Deferred Revenue Explained | Adjusting Entries

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  • Опубліковано 28 гру 2024

КОМЕНТАРІ • 354

  • @AccountingStuff
    @AccountingStuff  5 років тому +81

    We hit 10,000 subscribers today 🤘Thanks for all of the support!!!

    • @Credinellatuastoria
      @Credinellatuastoria 5 років тому +1

      You.Are.Amazing. Keep it up man!

    • @AccountingStuff
      @AccountingStuff  5 років тому +3

      @@Bce2099 Haha, thanks Paul. I will consider it!

    • @AccountingStuff
      @AccountingStuff  5 років тому +2

      @@DanzoB79 Cheers mate!

    • @iwannaknow_2423
      @iwannaknow_2423 4 роки тому

      cool, so cr unearned revenue, what about taxes payable?

    • @AccountingStuff
      @AccountingStuff  4 роки тому

      @@iwannaknow_2423 I left taxes out of this example to keep things simple.

  • @gravm8730
    @gravm8730 4 роки тому +68

    I’m super happy you exist on UA-cam if I’m not studying all I do is watch your videos. You explain things so clearly. 🤗

    • @AccountingStuff
      @AccountingStuff  4 роки тому +3

      Thanks Graciela, it's great to hear that you're enjoying these videos

  • @MaksatTashbaltaev
    @MaksatTashbaltaev 9 місяців тому +3

    2 semests of studying in university and no understanding and one playlist in youtube everything is done. great work

    • @AccountingStuff
      @AccountingStuff  9 місяців тому

      Thanks, great to hear you're finding these helpful :)

  • @YokeeYang
    @YokeeYang 11 місяців тому +6

    I was confused with terms of ‘deferred’ & ‘ accrued’ , but you clarify’ deferred’ very well in this short video so that I‘ve got it now and I am looking forward to’ accrued’ one! Thanks James!😊

  • @sanfran224
    @sanfran224 4 роки тому +2

    I like how clear you speak. it looks like you speak to non native english speakers

  • @cherylbreckenridge877
    @cherylbreckenridge877 4 роки тому +15

    Thank you for explaining a concept I was completely stuck on! Watching your 4-part accrual series, as well as your earlier videos ie/ Balance Sheet etc, to help better understand what a textbook is doing a less than stellar job to explain! I have accomplished more in 24 hours watching your videos than the 3 months I've been at this Financial Accounting course - awesome job explaining everything - thank you! Your use of graphics and examples really brings it all home as well as concepts such as determining which statement is affected (ie/ releasing it from the Balance Sheet and assigning to the Income Statement), and why, really gives a stronger understanding than just memorizing. Oh, and DEALER is brilliant. Thank you!!!

    • @AccountingStuff
      @AccountingStuff  4 роки тому

      No problem Cheryl, it's sounds like you're feeling more confident with accounting which is fantastic news!

  • @superjoppie2001
    @superjoppie2001 4 роки тому +4

    My man, you are saving me with these videos. I was on the brink of break-down, found your videos. Had to get used to them at first, but now I understand your way of teaching and it is perfect. No more unclarities. You deserve every like of those 1200 likes!
    Much love

    • @AccountingStuff
      @AccountingStuff  4 роки тому +1

      I'm glad you're feeling more confident with your studies. All the best!

  • @linagebara8905
    @linagebara8905 3 роки тому +1

    Very clear explanation and the drawing of the timeline same page with T accounts makes it even clearer.

  • @jonnathanjon1
    @jonnathanjon1 3 роки тому

    I should say you had a best teacher in teaching you the basics in a very practical way. I wish I had one.

  • @playtostudy3090
    @playtostudy3090 3 роки тому

    I can make sure that you must have a good grasp of accounting so that you can interpret these knowledge very easy and understandable. Obvious genius. Thanks for your video

  • @nathanaelprovis7621
    @nathanaelprovis7621 4 роки тому +1

    Beautiful Vancouver, seaplanes, and an Air New Zealand B777-200, I truly don't think financial education videos can get any better than this

  • @jamiemcintosh8143
    @jamiemcintosh8143 3 роки тому

    Of its kind - a tutorial/explanatory based channel, this one is 10/10. Thanks James

  • @maryahmedina8388
    @maryahmedina8388 2 роки тому +3

    Youuuuuuuu are amazing!!!! Better than any accounting professor I ever had!!

  • @CKBREEZY7
    @CKBREEZY7 3 роки тому

    You should be given a lot of support. Your channel is one of the best on UA-cam.

