How JOURNAL ENTRIES Work (in Accounting)
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- čas přidán 9. 07. 2024
- 🆓Journal Entry Free Quiz → accountingstuff.com/blog/jour...
💥Journal Entry Cheat Sheet → accountingstuff.com/shop
🖊Journal Entry Practice Questions → accountingstuff.com/practice-...
Accounting Basics Lesson 4. In this episode of Accounting Basics for Beginners, I explain Journal Entries in full! In this episode of Accounting Stuff - Accounting Basics Lesson 4 - you will learn:
▪ The definition of accounting Journal Entries, as part of Basic Accounting for Beginners.
▪ The most common Journal Entry Format and how Journal Entries are recorded.
▪ How to check that your Journal Entries balance.
▪ I will also take you through the differences between Manual Journals & Automatic Journals.
▪ And... of course, we will talk through two Journal Entry examples.
▪ Journal Entries for Dummies
🔴Subscribe for more Accounting Tutorials → geni.us/subtothechannel
⏱️TIMESTAMPS
00:00 - Intro
01:15 - Why do we Record Transactions?
02:15 - What are Journal Entries?
02:26 - What does a Journal Entry look like?
03:51 - Manual vs Automatic Journal Entries
04:20 - Journal Entry Example
05:47 - Recap
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#accounting #accountingbasics #accountingstuff
Hope you found this short intro to Journal Entries useful! If you run a Startup or Small Business, what Accounting Software are you using? I would like to make more videos to help people bookkeep for themselves so any recommendations would be appreciated :)
🔗USEFUL LINKS
▪Journal Entry Cheat Sheet → accountingstuff.com/shop/journal-entries-cheat-sheet
▪Free Journal Entry Quiz → accountingstuff.com/blog/journal-entry-quiz
▪Journal Entry Practice Questions → accountingstuff.com/practice-questions/journal-entry-question-pack-1
⏱TIMESTAMPS
00:00 - Intro
01:15 - Why do we Record Transactions?
02:15 - What are Journal Entries?
02:26 - What does a Journal Entry look like?
03:51 - Manual vs Automatic Journal Entries
04:20 - Journal Entry Example
05:47 - Recap
Using Wave, which is similar to Quickbooks.
XERO
I'm learning Tally ERP 9(India) right now.
Thanks so much for this! seriously helpful. Have you ever used Trintech software?
Quickbooks online
I've watched 2 of your videos and already understand more than reading entire chapters in my accounting book. Thank you for breaking it down so we can all understand! Now I have hope for passing my accounting class!
Glad to hear it, good luck for your exams!
This is the problem I have with my textbooks. A ton of information that beats around the bush and leads nowhere. At the end of it, I don't understand what I should know.
@Autimn W did you pass?
true it happens to me as well
@@kaidestinyz same here and I’m panicking cuz I know I ain’t dumb I should be understanding this but there are no clear examples it’s all just general common sense info
5 years and your videos are still helping freshers. Thank you because I’ve got no books 😭🙏🏽
No worries, it always helps to refresh yourself on the basics :)
That is how teachers are supposed to teach. Straight to the point! Keep it up! Such a big help on my studies!
Cheers Juan, best of luck with your studies :)
And up close and personal. . . .I have a been monitor. It felt weird. Still, Very good lecture.
Honestly, you should be my accounting teacher at USC! These videos have helped me so much. Thank you!
No worries Pierce!
yeah haha wish you were my accounting teacher, you explain stuff so well
That's what I told him too. Uhm USC as in University of San Carlos?
Lily Leigh Reinheart university of Southern California
@@shawnknive ohh thanka
I'm new to accounting and even my teacher couldn't explain things to me in such an easy way. Thank you
No worries, I'm happy to help!
Right.
Indeed
I know these videos are about four years old now but I just wanted to let you know that they have already been an INCREDIBLE help to me! I am not very savvy when it comes to things like this, but I've started my first semester in college and thanks to your videos, it really feels like Accounting would actually be possible for me and maybe even enjoyable eventually. Thank you so much!
Absolutely incredible, i understand more from watching your videos than i did in all 4 years of my degree..
Cheers Peter, it's great to hear that the videos helped
I am currently binge watching all your videos because my online accounting course makes my eyes cross. Thank you for explaining this so well.
Your series is incredible. It's well organized, concise and very informative. I really appreciate you making these videos and subscribed after seeing your first one!
Thanks Jasmine! That is kind of you to say, I'm glad that you're finding the videos useful. Cheers for the sub!
I've learned more from you so far in 4 videos than one month in my accounting class. Professors should just send us here first when we have online accounting class. This is so much easier to understand.
Your videos are super useful, man!
