"The spirit whether religious or however you want to describe it, there are elements that will not be put down in the account book because they cannot be tabulated."
"The purpose of accounting is to show you how the business is doing by identifying, recording, and communicating the important stuff."
"In accounting, we first say what is the purpose of accounting, and the purpose of accounting is you see three things: number one, identify; number two, record; and number three, communicate economic events."
"If it's proven that Evergrande has fabricated its accounts by $78 billion, it would make Evergrande the largest fraud in the history of all financial frauds."
"Accounting underlies all of modern civilization."
"Financial accounting's fundamental purpose is to provide an environment of trust, where lenders and investors feel comfortable giving money."
"If you're an accountant, you could tell your clients like, 'Hey, send me your stuff, just make it explode in seven years because I don't need it legally after that time, and I don't want to be holding your data in my storage service.'"
"The accounting equation must always remain in balance... This is important so let me say it one more time: the accounting equation always balances."
"Accountants can at least help explain where the money went."
"Accounting is a great career, lots of flexibility to it."
"Never screw with an accountant who actually knows what they're doing."
"If the user has selected all accounts, then the result is blank; otherwise, the general journal equals before."
"We want to return values with either the credit account of accounts receivable or the debit account of accounts receivable. I want both of those options here."
"Inventory is a very important piece of accounting if your company manages inventory."
"You gotta be an accountant that is it; you know you got to be an accountant that is it."
"This is really where your eyes open to understand that at some point I don't have to put in all this footwork but I have to get there in order to start experiencing it."
"There are many areas in accounting, offering diverse career paths."
"Those are the pros and cons that are great to know about accounting before you major in it or before you go out and find your first accounting job."
"A good accountant can help you pay less money in taxes legally."
"A red pen takes the expenses and adds them up along the side of the receipts, the total coming out to 1 million 50,000."
"If you are completely ignorant about interest, residuals, royalties, percentages, go and hire a CPA for two hours of their time."
"Tesla's profit using the non-GAAP method was $903 million."
"The high-end art market is not filled with creative artists, it's filled with creative accountants."
"The larger this PP&E number is, the more capital-intensive an industry is."
"Proof of community is a revolution in accounting."
"The total number of those accounted for is now 100, 134 unaccounted."
"If you're still not sure on how to set something up, why don't you open one of the sample files that QuickBooks has available and see how it's done in that file?"
"You know one of the things you can do in QuickBooks is you can take an estimate and create invoices based on that estimate."
"Now that you know how to create invoices in QuickBooks, let's go ahead and move over to the next video and talk about how do you actually handle payments when customers pay those invoices."
"Get an accountant who will do your taxes and also ideally your bookkeeping."
"Discount is an item that would be a negative, so it will subtract from the total of the invoice."
"The principal financial statement is called the balance sheet."
"There's all sorts of layers of complexity in the equity account where you track not just the value of your business but the accumulated capital that each of the business owners have in that business."
"When you think about like why now or why Pilot exists, this is the perfect moment. Accounting services has always been a services-based business and Pilot still provides excellent service to all of their customers."
"If you don't know what that means accrual means that as soon as you create an invoice for a customer it's going to show up as income on your profit and loss whether that customer has paid that invoice or not."
"QuickBooks Online is my favorite system for small business accounting."
"Intuit wants you to set up an account with them that way anytime you use QuickBooks you can log in."
"As long as you see that credit memo checkbox, they're being applied to the invoice."
"The reason we customize chart of accounts is because every business is different."
"It makes sense to maybe look at your chart of accounts and see how you can improve your overall reporting and ease of bookkeeping."
"FreshBooks is the accounting software that's built for small business owners."
"When we populate these boxes with numbers to create a report, we call this report a balance sheet."
"Our labor cost was only a little over 700, so our expenses were a little over a thousand dollars for the for that that's including all our business expenses."
"And then of course at the end of the month you would reconcile the bank account."
"Taxation. They will always have the better accountants and ensure that their capital expenditure will equal their revenues and therefore they will pay no tax on profits because they will never have profits."
"The Kipu was a coded accounting system for both small and large societies in South America."
"Assets equals liabilities plus equity. Quite frankly, if you understand this concept here, you understood half of accounting. So this is really important, right? And it's really easy to grasp."
