I just want to say I think this is really very very good courses and I applaud you for doing this. There is many people who can not afford to do the bookkeeping course through an institution and this really helps a lot, myself included. Thank you so much
Im in the process of starting my bookkeeping business and its challenging trying to learn the technical skill when you cant afford all these programs or courses to i appreciate all your help and what youre doing for the community!!
I like how short your videos are and how simple you making all this. Thank you for assistance. These are great help. At age 42 I never thought I'd be this interested in learning accounting ☺️🇿🇦
I was super excited to find this site. Wow, what a relief. I have been searching for a job and keep running into programs I don't have experience in and your site has given me the opportunity to learn and now I am able to apply to these jobs. You are a true life saver. Thank you so much.
We need this for school and at first, I was afraid to start because I thought it would be jarring to study, but he makes it easier to study. The softness of the voice just adds to the enjoyability of this series.
Thanks for the videos. I like that they are short and compartmentalized. Great building blocks. I believe if they were long and/or one long video, it would be overwhelming and too much and interest would be lost quickly. I'm watching strictly as refresher but with the short videos, I'm committing to one per day. That's my (at least) "one thing to learn today" item. Thanks for all the great info!
I love accounting with all my heart, but that love got dimmed by not understanding it in high school due to the language barrier between us and our teacher. This caused me a lot of confusion, leading to almost failing at the end of the year. This feels like a second chance to pursuing the one course or even career that I originally want to pursue at a young age. Thank you for this.
I did the AAT some years ago before taking time out to do a Psychology degree (yep I know quite different) - this brief course was great as a very succinct, comprehensive reminder - so much so I am thinking of taking the Ultimate Bookkeeping Course even though I have covered everything there before in my studies, but at the very reasonable value of £85 (£65) currently it is very tempting. For anyone getting started in bookkeeping you really can't go wrong with these videos and I think they are a good example of the quality one might expect from his courses. Thank you so much for this great quality free content Bookkeeping Master.
Thank you so much I've found your videos so helpful to me to understand & do our accounts for mine & my husband's small business & I'm still learning with you so many thanks
It's still an asset. The vehicle is an asset, the money owed on it is a liability. The initial double entry would be debit vehicle asset and credit finance/loan liability. The repayments would then be debit finance/loan liability and credit the bank account. I hope this helps. Good question. Thanks for watching.
Well, it should be obvious... If no financial records are being kept, no financial reports can be generated. This includes profit reports and information for tax purposes, just to name 2 reasons. Thanks for watching.
Debit the asset account, and credit the owner's account. This will show the asset the business owns and the money owed to the business owner. Thanks for watching
I would consider a mortgage liability if one is making payments. On the other hand, once someone pays off their loan, it becomes an asset. Good question! Hopefully, Bookkeeping Master or someone else can explain it more straightforwardly if the answer I gave doesn't make sense.
hey there, can something that you purchase for your business, say equipment, be both an asset and a liability? say you own a bulldozer, but you're still paying a loan for that bulldozer?
It cannot be both but purchasing an asset could lead to having a liability, such as a finance agreement or loan. These are 2 separate things though. The bulldozer is an asset. The loan is a liability. I hope this helps. Thanks for watching.
I must say, in all politeness, as one that is educated in engineering and physics and having studied extremely abstract subjects, this is the most convoluted crap I have ever seen. How can we call money leaving the bank a credit? That's just stupidity to me. And what is the difference between Sales and Revenue? Same thing in my book. Hope you can clear this up a little as I am extremely frustrated with this process. I will continue with your videos though. Thanks.
All accounts may be impacted by a debit or a credit. What the debit or credit does to the account depends on the type of account (eg: Assets are increased by a debit to the account and decreased by a credit. Liabilities are increased by a debit to the account and decreased by a debit to the account). Creating a "T" accounts may help with learning what a debit or credit will do to each type of account (Assets, Liabilities, Income Expenses). You must have a through grasp of Debit and Credits to learn accounting/bookkeeping. Hope this helps.
I just want to say I think this is really very very good courses and I applaud you for doing this. There is many people who can not afford to do the bookkeeping course through an institution and this really helps a lot, myself included. Thank you so much
You're very welcome! Thanks for watching
Im in the process of starting my bookkeeping business and its challenging trying to learn the technical skill when you cant afford all these programs or courses to i appreciate all your help and what youre doing for the community!!
No problem. Thanks for watching
I like how short your videos are and how simple you making all this. Thank you for assistance. These are great help. At age 42 I never thought I'd be this interested in learning accounting ☺️🇿🇦
Glad to help!
so do I, thanks for the great Work
Qualified 40 years ago. Doing this purely for pleasure in retirement!!!! Gathering interest with each item
Great! Thanks for watching.
Really.....i am very glad that u are still enjoy learning.👍👍
Thank you for helping many of us who can't afford paying for online classes, I appreciate it a lot, wish you health and wealth.
