS09l324hTFoBXWq9T3tUY_LUrn2
@Mrgamertoxic
Жыл бұрын
So the accrued revenue will become the receivables as and when you rise the invoice? Is that the only difference between the receivables and accrued revenue?
@AccountingStuff
Жыл бұрын
Yes they will. Accrued Revenue is manually posted in the General Ledger whereas Receivables have a separate subledger with more detail and the journals tend to be automatic
@reemathakkar223
5 ай бұрын
Thanks alot from India..I hope i can use the understanding in cpa exams too
@AccountingStuff
5 ай бұрын
The basic concepts that I cover in my videos are applicable everywhere
@slurpee7530
3 жыл бұрын
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 ?
@teefedtips
4 жыл бұрын
is it accrued revenue because they haven't billed the customer or because they haven't received the payment? or is this the same idea? what i am getting at is, if you have already invoiced the customer, is it still accrued revenue because it hasn't been received yet
@AccountingStuff
4 жыл бұрын
It's accrued if it hasn't been billed yet. The payment is handled separately
@justus4331
2 жыл бұрын
I am having trouble with these: 1. Sales earned but not billed yet, $3200 2. Additional $400 in sales salaries has been accrued, but not yet recorded 3. Physical count of merchandise inventory on June 30 is $19,840. Please help
@mmckn1885
Жыл бұрын
You're $3,200.00 has to be in Accrued Revenue because it has not been billed yet and in Revenue account. The $400.00 have to be recorded into Accrued Revenue and Revenue accounts. I can't give you help Merchandise Inventory without the expense on merchandise, but I can tell you that you need to adjust your account for merchandise based on your merchandise sold expense which is COGS. If you're unsure check out Accounting Stuff videos on merchandise and COGS.
@jaidev777
11 ай бұрын
@@mmckn1885 Wait, about the $400, are you sure that is related to accrued revenue and revenue? Not expenses and accrued expenses?
@kirolosmakram881
2 жыл бұрын
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
@VictoriaAngelinaLeighton-Nolly
5 ай бұрын
Please explain adjusting accrued interest expense and note payable
@AccountingStuff
5 ай бұрын
Thanks for your requests :)
@191125
3 жыл бұрын
Just bought your cheat sheet bundle. Please continue showing examples in quickbooks online for the small business owners out here watching your videos. Thanks!
@AccountingStuff
3 жыл бұрын
Thanks for supporting the channel!! I appreciate it. Cheers for your suggestion
@stairclimber6027
4 жыл бұрын
At 5:39, why debit accrued revenue and not accounts receivable?
@AccountingStuff
4 жыл бұрын
We debit accrued revenue because the invoice hasn't been raised yet. You need an invoice in order to add it to accounts receivable because it's a subledger that requires more detail
@carmenroberts453
2 жыл бұрын
Hey :) is this content and your cheatsheets relevant in Australia?
@mmckn1885
Жыл бұрын
If Australia uses GAAP or IFRS then it will be relevant.
@Loveii-rg3tp
3 ай бұрын
What a relief! Thank you for helping.
@AccountingStuff
3 ай бұрын
You're very welcome :)
@hosanna7788
Жыл бұрын
Are you still single?
@hlengiwedakile5861
6 ай бұрын
Thank you for helping me obtain my degree
@AccountingStuff
6 ай бұрын
Congrats on getting your degree! That's all you :)
@jamese.jonesjr.1751
9 ай бұрын
Very informative series. I bought the cheat sheet too. Good work ma'man.
@AccountingStuff
9 ай бұрын
Cheers and thanks!
@jamese.jonesjr.1751
9 ай бұрын
You're welcome! @@AccountingStuff
@savinpoojary2756
4 жыл бұрын
hi it's very helpful to understand the topic could please tell me Ur Facebook I'd to communicate.
@AccountingStuff
4 жыл бұрын
Hey Savin, you can reach me via Instagram or Email
@savinpoojary2756
4 жыл бұрын
Instagram name
@ronoedwin3594
2 ай бұрын
chonjo
@ilhamlakhouiri1940
2 жыл бұрын
What different between accrued revenue and account payable
@mmckn1885
Жыл бұрын
Accrued Revenue is revenue you have earned but not received the money, and have not invoiced the individual for the money. Accounts Receivable is someone owes you money and you have invoiced them on the amount owed.
@zahrasyeda558
3 жыл бұрын
Please do Purchase and Sale Returns. Would be a great help
@AccountingStuff
3 жыл бұрын
Thanks for your request!
@usalem
4 жыл бұрын
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
@AccountingStuff
4 жыл бұрын
Hey Usama, thanks for your suggestion! I'll look into that
@teeblack6629
3 жыл бұрын
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.
@AccountingStuff
3 жыл бұрын
Thanks for your request!
@francosannan4681
7 ай бұрын
Thanks a Lot - Perfect Videos
@AccountingStuff
7 ай бұрын
You're very welcome :)
@LightsEnd304
3 жыл бұрын
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.
@AccountingStuff
3 жыл бұрын
No worries :)
@josephriverajulierichards7897
2 жыл бұрын
Thank you, this was extremely helpful and I appreciate you putting this out
@ZeeStreamTube
3 жыл бұрын
don't we need to create journal entry for cash account?
@AccountingStuff
3 жыл бұрын
Yep, but only when the payment is made
@aaglobalfx
3 жыл бұрын
i enjoyed this one, the cloud in my mind started to clear on this episode. Thank you!
@AccountingStuff
3 жыл бұрын
No problem :)
@tevitatalanoa9880
4 жыл бұрын
I just bought adjusting entries cheat sheet.. Really useful. Thanks bro!! 💯💯 Happy to support ur work!
@AccountingStuff
4 жыл бұрын
Thanks for your support! I really appreciate it
@edmerced1522
Жыл бұрын
Wow excellent work in the explanation. It’s so much easy to get this when you said “hold it temporarily in the BS”
@AccountingStuff
Жыл бұрын
Great to hear it's making sense :)
@angelakim1275
6 ай бұрын
awesome explanation! Thanks!!!
@AccountingStuff
6 ай бұрын
No problem, hope it made sense :)
@concerned_2023
4 жыл бұрын
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.
@AccountingStuff
4 жыл бұрын
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.
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