I'm at my university doing an Introductory Accounting course. Your videos are more useful than the 2 hour lectures.
James, I’m taking a basic accounting course and your videos have been saving me! Thank you so much for doing this! Your explanation is amazing and the quality of your videos is just perfect!
Hope your course is going well!
I’ve dreaded accounting all my life , thanks James for helping me to get my first timid steps in fighting my accounting phobia.
No problem, I'm happy to help!
The equipment was cleaned on my birthday, how cheerful! 😄
I'd studied Urban Planning and I've had nothing to do with accounting until now, where I decided to establish my own business. I've recently started watching this series and each video, so far, is so well explained. As someone who has no background in Finance, here I learn more information about accounting than a class in university could have ever taught me. Here, I have the complete freedom to pause and repeat to take as much time as I need to understand a point, without stealing the valuable time of a "classmate" who maybe does faster than me. I call it "The CZcams University". In this way, I acknowledge this series as more valuable asset than a physical class in any university in today's world.
Way to go for the Accounting Stuff and thank you for contributing to the world with this valuable material.
Maybe after this series, I might as well take some online bachelor program, since CZcams is yet to provide a certificate for the time being. But I'll already know accounting by the time I'll apply!
I have been using your videos supplementally to my school accounting classes. I have watched them before and after each of my classes... your videos have further helped me understand the basics of accounting. Thank you for sharing your knowledge and helping everyone that watches these videos. You're awesome!
No worries Cory, thanks!
@@AccountingStuff must be easy being a teacher for him lol
You my friend, are a lifesaver! Thanks for making these videos, you're a great teacher :)
Thanks Adrian! Hope it's all making sense :)
I’m studying for an introductory accounting midterm right now and I really appreciate your videos. Thank you!
You are my hero when it comes to accounting because I've never actually had a decent accounting teacher and I've have always never understood accounting. Thank you very much for helping me understand accounting!
My words cannot describe how much I thank you!!!
I really love how u teach and it's helping me out very much on getting ready for the exam. Thanks alottt.
Good luck in your exam!!
Thank you!! I was looking for a channel to make the accounting clear to me in easy and understandable ways. You are perfectly did that👏🏻
No worries, happy to hear you're finding the videos helpful!
I’m happy I found your CZcams channel. Lightbulbs been turning on ever since I started watching your videos. Thank you for your brilliance to explain accounting in a simple way to understand.
I’m starting at the beginning. I’m watching the development of your videos and really enjoying the content and the presentation. Great job.
I really want to know more accounts information from you... keep going on....rock it
Thanks, there is plenty more to come! 🤘
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The best explanation I have heard.....can explain more about general journal entries
Thanks Aisha and cheers for your suggestion!
Hey, I have started my accounting course and my mind was just so frazzled from the way it was written. Thankfully I found your videos so quickly to starting my course and it’s helped so much thank you
@AccountingStuff...Thank you so much for making your accounting tutorials! I finally understand accounting better thanks to you!
Hey Martin, it's a pleasure! I'm happy to hear that you are understanding it better!!
So my professor has taught for more than twenty years, yet you explain better than him
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Hi Super Bro,
Don't want to be offensive by the way I call you, just want to say thank you by a friendly way.
All you did for the beginners like me are fantastic. Extremely appreciate the time and effort you put in the videos. Hope that you are always in a full of energy status to contribute your knowledge to the world. By the way have a nice day bro
I have watched 4 videos now and I actually understand accounting now. Thank you so much for breaking it down for us.
Nice one! That's great to hear :)
THANK YOU .. I have been struggling but after watching some of ur videos everthing is becoming clearer. i ll finish the whole playlist anc i am sure i ll get what i neeed
Thank you soooo much. I just bought an accounting software for my business and of course I threw out all my notes from my college accounting course. Need a refresher!!
I made the same mistake when I did my exams!
czcams.com/video/S3CvX6eeCv4/video.html
Hi
U have a business mam Elizabeth. Do u need a va. Please pm thanks.
I think you are really working hard on the videos
Looking at quality notes ,presentation ,discriptions, timelaps, detail editing , i know its pain full but at end worth it ,
BY THE WAY THANKS FOR KNOWLEDGE you got one sub more😘
Cheers Rohini, it can be hard putting these together but I love the process of it. All the best!
you are honestly a life saver
I'm always coming back to this channel for help vibess
THIS IS AMAZING
Cheers Arisha!
Xero accounting software is widely used here in New Zealand for small businesses. The company I work for uses SAP
These video are really helping me refresh before my test! Thank you!
That's great to hear, good luck for your test!
Finally I was able to grasp the concept of it. The example you presented in the end was great and that did the trick!
Nice one!
