Bookkeeping Basics1

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  • Опубліковано 5 січ 2025

КОМЕНТАРІ • 158

  • @aprbookkeeping
    @aprbookkeeping 12 років тому

    bookkeeping is not the software but the professional knowledge and the experience in the person knowing how to use the systems and methods correctly

  • @MrLaeddis1
    @MrLaeddis1 8 років тому +16

    I took two accounting classes in college and did fairly well in both. I'm by no means experienced with accounting or bookkeeping, but I was able to follow the ideas being expressed in this video with relative ease.

  • @dalenew6242
    @dalenew6242 3 роки тому

    I "fell" into a bookkeeping position 4 years ago. This has helped me refresh and learn the basics. Thanks for keeping it here.

  • @nerdenterprises
    @nerdenterprises  11 років тому +3

    Thank you, and thank you for subscribing. It's hard to take some of the negative comments seriously when I have so many views and so much positive feedback on this video, but I do like to try and be fair to everyone and take everything into consideration - even the negative feedback - as long as I am given something I can actually DO something about :)

  • @Atticus837
    @Atticus837 5 років тому +15

    Someone put this in a "best of James Acaster" playlist and I'm very confused

  • @nerdenterprises
    @nerdenterprises  12 років тому

    Well assuming you are in the business of selling carpet then presumably you would have previously purchased the carpet and put it into inventory so that when you sell the carpet it comes out of inventory and goes into COGS.
    You would collect sales taxes only on the "Carpet" portion of the sale (labor is not taxable) and if you paid any sales taxes when you bought the carpet, that would be deducted from what you owe the state.

  • @nerdenterprises
    @nerdenterprises  12 років тому

    Great! I just added a page on the site today with a PDF of a list of all of the videos in the course and their lengths. Turns out there are over 6 hours of video in SchoolOfBookkeeping in addition to the template downloads and detailed writeups with screen shots etc.. Let me know if you have any questions.

  • @sandra4395
    @sandra4395 7 років тому

    I found it easy to understand, but I am just refreshing myself... You do speak quite fast so I can understand where someone is coming from if this is their first time hearing anything about bookkeeping... I am off to your website and am excited to view more of your videos... Thanks for taking the time to post... :D Cheers...

  • @nerdenterprises
    @nerdenterprises  11 років тому

    It depends on the rules of your industry and on how you bill and get paid. If you get paid a lot of money up front then you probably want to show that as a deposit (see my videos on customer deposits) and then bill it out as you earn it.

  • @nerdenterprises
    @nerdenterprises  12 років тому

    I think that is what I said, but OK!
    In fact your deposits with the bank are BOTH; Asset and Liability. The cash is an asset that the bank uses to invest elsewhere (ie loaning money to others) and as you point out a liability in that if you demand it, they have to give it back to you.

  • @MoonMagicks
    @MoonMagicks 9 років тому +6

    Excellent video!! I am a non native speaker and I was able to understand every single word that you said. I think the people that did not understand the video are not too familiar with debits and credits.

  • @InstTaxSolutionsLLC
    @InstTaxSolutionsLLC 11 років тому

    It can be fascinating at how these same account types are used in most any accounting system. You mentioned subdividing these accounts. These can be subdivided into just a few accounts, or into many hundreds or even thousands of sub-accounts in larger companies and governments.

  • @johcoolmedia
    @johcoolmedia 4 роки тому

    THIS HELPED ME SO MUCH! Thank you so very much! Keep making these videos!

  • @nerdenterprises
    @nerdenterprises  11 років тому +9

    I'll try and slow down in future recordings so the potheads can keep up ;)

  • @nerdenterprises
    @nerdenterprises  11 років тому

    This video was recorded in 2010. I use a much more sophisticated Studio Condenser mic now. I'm not going to re-record a video with this much traction. Looks like many others have managed to get through it. Sorry that is not the case for you. I do have other videos on Bookkeeping basics which may not have the same issue. Feel free to search my channel for "bookkeeping basics" and see if the others work better for you.

  • @barbarautter1386
    @barbarautter1386 7 років тому +1

    Awesome Awesome Video. Just about to take a skills assessment and this was exactly what I was looking for! Will search your site and look for financial statement summary!

