OMG, I was just coming here to say this. and I NEVER leave comments on UA-cam videos. I'm learning about this for something outside of an accounting degree, but if everyone taught like this, I would've studied accounting. Cheers James!
This channel literally change the way accountants see accounting, i never had a creative mindset to see accounting like you sir. Keep up the good works!
Hey, am I too late? How did the interview go? My advice is to relax as much as possible. Try to be present and connect with the interviewer. Good luck!!
@@AccountingStuff I think I did it horrible. Totally nervous. I knew each and every thing they asked and answered them rather jittery way. BTW thanks for your response.
@@randomdosing7535 Sorry to hear that. Hopefully it didn't go as bad as you think! I have bombed a few interviews in the past. It has helped me to think of them as learning experiences. What do you think went wrong, and how can you prepare for it next time?
I've just finished my AAT Level 2 course (and passed, thankfully!) and am about to start Level 3, which talks about Accruals and Prepayments.... I had a quick peek in the Tutorial book and sort of understood what they were talking about - but your easy to understand - and very likeable way in which you explain, has really helped me to see 'how' all the transactions are posted in T-Accounts (as I use an Excel spreadsheet for my accounts currently! Thanks for taking the time to post... I will be be making time to watch (and like) all of them!!!!!!!!! :D
I love this channel! Going from nursing to accounting in about 2 months helped me become incredibly confident in how to do this whole new career for me, and I am loving every minute of it thanks to you James. Can't wait for more content from you, keep up the awesome work!
@@landonwilliams610 Yeah me too! They get very confused as to why and I just say, "people destroy themselves easier financially than physically". So I want to help prevent that.
I am two months into my first accounting class. Your videos are easy to follow and understand, unlike my instructor. Amazing job! Thank you tremendously
I cannot thank you enough for this video. When you talked about the two accounting triggers, the context made sense. I agree with all the comments, you are a Star !!!!!
You really have no idea how amazingly you make the concepts looks so very easy. You really are wonderful tutor with great in-depth knowledge & have awesome way to teach. ❤️ Thank you 🙏
I can tell that you got together for a laugh with your friends and come up with the exaggerated accentuations, but it's a great idea, working well. I even bought all your help sheets.
Thanks for explaining it in detail and simple to understand! I've been struggling trying to understand other tutors, but your explanation is to the point and very clear! You have the potential to become an accounting lecturer!
your UA-cam videos are awesome and it's very easy to understand, It helped me a lot as I never understood accrual and now I am sure what is exactly accrual means and entries. one more thing- you told about the word 'DEALER' in your earlier videos that's also very easy to understand and while doing journal entries I am applying this logic. Please keep posted this kind of videos and you are wonderful tutor. Thanks again sir .
Great video, you explain things well and the editing is very nice too! This helped me understand it better rather reading the textbook which is really boring. I watched each video in the series, great work
thank you so much for this. So accurals are accounting tools to account for when an expense is accured but not paid. And their purposes are so that the financial statements are more accurate :)
Hey I haven't watched your video for a while, but I still love it so much. Keep on it! Surely recommending it to people I know struggling with accounting!
@@HOMEFOODMANIACS Yeah the channel is growing nicely these days. Just focussing on putting out a new vid each week. It's easier said than done! How are things with you?
Your videos are always so helpful. I have a quick question about 9:28. You said invoices are accounting triggers but if I'm not using automatic accounting software and inputting the water bill invoice manually into the GL, could I just use the journal entry below instead of overstating Utilities Expense by 100 and then having to correct it? Thank you. Debit Utilities Expense - 53 Debit Accrued Expenses - 100 Credit Utilities Payable - 153
so the summary is we record the unpaid water expense with accrued expenses as liability and keep doing it for every accounting period until the invoice come and the actual value revealed then we record the actual value as water expense again but with account payable instead of accrued expenses and 11:10 reverse the previous journals about water accrued expenses. the question will be, why not use account payable from the start?
Yes, this is pretty much how it works. You can't add it to Accounts Payable without an invoice because you need the details from the invoice to enter into the Accounts Payable Subledger
Thank you for your videos; they've really helped me understand adjusting entries much better. 👍👍👍 I have a question regarding accrued expenses. In the end of January, after making adjusting entries, the utilities expense for January is showed as $153 on the income statement. How can we ensure that the income statement accurately reflects the actual utilities expenses of $53 for January?
All this for a flipping water bill? Accounting is so complicated! Thank you so much for making these awesome videos, I'm brand new to accounting and have to do it online with a textbook our professor has stated is terrible so this is really helping! Can I adopt you as my tutor??
Great explanation. But I need more in-depth explanation. Which of the following is not an accrued expense: 1- Mortgage interest due mid-month 2- Accounting fees for the period just ended 3- Mortgage interest due month-end 4- Insurance premiums paid in advance. Thank you for your time.
