Accounting For Slow Learners
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- čas přidán 15. 01. 2023
- These basic accounting lessons will entertain and engage you while your self-study accounting, as a new accounting student or small business owner, is optimized. Online accounting classes have never been this clear and easy-to-follow. Anyone can learn accounting if they watch a little of this complete accounting tutorial every day. You will enjoy practicing the accounting exercise and test. It’s like an accounting crash course but better!!Only this accounting online course has files to download to participate in the accounting practice tests and projects. You will master accounting concepts and ideas more quickly than any other full accounting course and enjoy its unique introduction to accounting theory and practice. It’s really the only first level accounting online class that helps any kind of accounting student self-teach the accounting concepts and ideas one would need. They are as easy as remedial accounting lessons but are as effective as the best accounting presentation ever! Even a self-employed person who never studied accounting before, will become an expert in the accounting topic of choice, without any kind of stress and all this accounting help is absolutely free!!
You have the benefit of a live accounting teacher, by simply posting your accounting questions in the comment section below. The table of contents below has all the important accounting topics that an accounting student could need help with when studying accounting 101. They are also the same subjects in accounting that could greatly benefit a business owner who needs to master accounting fast!
Table Of Contents:
Part 1 - Introduction To Accounting 2:40
Chapter 1 - What Is Accounting? 2:51
Part 2 - The Story Of Debits And Credits 6:07
Chapter 2 - What Are Assets? 6:14
Chapter 3 - What Are Liabilities? 7:46
Chapter 4 - Owner’s Equity And Other Accounting Terms 10:18
Chapter 5 - The Accounting Equation With Debits And Credits 25:29
Chapter 6 - What To Debit, And What To Credit? 39:58
Chapter 7 - What Is Accounts Receivable, Accounts Payable, Income Expenses And Other Accounting Terminology 46:38
Chapter 8 - How To Do Advanced Debits And Credits With Sarina May Jackson 59:59
Chapter 9 - The Accounting Cycle With Journal Entries To General Ledger And Trial Balance 1:09:58
Chapter 10 - Example Journal Entries In Computerized Accounting With QuickBooks 1:18:58
Chapter 11 - Practice Exercise Project With Accounting Transactions Using The System Of Debits And Credits 1:33:27
PART 3 - End Of Cycle Procedures 1:44:56
Chapter 12 - Accounting adjustments At The End Of The Month 1:45:00
Chapter 13 - How To Make The Closing Entries And Distribute Partnership Income 1:59:24
Chapter 14 - Accounting Practical Exercise Project Hands - On 2:10:29
Part 4 - All About Depreciation 2:15:39
Chapter 15 - What Is Depreciation 2:15:45
Chapter 16 - How Much To Depreciate? How To Calculate Depreciation? 2:37:36
Chapter 17 - Depreciation Methods Like Accelerated Depreciation 2:37:00
Chapter 18 - Depreciation For Taxes The 2:46:58
Part 5 - All About Merchandise Inventory 2:51:32
Chapter 20 - The Perpetual Inventory Method And Perpetual System 2:51:38
Chapter 21 The Perpetual System Of Merchandise Accounting Project Test 3:03:31
Chapter 22 - The Periodic Inventory Method And Periodic System 3:06:40
Chapter 23 The Periodic System Of Merchandise Accounting Test Project 3:29:03
Chapter 24 - The Weighted Average Method Of Inventory Valuation 3:36:18
Chapter 25 - The “First - In First - Out” Method Of Accounting For Inventory Valuation 3:51:09
Here are the links to the files for the tests and projects…….
First Practice Transaction Project:
marksmolen.com/First+Practice...
END OF MONTH PROJECT SHEET
marksmolen.com/End+Of+Month+P...
Perpetual Inventory Project Sheet
marksmolen.com/Perpetual+Inve...
Periodic Inventory Project Sheet
marksmolen.com/PERIODIC+INVEN...
Answer Key For The Inventory Projects
marksmolen.com/PERIODIC+INVEN...
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/ worldwidequickbooks
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This is it! The greatest accounting video ever!! The absolute best presentation of accounting and how to master all the basic accounting ideas right here in 1 big video!!
This makes everything as clear as Sesame Street. If find a good, popular, high- rated accounting textbook, then you don’t need a teacher; you have this video and you have me. Just read your book, watch this video and ask me anything you like. You will know the accounting you need, very easily, if you just watch a little bit each day.
I hope this helps everyone who needs accounting help and understanding.
I would love to hear from all of you.
Please click “like” and subscribe.
-Mark
I paid my LLC’s annual franchise tax of $800 using my personal credit card. The credit card is not in my chart of accounts as it is personal. Can I record the transaction like this?: Credit Owner’s Contribution (Equity) and debit Taxes and Licenses (Expenses)?
I first have an accounting subject in the 90s but never learned, I was confused and I failed. Only now that I understand it properly. If you are capable of teaching and letting a slow learner learn, it means you are a very good teacher. Only a slow learner can truly certify a really good teacher.