Thank you for your comment and for watching
I was super excited to find this site. Wow, what a relief. I have been searching for a job and keep running into programs I don't have experience in and your site has given me the opportunity to learn and now I am able to apply to these jobs. You are a true life saver. Thank you so much.
Glad I could help! Best of luck!
Excellent - Thank you so much for making these videos.
My pleasure!
Brushing up on the basics. Thank you!
You bet!
We need this for school and at first, I was afraid to start because I thought it would be jarring to study, but he makes it easier to study. The softness of the voice just adds to the enjoyability of this series.
Thank you so much, Mark. What lovely words!
Thanks for the videos. I like that they are short and compartmentalized. Great building blocks. I believe if they were long and/or one long video, it would be overwhelming and too much and interest would be lost quickly. I'm watching strictly as refresher but with the short videos, I'm committing to one per day. That's my (at least) "one thing to learn today" item. Thanks for all the great info!
Thanks!
I love accounting with all my heart, but that love got dimmed by not understanding it in high school due to the language barrier between us and our teacher. This caused me a lot of confusion, leading to almost failing at the end of the year. This feels like a second chance to pursuing the one course or even career that I originally want to pursue at a young age. Thank you for this.
What a great comment! Thanks for watching
I did the AAT some years ago before taking time out to do a Psychology degree (yep I know quite different) - this brief course was great as a very succinct, comprehensive reminder - so much so I am thinking of taking the Ultimate Bookkeeping Course even though I have covered everything there before in my studies, but at the very reasonable value of £85 (£65) currently it is very tempting. For anyone getting started in bookkeeping you really can't go wrong with these videos and I think they are a good example of the quality one might expect from his courses. Thank you so much for this great quality free content Bookkeeping Master.
Thanks
Taking the time to clear the terms thoroughly is so important (in any subject)! Well done!
Glad you think so! Thanks for watching.
I am a teacher but love learning about bookkeeping. Thank you so much!❤
You are so welcome! Thanks for watching
Hi teacher! Are you a Filipino?
Love how easy it is to listen to you and actually understand 😅
Thank you so much - my favourite comment of 2022! So much appreciated.
@@BookkeepingMaster 🥹🥹🥹
Such a clear explanation about Asset and liability...
Thanks
Thank you so much I've found your videos so helpful to me to understand & do our accounts for mine & my husband's small business
& I'm still learning with you so many thanks
Wonderful! Thanks for taking the time to let me know
Thank you for short simple classes.
Not a problem. Thanks for watching and for all the comments
I love this❤
Thanks
Wow, these are really well explained! Thank you.
You're very welcome!
well done! Short yet precise and so helpful. Thanks for sharing.
Glad it was helpful! Thanks for watching.
I just found you by chance and I'm so glad I did!!!!
Thanks! You are more than welcome here
Thanks for the contnet. I am just on video one but you make it really to understand and I am looking forward to finishing the series. Thumbs up!
Glad it was helpful! Thanks so much for watching and for the comment
You are a legend
Thanks so much! That is so nice of you!
Thank you so much ❤
Thanks
Thank you so much for doing these videos I am new to this and your explanations are excellent.
Glad you like them! Thanks for your kind words and for watching
Thank you for posting these videos.
Thank you for watching
Thank you so much for this Sir🙏🏽🙏🏽
No problem. Thanks for watching
Thankyou for simplified knowledge, it's getting interest to learn accounting
Glad to hear that. Thanks for watching.
THANK YOU SO MUCH ,IT'S HELP TO US KNOWLEDGE OF ACCOUNTING PART.
Glad to hear that. Thanks for watching.
your content is the best.
Thanks so much!
👍
Thanks
Done here ❤
Thanks for watching
Your such a big help
Thanks so much!
super helpful, thanks
Glad to hear!
@@BookkeepingMaster is your paid course beginner friendly?
Thank you for all your videos,are so helpful to me.Alketa
Glad you like them! Thanks for watching
Why is capital not just referred to as an asset? Why is it a separate term please? Loving your videos by the way 👍😊
Capital is not an asset. The cash from the capital is an asset - DR Cash, CR Capital. I hope this helps. Thanks for watching.
thank you sir with great head ups
Thank you so much and thanks for watching
Thanks very much for making these videos !
Glad you like them! Thanks for watching.
Much appreciated 🙏
Keep up the good work sire
Thanks, will do!
Thank you so much for your videos they are very helpful 👍
You're very welcome! Thanks for watching.
Thank you for taking the time to share this very good and helpful content (y)
My pleasure! Thanks for watching.
Thank you sir for the course 😊
No problem. Thanks for watching
Thank you for sharing your knowledge🙂
My pleasure! Thanks for watching.
Hi! Thanks for sharing your knowledge. I have a question. Can assets also be depicted as receivables?
And liabilities as payables?
Receivables are assets. Payables are liabilities. But not all assets are receivables and not all liabilities are payables. I hope this helps.
Thank you for your videos.
My pleasure! Thanks for watching.