"Assets equals liabilities plus equity. If you understand this concept, you understood half of accounting."
"The accounting equation dictates that assets equal liabilities plus owner's equity."
"The earlier you get a CPA involved the better it is for your business."
"Assets equals liabilities plus owner's equity."
"You can remember debits and credits by remembering the accounting equation."
"What you own in the business equals what you owe."
"Now we've completed the sum of our COGS accounts."
"FreshBooks is the accounting solution for you and your small team."
"Making sure that it's just like really easy to see your taxes in your accounting at the end of the year... I find that this is just so so much easier for me if it's in a separate bank account all together."
"Or perhaps you work in the accounts department and you want to track all the overdue invoices."
"Every time you purchase this item what account on the balance sheet is it going to be going towards?"
"This will give you a great history of that and that's why I love having that petty cash account."
"...I think it's just better than the default chart of accounts that QuickBooks Online gives you."
"Now when we're dealing with accounting for wind we're going to start to bring in a little bit more of an art to the science."
"Every little Good Deed that we do in our life is accounted by the Lord."
"We make it exceedingly simple for you to do all of your accounting directly in Door Loop."
"There's no question: the Chinese accounting is not the same as it is in the US."
"Factor in two separate P&Ls, one for the land, say $300 lot rent, and all your land-related repair and maintenance, run a separate P&L at your roughly $350 house rent, and back out all your repair and maintenance there."
"Total of assets are this plus this."
"Total of liabilities plus equity."
"The whole point of accounting is to create these two reports."
"It's easy to change. All you do is enter the outstanding bills that you haven't paid yet."
"You want to be really thorough when you're looking at your chart of accounts."
"This is considered the fees that's the fancy word for saying they can remove it from their debt statement because now they have a matching asset. Pretty cool."
"Let me know in the comments how you prefer to record all of your business expenses and income. Have you found some really good apps that you just can't live without? Do you use accounting software, or do you prefer to use spreadsheets?"
"You don't have to have done business studies or accounting or finance or anything like that."
"So xero has pulled in that transaction automatically from my bank feed, I've then answered those three simple questions who, what, and why."
"Keep your accounting books up to date."
"The ownership, the Bradys, they come from accounting CPA backgrounds okay so they're not going to make a decision unless they've thought and crunched the numbers."
"Residuals and home entertainment costs are rolled in our total costs."
"And then I've then combined both the amounts, the material amount as well as the labor amount."
"'How do you record profit on a sale of a TV if the sale price is $1,000 and the cost is $800?' In reality, this question is very straightforward."
"Liabilities and equity historically must equal total assets."
"Accounting, the best ones are always out there looking to solve problems for their customers."
"...that's a very very important point you don't have to be an accountant to realize."
"Accountants produce documents full of arcane symbols. Every symbol has to be correct, otherwise terrible things happen."
"The first and one of the most amazing features of this is that it will synchronize with your accounting app."
"Free cash flow is the amount of cash remaining after all expenses have been paid and all investments have been made."
"The easiest method of depreciating any fixed asset is what we call the straight-line method of depreciation."
"In transaction A cash went down by two-thousand and land went up by two thousand so what happened there?"
"During this course, we're going to show you everything from the basics up to very advanced Concepts on how to make Microsoft Excel your best tool when it comes to Finance and Accounting."
"...Cash basis is normally good for cash flow because you're not paying tax until you've actually received the money."
"...we have until May 31st to produce a full accounting and provide payment for the outstanding balance I'm copying Jim cornette and Stephen P new our Council on this email I'll also be speaking with my friends at the SEC about all this"
"Using an accountant who knows your industry can end up saving you tens of thousands of pounds in the mid to long term."
"The government debt is just an accounting system for the government and a way for it to give some value to its currency."
"Use your accounting to make good decisions."
"If directly receiving the advance without invoicing, debit the bank and credit 'Advance against projects' with the amount received, including VAT."
"I'm going to give you my insight into what I see happening in the accounting industry in the next 10 years."
"If you identify the cost of your individual SKUs, then A2X will actually make a cost of goods sold entry at the same time that it makes your sales entry."
"Every time it's a talk about accounting, it's always some argumentative energy coming from you."
"A discrepancy is a difference in the cash totals."
"Paid for the August 5th equipment purchase, $3,000. Accounts payable is decreasing, so we credit accounts payable."