  • @nerdenterprises
    @nerdenterprises  13 років тому

    @salsablue The link is right in the video's description. I can't post URL's in the comments here or I would.

  • @nerdenterprises
    @nerdenterprises  12 років тому

    You have to pay sales tax by clicking 'Vendors' -> 'Sales Tax' -> 'Pay Sales Tax'
    Depending on what version you're using the menus may vary slightly, but you cannot simply enter a bill. I can get into more detail with you on this in a private session. See the video's description for details on that.

  • @mixrtraining-accountingfor8885
    @mixrtraining-accountingfor8885 4 роки тому

    This is one of my inspiration in teaching 🤗 thank u sir

  • @nerdenterprises
    @nerdenterprises  12 років тому

    Maybe this video will help - Search my channel for "Bookkeeper, Controller, CFO". I will also post the link in this video's description.
    A bookkeeper's job is essentially to enter the financial transactions. An accountant's job is to make sure that the bookkeeping is done accurately - in a way that fairly represents the financial position of the company.

  • @narsplace
    @narsplace 13 років тому

    @narsplace OH and S is health and safety and TAFE is what we call college in Australia

  • @simikyn6462
    @simikyn6462 5 років тому

    I agree me too, each section should be explained more to get a better understanding of the subject. Use a white board for visual effect as the print is too small

    • @nerdenterprises
      @nerdenterprises  5 років тому

      It's been 8 years since this video was created, so I thought it was time to bring things up to date. My new video looks at QuickBooks Online instead of Desktop, and at 30 minutes in length, I go through things much slower, AND a new and improved template you can get access to from my website:
      ua-cam.com/video/CxZkyJKxeG8/v-deo.html

  • @nerdenterprises
    @nerdenterprises  13 років тому

    @noni1948 It works just like an operational bank account but of course it isn't so you have to be on top of making sure that you close it out and reconcile it to your receipts as appropriate.

  • @VONthug
    @VONthug 13 років тому

    Thank you man! Got a job interview today that requires bookkeeping. Wish me luck :D

  • @AlignEducation21
    @AlignEducation21 11 років тому

    So on a practical level, how should I categorize a client in Quickbooks under the Chart of Accounts? As income or as accounts receivable? I provide consulting services to a government agency. I bill them over several months.

  • @LuficariusRatspeed
    @LuficariusRatspeed 12 років тому +1

    This is the first bookkeeping video I've seen that makes me want to break out the glowsticks. ;)

  • @nerdenterprises
    @nerdenterprises  13 років тому

    @MrsLunna1 Best think I can suggest is to keep watching free videos on UA-cam.
    Also set up a dummy company on your own and start playing around with entering transactions, always with a Balance Sheet and P&L open so you can watch the impact of the transactions on these reports. This will start giving you some great insight not just on how to post transactions in QuickBooks but on how to make sure the financial statements are presented well.

  • @iceblock1980
    @iceblock1980 12 років тому

    That is so true I have the software but have no Idea what to do and I know it's not the software to blame.

  • @wsvitak
    @wsvitak 12 років тому

    If u could just tell me one thing possibly relating to cost of goods sold I would really appreciate it. If I provide a carpet installation service to a customer and they pay me to provide them carpet, as well as the servide to installl the carpet, is the carpet itself an expense? do I deduct that from my income earned and do I pay taxes on the full amount minus the carpet as an expense, or do I minus the carpet from the income than pay the tax- Im speaking of federal tax only thanks in advance

  • @nerdenterprises
    @nerdenterprises  13 років тому

    @VONthug Good luck! comment back here and let me know how it goes and if this or any other of my videos helped you!

  • @DUONGNGUYEN-gb1eq
    @DUONGNGUYEN-gb1eq 7 років тому

    Yes, This is not for beginer. Honestly, when you want to learn LIIC you have to had an accounting knowledge basic before. And thanks to host.

  • @narsplace
    @narsplace 13 років тому

    Funny thing is I'm in TAFE for bookkeeping, just started, So we're still in the OH &s part.