You are showing '153' utilities expense in January, but utilities expense for january is only '53'. So, can we do like this--> we received invoice in JAN, so we can dr Accrued expenses for '100'(which are expenses for NOV and DEC) and cr Accounts payable for '100'. And in second journal we can dr Utilities expenses for '53'(JAN expense, so that in Balance sheet JAN's expense will be shown '53') and cr Accounts payable for '53'. And thank you so much for the videos man❤️, very helpful.
Accounting teachers need to learn from this smart young man !!!
Why they dont teach like this?!!!!
OMG, I was just coming here to say this. and I NEVER leave comments on UA-cam videos. I'm learning about this for something outside of an accounting degree, but if everyone taught like this, I would've studied accounting. Cheers James!
I Found A Gem Right Here.
This channel is an Asset.❤
Amazing how clear you explain everything, the video editing is also the best. Such a talent!
Thanks for your kind words!
I agree.
yes i agree great job
This channel literally change the way accountants see accounting, i never had a creative mindset to see accounting like you sir. Keep up the good works!
Thanks Rido!
8 years of studying accounting and just now that I get it 😅 thank you so much for the helpful video!!
Your stuff is really high end. Carry on man your work will pay off
Cheers mate!
@@AccountingStuff tomorrow is my job interview in central bank. Though I have no accounting or financial education background. Any tip or trick?
Hey, am I too late? How did the interview go? My advice is to relax as much as possible. Try to be present and connect with the interviewer. Good luck!!
@@AccountingStuff I think I did it horrible. Totally nervous. I knew each and every thing they asked and answered them rather jittery way. BTW thanks for your response.
@@randomdosing7535 Sorry to hear that. Hopefully it didn't go as bad as you think! I have bombed a few interviews in the past. It has helped me to think of them as learning experiences. What do you think went wrong, and how can you prepare for it next time?
This is just what I was looking for. My profs defined debit as "left" and credit as "right" and asked us to memorize it. Great explanation!
Thanks Amit!
That definition is kinda what professors only remember
I wonder, are profs even accountants? How can they teaching accounting if they aren't' even an accountant themself
I've just finished my AAT Level 2 course (and passed, thankfully!) and am about to start Level 3, which talks about Accruals and Prepayments.... I had a quick peek in the Tutorial book and sort of understood what they were talking about - but your easy to understand - and very likeable way in which you explain, has really helped me to see 'how' all the transactions are posted in T-Accounts (as I use an Excel spreadsheet for my accounts currently! Thanks for taking the time to post... I will be be making time to watch (and like) all of them!!!!!!!!! :D
I love this channel! Going from nursing to accounting in about 2 months helped me become incredibly confident in how to do this whole new career for me, and I am loving every minute of it thanks to you James. Can't wait for more content from you, keep up the awesome work!
I went from nursing to accounting too! People look at me with so much confusion when I tell them hahaha
@@landonwilliams610 Yeah me too! They get very confused as to why and I just say, "people destroy themselves easier financially than physically". So I want to help prevent that.
same here
This man is literally carrying my grades, thank you!
No worries, hope it's all going well!
Same as mine. I got the solving thanks to this man. Genius.
Currently preparing for my first exam for ACCT 2101, you're a lifesaver!!!
Good luck!!
My most preferred you tube teacher for accounting !
Wooo, thanks buddy!
I've been searching for this whole day. You have covered the end bit when invoices receive what you should do. Thank you so much x
No worries, hope you found it useful!
I am two months into my first accounting class. Your videos are easy to follow and understand, unlike my instructor. Amazing job! Thank you tremendously
Cheers Kacey!
Heck same
probably best accounting videos on YT. and as an accountant I've seen a lot of them. loving it.
Thanks!!
I cannot thank you enough for this video. When you talked about the two accounting triggers, the context made sense.
I agree with all the comments, you are a Star !!!!!
Great to hear it's making sense :)
You really have no idea how amazingly you make the concepts looks so very easy. You really are wonderful tutor with great in-depth knowledge & have awesome way to teach. ❤️ Thank you 🙏
I always knew gift cards were liabilities however these videos actually made it make sense since a gift card is a prepaid expense.
Your videos are the easiest to follow that I've seen. Thank you for making these!!!!
Cheers! I'm happy to help :)
I can tell that you got together for a laugh with your friends and come up with the exaggerated accentuations, but it's a great idea, working well. I even bought all your help sheets.
Thanks for your support!! All the best :)
Never seen anyone make learning as fun as you do! Thanks for the great video.
Cheers Christina, hope it helped!
thank you for making me enjoy in learning more in accounting rather than being exhausted as I suck up these things in my head.
No worries, I'm happy to help!