Wow o m g that is so nice and I agree with your point
The real test of a teacher is explaining to the slow learner , not the fast learner
I appreciate those who understand that and i'm very glad the video helped you
I hope you will click like and subscribe and let me know if you need anything related to quick books
Mark
I'm so excited to see you've released a new video, I can't wait to view it this weekend, thank you for all you do Mark!! We really appreciate your work so much. - Pam in Houston, Texas
Wow, thank you!
I'm so glad that you enjoy it and I'm so glad it helped you because that's why I made it
Please stay in touch and encourage everyone to click like after watching any of my videos and subscribe to continue to support the free channel for everyone
Mark
I just love your training. YOu are one of the greatest Accounting teachers out there. Thanks so much for all you do!
Wow, thank you!I really appreceate the complement. I'm very glad it helped you. I hope you will clcik "like' and subscribe.
-Mark
Probably the best accounting course I’ve seen, thank you so much!
Wow, thank you!
It makes it worth wild when I help good appreciative people
I hope you will click like after watching any of the videos to help support the free channel for everyone and please subscribe
Mark
CZcams suggested this channel and I subscribed yesterday!!! Your information is so informative and clear. You will be getting a lot of like from me👍🏾
Wow thank you so much and I'm really really glad the video helped you
I love to help nice people so don't be shy to ask your questions in the comments section and if you need a particular quick book's topic then please ask
Mark
@@worldwidequickbooks Thank you I will!!!
Hope there will be more teachers like you in this whole wide world. Thank you for sharing your gifts.
Wow, thank you!
That's really nice
I hope you enjoy the rest of the channel and appear if you have any questions
Mark Mark
I was able to pick up so many useful concepts that I'm able to utilize in my production company. Thank you for making this video, very helpful.
I'm so glad it helped you and thank you
Mark
I have finished the lecture and now moving to another one. I will definitely share this YT to my daughter. Thank you Mark and Serina !!!!
Our pleasure!
I hope you both will click "like" and subscribe to help support the free channel for everyone.
-Mark
Way to go Serina. You can be a great Accounting Teacher someday! Thanks for the lesson :)
You're so welcome!
I'm glad you enjoyed it and I hope it help you and I hope you will always click like after watching to support the free channel for everyone
Mark
I've always wanted to understand accounting and learn accounting software like Quickbooks. I'm a programmer but have no accounting background. This video tutorial is a start. It should pave the way for me to get up to speed on accounting systems with the ultimate goal of developing a basic accounting software myself.
I'm very glad it helped you and that you liked it.And I hope you will click like and subscribe to help support the free channel for everyone and i'm here if you have any questions
Mark
This is an ❤awesome video! Ty for explaining it in easy terms. Your better than any professor I ever had for Principles 1 & 2, and intermediate Accounting.
Thank you so much for the kind words and I will tell Serena
I hope you will click like after each one to help support the free channel for everyone and please subscribe
Mark
You may have a typo in the First Practice set tab = Transaction list, row 6 says $4000, but the general ledger results says $3000 in both places for the 1/17 date
Thank you. I'll check it out and thank you for watching and I hope the tutorial is helpful to you.
Mark
@@worldwidequickbooks same with mine . it says 4000 in the transaction list
still , I enjoyed the practice sheet. Thanks!
Thank you. You're my fav educational channel. 🙂
Wow, thank you!
I know it will help you with your accounting and I hope you decide to learn quickbooks and watch the other videos
I really appreciate those who appreciate
Mark
This is a great video 😊 keep up the great work!!
You will be making my job so much easier!!!
Thank you for all your hard work!! ❤
You are so welcome!
I deeply appreciate students who express appreciation and i'm really glad that videos that I made or helping good people like you
Stan touch and let me know if you need anything related to quick boo and I hope you will click like after watching each one to support the free channel and please subscribe
Mark
Thank you! The practice test helped me so much! I learn and understand more with each chapter.
Wonderful!
I'm glad it's helping you because I put it up for a good appreciative people like you to benefit from
I hope you will click like after watching each of my videos and please subscribe to help support the free channel for everyone
Mark
Great class! Thank you!
You're so welcome!
I hope you will click "like" and subscribe.
-Mark
Thank you! Mark and Serina. I found the video so helpful and easy to understand.
I'm very glad that it helped you and I hope you will click like And subscribe to help support the free channel for everyone and please let me know if you would like any other topic
Mark
I’m new in this field, just opened up a new company. My first language is Spanish but I definitely can understand you very well. Thank you for being so patient and explain us with no rush!! I really appreciate it
Thank you so much
I'm glad it helped you and I hope you will always click like after watching each 12 help support the free channel for everyone and please subscribe
Mark
@@worldwidequickbooks Of course you got my like in each of your videos I had watched! And I’m your new subscriber ☺️
This was great-enjoyed seeing your niece! Very understandable. Really good review.
Thank you so much!
Loved the addition of Serina. Thank you
Thank you Nancy; I will tel her.
This summer, she may be staring in more!!
-Mark
Thanks so much for great dimonistration... I like quickbooks too.. I will keep follow you to lesrn more. Appreciate for that great job.
Awesome! Thank you!
I hope you will click like after each one to help support the free channel for everyone and please subscribe
Mark
Thank you for sharing your wisdom. May God and the Universe bless you more!!!!!
You are so welcome!!
I hope you will click "like" and subscribe.