  • @TerriNakamura
    @TerriNakamura 11 років тому +1

    You cover a lot of information here, SD. Nice job!

  • @squirrelpatrick3670
    @squirrelpatrick3670 12 років тому

    Ha... but there is only a fraction of hard cash compared to bank liabilities! Cheque/bank transfers are simply book transactions between bank liability accounts. The journal entries ARE the money. And pertinently, if you 'deposit' cash with a bank, the cash is no longer legally yours, the bank has full title to it.
    Aside from money theory I am still learning about bookkeeping, searching for the best package for my business and impressed with your promo video.

  • @muiscnight
    @muiscnight 12 років тому

    where can i apply for bookkeeping jobs

  • @nerdenterprises
    @nerdenterprises  13 років тому

    @narsplace I'm not sure exactly what that means, but let me know if I can help with anything :)

  • @nathaliechua2743
    @nathaliechua2743 7 років тому

    Thanks for sharing!I have really no idea about bookkeeping,this is the first video ive watch,and this is helpful.Thanks!

  • @venadito5
    @venadito5 12 років тому

    I need info on how to record, the sales tax I collect from customers, in the P & L . I created a bill for the period, then I paid it, and somehow this sales tax paid does not transfer into the P & L.
    Would you help me? I have Quick Books for MAC. I have not found the info anywhere where help for QB is offered. I would appreciate your help. Thank you

  • @dougat
    @dougat 6 років тому

    Can I deduct the cost of boots purchased to recover old man Sedwitch's teeth from the swamp?

  • @nerdenterprises
    @nerdenterprises  12 років тому

    Si Senorita. Hablo muy rapido.

  • @nerdenterprises
    @nerdenterprises  6 років тому +2

    Hey everyone! It's been 8 years since this video was created, so I thought it was time to bring things up to date. My new video looks at QuickBooks Online instead of Desktop, and at 30 minutes in length, I go through things much slower, AND a new and improved template you can get access to from my website:
    ua-cam.com/video/CxZkyJKxeG8/v-deo.html

  • @GhufranBhatti
    @GhufranBhatti 6 років тому

    What will be journal entry if for example rent of property is paid by donators directly to landlords - charity accounts

    • @nerdenterprises
      @nerdenterprises  6 років тому

      Depends who the donors are. If they are a third party, then you just record it the same way as if the tenants paid their own rent. You might set up a payment method called "donated rent" so you can track it. From the landlord's perspective it's still just rental income regardless of who paid it.

    • @GhufranBhatti
      @GhufranBhatti 6 років тому

      Nerd Enterprises, Inc. We are the charity and third party donors have agreed to pay the rent on our behalf to our landlords. We do not get any money into our account, it goes straight to our landlords. How do we record the transaction?

    • @nerdenterprises
      @nerdenterprises  6 років тому

      OK so what that means is your "Rent Expense" is being paid for by the charity. They get the write off. Technically you don't have anything to record, because you aren't paying anything. If you were paying it, and then getting reimbursed that would be different.
      What you could do, just to track it, is record a monthly entry - Debit Rent Expense, and Credit Donated Expenses (as an income account).

    • @GhufranBhatti
      @GhufranBhatti 6 років тому

      Nerd Enterprises, Inc. Ok now I get the idea. Thanks a lot.

  • @MrsLunna1
    @MrsLunna1 13 років тому

    Thanks for the video. I have Quickbooks my self but I have not used it but 'Ive been in the administrative office field for several years and I want to learn, will be more money.....but financially i cant pay classes, give me an advice on how I can learn fast, any tips will be appreciated, i have an interview tomorrow and bookkeeping is involved.

  • @nerdenterprises
    @nerdenterprises  12 років тому

    Was I. It sounds pretty clear when I listen. Maybe better speakers are in order?

  • @CdntTnkOfAUsrName
    @CdntTnkOfAUsrName 7 років тому

    Can you post a direct link to your blog on how to book Payroll? I looked around on your site, but wasn't able to locate it.

    • @nerdenterprises
      @nerdenterprises  7 років тому

      CdntTnkOfAUsrName if you search right here on my UA-cam channel those videos will be very easy to find.