"Received a telephone bill for $200. It's an expense, so we debit telephone expense."
"The days of manually entering every transaction into your accounting software are over."
"Income potential of accounting and bookkeepers can range anywhere from $20 to $100 plus an hour."
"Universal Journal in S4 simplifies reconciliation and reporting."
"The net increase in cash matches the movement in cash that we saw in the balance sheet."
"Short-term liabilities, or what accountants like to call current liabilities, are a business's obligations that need to be settled within one year from now."
"Under the cash basis of accounting, transactions are recorded when money changes hands."
"Cash flows are different to cash."
"Intuit gives accounting professionals like bookkeepers free access to the ProAdvisor program."
"Depreciation is the process of reducing the book value of a tangible fixed asset due to use, wear and tear, or obsolescence."
"There's no place in an income statement where they're going to tell you, 'Guess what guys, we're cooking the books here.'"
"QuickBooks can take over some of the tasks that you might be doing manually."
"In business accounting, you know, it is relatively linear in scope because a business is kind of geared towards generating a profit."
"I walked and dropped off the invoices to accounting."
"The balance sheet shows your assets equaling your liabilities plus your equity."
"I highly recommend setting up QuickBooks. You need some kind of system that can track your transactions going in and going out."
"...when tax season comes around all I do is give access to my tax accountant and he takes care of it for me from there."
"If you have your breakdown of expenses and you put it into one bucket labeled 'expenses,' that's a big no no as an accountant."
"It’s important to understand that both US GAAP and IFRS are changing over time."
"What are some examples of areas where US GAAP and IFRS could yield very different outcomes?"
"Inventory value on the balance sheet tends to be lower under LIFO (Last In First Out) than under FIFO (First In First Out), therefore Cost of Goods Sold tends to be higher under LIFO than under FIFO, and profit tends to be lower under LIFO than under FIFO."
"We like accrual-based accounting methods. We think that it gives you a better representation as in FASB you can read FASB's rules and they will tell you this is why we like accruals because it gives you a better kind of economic view of the firm."
"Assets equal liabilities plus equity i cannot stress that enough that needs to always always always balance."
"However, IFRS allows the earlier write-down to be reversed if the market value later increases. GAAP will not allow such a reversal of inventory valuation."
"The balance sheet does not balance. Three's 3750 is not equal to 3185."
"I would say take accounting but I mean from my perspective as a business owner I don't give a [ __ ] about accounting today."
"Here's what the income statement would look like for the government-wide."
"Balance sheet can be defined as a financial statement that reports a company's assets, liabilities, and shareholders' equity at a specific point in time."
"Assets must always equal liabilities plus equity, and that's why it's called the balance sheet because these things must balance at all times."
"Don't forget the Golden Rule, which is assets equal liabilities plus equity, which is just simply rememberable as ale."
"Accrual accounting provides a more fair representation on the income statement."
"Cash accounting is not showing the correct picture of what's going on in the business."
"Accrual accounting is approved by the USGAB and IFRS."
"As they grow, they will be required to use accrual accounting."
"Publicly traded companies are required to use accrual accounting."
"Investors won't approve of using cash accounting."
"You're at the mercy of accountants, right? They can play games on us, and sometimes they can commit outright fraud."
"One of my favorite formulas is the diluted EPS, which is a guaranteed question in every single mock."
"The fee for the accountant will cost you about a hundred bucks, but it will save you stress and time, and it will give you a better understanding of deductions which most likely will cover the cost of the Professional Services."
"Keep your accounting system separate from your operating system."
"Finance and accounting are two skills that are always going to exist. They're very, very marketable degrees."
"This gives you a really simple way to track at the end of the year what your total profit was if you know that every deposit that came in through here was a business deposit."
"That's why you need to capitalize leases because it's not a neutral effect."
"AJEs follow the rule of REAL: Revenues, Expenses, Assets, and Liabilities."
"We have to keep track of our credits and debits because eventually we're going to get assigned."
"I want to be proactive with accountant questions."
"Now this is an example of a trial balance now a trial balance is not the same thing as a balance sheet ok the trial balance is something that we prepare it is not part of the financial statements."
"If the money's been on deposit for more than 12 months it's not factored in as what we're going to call a current asset."