  • @ankiodzuongdzuong8616
    @ankiodzuongdzuong8616 7 місяців тому +1

    I wished that your videos existed in the years 1979 and on when I was working for Credit Suisse in Switzerland. Appreciate very much. As a retiree, I'm learning accounting now for fun.

  • @financialcounting5603
    @financialcounting5603 5 років тому +4

    Accrual accounting produces the best financial statements for investors! It really helps investors predict future earnings much better than cash accounting. Thank you for showing us how to account for unearned revenue!

  • @ninaoda4779
    @ninaoda4779 5 років тому +18

    Congratulations! 🎊 you deserve even more!
    Keep it up 💪🏼 cause you are making such a big difference to all new accounting learners like myself!
    Thanks James!

  • @shankare2286
    @shankare2286 4 роки тому +4

    This was my interview question and I was sooo confused at the time. This video explains it clear

    • @AccountingStuff
      @AccountingStuff  4 роки тому

      Glad it's making sense. Hope the interview went well!

  • @innercitadel3279
    @innercitadel3279 5 років тому +4

    Keep it up. You are doing the best job on UA-cam. 👍👍👍

  • @abbosabdulazizov6793
    @abbosabdulazizov6793 4 роки тому

    u cant even imagine how much did u help me in my midterm. thank you very much, adore your content

  • @sdk895
    @sdk895 2 роки тому

    I have become fan of this channel...he makes thing look so easy...thanks much😊

  • @jwan1446
    @jwan1446 4 роки тому +1

    I never comment on videos, however, I have to in this case. Absolutely incredible! The quality of your work and knowledge is amazing! I can't thank you enough!!

  • @raufnoori4855
    @raufnoori4855 3 місяці тому

    Thank you Mr. Now i am clear with prepaid expense

  • @lucasamorim5506
    @lucasamorim5506 3 роки тому

    Whenever i have questions whilst studying Accounting i always refer to your channel. Matters are so thoroughly explained here! thank you so much!

    • @AccountingStuff
      @AccountingStuff  3 роки тому

      Cheers Lucas! Hope your studies are going well :)

  • @olivabibian
    @olivabibian 4 місяці тому

    You are fantastic in explaining things and you have help me enormously!!! God bless you always!!!

    • @AccountingStuff
      @AccountingStuff  4 місяці тому

      Thanks, great to hear you're finding these tutorials useful :)

  • @md.modasserhossain8040
    @md.modasserhossain8040 4 роки тому

    Interestingly easier explanation. Bravo James.

  • @TheAviari
    @TheAviari 4 роки тому +1

    currently on this playlist and i highly appreciate them. so glad google gave me your link at the top of my search! Thanks

    • @AccountingStuff
      @AccountingStuff  4 роки тому

      Great to hear that you are enjoying the videos. All the best!

  • @tejacavalera
    @tejacavalera 8 місяців тому

    Thank you from Bali, Indonesia 🇮🇩. Superb explanation

  • @kopanomokoma6504
    @kopanomokoma6504 4 роки тому

    Thank you man, you are great Accounting teacher. Believe believe me, no matter how little it may seem. You are changing the world.

  • @RT-hz5uv
    @RT-hz5uv 3 роки тому

    The way you explain accounting situations is so easy to follow. Ever think of participating in creating your own CPA review course?

    • @AccountingStuff
      @AccountingStuff  3 роки тому

      Thanks for your suggestion! I did a different qualification so I'm afraid I don't know too much about the CPA

  • @baharheravy5134
    @baharheravy5134 5 років тому +28

    James, thank you for your great videos. You are making accounting more interesting! Please continue making more videos :)

    • @AccountingStuff
      @AccountingStuff  5 років тому +8

      No problem, I have no plans to stop anytime soon

    • @esosa121
      @esosa121 5 років тому +1

      @@AccountingStuff please don't stop, we all need you, especially management account students like me. : )

    • @AccountingStuff
      @AccountingStuff  5 років тому +1

      @@esosa121 I don't plan on stopping anytime soon

  • @sandraforeman6796
    @sandraforeman6796 4 роки тому +1

    You are amazing keep up the good work, I can confidently step into my new role as Management Accountant with some more confidence as I was out of a job for sometime.