-Mark
Well done Serina. its good job. 😇
Thank you so much
I hope you click like and subscribe
Mark
Good Presentation. Best Wishes for Serina. She has the built-in confidence of a good teacher.
Thank you so much and I hope you will click like and subscribe to help support the free channel for everyone
Mark
Thank you again. 🙂
Always welcome
I hope you will always click like after watching each one to support the free Channel and please stay in touch
Mark
Yes
thanks for sharing about accounting very nice
It's my pleasure
I hope you will click like and subscribe to help support the free channel for everyone
Mark
Your training is great and explained well. While working through the problems in the excel file you provided for First Transaction Practice, I noticed that on 1/8/22 Video job for $3000 for cash and another Video job on 1/17/22 for $4000 on the account. A total of $7000 for Video income. However, the Trial Balance Results and the General Ledger Results show only $6000 in Video income. Did I do something incorrectly or just missing something, my Video income shows $7000
Another question, on the End Of Month Project Sheet, the Net Income shows 51,500 and is split 50/50 between the owners. Each should receive 25,750. In the T Accounts for the owners, it shows 20,750 for each and the T Account for Income Summary shows Elaine 25,750 and Suzie 20,750. The sum of these does not equal 51,500 for the Net Income. I am not sure if I am doing it right or not.
Thank you for being a devoted student
When I get home I will have to take a look at it because maybe You are correct.
This video actually sells on another platform that has the same exercises that nobody Mentioned the issues that you mentioned.
I don't have the numbers memorized and I made the exercise as a while ago so I promise I'll get back to you with an answer very soon
Mark
@@worldwidequickbooks I noticed the same. Thanks a lot for your lessons, they are so useful for beginners like me. 🙃
Mark, thank you so much for the tutorial. I am sure great effort was put into it. Very detailed, packed with great information, and straightforward to follow. I am especially grateful for practice sheets you put together and I have done all of your work sheets. I think these are great tools to test the knowledge acquired. As some pointed out there were two that did have discrepancy in numbers. I am glad that others reported for it would drive me crazy trying to understand why my numbers are different than what is in the sheets. If you could please update the last sheet, Answer Key For The Inventory Projects, with the answers? As of right now that is missing. I would love to verify my numbers against yours and I am sure anybody else who is completing your practice sheets. Your tutorials are excellent and I am so glad I found them. Thank you.
Thank you for the compliment
I don't know what practices or she's your referring to but if you could tell me the name of them and where you found them I could take A. Look.
If insect there are some slight discrepancies that have somebody would be kind enough to give me a list of them so I can check them out and make sure students don't get distracted by them.
I hope you will click like after watching each one to help support the free channel for everyone and please subscribe.
Mark
Mark, The First Transaction Practice, and End of Month Project Sheet. Other people reported exact locations and numbers that are not matching in their comments. And there is no Answer Key for the Inventory Project, last practice sheet is missing results. Thank you. @@worldwidequickbooks
The bright beautiful little girl made my day ❤❤❤ thank you guys may God bless you
Thank you so much I will tell her
We are both very glad the video helped you and we hope you will click like And subscribe to help support the free channel for everyone
Mark
Thanks!
Thank you so much
Please let me know if there's any QuickBooks topic that you would like to learn and I will send you the link and I hope you will click like after watching each to help support the free channel for everyone and please subscribe
Thank you for your generosity it is so nice to help people who appreciate
Mark
I just started my studies about accounting through a church leader once a week because our church were training us to become a VA Bookkeeper. I found this video really great! I just finished up to the Practice Exercise Project and there is a wrong entry in Video Income, instead of $4000, in the result is only $3000. What comes into my mind is that you purposely put it that way to know if your viewers really do the exercises. I will surely watch every single second of this video and next is your video on Quickbooks tutorial. I hope to find a job someday as a VA Bookkeeper. Thank you very much for your videos.
Thank you for the kind words and I hope you will always click like after each one to help support the free channel for everyone
I regret that I don't have all the numbers memorized but I'll believe you if you say that there's a difference
I agree the most important thing is that you're learning
If you click like And subscribe it will help support the free channel for everyone
Mark
@@worldwidequickbooks Done. God bless.
Sir, this is what I wanted. Perfect accounting teacher.
Glad to hear that
A very happy it helped you And I deeply thank you for the nice Icompliment
I hope you will click like and subscribe
Mark
@@worldwidequickbooks
I will definitely do it Sir🙂
Oh thanks dear for adding Urdu captions it is really helping me and others like me.
Learning accounting is always challanging it takes time and consistency to clear concepts.If you put effort to make exercises of practical knowledge it will be really useful but still you are doing good so much tysm ❤
It's my pleasure
I appreciate the kind words
I am happy to help
I hope you will click like after watching each one to help support the free channel for everyone and please subscribe
Mark
@@worldwidequickbooks sure!
Amazing
Thank you so much I'm glad it helped you, and I will tell Serena
I hope you will click like after watching each one to help support the free channel for everyone and please subscribe
Thank you very much!
You're Very welcome!
I hope you will click like And subscribe to support the free channel for everyone
Mark
Wow amazing sir thank you so much for your knowledgeable video ❤
It's my pleasure
I hope you will click like And subscribe
Mark
Love Serina!
