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Accountant Explains
United Kingdom
เข้าร่วมเมื่อ 22 ต.ค. 2020
Hey I'm Hasnain, a qualified accountant here to break down accounting, business & finance into bite-sized and easy-to-understand content.
Want to learn the language of Business? This channel is dedicated to providing educational & informative content on exactly that!
Don't forget to hit that Subscribe button & welcome to our Channel
Want to learn the language of Business? This channel is dedicated to providing educational & informative content on exactly that!
Don't forget to hit that Subscribe button & welcome to our Channel
How much tax do you pay? Employment Income tax 2023/24
What is the Tax on Employment Income? Tax due on your employment income in 2023/24 is based on your Net Adjusted Income across 3 Tax brackets.
If you are in England, Wales or Northern Ireland, this is the Tax you will pay on your Employment Income in the Tax year 2023/24 #tax #incometax #finance
Follow this channel for more content on Accounting, Business & Finance.
If you are in England, Wales or Northern Ireland, this is the Tax you will pay on your Employment Income in the Tax year 2023/24 #tax #incometax #finance
Follow this channel for more content on Accounting, Business & Finance.
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Thank you sir best video I seen.
Im glad you liked it!
Thanks Life saver❤
You’re welcome!
Im gonna get a 100% after watching your vid
Im happy this has helped you!
Great Video - You made this so simple
Thank you for the comment! Glad it helped
The only video on youtube and person in the world that can explain this perfectly
Haha i don’t think so, there are other great video on here too! But appreciate the feedback and support
legend couldn't understand my lecturer when she taught this but i could easily understand you
Thank you for the comment and appreciation! Im happy this has helped you
You are legend my friend.
You are a legend for watching and leaving a comment! Thanks
Thank you sir very helpful 😀
Thank you for the comment and feedback
Very helpful
Thanks for the feedback
This is amazing ❤❤ Thank you so much, I was so confused on the double entry. Your video has cleared up my confusion.
I’m glad this has helped clear your concepts! Thanks for the comment
Thank you so much for this video. I was struggling with DEBIT and CREDIT. Once again thank you so much ❤🙏🙏
I am happy this has helped you! Thanks for the comment and feedback
Thank you!!
You’re welcome Thanks for the comment and support
amazing....thanks
You’re welcome Thanks for the comment
Yo!!! I’m so happy I found this video
Im glad this video has been helpful for you! Thanks for the comment and support
Thank you so much for this video. I have no accounting background and this video is the first one that has given me hope that maybe I am finally going to understand the double entry principle. You have saved my life.
That’s great to hear this has helped you clear your concepts! Thanks for the comment
thanks this rllyyyyy helped me 👍👍
Thank you, I’m happy this has helped you!
Clear explanation...
Thank you
Very interesting, have learnt alot, I'm preparing for accounting job, this will take me a long way, please sir, more videos 🙏🙏🙏
I’m sure you will do well in your job! And im happy this has helped you Will try to get back in making more content soon
DEALER is also good example
Yes indeed! Thats a great way to understand debits and credits too
Sat through a 3 hour lecture and all my questions where answered in a 1minute video 😢
Thank you for the feedback! And support
I can now work at the bank. why is it that our professors do not explain it this way.
Thank you for the feedback and comment I’m sure you are doing great at work!
Your method is ingenious and very appealing. I learned a lot. There are a few terms that are thrown around by others. Isn't a credit essentially a minus? I mean I look at credits with the minus figure in front of the credit figure. Another aspect that would make accounting easier to comprehend is using the full term of a concept. Take for example the word expense as an account. It is actually an expense ledger, is it not? I mean, are these just all different ledgers? Expense ledger, rent ledger, cash ledger, etc. That makes the concept easier to comprehend. So instead of saying the expense is a debit and the cash account is a credit. It seems clearer to say the expense ledger is debited (and increases) and the cash ledger is credited (and decreases, which also decreases the bank account). Also, each transaction must have a double entry. There is a skill to learn. But there are always two entries.
I dont know if i fully understood your comment but it seems like you are saying different people would present it differently which would be the case to some extent. Credit it shown with a bracket (can be seen as minus in some presentations) but if you were to show it in a T account you wouldn’t need to use the bracket to indicate its a credit instead you wouldn’t use positive and negative to indicate its value if you see what i mean. Then for the last query on ledger or expense, so yes each double entry transaction will hit two ledgers and by using the name of it for example expense, rent or income in the context of the explaining double entry or debits and credits would imply your posting the entry to that ledger. For example if i said i made a cash rent expense of £100 that is what has happened but when you post the entry you wouldn’t use positive just say debit rent expense and credit bank by £100. There needs to be some basic level of knowledge as a pre-requisite so this should to be too much of an issue i think. Thanks for the comment and appreciation!
Excellent video. Great, simple breakdown. Much appreciated. One thing though... If you think money in the bank is an asset and NOT a liability, your financial foundations and understanding is dangerously skewed.