Thank you! This is the best accrual video ever! Not only it is clear but it also goes beyond the basics :)
Thanks for explaining it in detail and simple to understand! I've been struggling trying to understand other tutors, but your explanation is to the point and very clear! You have the potential to become an accounting lecturer!
Great to hear it's making sense, thanks Lana!
If you ever are a tutor online I want to sign up 😉
dude I give you credit, your channel makes a good attempt at making accounting cool, if that is ever possible
Haha, thanks!
I really love and appreciate how you presented the topic! Salamat! From The Philippines.
your UA-cam videos are awesome and it's very easy to understand, It helped me a lot as I never understood accrual and now I am sure what is exactly accrual means and entries. one more thing- you told about the word 'DEALER' in your earlier videos that's also very easy to understand and while doing journal entries I am applying this logic. Please keep posted this kind of videos and you are wonderful tutor. Thanks again sir .
I don’t understand anything in school, this will definately help me get a good grade in account.. bless you !✨❤️
You've got this!! Best of luck :)
I have my accounting midterm tomorrow and these videos are reallyyyyy helping me understand the material!
Good luck!!!
These videos perfectly sync with my lecture content! Thanks so much for making these videos to such a high standard!
Best of luck with your studies!
I love this tutorial is very clear to me. understandable than any other tutorials..❤❤❤
Thank you so much for all your videos, by far the most informative and high quality out there.
Cheers Lewis :)
You've explained everything very clearly as always. Thanks a lot!
You're such a light to this world
Your videos really help me understand my accounting textbook. Thanks.
I have been grinding these videos for the past week. You are so much appreciated my man. Thank you!!!
No worries Timothy!
Thank you so much.. this really helps a lot.. I liked the method you used in this video it's very clear and easy to understand.
Great video, you explain things well and the editing is very nice too! This helped me understand it better rather reading the textbook which is really boring. I watched each video in the series, great work
Thanks! Great to hear it's making sense :)
Lockdown marathon update: 27 videos watched 10 videos left to go. Phew
Are you in the penitentiary?
How did you get locked up?
@@kingtigercrownestate9102bro, COVID lockdown
I just love you man . I understood very clearly. I have been struggling for a long time.. so much love and strength to you.❤️
Great to hear it's making sense :)
Excellent explanation, I am an italian bookkeeper but the rules are the same and it has helped me so much !
Thank you! Yes, these basic principles are universal
thank you so much for this.
So accurals are accounting tools to account for when an expense is accured but not paid. And their purposes are so that the financial statements are more accurate :)
Pretty much! But be careful because 'Accrual' can also mean 'Accrued Revenue' so the definition is broader than Expenses
Can you do a video about contra- accounts
This is amazing!!! your 10mins video explains the same thing that my CPA 500 pages book does!!
Just purchased all of your cheat sheets! Wanted to support my virtual accounting professor lol, keep up the great work!
Cheers Juan! Thanks for your support :)
i think its great you sell these cheat sheets, thank you they are great! Keep posting those videos Handsome!
Hey I haven't watched your video for a while, but I still love it so much. Keep on it! Surely recommending it to people I know struggling with accounting!
Thanks, that would be much appreciated! I'm working on some new videos as we speak
You’re actually helping me rekindle my love for accounting. Thanks mate!
That's great to hear!
Thanks, man. Your videos are a breath of fresh air. Thanks for making it interesting, man.
Cheers Tony :)
My accounting guru(teacher) 💕
Hey Munesh!
Accounting Stuff what’s up you are rocking the channel
@@HOMEFOODMANIACS Yeah the channel is growing nicely these days. Just focussing on putting out a new vid each week. It's easier said than done! How are things with you?
Accounting Stuff thumbnail is also good
@@HOMEFOODMANIACS Thanks mate!
Thanks for this detail video..you go to the indepth concept so we are able to understand it clearly.
No problem, happy to help :)
This channel is very essential it build up my knowledge. Please sir I need economy from a to z
Amazing work! You do an excellent job explaining these concepts!!
Thanks, glad you enjoyed it!
🤯 You make it so easy to learn accounting!
Your videos are always so helpful. I have a quick question about 9:28. You said invoices are accounting triggers but if I'm not using automatic accounting software and inputting the water bill invoice manually into the GL, could I just use the journal entry below instead of overstating Utilities Expense by 100 and then having to correct it? Thank you.
Debit Utilities Expense - 53
Debit Accrued Expenses - 100
Credit Utilities Payable - 153
Excellent explanation. Many thanks for your easy way of let one understand.
Thank you thank you
This was what I used to do at work but it is still good to review😊👍Thank you James
Sometimes it's worth revisiting the basics. Glad you enjoyed it
💛 thank you! I’ve finally stopped banging my head against the desk
No problem, hope it helps!