Thank you; you should see her now.
She will soon star in another great video so stay in touch!
-Mark
Your HEAVEN sent!
Thank you and I hope you will click like after watching and subscribe to help support the free channel for everyone.
Mark
Hi thank you so much for everything you do for those of us who are new to this!
I was wondering, I am completely new to all of this and I am trying to get become an entry level bookkeeper/ accountant with no budget for schooling. Eventually, I would like to start my own bookkeeping services from home. What videos would you suggest I start with? Are there specific videos that are better suited for remote bookkeeping jobs?
Thank you again, you are appreciated so much 🙏 ❤️
Thnak youi that's the perfect question!
In about 1 month form now, I will be publishing 1 big video about how to be a self-emloyed bookkeeper!
Until then, you can watch the substance of the QUICKBOOKS part of the job, which is most of it.
There are 3 simple playlists.
I will give you the links to the quickbooks ONLINE 3 playlists and if you need them for desktop please let me know.
first, you need the "crash course" playlist.
czcams.com/video/jFS_h9CfxtY/video.html
Then, you need the "bank feeds: playlist......
czcams.com/video/3ocpiJb63ws/video.html
Then you need bank rec and proving correctness.....
czcams.com/video/rVPMYw84UaE/video.html.
After these 3 playlists, ou will have everytyhing you need in QuickBooks to service a client.
Then come bank because I am re-making them and putting up other things that will help you.
I hope you will click "like" after each one to suppor the free channel and please stay in touch
-Mark
Love these videos too. Brandy Dudas also has really great learning content. Finepoints with Morgan Law and also CPA Strength. I'm starting out too after doing daycare/preschool for years.
@@worldwidequickbooks You're truly a blessing! Thank you so much Mark! Looking forward to those videos!! ❤
Oh my gosh, you came into my life at the perfect timing, I am so new to all of this!!!
You are my go-to guy!!
Thank you so much!!
I think it's perfect but it's not as entertaining as the great stuff with animation and I think that it makes everything clear but you have to keep adjusting the volume. Otherwise it's the perfect thing to learn from and anybody can learn any accounting topic just look in the table of contents in the description field
That's awesome!
Great job done from sarina we like what she said appreciate her great job
Thank you so much and I will tell her and she hopes that you will click like And subscribe to help support the free channel for anyone and please let me know if you need any QuickBooks videos I can send them to you free
awesome
Thank you I will tell Serena and I hope you will click like after watching each video on the channel to help support the free channel for everyone and please subscribe
Thank you for new course I am waiting for this
Always welcome
I hope you will quick like and subscribe
Mark
In your end of month example file, if Suzie and Elaine are splitting $51500, both should be 25750, and not one be 25750 and the other be 20750, unless I misunderstood something. Cells B77 and B78 in tab General Ledger After. Also, that 5K error is carried over tho cells C11 and C13 in Trial Balance After.
Still, the videos are awesome.
Thank you nancy; I need to re-make this whole thing. Right now, it's just several courses strung together to make a complete 101 course. However, I did check the practice sets and I remember getting the correct numbers. did you double check your steps against the project instructions? Most people are not mentioning that issue so it's been a while and I assumed everytyhing was ok.
-Mark
@@worldwidequickbooks Redid it 3 times. Most people don't go the extra steps to point out typos. I used to be a Technical Writer. I did follow all of the logic in you discussion so that was a good thing.
I will like to add that I see the same error Nancy explained above. I have been confused by this and hoping that I have the right understanding. Is there a final copy with the right information because Im stuck.
thanks, this is simple and helpful, there is a mistake in chapter 12, owner's capital 33000 not 23000
Yes I know I have to redo the tutorial for several things but people are liking the explanations and the clarity so enjoy this for now until the revision comes out
I hope you will click like after watching each to help support the free channel for everyone and please subscribe
in the EOM Project sheet both susie and Elaine capital accounts appear to be understated by 5,000 on the provided trial balance
Yes I have to perfect some things before I republish the next perfected tutorial
Mark
The word Debit comes from Latin word debere which means to owe.
So what does credit come from and what does that mean?
I thought it came from credibility or believability which means you trust them to lend them or something to that effect
Is there an independent Source where we can verify these two terms?
I would love to see how Serina learned debits and credits. The intro is fun😄
Thank you so much. Should I hope that tutorial helped you with a co sing and I'm here? If you have any questions related to quick books or near me quick books video.
Mark
Thanks for the excellent presentation. By the way, does quickbooks online automatically do the income summary, or do we need ro do that for QBOL also?
Quick books online and desktop and other software Do not make formal closing entries.They simply display reports With the appropriate numbers based on the dates
Basically if you run a balance sheet Or a trial balance after The fiscal year, Then you will not see the income or expenses, You will see them summarized in retained earnings
Mark
Yes it helps alot
Thank you i'm very glad it helped
I hope you will click like and subscribe
Mark
@@worldwidequickbooks Oh I definitely have liked and subscribed. I appreciate u a great deal. I was getting a lil discouraged but now I know I can achieve much with these simple practices. You have given me so much hope.