Thank you so much for posting these, I am a single father who works full-time while taking online college courses. Your videos have made it much easier for me. thanks again.
No problem, it must be difficult to juggle work, college and being a parent. I'm glad I could help in some small way. All the best!
😭 i congratulate you this is really a lot! i hope everything goes well for you
@@shanicegrande8631 thanks Shanice, update. it went great, i graduated and am now employed public sector making enough to take care of her. thank you
@@3Augustin3 that is so amazing i’m really proud of you!!!!! 👏🏽👏🏽👏🏽👏🏽👏🏽👏🏽
Very helpful... Thanks.. in India , we use tally accounting software
Hey Amal, thanks for letting me know!
OMG you literally save my life!!! I'm Accounting major but my lecturers can't help at all =(( hence need to rely on all of your videos for exam preps. Thank you so much for such clear and concise explanations!!!
This is the 3rd video you've created I find myself watching...you're very clear and concise; I really can't tell you just how much I appreciate the "no fluff" approach! I knew I wasn't alone in thinking "get to the point, already!". Well done!!
No problem, thanks for your kind words!
Firstly, thanks a lot. I'm trying to transition into accounting and book-keeping with an unrelated degree and these videos are very helpful in making me feel less like a gorilla just banging on a table.
I am wondering here, though, as in the last example, both transactions are on the Asset side of The Equation, isn't there also something happening in the Liabilities or Equities and would that require its whole own journal entry?
Hey Sheridan, I feel your pain! I transitioned from Physics to Accounting and it took a while to catch up with the rest of my class.
A journal doesn't have to affect both sides of the accounting equation. So long as the the total debits are equal to the total credits, it will balance. Hope that helps!
Legend
I wish I had come across your video before the exam! Thank you and it really shows a good teacher can make difference in learning, even for accounting!
Hope it went well!
You explained this better than my uni professor.
Thank you
I’ve been in college for 4 years and i never understood accounting this easily
Great job, bravo. My friend has a star-up business, and I'm still figuring out what account software works better for him, what is your suggestion? Note: My friend has its business in Switzerland.
Thanks! I'm not sure about Switzerland but QuickBooks, Xero, FreshBooks and Sage seem to be popular. Perhaps your friend could look into those?
Hello James, I am changing jobs and many call for bank rec and journal entries. I have worked on these with help and need to know more on my own. I really appreciate your explanation of terms. This is big as in helping with the understanding process! I am older and getting back at it can be very intimidating and I so appreciate your tutorials
you are literally getting me through 1st year!!!! THANK YOU THANK YOU THANK YOU!!!!!
If I have a completed balance sheet, how do I find my company's opening entry to use in my journal entry for the month of September?
Hey Olivia, the closing balance sheet numbers in August are the same as the opening numbers in September. No need to post a journal entry.
I'm studying Amalgamation of ltd companies in my college. So I want to ask you that what's the difference between Equity Shareholders A/c and equity share capital A/c.
And In which category does the equity shareholders A/c come in???
Hey Rakesh! I've responded to your message on Insta. Have a read and let me know if my answer makes sense
Love your channel! Really helpful, easier to understand compared to university lectures and books
Thank you so much James !
You have an ease and energy that engage the viewers.
The teaser of the topic and the summary organized learning points and help the retention
Great humour too 😎
Cheers, I'm happy you enjoyed it!
Your videos are incredible. I immediately cancelled my subscription to an online accounting class after watching a few of your videos.
Question: I understand how you came to the conclusion of placing 20 in debit. How does 20 in credit align with either Liabilities, Equity, or Revenue? (I am still wrapping my head around the "duality" of debits and credits) Thanks!
Thanks Evan, I'm glad you're enjoying the videos! You always have to keep in mind that there are two sides to every transaction. We credit cash in the example to decrease it. Cash is a 'Normal Asset Account' which means that Debits increase it and Credits decrease it
I'm going to need someone less attractive to show me this stuff :) Whenever he comes on the screen I get distracted. I still Subscribed though. lol
I can totally relate
Luv your video. I m not an accountant. I m just a biz man. But I understand debit and credit and I know how to do my own journal entry after watching your video. Yours the the best video on accounting subject on CZcams. Thank you so much.
Your videos have been identified as the go-to videos for students taking Principles of Accounting at WGU. Thank you for creating these videos.
Wow, no way! Good to know. I hope you find them helpful
I have earphones on, and i legit thought someone was spraying windex near my left ear HAHAHA omg lol. anyway...
Haha, my bad! This is what happens when you edit with cheap ear buds
@@AccountingStuff no! Not at all! It was actually super cool 😂 if that's the case , keep editing w those earbuds!
