you have no idea no much these have helped. I watch these before the class lesson to understand it better when they are actually explaining it. doesn't hurt that your easy on the eyes . keep it up Mr. James :)
Honestly, best channel to learn from basics. I'm going to cover all of your lectures. Really really appreciate your way of explanation and effort. TA 😄
Taking an accounting class and these videos are a life saver. The energy he has in every video and the way he explains it makes it quite easy for me to understand.
Thank you. I've just enrolled into an accounting course and I'm using your tutorials as a great supplement to my class study materials. You explain the principles very well. Again, thanks. 👍
Just stumbled across your UA-cam page, man, you do an excellent job breaking things down so that you can easily understand. Will continue to follow and watch your videos as I am obtaining a certificate in bookkeeping in the purusit of opening a bookkeeping business. Appreciate you, bro!
This is a great video specially for beginners (like myself) or people with 0 accounting experience. The video was brilliant and wonderfully made. hanks a lot
Just realised that I totally misread your comment! Apologies for that. Haha yes I am a big fan of PM and have watched many of his tutorials so have definitely picked up a few of his tricks 🙂
Woohoo so finally you are back 😊 the things which teachers can't explain you explain it very simply 😊 okay okay so waiting for your next video James sir ❤😊
Hey James, could you please cover differences that can result in deferred tax assets or deferred tax liability? I would really benefit from your explanation of this topic!
Great videos and channel man... I like when you "categorize" basic concepts (I loved your definition of credits->debits as source->destination of economical benefits!!!!). Have you already done anything similar for adjustments? If you haven't, it could be a nice topic to cover, keep it up!!
Thank you for these great videos! I share them regularly with my accounting class (high school level). I think it's helpful for students to hear concepts explained differently by different people. On that note, I have a request for future videos. Would you consider doing adjusting entries? and/or closing entries? Particularly adjusting entries seem to stump accounting beginners. ;)
Hey Trisha, thanks! Cheers for sharing the videos. Yes I would like to cover adjusting entries soon. I plan to cover Prepayments and Accrued Expenses in the coming weeks which are two of the main types of adjusting entries.
I supported the channel; debited it with a *like*💯😉... Thank you for all your work sir. It really does make a difference. More strength and creativity to u. 💪🏿
Hey Rachita, I've just uploaded a video on Cash Flow using the Direct Method... ua-cam.com/video/Xy-yDw0gsgc/v-deo.html I'll make another using the Indirect Method very soon 🙂
It seems that a drawback to accrual basis accounting is that an assumption is made that when a company bills a client that the client will always pay....recognizing revenue when. Its earned seems reasonable....but if a company earns revenue and the client does not pay then it would appear a company has assets which it doesn't actually possess.....what are your thoughts on this?
the journal entry#1 Expense I understand but the journal entry #2 revenue totally confused me.could you clear it up for me? I thought ,Revenue is a balance credit, a credit increases it and a debit decreases it? At the 1:52 point
Hey Asmita, thanks for your suggestion! I would like to get on to more complex topics like the these, however I'm currently focused on Accounting Basics so it could be a while before I get onto those areas.
Hey Pradeep, thanks for your suggestion. I will look into doing that. In the meantime... I have made a video on Journal Entries here is touches on the topic: ua-cam.com/video/Y-_Q3rANyxU/v-deo.html
Great video. I have started selling items online Oct 23, it's now Feb 24. I purchased stock a few years ago, now selling that. Each item I sell, do I use the receipt from 2022 and show that as an expense? Thank you.
Hi very nice and informative video, would greatly appreciate if you could suggest on- will it be considered accrual or cash basis, if somebody receives payment from an organisation, and the person on his/her bank account where he/she submits invoice to an organisation for the online payment (received to his/her bank), and with person receives money on a bank account (without submitting any invoices)?
Hello James! Got a question on treatment of advance taken on Receipt & Payment Account. For instance; if an employee has taken advance USD 500 for the company related expense at Dec. 31 (Financial Period : January 1 - December 31). How is it shown on the financials (Receipt & Payment Account). Assuming that the employee has not spent the money but has taken the advance from the company. will the advance amount be carried forward in the next financial period or not? Thank you.
please we need manufacturing accounting , cost of good, inventory valuation etc. and some ratios main one to decide if we invest in a company or not. thank you thank for your creative way of presentation
Another very helpful video. Thank you. I do have a question. With cash basis, am I correct that you record the date you received the check/cash and NOT the date you deposit it in the bank account? If so, is the rule of using the date received changed when you receive a check (tax deductible donation) after 12/31, but the envelope was postmarked on or before 12/31? Is it that the donation is recorded the day received (not the day postmarked or deposited), but if the post mark is on or before 12/31 their donation counts for the previous year? But, it seems that will make the books messy. It has been a long time since this video was made. I hope you are still around answering questions and making these excellent videos. Thank you.