Hi! I am loving your videos! I have a reptile breeding business. Would my adult/breeding reptiles be considered assets? How would I value them? The market shifts so much. Would I use the price I paid? Would they stay worth that same price? How would I account for a deceased adult breeder? I just moved over from 1800 acct to Quickbooks, but didn't realize they don't help at all with setup, so your videos are going to help me immensely.
Thank you for asking. You need 3 things....
First, you need the main QBO tutorial .................
czcams.com/video/aoWghI3kvpc/video.html
Then, you should watch the specific playlist for inventory.
czcams.com/video/qKwCCAEGjSg/video.html
Lastly, if the inventory playlist does not give you what you want, or any ideas on how to manage your particular case, you could contact me again for a live consultation to address any unique and specific issues that only your company may have.
-Mark
@@worldwidequickbooks Thank you so much!!! Will do!
Thank you very much finally I have finished this course and learned a lot of new aspect of accounting. Please suggest to me the next course I will prepare ProAdvisor exam.
Did you do the "complete tutorial" yet?
@@worldwidequickbooks yes I have finished
My name is Lorenzo and I am writing to you from Spain. I love the show, thank you for creating it, it's magnificent. I'd like to ask you a question. Well two, or more, who knows? lol. Here in Spain, the Spanish state makes a withholding tax on the income of the self-employed, it is the so-called IRFP (personal income tax) in my case it is 15% of the taxable base (that is, on the gross amount of income. I write this withholding on each of my invoices, and my client pays it directly to the state. Could you tell me how to do this in Quickbooks Desktop Enterprise, because it's the software I have and I like the most. On the other hand, since the Spanish language is the most used in the world after Chinese, and given the position it holds, when will we have Quicbooks Desktop Enterprise in Spanish in Spain, and adapted to Spanish legislation?: Thank you and sorry for the inconvenience.
Thank you for being a loyal student and loyal fan
I'm happy to answer your questions , but if you could break it down 21 question at a time somewhere between three and five sentences per Question, Then I would be in a much better position To understand What you're asking and help you
Mark
Hey Mark, do you have a video that explains onboarding a new client? Pass Word and Document storage? Thanks for your help, Charles
Yes I do!
czcams.com/video/2HVHKmkYTpE/video.html
I hope you will click like and subscribe and watch the entire thing including all the links and you will have everything you need.
Stan touch
Mark
Thanks Marks for this accounting tutorial. Do you have a video on preparing account for school.
Thank you but all of the other videos on this channel are specifically quick books. This is the only accounting tutorial but I will make one or two more sometime in the future
I appreciate you watching and I appreciate you asking.
It should not be difficult to look at a basic textbook and take the trial balance that we learn about in this video and simply create a balance sheet and an. Income statement which is also called profit in loss.
It's extremely easy and if you use software, it will automatically have the financial statements from the same numbers from the trial balance. Just by clicking to open them the same way click to open the trial balance.
Let me know if you finish the tutorial because I think I will even update this one for a lot of things that it can be improved upon.
However it will not be a while till I make the others that are strictly accounting and not specifically quick books
I hope you will click like and subscribe
Mark
Serina really explained very well
Thank you so much I will tell her
😇
Thank you so much for accounting topics I quickly. Please I know how to prepare financial statement
Thank you but please see my other comment and I hope you will click like and subscribe and if you need quick books videos please let me know
Mark
The right side or right hand will be dextera in Latin.
And the left side will be sinister.
Not debit and credit
Of course I was not literally referring to the hand itself in the way that you're mentioning here but I do appreciate it and I am going to make an updated tutorial which will be much improved on many levels and I promise to include your recent input
Mark
Hey Serina. Yes
She says thank you when we hope you click like And subscribe
Who"s serina
@LUCAS_VIPER I don't know. Lol I love your class
Mark: I’m a beekeeper & I sell my honey in local grocery stores. I also purchase bulk honey for resale. To sell honey, I must bottle it (purchase jars, lids, labels & shrink bands). Thus, when the jar of honey hits the grocery shelf, my cost is actually the cost of the honey itself as well as the various bottling components. My question is does every component of the finished product, i.e. honey & bottling components, need to be an inventory item or can only the honey be inventoried and the bottling components simply be expensed by creating a “bundle” in Quickbooks with the honey? Thanks so much for your help.
Thank you very much and I am happy to tell you everything I know about the subject. Let me 1st say, that your question technically, is not really a quick book's usage question but an accounting question about how to categorize certain costs and expenses.
So for that question, I would double check with your tax professional and if you need to report financial statements under generally accepted accounting principles I would discuss with your auditors or your accountant advisers which classification would be acceptable for the IRS and who never else you're reporting your numbers to. However, if your question is just for management purpose is, then you have to decide for yourself How you will interpret your reports because only you know what goes into your operations.