  • @nerdenterprises
    @nerdenterprises  12 років тому

    Thanks! I am assuming that's good?

  • @LeanSerenity
    @LeanSerenity 9 років тому

    Thank you for the great vid! Can you please answer one question? In a Auto repair shop are parts purchased to fix cars considered cost of goods sold or just expense? my darks professional says one thing and my bookkeeper says another thing :/

    • @jodyjohnsen
      @jodyjohnsen 6 років тому

      The way to tell if it’s a COGS or an expense is if the material(s) purchased can be attributed to a specific project/job. So a transmission purchased for Mr. Jones is a COGS. Buying oil to sell or use in company trucks or offer as a loss leader is an expense.

  • @nerdenterprises
    @nerdenterprises  13 років тому

    @aprbookkeeping Not sure what that has to do with this video, but yes. If you think it is expensive to hire a professional, try hiring someone inexperienced!

  • @brookspurlock8918
    @brookspurlock8918 7 років тому

    Great information! Thank you for the video!

  • @mohammedhoosen2493
    @mohammedhoosen2493 7 років тому

    Do you have the spreadsheet with the 5 account types available for download?

    • @nerdenterprises
      @nerdenterprises  7 років тому

      Sorry I don't. It would be a really good exercise though, for you to follow the video, and create your own version.
      In my bookkeeping Fundamentals course we have an updated version along with T-Account examples.
      You can find that here:
      sethdavid.com/bookkeeping-fundamentals-with-cloud-accounting-applications/

  • @aprbookkeeping
    @aprbookkeeping 13 років тому

    So when looking for a bookkeeper, rather than choosing the first one in the book or the cheapest, look at all the aspects of the company. Bells and whistles don’t always show professionalism or capability, you need to look a bit deeper

  • @aprbookkeeping
    @aprbookkeeping 13 років тому

    @nerdenterprises A very, very, very good response. and how true it is often to late before some businesses realise this fact. Hey why not make the next video about the cost of inexperienced accountants/bookkeepers

  • @N1njah
    @N1njah 11 років тому

    excellent tutorial, thanks! you make it sound so fun :)

  • @lucascosta9806
    @lucascosta9806 7 років тому

    Great video!!

  • @nerdenterprises
    @nerdenterprises  12 років тому

    Thanks! Don't forget to subscribe to the UA-cam channel here!

  • @bacon9533
    @bacon9533 7 років тому

    Are bookkeeping and accounting limited to just businesses only or can it be for people too?

    • @nerdenterprises
      @nerdenterprises  7 років тому +1

      Lots of people use accounting systems for their personal finances. In fact I just set someone up yesterday, in QuickBooks Online for their personal stuff. There are also programs like Mint.com, that are made for tracking personal finances. It just depends on what you need, and how much you have to keep track of.

  • @touristdrivermanila4662
    @touristdrivermanila4662 8 років тому

    MORE LEARN TO COME!!!!! AND THANKS!!!

  • @jfmcruz2374
    @jfmcruz2374 8 років тому

    Prepaid Revenue is different from Unearned Revenue?

    • @thierryyapi6199
      @thierryyapi6199 7 років тому

      There are prepaid expenses and deferred or unearned revenue.

    • @Zdamaneta
      @Zdamaneta 7 років тому

      Thierry Yapi, i thought prepaid revenue and unearned revenue are the same thing

    • @jodyjohnsen
      @jodyjohnsen 6 років тому

      Are you talking about prepaid revenue like a deposit? That’s recorded as a liability. For example; I’m going to build someone a doghouse. To do that I need a deposit. When I receive the deposit I have no expenses yet so I owe the client. The money gets recorded as a liability (a debt to the client) until I earn it. Then it gets transferred to income.

  • @nerdenterprises
    @nerdenterprises  11 років тому +5

    Thanks! :P
    Hopefully you can find something better to do with your time in the future!

  • @ShardTown
    @ShardTown 9 років тому +36

    I watched this for a minute and a half and was lost D:

    • @kathrynesquivel4712
      @kathrynesquivel4712 6 років тому +2

      His voice was choppy and he spoke way to fast for a beginner.