You're the accounting god❤️❤️
Videos are super high quality. Love it.
Cheers Matt!
Thank you !! The whole series is SO helpful. Watching from Toronto :)
Cheers Julia! All the best with your studies :)
You are the best teacher
I appreciate ur time to make these great videos that i find extremely helpful.
No problem at all :)
james i owe u my life
You are wonderful.Your explanation is very impressive.Thanks so much .
Thank u sm for your great works and efforts you put into this video helping me so much for further exams
Thank youuuuuu for theses videos , you're way better than my uni teacher!!!!
No worries Victoria, you are most welcome
so the summary is we record the unpaid water expense with accrued expenses as liability and keep doing it for every accounting period until the invoice come and the actual value revealed then we record the actual value as water expense again but with account payable instead of accrued expenses and 11:10 reverse the previous journals about water accrued expenses.
the question will be, why not use account payable from the start?
Yes, this is pretty much how it works. You can't add it to Accounts Payable without an invoice because you need the details from the invoice to enter into the Accounts Payable Subledger
Wow.... This Video is too Helpfull for my Accounting knowledge Thankyou so much....😊
No worries Vikesh :)
Another great video. Thank you!
Holy fuckin shit this is the only accrual video on youtube that actually makes sense. Thank you!!!!
Godddddd your amazing .. thanks a lot for making me get this ....... finalllllllyyyyy .... got this accrued thing into my head
Hey Thasleem! Thanks, glad to hear it's making sense for you!!
That intro song today...YESSSS. Got me hype for accrued expenses even though I'm brutal at accounting haha
Haha, glad you enjoyed it :)
Amazing brilliant and talented. Makes it so easy to understand
Thanks for your kind words!
Your videos were totally incredible! I've never commented for any videos before except yours haha
Thanks! I'm honoured to receive your first comment! All the best
Thank you for your videos; they've really helped me understand adjusting entries much better. 👍👍👍 I have a question regarding accrued expenses. In the end of January, after making adjusting entries, the utilities expense for January is showed as $153 on the income statement. How can we ensure that the income statement accurately reflects the actual utilities expenses of $53 for January?
i like the method you use to teach ... keep it up ...
Cheers mate
Amazing you explained clearly and supper pronounced. Thank you so much dear😍
Glad you liked it :)
You've saved my student life! @..@
You are so great sir, as your videos are helping me a lot. thanks
I enjoyed this video with the background sound I understand everything
Great to hear it's making sense!
very clear and fantastic explanation.
Thanks! All the best :)
Great video, very explicit
Cheers Ambroise
All this for a flipping water bill? Accounting is so complicated! Thank you so much for making these awesome videos, I'm brand new to accounting and have to do it online with a textbook our professor has stated is terrible so this is really helping! Can I adopt you as my tutor??
The legend we needed.
Thanks :)
Fantastic explanation as always!
Thanks!
My lecturer explained none of this, thank you so much.
You're welcome :)
Too bad i discovered your channel a bit late. But still love it.
thank you for explanation! your video editing is a another amazing stuff !
Cheers, glad you enjoyed it!
Best Tutor
You're too kind!
Love from Pakistan ♥️
@@umairalii4458 Love from Canada!
Great explanation. But I need more in-depth explanation.
Which of the following is not an accrued expense:
1- Mortgage interest due mid-month
2- Accounting fees for the period just ended
3- Mortgage interest due month-end
4- Insurance premiums paid in advance.
Thank you for your time.
Number 4 jumps out at me as explicitly a prepayment, not an accrual.
he is better than professor
Thanks, now i got better understanding about AE
Nice one! Adjusting Entries can be tricky at first, but they really aren't too bad once you get your head around them
4 years later Im still watching your videos for my accounting exam
Good luck!!!
Thank you very much .u make it very interesting. I m from india .u helped me a lot
No worries, happy to help!
@@AccountingStuff 😊
You are showing '153' utilities expense in January, but utilities expense for january is only '53'.
So, can we do like this-->
we received invoice in JAN, so we can dr Accrued expenses for '100'(which are expenses for NOV and DEC)
and cr Accounts payable for '100'.
And in second journal we can dr Utilities expenses for '53'(JAN expense, so that in Balance sheet JAN's expense will be shown '53') and cr Accounts payable for '53'.
And thank you so much for the videos man❤️, very helpful.
This is really helpful! Thank you!
Thank you so much! Great staff...simple and easy
No problem, you're welcome :)
Thanks James for the awesome video! For the last journal entry, can it be: Dr. Expenses 53, DR. Accrued Expenses 100, Cr. A/P 153 ?
Thanks for this great video James... accruals explained to a T 😁🔥👍🏽🧡🕉
Thanks, I'm glad you enjoyed it
Thank you for this amazing explanation!
You're most welcome :)