First of all, I love your channel...it has been very helpful but can't seem to get those cheat sheets. Am not sure how to make the payments since we don't use USD currency here, so any other options...? Just enlighten me :-)
Thanks Mekdes, I'm glad to hear that you're enjoying these videos. The website is set to USD but it still accepts foreign cards or PayPal. Have a great weekend!
Hey Ron, good question. Here are my thoughts... I would think that the initial entry of the bank loan shouldn't affect the income statement at all (since it is a loan, not revenue). It should be recognised on the balance sheet as Cash (an asset) and a Bank Loan (a liability). The interest payments should be recognised as an expense in the Income Statement when they are paid out, which would also decrease Cash in the balance sheet. Does that help?
@@AccountingStuff thanks a lot james, Now i got it if a client pays me advance it will be recorded as a liablitiy first in accrual basis but under cash basis it will recorded as an income directly ..Am i right?
@@ronjobs2359 Correct. If the client pays you in advance then you would treat it as deferred income (a liability) under the accrual basis, or as income under the cash basis.
Did you learn accounting from the guy in Community? I was expecting a white board and you open up the video with you on a rooftop carbeing a friggin diem
@@AccountingStuff Yeah! But can you make it as a series like a chapter which consist some numerical questions and explaination and types of royalty etc
If the goods or services have already been delivered or provided then it would be coded to a Revenue account. If they're to be provided in the future then it would go to Unearned Revenue (a Liability) on the Balance Sheet.
Hey Viewers! I hope you learned something in this video 🙂As always, please let me know if you have any video requests here in the comments
you have no idea no much these have helped. I watch these before the class lesson to understand it better when they are actually explaining it. doesn't hurt that your easy on the eyes . keep it up Mr. James :)
Thank you for these videos. I'm cleaning out the accounting cobwebs in my brain 🧠
hey! do you have any videos on using the cashbook as a double entry instead of just a daybook?
Wow, I'm binge watching your content on a Sunday!
Accounting on the weekend?! Hope you find it helpful
Such an underrated channel! All accounting students should subscribe to this page!
Cheers Revin!
Honestly, best channel to learn from basics. I'm going to cover all of your lectures. Really really appreciate your way of explanation and effort. TA 😄
I actually just love his energy bring into the video . Making accounting sounds more interesting
Thanks, glad you enjoyed it!
Taking an accounting class and these videos are a life saver. The energy he has in every video and the way he explains it makes it quite easy for me to understand.
This was the most clear and simple explanation of cash-basis accounting that I have seen as of yet!! (two-thumbs up)
Thanks, glad you found it useful :)
bro ur a life saver i hated accounting now i have fun watching ur vids
Thank you. I've just enrolled into an accounting course and I'm using your tutorials as a great supplement to my class study materials. You explain the principles very well. Again, thanks. 👍
Cheers Susan! Hope your course is going well :)
You made accounting easy to understand. I love how you explains it and how you present it.
Cheers Sheryl!
This Channel Deserve More Views ! Its So Helpful
Thanks, glad you're finding it helpful :)
Thank you SO MUCH for all of your videos ...
I've learned so much in 10 minutes of watching your videos, I'm referring your sight to others!!!Thank you 😊
You're very welcome! Great to hear it's clicking for you :)
thank you; ure the best
I just finished my first accounting test and got an A thanks to your videos!
Just stumbled across your UA-cam page, man, you do an excellent job breaking things down so that you can easily understand. Will continue to follow and watch your videos as I am obtaining a certificate in bookkeeping in the purusit of opening a bookkeeping business. Appreciate you, bro!
Thanks Josh! Great to have you on board :)
5 years later and still relevant. Thanks broski!
Glad you found it useful!
This is a great video specially for beginners (like myself) or people with 0 accounting experience. The video was brilliant and wonderfully made. hanks a lot
Thanks Mundher, that is kind of you to say. Glad to hear you got some value from the video!
Thank you for the video!!! We learn a lot from you! Thank you!
No problem!
Thank you 😊
Your videos are really helpful, especially for people like me who are new to accounting.
Thank you James.
This was very helpful.
thank you again for providing such helpful video!
No problem Sarah
PMish vid transition 😍
Great work
Thanks AnuBhav! I would love to add a vid translations but I need help translating them.
Just realised that I totally misread your comment! Apologies for that. Haha yes I am a big fan of PM and have watched many of his tutorials so have definitely picked up a few of his tricks 🙂
Hey sir can you do a vid on journal entry?