If you choose to classify them as inventory, then it seems to me that you will Need one of the desktop versions because only the desktop versions like enterprise or accountant or even the manufacturing version is the 1 that has the assembly's feature. If you use assemblies with "work in progress" Then you are accounting for these items as an inventory item that you manufacture when you purchase the jar in the label and put all the pieces together per, if you choose simply to classify everything that you purchase as an expense or something as part of just general cost of good sold, Then you don't need any special feature and you can simply make an item on the items list for each one
One factor you should use to decide, is if you often have at any given moment, a sur+ inventory of the parts like jars and labels and lots of honey lying around. If you're inventory doesn't really stay that long then as far as you're accounting reports comparing between periods, it won't make that much of a difference if you use the assembly feature or if you just ride off everything as an expense during that period. But if you very often are faced with end of month reports that need to reflect the surplus of jars or labels or honey lying around and then you give a moment, then it might be better to use the assembly feature and track work in progress.
If you're accountant advisers don't mandate any specific method for reporting purposes, then you can just decide what's best for you regarding how much time you want to spend on the data entry compared to how much detail you get out from the reports
Mark
Mark: thank you so much for your help. Based on your answer, I will just make an “Item” for each one and account for the costs that way. If I do that, I assume I should still “inventory” the bulk honey itself. Is that correct?
Just as a possible peice of accounting advice, make all of those items connected to "cost of goods sold" and then, whnever you need to report for G.A.A.P. or taxes, just make an adjustmenst for whatever remains. Whatever the cost of the remaining invenoty of anything, should simply be removed form the cost (expense) account and put in to the invenotry asset account with an "adjustying journal entry". Your accountant will know what I mean.
Check out this part of the inventory playlist for cost of goods sold.......
czcams.com/video/eFEM-B8i4Bg/video.html
-Mark
Thanks a million Mark. You’ve really been helpful, & I truly appreciate your videos.
How do you change a date from where the bank must show transactions. There is a dates to chooses from when you add your bank. I by accidentally chose this year instead of last year?
Thank you but I have absolutely no idea or understanding of what you're asking.
This video is an accounting tutorial and all transactions should be recorded on the date that they actually happened
Mark
Very amassing and easily under stable. please
requesting for the link to join for lectures
Thank you so much but I do not have lectures, just this video. You can participate in the excersise. You can download the projects form the links in the description field.
-Mark
Hello Mark! Thanks for the amazing content. I cannot find answers to the last Periodic Inventory exercise. The file that you have uploaded is without answers.
Thank you for being devoted and watching the videos.
The file does not give answers
You just have to compare it to what You.earned to make sure that you have everything right
Mark
Thanks
Hi Mark, I don't know if you remember me commenting but you asked me if I wanted to do desktop or online. Well I'm here to tell you that we are going for desktop. Our bookeeper is using Premiere for our business, what do you think? Its for small construction business. Thank you.
It depends on what type of company you have.
@@worldwidequickbooks you said to me on my previous comment to tell you if i was getting quickbooks online or desktop so you can send me a playlist for contractors.
THERE IS A MISTAKE ON TRANSACTION 17/01/2022 THE INSTRUCTIONS SAY "CUSTOMER PROMISED TO PAY 4000" UR ANSWER IS 3000 INSTEAD OF 4K.
I really appreciate you following along so closely and I'm glad you're learning
Hi Mark, I got a question: On the transaction list @ 1:36:42 , there're video income $3000 (Jan 8) amd video income $4000 (Jan 17). Why the video income on the trail balance @ 1:39:15 is $6000, not $7000 in credit?
Thank you so much but I don't have the numbers memorized.
I can help you if you're having trouble figuring out how to record a particular transaction or find a particular mistake if you are trial balanced does not. Match mine.
Mark
In the end of month project. Elaine and Suzie's income summary should both have been $25750, not $20750.
Hello Mark by any chance do you have any video about cleaning up the books?
Yes
This playlist is more than just bank reconciliation. It talks about the ideas of finding and fixing every possible type of mistake and objectively proving that every area of your accounting is correct to the last detail
Please watch the videos in proper order to get the whole idea and a guarantee you. This is what you need
czcams.com/play/PLqRhgBZfJuE7Kmc1AOq3fw3aYuZItztuV.html
Mark
Thank you for your videos,I will.
Do you have a QBO clean-up, and or WorkFlow for Bookkeeper, i m just getting started , Thank you Sir
Yes I do
I have a playlist that will show you, for both quickbooks desktop and quick books online, how to find and fix every possible mistake and then after that, objectively proved that everything is correct to the last detail
I'd be happy to give you the link to the playlist but you should know, that sometimes people's books are so messed up it's not worth spending time fixing and it's better to start fresh.
I have a playlist that would show you how to import data from an old quick book's file or from another system and I have a playlist that shows you how to establish beginning numbers as of a specific declared start date
In about One week I will have a complete video about how to become a self employed bookkeeper and it will give you everything you need and it will be free here on CZcams
If you want the link 1st playlist I mentioned please let me know
I could not understand by explanation by the child. I have hearing problem. If I want to listen to the lecture again by do I get to your lecture. Your daughter speaks with confidence
Thank you she's a wonderful kid and I think that you can get speakers that would make the volume louder or ask a young person to help you with your headphones cuz young people usually know how to fix these issues and I thank you for watching and I hope you will click like And subscribe
And so does Serena LOL
Mark
We own a pool service business. We charge our custumers for the cleaning service at a flat rate then charge them additionally for the amount of chemicals(chlorine) we used. We don't track how many chemicals we have on our truck because we reload every week in person and switch out our used chlorine bottles for new ones and continue cleaning. Can we record chemical/chlorine sales as income under sales of product income and the purchases of chemicals/chlorine under business expenses in expenses?
