Debits & Credits and the Accounting Equation (for beginner bookkeepers!)
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- čas přidán 1. 07. 2024
- Debits and credits and the accounting equation, for beginner bookkeepers. I'll demystify debits and credits, explaining how they relate to the key accounts in accounting: assets, liabilities, and equity. By understanding the accounting equation of assets equaling liabilities plus equity, you'll gain clarity on how financial transactions impact your business's financial health. I then take you inside QuickBooks Online to show you how to create a journal entry using debits and credits.
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☑️Other awesome classes (affiliate links)
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▶ Videos to get started bookkeeping:
Learn bookkeeping: • 10 ways to LEARN bookk...
Bookkeeper certification for FREE: • FREE ProAdvisor certif...
How to become a bookkeeper (with chart): • How to become a BOOKKE...
How to get clients: • 20 ways to get bookkee...
What does a bookkeeper do? • WHAT DOES A BOOKKEEPER...
Day in the life playlist: • "Day in the life" of a...
Bookkeeper Launch video: • 10 FIRST IMPRESSIONS o...
Client onboarding: • One Client, START TO F...
How much to charge: • HOW MUCH to charge as ...
Services to offer: • BEGINNER services to o...
▶ More videos you'll like:
Big, medium & small clients: • CLIENT EXAMPLES: Small...
Niches playlist: • Niches for bookkeepers
Before you start: • Bookkeepers: 7 THINGS ...
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10 reasons to start bookkeeping: • WHY START BOOKKEEPING?
How to clean up a client's books: • How to do a "CLEAN-UP"...
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How do you remember debits and credits?
DEA / LER
(what increase in each side)
Dividends
Expenses
Assets
/
Liabilities
Equity
Revenue
I just learn that in the bookkeeping Intuit course, super easy👌🏻
I've been struggling trying to understand those concepts. You are the first and only to have cleared those up for me, and you did it in just 14 minutes. Thank you so much for this and all your content!!!
We are so glad that Morgan was able to explain this in a way you could understand. It can be tricky!
Krista (FinePoints Admin)
OMG!!!!!clear as the sky. I’ve been struggling with these concepts. I am also a visual person. Thank you.
Glad it was helpful!
Krista (FinePoints Admin)
Do you make closing and adjusting entries at the end of each month? Things like depreciation, prepaid expenses, and accruing expenses to match revenues?
Great video! As a beginner bookkeeper I just Love your channel !! 💕💕👍
Thanks so much! Let me know what videos would be helpful for you.
Very helpful!
Glad you think so!
I love your content
Thanks so much for watching and commenting :)
Great video thank you for showing how to check my self so i know if i did it right!
One thing im not sure of is the credit memo vs discount. So if i wanted to give everyone lets say $20 off there December service. Is there a best practice on which to use for that or is it more of a personal choice?
Hmm, I'm not exactly sure, but my instinct is to use a discount! That's what I've done in the past.
Hi, my question doesn't relate to this video but I want to know do you recommend Booming Bookkeeping Business or Bookkeeper Launch?
Hey! Both Bookkeeper Launch and Booming Bookkeeping are high quality programs that will successfully train you to be a bookkeeper (if you do as they teach).
They cover accounting concepts, QBO, marketing, setting up your business (license, website, etc), and have some kind of community where you can ask questions.
Bookkeeper Launch pros: This program is more robust, has a big network, better known, and a strength is individual email help. Morgan finds Ben to be more wordy (she doesn’t like) & detailed and she likes the visuals better in this program.
Sign up here: sk293.isrefer.com/go/BLIO/ML82/
Booming Bookkeeping pros: This program focuses on learning bookkeeping and marketing. There is also more personal interaction with Bill (pro/con). Morgan finds Bill to be more concise, but she doesn’t enjoy the visuals as much.
Sign up here:boomingbookkeeping.com/summary?affiliate_id=3902557
For both: take their free class and see which teaching style you like. Either class will prepare you to be a great bookkeeper!
Bookkeeper Launch: sk293.isrefer.com/go/BLFS/ML82/
Booming Bookkeeping: www.boomingbookkeeping.com/register?affiliate_id=3902557
Krista (FinePoints Admin)