I just wtchd this wth earphone..😂😂😂😂😂scanning thru th comments to c whthr i was th oly one who lookd arnd me whn th spraying started
Me too!! I was on the metro standing near window when I heard the spraying! And I turned around twise to check if someone was spraying behind me!
Samee...i got soo scared🤦♀️😂😬
How am I supposed to concentrate when you have those beautiful eyes 😩
awwn🤭😂
Bruh
Bruh what the hell bruh
Cmon bruh
Simp :/
Helpful, and unencumbered post. Clear & concise. Thanks.
Thanks buddy!
You are the real plug .... Starting to understand act better since watching your videos
Hey Luyanda, that is fantastic to hear! I'm glad that everything is falling into place for you
Thank you for posting these videos, they are very helpful!!!
Thank you so much for these videos! This is the 3rd one I've watched trying to make sense of my online accounting class. I've been struggling with it but your videos are very easy to understand and I enjoy your accent.
No worries Sarah, hope it's making sense!
I am teaching Accounting myself and I can only recommend this channel. The lesson is much more condensed and focuses on the essential.
Man all your videos deserve million likes each. Thanks for sharing all these knowledge in a super simple way!
Thanks for your kind words :)
I am having a retake from accounting at my first year at uni and you are giving me hope to pass it ! Everything is explained so clear and perfect.. I am amazed, I don't know what would I do without you.. Bunch of Credits!!! AND PLEASE KEEP GOING WITH NEW STUFF!!! YOU ARE THE BEST!
Best of luck with your retake, hope you smash it this time!
Great stuf james! Thank you!
Your channel is really dope bro 💪🏽.
Love everything your edits, video quality etc.
Thanks mate!
you make it sound so easy . I always thought it was so hard . thankyou this helped im giving my accounting igcse tomorrow
Good luck!!
Thank you for saving my grade in financial accounting!!
Thank you for this great series James!
No worries Michael, you're very welcome!
You have a really fantastic way to teach. Thank you!
I love your way of teaching 😘
your videos are really helpful and easy to understand for the beginners, looking forward for your accounting videos
Thanks Aira! Glad to hear that you're finding them helpful.
you know this so well… great teacher!
Thanks!
your videos are so helpful thank you so much I'm going to make sure that all of my classmates follow you, keep up with the good work man !!!
Cheers Safa, thanks for your support!
Thanks we are learning alot
Man simply amazed of your teaching skills ......
Your videos help me understand accounting in interesting way and for a short time. Well done!
That's great to hear! All the best
My accounting class doesn't have any lectures, so I can't thank you enough for these.
You're very welcome. All the best!
I have a presentation on journal entries tomorrow and this video made me get pointers on how to explain this topic thanks!!!
How did it go?
oh my god thank you so much. I have an exam next week and I learned so much from you.
Thank you so much, bro! You made accounting easier for an absolute beginner like me.
Happy to help!
You deserve a lot more views. Only 10k subs and such high quality content. As a newbie in accounting your videos are a great help. Thanks man
Cheers Leo!
Thank you! As a fairly new bookkeeper this is much more helpful that accounting college course.
by watching your videos I can modified my software developments in a proper ways of system data analysis.. thanks to you. good day!
Get this man a gold medal !!!
Much better than profs explaining it off of a text book. Thank you so much !!!!!
This is a very unique way in which I am learning accounting ....thanks accounting stuff
No problem!
You help me so much thank you and great video too !
Thanks a lot, I hope you continue posting this videos
Will do! Cheers
Thank you for creating such a wonderful contents!
U r a wonderful teacher !! Thank God that u r on a CZcams.
Thanks Mayank!
Yes ,this is the proper way to teach
Anything through Media (CZcams ) Thank Man!
Cheers buddy!
Thanks for the video, I am always accounting on you for good information.
@Accounting Stuff, Thank you very much James for the quality content of your production. I have bought all your cheat sheets and it’s a great affordable investment. I am opening a private school here in Saigon, Vietnam and I am familiar with Ruby on Rails (a web application framework) and PostgreSQL (open source SQL database), so I have decided to create my own web application for all my accounting needs. I love it and building the web software helps me to understand whole thing much better. Ones again, good job and thank you.
Hey Olivier, cheers for your support! It's been a few years since I was in Ho Chi Minh. Best of luck with your initiatives!
Love the way you explain concepts and how give the time to th e viewr to catch their breth and asimilate the information . I have to watch the videos few times over and each time more an more I think makes sense . THANK YOU !!!!
Thanks, great to hear you're finding these useful!
Thank you for making it simple. It's all coming back to me now.
Glad it helped!
Your videos really are helping out. Thanks for the wonderful video
No worries John!