Thank you, great video
Glad it helped
i love your videos..
Thank you so much
Very is to understand. Thanks
Thanks
When you use the capital to buy the company building is it an asset of the building or capital that the company doesn't own?
Both; debit asset for the building and credit capital for the money owed to the owner. I hope this helps. Thanks for watching.
@@BookkeepingMaster Thank you
Thank you.
No worries!
So if a business owns a vehicle, but owes money on it, then it's not an asset correct? It's a liability?
It's still an asset. The vehicle is an asset, the money owed on it is a liability. The initial double entry would be debit vehicle asset and credit finance/loan liability. The repayments would then be debit finance/loan liability and credit the bank account. I hope this helps. Good question. Thanks for watching.
Thank u sir
So nice of you. All the best for 2023
I have a question, does the equity invested in a company ever get paid back to the point that it can manage on its own?
Yes, but a company always needs funding somehow, either by equity (investments, retained profits) or by debt. I hope this helps. Great question.
thank you very much
No problem 😊 Thanks for watching
Hello. It is for USA or for United Kingdom?
Both!
Question: Justify the need for bookkeeping withing on organization?
Well, it should be obvious... If no financial records are being kept, no financial reports can be generated. This includes profit reports and information for tax purposes, just to name 2 reasons. Thanks for watching.
How do I reflect equipment that the owners have purchased for the business? Is it an asset and also a liability?
Debit the asset account, and credit the owner's account. This will show the asset the business owns and the money owed to the business owner. Thanks for watching
Is a mortgage a liability or an asset?
I would consider a mortgage liability if one is making payments. On the other hand, once someone pays off their loan, it becomes an asset.
Good question! Hopefully, Bookkeeping Master or someone else can explain it more straightforwardly if the answer I gave doesn't make sense.
A mortgage is money owed, so it is a liability. Thanks for watching.
I am starting a bookkeeping company it would be a honor if you could mentor me
Thanks. I do offer a mentor program on my website - www.freebookkeepingaccounting.com
@@BookkeepingMaster I don't see it on your website
I like it , so good to learn .
I'm glad you like it. Thanks for watching.
Very good explanation. But screen not clear
Thanks
How much does the ultimate bookkeeping course cost in U.S.dollars?
About 80 USD, as of today's exchange rate. Thanks for watching.
hello sir can you make a video IFS software ?
Thanks for the suggestion. I will see what I can do
hey there, can something that you purchase for your business, say equipment, be both an asset and a liability? say you own a bulldozer, but you're still paying a loan for that bulldozer?
It cannot be both but purchasing an asset could lead to having a liability, such as a finance agreement or loan. These are 2 separate things though. The bulldozer is an asset. The loan is a liability. I hope this helps. Thanks for watching.
😊👍
Thanks!
@@BookkeepingMaster anytime 😊👍
Would the product sold within the store be considered an Asset?
Yes. Stock is an asset. Thanks for watching
Thank you for responding so quickly and the videos. @@BookkeepingMaster
What is the first p on ppe.. I could not hear clearly
This video is part 2 of the course. The course is listed for free on my website - www.freebookkeepingaccounting.com. Thanks for watching.
property plant & equipment
There are only 4 types of accounts and they are assets, liabilities, income and expenses. Owner’s equity is not part.
Equity is an account category. How else would you create a balance sheet? Thanks for watching.
Is an item, such as a vehicle, still considered an asset if it's not paid for? Like, if it's financed and the company pays a monthly note?
Yes, it is.
im in america is this terminology pretty common everywhere?
Yes it is. There are slight differences but it is all pretty much universal. Thanks for watching.
BTW, that was supposed to be posted under video #3. Not sure how it got in this one.
No problem. Thanks for watching.
Hi is there a free certificate if we finish your free course?
Haha, No 😝
There isn't. The course is still very informative though and well worth watching. Thanks.
I must say, in all politeness, as one that is educated in engineering and physics and having studied extremely abstract subjects, this is the most convoluted crap I have ever seen. How can we call money leaving the bank a credit? That's just stupidity to me. And what is the difference between Sales and Revenue? Same thing in my book. Hope you can clear this up a little as I am extremely frustrated with this process. I will continue with your videos though. Thanks.
Debit does not mean 'in' and credit does not mean 'out'. Unlearn these terms, they are not applicable for accounting. I hope this helps.
All accounts may be impacted by a debit or a credit. What the debit or credit does to the account depends on the type of account (eg: Assets are increased by a debit to the account and decreased by a credit. Liabilities are increased by a debit to the account and decreased by a debit to the account). Creating a "T" accounts may help with learning what a debit or credit will do to each type of account (Assets, Liabilities, Income Expenses). You must have a through grasp of Debit and Credits to learn accounting/bookkeeping. Hope this helps.
Barry, forget the terms and know that debit ONLY means the LEFT side of an account, and Credit means the RIGHT side of an account.
you are cute and funny
debit=LEFT
credit=RIGHT