Thanks for the suggestion! I have actually already made one. You can find it here... ua-cam.com/video/Y-_Q3rANyxU/v-deo.html
Woohoo so finally you are back 😊 the things which teachers can't explain you explain it very simply 😊 okay okay so waiting for your next video James sir ❤😊
Hey Khushi, thanks for stopping by again! I'm working on the next video as we speak :)
Hey James, could you please cover differences that can result in deferred tax assets or deferred tax liability? I would really benefit from your explanation of this topic!
Thanks for your suggestion
Great videos and channel man... I like when you "categorize" basic concepts (I loved your definition of credits->debits as source->destination of economical benefits!!!!). Have you already done anything similar for adjustments? If you haven't, it could be a nice topic to cover, keep it up!!
Ooops! Just found it!!! Sorry....
Great, I was about to link it to you!
Thank you for these great videos! I share them regularly with my accounting class (high school level). I think it's helpful for students to hear concepts explained differently by different people.
On that note, I have a request for future videos. Would you consider doing adjusting entries? and/or closing entries? Particularly adjusting entries seem to stump accounting beginners. ;)
Hey Trisha, thanks! Cheers for sharing the videos. Yes I would like to cover adjusting entries soon. I plan to cover Prepayments and Accrued Expenses in the coming weeks which are two of the main types of adjusting entries.
Great video... Keep making more
Will do thanks!
your responsible for my full marks :)
Congrats!!!
Haha
I supported the channel; debited it with a *like*💯😉... Thank you for all your work sir. It really does make a difference. More strength and creativity to u. 💪🏿
Legend! Thanks :)
Hey James! Great videos, thank you for making them. BTW, Where do you live? Your view is amazing.
Hi...your videos have been quite helpful. Can you explain cash flow and fund flow
Thanks Rachita, yes I will do videos on those topics soon!
Hey Rachita, I've just uploaded a video on Cash Flow using the Direct Method... ua-cam.com/video/Xy-yDw0gsgc/v-deo.html
I'll make another using the Indirect Method very soon 🙂
It seems that a drawback to accrual basis accounting is that an assumption is made that when a company bills a client that the client will always pay....recognizing revenue when. Its earned seems reasonable....but if a company earns revenue and the client does not pay then it would appear a company has assets which it doesn't actually possess.....what are your thoughts on this?
If the bill is not paid, it goes down as a loss
Thanks also for this video; clear and awesome as always
No worries Marie!
Thank you for explaining it! best regards
You are welcome :)
@@AccountingStuff ☺️👌
thank you so much , you are so clear :)
Cheers, glad you found it useful!
Supa Supa Supa 👍
Thanks
daam, thank you bro❤
No problemo! Hope it helped :)
the journal entry#1 Expense I understand but the journal entry #2 revenue totally confused me.could you clear it up for me? I thought ,Revenue is a balance credit, a credit increases it and a debit decreases it? At the 1:52 point
Can you do a few vids on merchandising operations and multiple step income statements pretty please
Hey Gabriela, thanks for your suggestion! I will look into it.
how does an expense appear in the ledger under cash basis. FOr eg, if you buy office equipment, how is that treated in gen.ledger under cash basis?
Will you make videos on big chapters like NPO,issue of shares , debentures?
Hey Asmita, thanks for your suggestion! I would like to get on to more complex topics like the these, however I'm currently focused on Accounting Basics so it could be a while before I get onto those areas.
I hated Accounting.....until now. Thank you.
No worries :)
Could you please explain cash book and AP/AR on sage Accpac? Thanks in advance
Thanks for your request!
Hey can you make a video on ledger posting
Hey Pradeep, thanks for your suggestion. I will look into doing that. In the meantime... I have made a video on Journal Entries here is touches on the topic: ua-cam.com/video/Y-_Q3rANyxU/v-deo.html
Great video. I have started selling items online Oct 23, it's now Feb 24. I purchased stock a few years ago, now selling that. Each item I sell, do I use the receipt from 2022 and show that as an expense? Thank you.
Hi very nice and informative video, would greatly appreciate if you could suggest on- will it be considered accrual or cash basis, if somebody receives payment from an organisation, and the person on his/her bank account where he/she submits invoice to an organisation for the online payment (received to his/her bank), and with person receives money on a bank account (without submitting any invoices)?
Hey, can you demonstrate how turbo tax keep and record their transactions in their financial statements for tax purposes
Thanks for suggesting this to me :)
Can you do a petty cash break down? Right now I’m learning payroll and petty cash with charts.... it’s very confusing 🤦🏽♀️
Thank you 😊
Hey Amanda, thanks for your suggestion!
Hello James!
Got a question on treatment of advance taken on Receipt & Payment Account.
For instance; if an employee has taken advance USD 500 for the company related expense at Dec. 31 (Financial Period : January 1 - December 31). How is it shown on the financials (Receipt & Payment Account). Assuming that the employee has not spent the money but has taken the advance from the company. will the advance amount be carried forward in the next financial period or not?