    • @AccountingStuff
      @AccountingStuff  4 роки тому

      Congrats on landing your new job! That's awesome news :)

  • @alexspear2016
    @alexspear2016 3 роки тому

    im currently doing a level 3 accounting course and i find your explanations really helpful thankyou so much

  • @ruchitakushare3808
    @ruchitakushare3808 Рік тому

    You make learning so easy, wish I had a teacher like you in my uni days❤

  • @trochetiaboutic5278
    @trochetiaboutic5278 4 роки тому +1

    I love T a/cs so easy the explanation with the "T", thank you James, you make it easy :)

  • @ramu992
    @ramu992 5 років тому +43

    If it weren't for u, i would've never understood basics of accounting.

    • @AccountingStuff
      @AccountingStuff  5 років тому +3

      That's great to hear, glad it's making sense

  • @mabrother6902
    @mabrother6902 4 роки тому +2

    We want more videos please
    YOU ARE THE BEST!!!

  • @jinlee1874
    @jinlee1874 4 роки тому

    Amazing explanations! This is more useful than reading the textbook!

  • @marieclaudettegarella2038
    @marieclaudettegarella2038 5 років тому +2

    Thanks, Merci, Gracias & Grazie; I’m so grateful that I wish I could thank you in more than three languages

  • @JayGee1983
    @JayGee1983 4 роки тому

    James you're the boss keep it up, You have improved my knowledge on matters of accounting. I don't if I will be too much by asking you to post a video on Accounts Receivables and Accounts Payables. Have a great day

    • @AccountingStuff
      @AccountingStuff  4 роки тому

      Hey John, thanks for your suggestions! Have a great day too :)

  • @HimalayaAhuja
    @HimalayaAhuja 6 місяців тому +1

    Thanks Dost🎉

  • @garrethunter5593
    @garrethunter5593 4 роки тому

    you are SUCH a good teacher. Thank you.

  • @lorenamartinez7147
    @lorenamartinez7147 3 роки тому

    not me watching all your videos before my accounting exam tomorrow... anyway I love your channel and thank you for the very cool videos ^-^

  • @poonamprajapati5168
    @poonamprajapati5168 4 роки тому

    Hey ! Tommorow is my exams n u jus saved me:) Thanks

  • @sophiachen811
    @sophiachen811 3 роки тому

    You're genius. So clearly explained.

  • @ksumar
    @ksumar Рік тому +1

    Nicely explained sir. I salute you!

  • @charanguru2367
    @charanguru2367 5 років тому

    Believe me you are going to rule in this category of videos.. More power to you bro.. All the Best. Subscribed to your channel in just few minutes of into it.. Awaiting many more damn eagerly...

  • @lisalewis2302
    @lisalewis2302 5 років тому +1

    Well done, your tutorials are easy to understand, thank you

  • @madinahashrati6833
    @madinahashrati6833 3 роки тому

    You explain everything crystal clear. Thank you!

  • @strawberrymoon1323
    @strawberrymoon1323 3 роки тому

    Thank you so much! You're the best James!

  • @blair-mariepullingstrings2642
    @blair-mariepullingstrings2642 5 років тому +2

    These videos are so amazing! Do you think you could add another one to this set that covers depreciation? I get that it follows the same basic principle but just different enough to be confusing.

    • @AccountingStuff
      @AccountingStuff  5 років тому

      Thanks Blair-Marie! Yes I would like to do a series on depreciation soon

  • @MAHBEFORE
    @MAHBEFORE 3 місяці тому

    BRO THIS WAS VERY HELPFUL FOR ME AS AN UNIVERSITY STUDENT !!! BRO I KINDLY APPEAL TO YOU THAT CAN YOU DO SOME FOR PARTNERSHIP IN ACCOUNTING???

    • @AccountingStuff
      @AccountingStuff  3 місяці тому +1

      Thanks for your request!

    • @MAHBEFORE
      @MAHBEFORE 3 місяці тому

      @@AccountingStuff "you're always welcome" ... hoping to see some of the partnership stuff in accounting from you soon...

  • @sarwarsayeed9058
    @sarwarsayeed9058 4 роки тому +1

    nicely explained, thoroughly enjoyed the video .

  • @manuthtechniques3032
    @manuthtechniques3032 4 роки тому

    You are so great sir, as your videos are helping me a lot. thanks

  • @johnq3543
    @johnq3543 3 роки тому

    Thank you so much.....looking forward to many more video's. Glad I found you !

  • @everydayfun9531
    @everydayfun9531 2 роки тому

    omg i finally understand the difference betwwen cash accounting and accural accounting!