  • @frogman11.3central7
    @frogman11.3central7 9 років тому

    basic bookkeeping, rather good.

  • @nerdenterprises
    @nerdenterprises  11 років тому

    The only think I can think of is that your country has this content blocked on UA-cam. I'm afraid I have no idea what more I can do to help you on this.

  • @ZacharyDial
    @ZacharyDial 7 років тому +11

    If you think he's talking too fast, slow down the video in the video settings.
    Thumbs up from me though. :D

    • @AmbrrEvans
      @AmbrrEvans 5 років тому

      Zachary Dial mind blown

  • @sandiegobookkeeper
    @sandiegobookkeeper 10 років тому

    nice job Seth ;)

  • @rathigrajan
    @rathigrajan 12 років тому

    i like your intro bass.

  • @LaUrEnAsHeLy111
    @LaUrEnAsHeLy111 7 років тому +1

    I literally fell asleep until I heard the ad for the next video.

  • @suabnkaujhmong9025
    @suabnkaujhmong9025 11 років тому

    I don't know because my computer or your video why I can not see what is on the scream. I would like to see what are you talking about, it would help me to understand it more. because I don't know English well so I can not understand what r you say. I see your video very interesting, and I am thinking about going for booking keeping courses. thank you.

  • @staceyarnold8239
    @staceyarnold8239 9 років тому +42

    Woah. This is NOT for beginners. And the speaker talks WAY too fast.

    • @GalacticBlader
      @GalacticBlader 6 років тому +2

      i know right im tryna find a job as a bookkeeper and this asshole just made it seem more complicated than necessary plus i dont have experience in accounting!

    • @mrwah1271
      @mrwah1271 4 роки тому

      @@GalacticBlader Well you gotta study the profession for years to learn just the basics yet here you are expecting someone would teach you all those stuff in 12mins???? I guess it's easy to tell who the asshole is now. smh

    • @GalacticBlader
      @GalacticBlader 4 роки тому +1

      @@mrwah1271 i dont expect him to teach me everything in 12 minutes i never said that i mean he should slow it down and use terminology people can understand

  • @MrKRAMANA
    @MrKRAMANA 9 років тому

    excellent video

  • @Djdjjdrnsicije3847
    @Djdjjdrnsicije3847 6 років тому +1

    Is there a part two to this? I need to learn bookkeeping ASAP about to grad with a bachelors in accounting and got a BK job but the real world is soooo different

    • @dodgerkim
      @dodgerkim 5 років тому

      We're you able to find classes on Bookkeeping?

  • @youngwildandbuetiful769
    @youngwildandbuetiful769 6 років тому

    What are the fundamental of book keping

    • @nerdenterprises
      @nerdenterprises  6 років тому

      You're looking at it. The fundamentals are the 5 account types and your debits and credits. When you understand these concepts you will have a much better command of what you are doing in any accounting software.

  • @F00dTube
    @F00dTube 11 років тому

    Way to deal with valid criticism.

  • @venusEatPrayLove
    @venusEatPrayLove 11 років тому

    love it!!

  • @Sugeylamas
    @Sugeylamas 11 років тому +11

    some people are ridiculous! "You talk like a robot" "you make a smacking sound" "you talk too fast" .... I found nothing wrong with this video, only helpful info ... people nowadays are plain whiny, complaining about the stupidest things!

    • @lukecompton3171
      @lukecompton3171 6 років тому

      Actually, you should be sympathetic towards people with misophonia it's complete hell and you won't understand. You are in dire NEED of learning empathy.

  • @asiamohamed1640
    @asiamohamed1640 8 років тому +3

    Hi, thank you for sharing but you were talking very fast I couldn't be able to catch up.

  • @DevinArne
    @DevinArne 10 років тому

    Great Video.

  • @nerdenterprises
    @nerdenterprises  12 років тому

    Thanks!