Thanks for the comment. Although I didn’t quite understand the second part of it. This is a video on what the entries are for various accounts within double entry accounting concepts. And i don’t see how you are saying cash going into a bank account is a Credit entry? Whenever cash goes in the bank it will be a debit entry (increases your asset) 100% all the time, its never a credit entry. Is that what your saying? I would love to know how thats possible But if your referring to lets say you get cash in the bank account as a loan and that is what you call a LIABILITY then again your wrong in the theme of this video. Even in that case your journal entries would be Debit bank and Credit loans - so in this case even though its a loan (liability) but for you to post that transaction into your ledger you would still need to say your asset (bank) has increased so it will be a debit and a liability (loan) has also increased so it will be a credit. That is double entry accounting, when an asset increases but creates a corresponding expense or liability. Please do respond if i didn’t answer your concern properly and i’ll be happy to explain further!
@@accountantexplains "The Creature from Jekylle Island" by G. Edward Griffin
I'm confused on this. Debit = an entry recording a sum owed and Credit = an entry recording a sum received. Right? if liability takes money out of your account, how can it be a credit? Why does a decrease in liability count as a debit but an increase in liability is a credit to your business?
Who said credit means a sum received???
@@nirajthakor9748 Google.
Don’t look at it debit and credit as in and out of the bank (thats also the term banks use on their statements, a topic for another video) Instead see it this way, if you receive money your bank has increased in value. Bank is an asset by nature, if that goes up in value its a debit. So in the case that bank goes down in value (i.e. money leaves your bank) the same bank will be a credit. And to answer your other question, no Debit is not a sum owed or Credit is not sum received. I think you got this confused with how a bank statement shows money in and money out, that is looking at the cash movement from the banks perspective (this is another interesting topic i will make a video on as i see a few people get confused to see the bank statement showing money coming into the account as credit on their statement but here i say bank money comes in is a debit). I am explaining the double entry in which case it is a debit entry on your journal entry but the bank statement is from the bank’s point of view so for them to receive money its a credit for them as they will need to return it back whenever the customer (you) will withdraw it. As said its not easily explained within a comment so i will add this topic to the videos to do for sure!
@@accountantexplains Thanks sir..Btw i want to know too that on what basis they make entries? As you said that they do on their perspective but suppose i withdraw money from bank so they'll ofcourse debit my account but on what and even what do they credit??
@@accountantexplains Thanks, I appreciate the feedback. Do we know why certain things are debit by nature and why others are credit by nature? Or is this something accountants don't know or need to know?
Thanks a ton!
You're welcome!
Thanks! Very useful information
You’re welcome🙂
Great and informative video. Thanks a lot.
Thank you for the feedback🙂
Just wanted to say that I have watched so so many videos trying to wrap my head around double entry and this is the best one by far! Thank you so much for making this video, you have stopped me from giving up lol
I’m glad to know this helped you crack the code, it all links back to debits and credits believe me! Thank you for the feedback!
THANK YOU !!!! ALL I GOTTA SAY
No, thank you! All I gotta say!
This is the first youtube video I finally begin to understand double entry accounting. Thank you!
Great! Thanks for the comment, I’m happy this has helped you
I understood very well about debit and credit sir thank you but i request you to make lot of videos about financial accounting and all the concepts of accounting and also final accounts sir 🎉😊
I have not been active lately I accept that but I’m definitely working on getting back in the routine to making new content regularly soon. Thank you for the feedback, i’m glad you liked it!
Bro, my partner is not working at the moment can i also apply for the marriage allowance, where i wouldnt have to pay the tax.. Can u please answer.
I am someone with no background in accounting, yet I was able to get it. Your mnemonic is so good. Thank you.
Happy to help! Thanks for the feedback
'Accountant Explains ' host _____The Man______The Myth_______The Legend !!
You’re too kind!
Thank you so much! I just couldn't get my head around this concept and this has huuugely helped
Glad to know this helped you!
My partner don’t work so if she apply, from 2016 which means today in 2024 I will get £1250 for 8 years in my bank account??
Extremely useful! Thanks man you should take my lecturers job cause they don’t know wtf is cutting
Very good video
thank you very much! debit and credit very well explained. otherwise people generally thinks debit means decrease and credit means increase. it all depends on type of transactions.
Thank you for the comment!
very helpful, thanks
Thank you so much.i understood everything you told and i liked subscribed commented and shared to everyone in my class :)
Thank you for the support, helps alot!
Thank you for this video. It helped me very much to understand the double entry book keeping.
I’m glad this has helped you🙂
explained better than my fat rass teacher
Thanks for this great video. It was really very useful for my learning. Gave me a better grab of the debit vs credit double entry struggles have been having. I appreciate. Felix
thank you for watching! & i'm happy to hear this helped you understand Debits & Credits
Why do you only have 1.7k Subscribers this video is a lifesaver your DEAD CLIC is extremely useful brother much appreciated I hope you reach 1 Million subscribers soon and become the best accounting channel on TH-cam 🙏
I am glad the concept has become more clear to you with the help of this video, really appreciate your kind words!
very well explained..cheers
Thank you!
Thank you a lot! You made my day bro, honestly. Спасибо Огромное! Katta Rahmat oka atdushe)
i'm glad you have got some benefit from this video, thank you for the feedback!
Thank you! Well presented, it now makes a lot more sense watching this along with my text books! 😁
Thank you for watching & i'm happy to hear this has helped you!
Great video thanks a lot 👍👍👍
I'm glad this helped, thank you for the feedback!
Simple ❤ in one line😍
Thank you