  • @michaelsmith6058
    @michaelsmith6058 3 роки тому +1

    Super helpful content! You are a gifted teacher, and I'm greatly thankful.
    One question, if there is a "no refund" policy, I.e. no possible way to "lose" the cash, is it still accounted the exact same way?

    • @jaidev777
      @jaidev777 Рік тому

      I think it would be. Despite legal questions on whether payments are refundable, you are still expected to perform the service you were paid for.

  • @rahafalrawahi5076
    @rahafalrawahi5076 4 роки тому

    Thank you so much for all your hard work 💜💜 ...your explanation makes everything look easy

  • @geniusboss3529
    @geniusboss3529 5 років тому

    I followed you on Instagram and subbed to your channel cuz your worth it

  • @HoangLanNguyen-i7j
    @HoangLanNguyen-i7j 2 місяці тому

    perfectly explained thank you so much!!!😄

  • @azzamhaziq373
    @azzamhaziq373 5 років тому +1

    you really a true brother

  • @naveenkumarsharma9445
    @naveenkumarsharma9445 3 роки тому

    Love you James!! What is the difference b/w Deferred tax assets and Liabilities, Deferred revenue and Deferred revenue expenditure. Pls explain

  • @yingwangsmith
    @yingwangsmith Місяць тому

    Thank you so much for sharing this information, I totally understand the entries however have a question regarding the issue of invoice, at which point the will raise the invoice taking the airline for example. As the first step of entry is a journal entry so what is the double entry when the airline raises the invoice ?

  • @Ngoctientuvi68
    @Ngoctientuvi68 3 роки тому

    Thank you so much, easy to understand!

  • @amazeyosa
    @amazeyosa 2 роки тому

    Hi! You explained well in every detail. Thank you so much. Do you have a tutorial how to put post reference correctly? How does it work? 🤔

  • @freshtaahmadi5952
    @freshtaahmadi5952 4 роки тому

    beautifully explained! thank you and God bless you!

  • @hibadziri
    @hibadziri 2 роки тому

    hiii u re doing a greattt jobb and u re helpiong me understand everything soooo quickly and easily. can you make a video about VAT ? and how to record it and when
    THANKS A LOT

  • @adesuhanda4562
    @adesuhanda4562 5 років тому

    thank you for gaining knowledge. Success always for your. Brother.👏

  • @petraschubnel8334
    @petraschubnel8334 3 роки тому

    so touching for an excellent video

  • @nathaniela.diawuo5597
    @nathaniela.diawuo5597 5 років тому +1

    Let's dive right into it 😊😊😊

  • @tiaanlorenzen7778
    @tiaanlorenzen7778 4 роки тому

    Brilliant and make easy to understand

  • @Salvation1984
    @Salvation1984 3 роки тому

    Perfect explanation!!

  • @ralch1
    @ralch1 5 років тому +1

    Very well explained, thanks a lot!!!

  • @goleadorvenezolano
    @goleadorvenezolano 4 роки тому

    Excellent explanation

  • @eftihisbotonakis7204
    @eftihisbotonakis7204 4 роки тому +1

    Hey man, got a question. In this video you point out that you can't credit revenue in JR:2/Initial because of the accruals basis. Revenue & Expenses must be recognised as they are incurred-I understand that. However in your previous video of this mini series, when talking about deferred expenses you Cr Cash & Dr Insurance expense. Why was it ok to recognise the expense in that JR even thought it seems to contradict what you're saying in this video (to me at least)?

  • @kylenela7663
    @kylenela7663 4 роки тому

    Hiii! Thank you for this video, really helped me a lot. Could you please explain in your next video about the closing entries with examples of not knowing the amount of drawings please? 🙏

  • @hollyzech8500
    @hollyzech8500 2 роки тому

    Sorry for the second example, what does the first journal entry look like...? I see it entering as the adjusting J/E 2 or is that simply because we did the first example of the seaplane with J/E #1?

    • @jaidev777
      @jaidev777 Рік тому

      The first journal entry was for the first example. So when he begins with the second example, its first journal entry will be J/E #2.

  • @leenusbaum9596
    @leenusbaum9596 3 роки тому

    Excellent video. Thank you.