"Accounting is the plumbing of your business, if you haven't got that right, things are not going to work."
"True wealth has very little to do with money. Money is an accounting scheme."
"If you've made a loss in previous years, you can carry it forward to offset against future profits."
"There's a whole year accounted for here."
"And let's say that's for 25 dollars and there you go now it's all been accounted for."
"...reports are the main reason to even use QuickBooks..."
"After that is done, we pull our vendor prepayments report and we're actually able to see that vendor X is completely settled with their prepayments."
"...you actually need the debits and the credits to be converted into a positive or negative amount."
"So, that's the formula to convert debits and credits into a single line."
"That would leave us with a total net profit of 192.69."
"Typical subtractions are items like cash, financial investments, equity investments, net assets held for disposal, and net operating losses."
"Non-controlling interests are typically added back for comparability reasons."
"And I want to let everyone know this is Amy Heinen from Quick Action Accounting."
"If the chart of accounts isn't set up correctly, then it can lead to just a disaster and a lot of time and money spent cleaning up the mess down the road."
"The more organized you are the less expensive filing their taxes will be because your accountant doesn't have to go through all your receipts."
"Google Data Studio is nice for accounting because you can create your own custom reporting."
"The more you feed QuickBooks Online with the information for how to record things for you, the more automated it becomes."
"The whole reason we spend time and money putting all this information into an accounting system is so that we can get good information out of that accounting system."
"This is a great example for accountants. It is incredibly common."
"Working for startups... you are at the ground level of establishing the accounting team, the accounting processes, accounting policy, and expense policy."
"Whenever you're creating an account, the accounting gods have created certain account types."
"...come up with all of the accounting tasks that are needed to be able to close the books in any given month."
"The nuts and bolts of the accounting are the accounts, transactions, and reports."
"A lot of the balance sheet accounts should look familiar to you."
"Unearned revenue arises when a company sells something it is not yet delivered."
"QuickBooks Online is the present, it is the future."
"Accounting for the most part allowed companies a free pass if they signed lease agreements."
"Accountants are trying, and the key word is trying, to measure what these companies make as gross profit, operating profit, and net profit."
"It would not be hard for it would be an accounting error for them to actually compensate creators for what they do."
"But the question is, is it earnings? Is it a revenue item when you sell it, or some people book it as revenue?"
"Goodwill exists for one reason and one reason alone: it's a plug variable to make the balance sheet balance."
"Accounting balance sheets are backward looking. Accountants are historians."
"...an accountant's job is to gather, organize, analyze, and present financial information..."
"Accounts basically help business owners or business entrepreneurs reconcile and understand how their money is working, how it's flowing in, how it's flowing out, determine if you're profitable or not."
"An assessment is essentially a bookkeeping notation made when the secretary or his delegate establishes an account against the taxpayer on the tax rolls."
"A cash flow statement simply tells you about the movement of cash in and out of a company over a period of time."
"You've done an amazing job with the records in here and our accounting, amazed at the years of stuff is so in disarray that you've actually gotten back into order."
"R&D is capex, there's nothing to debate."
"If you have dreams of having your own practice, I highly recommend a CPA certificate rather than a CMA."
"I'm graduating this month and I'll be starting a job at a big four accounting firm."
"Developing an edge with fundamentals and an introduction to accounting."
"I hit the books hard, got my degree in accounting, and never looked back."
"If you have a goal to reduce your organization's greenhouse gas footprint, the energy attributes or RECs are also used in greenhouse gas accounting to substantiate an emissions reduction."
"I was terrified and I sat down with my accountant and I ended up owing a lot less in taxes than I thought I would."
"The difference between the par value and how much cash we received is called a discount."
"The discount or the premium is amortized, generally using the effective interest rate method."
"We're introducing financial-grade accounting to carbon accounting."
"Day Sales Outstanding is going to be accounts receivable divided by credit sales times the number of days in the period."
"The balance sheet is a summary of the firm's financial position at any given time."
"The income statement and the cash flow statements are flow statements, meaning they represent periods of time, whereas the balance sheet represents one specific moment in time."
"Depreciation represents the expenses of things that we bought in the past."
"Accounting... serves as the foundation for almost everything we do in finance."
"To be able to identify where the errors are most likely to be in the accounts so that I can find them, I need to be able to understand the client."