Thank you for describing your question clearly and concisely and I will give you my opinion
You do not need, and your case, to activate the inventory module in quickbooks. Even though these chemicals that you build the client for separately are physically products, you should put them in as "non inventory parts" instead of services on your items list
They can be one sided items and the result would be the same as if you put each item as a service type because it's only going to have a sales price and you're not going to record the purchase cost and track the difference.
So just put them on your items list so you can add them to their invoices and connect them to the appropriate income account
If you need the full tutorial, or the quick books for contractors tutorial, they both start at the beginning and teach you everything so let me know what you need and I'll send you the link
I have a video for anything you could ask for regarding quick books so just stay with these videos and will get you all the information that you need in your case
Mark
I am learning a lot. With the income summary, does the accounting software do the income summary automaticall? Also, the owner's capital, after the income summary should be $33,000.
Yes if you're using accounting software and you run reports after the closing date then all your income and expense accounts will show zero and income summary will be moved to something called retained earnings but that's a topic for a future accounting video
Thank you for asking
Mark
Thank you.
I'd like to ask a question please. On time line 2:05:14 my answer is $33,000.00. Your answer is $23,000. $30,000 plus $10,000 = $40,000.00. Subtract the $7,000 and it comes to $33,000.00. How do you end up with $23,000? Green numbers are adding and red is subtracting. I honestly have no idea how to come up with the $23,000 unless I ignore the $10,000
Yes it should have been $33,000 because it's 30,000 from before minus 7,000 withdrawals plus 10,000 coming in from income summary
This whole thing needs to be redone and I might unpublish it and just publish the remake
Anyway learn what's best from it for now until I publish the remake
Hello , I am a bookkeeper and I have some questions.
I have a some properties management task with Accounting but I don't understand what software is good for both of task manage.
I have reviewed some software like doorloop , wave , tenant cloud.
Can you suggest if you have any other idea.
USE QUICKBOOKS!!
TRY THESE 3 PLAYLISTS IN PROPER ORDER. They prove that QuickBooks is beeter than the ones' that you listed. Just follow the playlist ij proper order.
czcams.com/play/PLqRhgBZfJuE65zocvwEdPfyB3p2nbK6C-.html
That's for management SERVICE companies.
Here is the playlist overview if YOU are the landlord keeping records yourself. The new version (improved) is comming this spring.
czcams.com/video/9N8ag1CeGvI/video.html
Please let me know which one you need and I will elaborate.
-Mark
I just want to ask , if i were to work as a bookkeeper online , where is better to sign up, quickbook online or quickbook desktop, because I'm using a laptop for my online activities.
Thank you for asking.
This video is exactly what you need.
It will clearly explain the differences between those 2 when becoming a self-employed bookkeeper.
In fact, this video is all about how to become a self-employed bookkeeper.............
czcams.com/video/2HVHKmkYTpE/video.html
Please let me know what you think.
-Mark
@@worldwidequickbooks I will watch it again. Thanks for the response
I really only want to master being a bookkeeper not as an accountant.
The tutorial was really great. O did the first exercise. However, pn 1/17/22, the video job where customer is to pay later, the amounr was $4000, but you had $3000. I have a question. On 2/10/22 the editing job, with $5000 going to video editing, 1/2 going to cash and 1/2 going to accounts receivable, that is 3 entries. Are more than 2 entries acceptable in a double entry accounting system?
Thank you for watching and thank you for asking
Double Entry accounting system means that the total debits equal the total credits it does not mean that there has to be only one account debit and one account credit during a transaction
You can see that three accounts change in the transaction that you're asking about but the total debits equal the total credits and that's the point
I hope you will click like and don't forget to subscribe to help support the free channel for everyone
Mark
Thanks
He periodic inventory lesson, I did not find the answers. Could you please provide them? Also, what is the difference between goods available for sale and the value of inventory?
You will see the chapter on the Periodic system and it will explain each part
Do you have these lessons in printed format
I thank you for asking, but I do not.
You can however purchase this course and own the videos forever and then you will not get commercials and you can refer back to them as many times as you need
You can email worldwide quickbooks@gmail.com if you're interested in that or have any other questions about materials
Thank you again for watching and being a great student and fan
Mark
I balanced on the Trial balance but did not match on the Jan 17 transaction which should be $4000 instead of $3000 in the general ledger result of the Accounts Receivable. Must be a typo.
Thank you for being a great student that a great fan and I will check it out and despite this. I still hope you learned anyway.
Mark
You’re a greatest teacher! The best i’ve ever had. I love to learn more from you!
How to set up a dividende account ?
Dividend is the same as owners withdrawals.
Mark
I’m a little confused as to the difference between owners equity and owners capital
Capital is only one aspect of owners equity.
Capital is the park that gets invest from the owner. But there are 3 other elements that make owners equity go up or down.
Watch the videos and proper order and everything will be clear.