  • @catherineuzoma5927
    @catherineuzoma5927 4 роки тому

    You are amazing , thank you so much !!! please can you do a video on closing entries? Thanks again😊

    • @AccountingStuff
      @AccountingStuff  4 роки тому

      Cheers Catherine! Thanks for the suggestion :)

  • @BookyWickey
    @BookyWickey Рік тому

    i love ur vids bro, keep it up

  • @bkalkan7493
    @bkalkan7493 4 роки тому

    Thank you for your wonderful videos ! Could you please explain deferred tax topic in your videos , it would be great because the topic is difficult to summarize.

  • @mohamedhussein132
    @mohamedhussein132 2 роки тому

    You're a miracle!

  • @СтаниславСтепанов-э6л

    In the video "How prepaid expenses work" you credited cash, then debited insurance expenses, after this you credited insurance expenses and debited prepaid expenses. And I instantly got a question: why did we need a middleman in the form of insurance expenses and why couldn't we make a journal entry from cash to prepaid expenses from the start. I thought about it for a monent and came to the conclusion that maybe we need this intermediate entry for the future cash flow statement. But in this video you omit the revenue account. I'm new to accounting so it's a little bit confusing to understand.

  • @uowebfoot
    @uowebfoot 2 роки тому

    My question would be how do you remember to make each of these adjustments? Does Quickbooks have an alert or something you can setup so you remember to do it?

  • @akashrout2886
    @akashrout2886 4 роки тому

    Perfectly explained! This is what I was looking for. *Subscribed* :) But I have one question, is this example in compliance with ASC606 accounting standard? If not, then can you give the accounting entries of 2nd example or any other example considering ASC606 where the Revenue can be booked before invoicing.

    • @AccountingStuff
      @AccountingStuff  4 роки тому +1

      Cheers Akash! This is a simple example to illustrate the concept. It's always important to check the standard in your area to ensure consistency. Thanks for the sub :)

  • @OHAHAHO007
    @OHAHAHO007 4 роки тому

    Thanks, very helpful!

  • @brooknst96
    @brooknst96 4 роки тому

    Love this! I had no idea that this was how I tracked prepayments!

  • @untdabdill9620
    @untdabdill9620 5 років тому

    Congratulations mate for your 10k subscribe

  • @rsadsultanov3071
    @rsadsultanov3071 4 роки тому

    Thank you man

  • @dr.jobin6946
    @dr.jobin6946 5 років тому +1

    lmao nobody disliked this because everyone who watches this definitely has a quiz the next day that they are not ready for...... I am one of these people. Thumbs up.

  • @fastrobreetus
    @fastrobreetus 4 місяці тому

    Great video. TY!

  • @AA-xk4qu
    @AA-xk4qu 3 роки тому

    James would you do videos on Month-end procedures/ Reportings

  • @ronoedwin3594
    @ronoedwin3594 Рік тому

    Super helpful

  • @fastrobreetus
    @fastrobreetus 4 місяці тому

    Excellent!

  • @Beyazbulut961
    @Beyazbulut961 4 роки тому

    I love youuuuu and I love youuuu and love your lessons of course

  • @FRANKWHITE1996
    @FRANKWHITE1996 4 роки тому

    Well explained. Thanks.

  • @md.tanjilurrahman5949
    @md.tanjilurrahman5949 4 роки тому

    awesome video
    Keep this on!!!

    • @AccountingStuff
      @AccountingStuff  4 роки тому +1

      Thanks mate, will do

    • @md.tanjilurrahman5949
      @md.tanjilurrahman5949 4 роки тому

      @@AccountingStuff
      Could you please make videos on stock holder's equity and it's components like contributed capital, retained earning?

    • @AccountingStuff
      @AccountingStuff  4 роки тому +1

      @@md.tanjilurrahman5949 here you go → ua-cam.com/video/Fr5oHEYrT2A/v-deo.html

  • @niliseidenman2629
    @niliseidenman2629 5 років тому

    Thanks for the videos! So helpful!
    Can you please make a video about depreciation and accrued revenue?

    • @AccountingStuff
      @AccountingStuff  5 років тому +1

      No problem Nili! My next video will be on Accrued Revenue and I plan to create another on Depreciation sometime soon!

    • @niliseidenman2629
      @niliseidenman2629 5 років тому

      @@AccountingStuff Currently getting my sister and I through Accounting101 at University! Thank you so much!

    • @AccountingStuff
      @AccountingStuff  5 років тому

      @@niliseidenman2629 Good luck!

  • @treemane0
    @treemane0 5 років тому

    Damn it I'm late, congrats on 10k subs btw👏👏👏

  • @kamalaswami2655
    @kamalaswami2655 2 роки тому

    Awesome 👍👍