  • @darleneferguson826
    @darleneferguson826 6 років тому

    Good instructors keep the attention of their audience, also failure rate. If there is an overwhelming failure rate per student the instructor is not getting his/her point across, it's not on the students if there is a high failure rate over every class that is taught, rather the instructor is not getting their material across in a way that student can overwhelmingly comprehend what is being taught to them. If this is in an institution of higher learning and those in academia do NOT respond they are just as guilty, for allowing this to continue without review, Good speakers & instructors captivate their audience rather than bore them which leads to higher passing rates per student in every class taught as well as getting great reviews from students...

    • @mardidunham2710
      @mardidunham2710 6 років тому

      Darlene Ferguson - I was very captivated.

  • @GARRYOWEN18
    @GARRYOWEN18 12 років тому

    excellent info thanks

  • @F00dTube
    @F00dTube 11 років тому

    You make a lot of different smacking sounds during and in between sentences. As others have mentioned probably due to access saliva. Changing mic settings would probably help too. Which would probably also take care of the breathing sounds which are kinda prevalent. So, now you do know. Meanwhile, I'm sure the content is great, but I can't sit through all the sounds to catch it.

  • @malik07nik
    @malik07nik 6 років тому

    :D the main message I got from this video is that the Bookkeeping is NOT a data entry job! You really have to analyze it to know where should go what... to see the bigger picture :D

  • @shayanijaz1
    @shayanijaz1 8 років тому +5

    I'm a beginner and I don't find this video helpful.
    Someone please direct me to a beginner course?

    • @virginiaoliver6492
      @virginiaoliver6492 7 років тому +1

      go to the bean counter, easy to follow and starts very basic and goes to advance

    • @dodgerkim
      @dodgerkim 5 років тому

      Where you able to find the education that you needed to get started?

  • @Cnctax
    @Cnctax 6 років тому

    Super helpful

  • @tyishayoung9953
    @tyishayoung9953 7 років тому

    Account. Types

  • @tingram802
    @tingram802 6 років тому

    I hope you've gotten a different mic or something...the smacking was driving me crazy 😳

  • @Nameless666Maggot
    @Nameless666Maggot 12 років тому

    Or codfagkevin23 needs to get a grip. I understand you very well!

  • @nerdenterprises
    @nerdenterprises  12 років тому

    Huh?

  • @Nameless666Maggot
    @Nameless666Maggot 12 років тому

    He's basically saying; stop slavering when you talk.

  • @ivalinapasse2469
    @ivalinapasse2469 6 років тому

    THanks

  • @nerdenterprises
    @nerdenterprises  11 років тому

    What's valid? A Vague comment that I can do absolutely nothing with?
    I have not idea what "all what you are doing with your mouth" even means. Is it my breathing. I did take the time to listen after reading the comment and still cannot figure out what is so "annoying."
    Meanwhile you are talking about an accounting video with over 137,000 views and a ton of comments from people who evidently really appreciate the content. So forgive me if I have a hard time taking this one seriously!

  • @hassanmalik3630
    @hassanmalik3630 6 років тому

    WOW

  • @nerdenterprises
    @nerdenterprises  11 років тому

    Then you probably don't want to do be doing any bookkeeping or watch videos like this!

  • @simikyn6462
    @simikyn6462 6 років тому

    Use a white board as this is so hard to see, can't follow

  • @annalorraineprotacio7324
    @annalorraineprotacio7324 11 років тому

    tHIS VIDEO ISN'T SO BAD

  • @kennethm.380
    @kennethm.380 6 років тому

    No, no, no, no, no. People who need this don't need theory. They need practice. And by the way, advising anyone to use Quickbooks is NOT good advice. Yes it's popular, but it's not always the right solution for a new business.

  • @Nameless666Maggot
    @Nameless666Maggot 12 років тому

    The internet.

  • @mehs778
    @mehs778 6 років тому

    PLEASE slow down.

    • @nerdenterprises
      @nerdenterprises  6 років тому

      Try this much newer, fresher post:
      nerdenterprises.com/bookkeeping-basics-with-quickbooks-online/

  • @LeanSerenity
    @LeanSerenity 9 років тому

    My tax professional*

  • @maryrosesornito8084
    @maryrosesornito8084 6 років тому

    ni

  • @lulu56211
    @lulu56211 12 років тому

    you speak very fast. habla muy rapido