Mark
how can i learn and be an agent of your success idea here in south sudan
Thank you keep watching the QuickBooks and accounting videos that you will be an expert and ask me any topic you need and I'll send you the link
Yescto sarina
Thanks sarina
She will star in another one very soon
You're welcome
I would like to see how you taught her.
Thank you. I was looking for that footage and I will be putting it up soon and thank you for being a fan
Mark
@@worldwidequickbooks I’m switching careers late in my working career and I’m struggling with these two things
Don't worry, I'm here if you have any questions.
-Mark
Hi, i hope there's a tutorial for crypto bookkeeping
There is no difference between crypto bookkeeping and regular bookkeeping it's simply a different currency
Crypto bookkeeping is the same you just use a different currency and if you want the link to the multi-currency playlist please let me know
Thanks for reply. Btw, isnt it a complex bookkeeping since crypto is intangible asset and is treated differently when a client buy and sell his/her crypto investment? About gains and losses as well? I watch vids and related content about it but it just a short presentation. And one more i found a course about crypto acctg so pricey for $2k but experts on both crypto investment and QBO is handling the training for 8 weeks.
@@worldwidequickbooks yes thank u, i'd love to know about multi-currency
I'm confused about the bank loan of 15,000
Make sure you watch the video in proper order and you could watch it as many times as you like and I'm here if you have a specific question
I am glad you have taught your niece but I think a video for children should be separate or contain a warning that this video is very slow because it is really designed for children.
Thank you but this video is not for children it simply has children in it
Yes I explained at the beginning that this is really not for kids I was just trying to make a point about how easy it could be that a kid could teach it to you.
Mark
I apologize for my comment. I was frustrated when I commented because I had just completed your 3.5 hour course in QB (which was excellent!) and realized I really needed to take an accounting course. I was looking for a basic course in acctg and started this course for slow learners. I really need a quick, basic course more than a course for slow learners. You are an excellent instructor but I guess I should have realized it was not really a basic course but more a course for slow learners, just like advertised. Thank you for all you do for those of us that are learning new things.
Helo Again Joyce,
I appreceate the kind words.
I did make the channel for those good reasons. I'm sure that if you use a good textbook, like "jeffrey slater college accounting" and save money by getting an older edition, you will understand what you are reading because of this video and you will then know accounting.
-Mark
You recorded two $5,000 in accumulated depreciation while recording only one $5,000 in Depreciation Expense that i why I got confused. I assume that when you debit Depreciation Expense, you also Credit Accumulated Depreciation of the same amount ANNUALLY? The other $5,000 in your video does not have a matching entry in Depreciation Expense.
If the accumulated depreciation account is permanent, then accumulates the appreciation from year to year, but the depreciation expensive account is an expense and it gets closed and becomes 0.I'm special after each period
That's why there's a section about the closing entries.And that's why there's only one entry and depreciation expense
Mark
@@worldwidequickbooks Oh I see, you mean to say: Accumulated Depreciation gets credited at the start of the year and Depreciation Expense gets debited at the end of the year when closing the books?
No, I mean they each get a debit and a credit during the "adjustments" and then AFTER that, all expenses, including depreceation expense, gets closed and becomes zero the way it shows in this video. I suggest re-watch the section of adjustments AND the section of "CLOSING"
-Mark
@@worldwidequickbooks I am also asking ChatGPT about these and I am quite amazed by the answers, it's almost human. I am learning accounting because I want to do my own books for my business. Thank you so much for responding.
@@worldwidequickbooks Me: we know that when you credit Accumulated Depreciation account, you also credit Depreciation Expense is that right? Therefore, if you have a separate Accumulated Depreciation account for each PP&E account, does it mean you also have to make a separate Depreciation Expense account for each fixed asset?
ChatGPT:
No, that is not correct. When recording depreciation, you typically debit the Depreciation Expense account and credit the Accumulated Depreciation account. The Accumulated Depreciation account is a contra-asset account that reflects the total depreciation expense accumulated over the life of the asset, while the Depreciation Expense account represents the portion of the asset's cost that is expensed during the accounting period.
Therefore, even if you have separate Accumulated Depreciation accounts for each Property, Plant, and Equipment (PP&E) account (corresponding to each fixed asset), you do not need to create separate Depreciation Expense accounts for each asset. Instead, you would record all depreciation expenses in a single Depreciation Expense account on the income statement, regardless of the number of fixed assets or Accumulated Depreciation accounts.
Maintaining a single Depreciation Expense account simplifies accounting processes and financial reporting, while still allowing for accurate tracking of depreciation expenses for individual assets through the corresponding Accumulated Depreciation accounts.
Nor Biden or Trump, instead, Serina has my vote for President of The United States!
Yes, I agree and I'm going to tell her what you said. Thank you
Mark
She is precious but lost me there. Screen too far away and not as easy to understand.
She's doing the same debits and credits that was taught in the previous chapter
Just watch the example question and see if you can debit and credit the same thing
Mark
Boss Kindly Add Timestamps In This Video, So Navigating Through Video Will Be Easy
The chapters are clearly listed in the description field and you can click on the time stamps of each chapter.There's a table of contents.Please confirm that you found it
Mark
@@worldwidequickbooks Sir what i am trying to say that u can add them in your VIDEO SEEK BAR, easily i have emailed u the method with proper screenshots