Thanks for this vid! I appreciate your patience in describing everything in detail and the excel chart and taking the time to show it on both programs. Many videos are going super fast and just leaves me very confused.
Thank you for this feedback! There is a lot of advice out there to make short videos for views and attention spans, but to me, I feel that at the risk of rambling a bit too much, making longer videos, and potentially losing some viewers, I want to thoroughly explain topics to have people get a true understanding of what actually needs to happen vs quick "how to's".
its amazing to me how much value u provide in these 15 minute videos. special thanks for taking the time to explain the debit/credit effects behind each transaction.
It sounds like you most likely will need to create a Journal Entry to debit your Cash Asset account in order to increase and bring it to above what I'm assuming is currently showing a negative balance. The trick will be figuring out the correct offsetting account to credit in this Journal Entry. If you pulled in the past cash out of an ATM via a Business Bank Account, then find that transaction date and amount and your Bank Account will be the credit. If this never happened, then most likely an Equity Account will need to be used, possibly an Owner's Investment Equity account if "personal" cash was used for the business expense purchases.
I agree, although there are definitely pros and cons. Some downsides to cash is the limited ability to complete reconciliations (checking the accuracy of your bookkeeping based on actual bank balances), the entries are more manual based on the inability to use features such as Bank Feeds, and they are easier to potentially miss as there’s not as much of a “paper trail”. Other potential added complexities are things such as the need for 1099s at year-end for some cash payments. Of course, there are also some upsides to cash as well from a business perspective. I appreciate the feedback and thanks for watching!
![[#2024MAMA] G-DRAGON - 무제(Untitled, 2014)+POWER+HOME SWEET HOME+뱅뱅뱅+FANTASTIC BABY | Mnet 241123 방송](http://i.ytimg.com/vi/Ox29z5Nf1Uk/mqdefault.jpg)
Thanks for this vid! I appreciate your patience in describing everything in detail and the excel chart and taking the time to show it on both programs. Many videos are going super fast and just leaves me very confused.
Thank you for this feedback! There is a lot of advice out there to make short videos for views and attention spans, but to me, I feel that at the risk of rambling a bit too much, making longer videos, and potentially losing some viewers, I want to thoroughly explain topics to have people get a true understanding of what actually needs to happen vs quick "how to's".
its amazing to me how much value u provide in these 15 minute videos. special thanks for taking the time to explain the debit/credit effects behind each transaction.
Thank you for this feedback! I'm glad to hear that these videos are providing value.
Thank you for real world solutions!!
Of course! Thanks for watching
If I never did the first step, how do I fix that?
It sounds like you most likely will need to create a Journal Entry to debit your Cash Asset account in order to increase and bring it to above what I'm assuming is currently showing a negative balance. The trick will be figuring out the correct offsetting account to credit in this Journal Entry. If you pulled in the past cash out of an ATM via a Business Bank Account, then find that transaction date and amount and your Bank Account will be the credit. If this never happened, then most likely an Equity Account will need to be used, possibly an Owner's Investment Equity account if "personal" cash was used for the business expense purchases.
I dont deal with cash anymore. In payments or expenses. Its wayy too complicated to track and record.
I agree, although there are definitely pros and cons. Some downsides to cash is the limited ability to complete reconciliations (checking the accuracy of your bookkeeping based on actual bank balances), the entries are more manual based on the inability to use features such as Bank Feeds, and they are easier to potentially miss as there’s not as much of a “paper trail”. Other potential added complexities are things such as the need for 1099s at year-end for some cash payments. Of course, there are also some upsides to cash as well from a business perspective. I appreciate the feedback and thanks for watching!