Thank you.
Great video. Just the beginning was a little hard to hear, I think it was because of the music.
Thanks and cheers for your feedback!
please we need manufacturing accounting , cost of good, inventory valuation etc. and some ratios main one to decide if we invest in a company or not. thank you thank for your creative way of presentation
Thanks for your requests!
Hey James, have you made any videos on discounts?
Not yet...
@@AccountingStuff I'd love to see onee
can you please make a video about GAAP? 🙏
Thanks for your suggestion!
Another very helpful video. Thank you. I do have a question. With cash basis, am I correct that you record the date you received the check/cash and NOT the date you deposit it in the bank account? If so, is the rule of using the date received changed when you receive a check (tax deductible donation) after 12/31, but the envelope was postmarked on or before 12/31? Is it that the donation is recorded the day received (not the day postmarked or deposited), but if the post mark is on or before 12/31 their donation counts for the previous year? But, it seems that will make the books messy. It has been a long time since this video was made. I hope you are still around answering questions and making these excellent videos. Thank you.
sir also explain mutual fund and hedge fund
Thanks for your requests!
can you please cover contra entries. thanks
Cheers for your suggestion!
First of all, I love your channel...it has been very helpful but can't seem to get those cheat sheets. Am not sure how to make the payments since we don't use USD currency here, so any other options...? Just enlighten me :-)
Thanks Mekdes, I'm glad to hear that you're enjoying these videos. The website is set to USD but it still accepts foreign cards or PayPal. Have a great weekend!
Hi james, i have a question how do we deal with bank loans in cash basis of accounting
Hey Ron, good question. Here are my thoughts...
I would think that the initial entry of the bank loan shouldn't affect the income statement at all (since it is a loan, not revenue). It should be recognised on the balance sheet as Cash (an asset) and a Bank Loan (a liability). The interest payments should be recognised as an expense in the Income Statement when they are paid out, which would also decrease Cash in the balance sheet.
Does that help?
@@AccountingStuff thanks a lot james, Now i got it if a client pays me advance it will be recorded as a liablitiy first in accrual basis but under cash basis it will recorded as an income directly ..Am i right?
@@ronjobs2359 Correct. If the client pays you in advance then you would treat it as deferred income (a liability) under the accrual basis, or as income under the cash basis.
@@AccountingStuff thanks a lot once again, i would definitely recommend your channel to others.Accounting Stuff you got my attention.
@@ronjobs2359 No worries mate!
Love your finger wagging. Cool video cheers.
Haha thanks!
Great
Cheers!
In which book should this be recorded?
If you're cash accounting then you would probably be using a 3 or multi column cash ledger
sir please make video on reconciliation statement for micro finance bank ..
Hey mate, I've made a video showing how to do a bank reconciliation... ua-cam.com/video/zhmO3DM3YiY/v-deo.html
Let me know if that helps?
Did you learn accounting from the guy in Community? I was expecting a white board and you open up the video with you on a rooftop carbeing a friggin diem
Haha, it was a nice day and I fancied getting outside. Haven't actually seen community but I hear it's good!
How did you work out the mark-up using a decimal place? If I times £10 by 1.5, I get £15.........
150% on £10 = £15. Mark up is profit. so £10 cost + £15 profit = £25 revenue
Up until recently most Commonwealth governments used cash accounting methods for recording transactions.
Plz make video on royalty accounts
Sure thing Shiva!
@@AccountingStuff Yeah! But can you make it as a series like a chapter which consist some numerical questions and explaination and types of royalty etc
I will look into doing that. Thanks for the suggestion!
Dude its as if he's reading my mind when im watching videos i was kinda confused with the debit and credit terms
why is 'income received in advance' not recorded on cash basis of accounting?
Do you mean 'cash received in advance'? I explain in this video... ua-cam.com/video/F1zNQ1wga7o/v-deo.html
@@AccountingStuff thanks
@@swetavijayan160 You're very welcome :)
Where does the invoice issued to a customer get coded if it is being paid on a future date? Can't be revenue yet... So where does it go? 😅
If the goods or services have already been delivered or provided then it would be coded to a Revenue account. If they're to be provided in the future then it would go to Unearned Revenue (a Liability) on the Balance Sheet.
@AccountingStuff ahhh that makes sense. Thank you!
@@natbrown1974 No problem :)
could you make a video on cash book plsssssssssssssssssssssssssssssssssssssss?
Thanks for your request!
Oh damn you have an English accent but you live in Vancouver? I guess they don't call it British Columbia for nothing, lots of Brits here.
Vancouver is so beautiful, it's every Brit's dream to come out here