Accrued Revenue MADE EASY | Adjusting Entries
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- เผยแพร่เมื่อ 9 มิ.ย. 2024
- 💥Adjusting Entries Cheat Sheet → accountingstuff.com/shop
🖊Adjusting Entry Practice Questions → accountingstuff.com/practice-...
Accrued Revenue, aka. Unbilled Revenue is an adjusting entry that is very common in service businesses. In this video, you'll find out what Accrued Revenue means, and how it works using Journal Entries and T Accounts.
I'm creating a whole mini-series devoted to this topic which will include worked examples for each of these four types of Adjusting Entry...
▪ Intro to Adjusting Entries → • Prepayments and Accrua...
▪ Prepaid Expenses → • How Prepaid Expenses W...
▪ Deferred Revenue → • Deferred Revenue Expla...
▪ Accrued Expenses → • Accrued Expenses Broke...
▪ Accrued Revenue → • Accrued Revenue MADE E...
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That's a wrap on the Adjusting Entries mini-series! You can find links to each video right here:
▪ Intro to Adjusting Entries → th-cam.com/video/H0N7tvXuJlU/w-d-xo.html
▪ Prepaid Expenses → th-cam.com/video/RE7wrflFOGA/w-d-xo.html
▪ Deferred Revenue → th-cam.com/video/F1zNQ1wga7o/w-d-xo.html
▪ Accrued Expenses → th-cam.com/video/9aZ6CCj-ies/w-d-xo.html
▪ Accrued Revenue → th-cam.com/video/7ibN25VCvFg/w-d-xo.html
▪ WHOLE PLAYLIST → th-cam.com/play/PL5zKSeS09l31dhHvwhS4sVjcckQSPGqtp.html
Error, "Accrued Revenue..."earnt for the client we haven't built for client,". Should be "billed"?
Yes it should be billed@@richardfrazer3432
I must say, you are good! You explained in less than 10 minutes what took my lecturer 2 hours.
Thanks Bella!
Honestly
@@AccountingStuffwe don’t have an accrued account. So I booked it in the Other AR non ledger account. My accounting manager boss told me to book it in the AR sub ledger account 😂. Btw, where do you group your accrued revenue account in assets section? Under current asset section or else
You gotta respect the filming and editing put into this. Respect my guy
Cheers Jack :)
OMG!
Where have you been all my life 💃💃
Thanks
HANDS DOWN!!
THIS IS THE BEST TH-cam CHANNEL!
PRODUCTION LEVEL......INTERACTION LEVEL....HELPFUL!!
WHAT MORE I CAN ASK FOR!
LOVE FROM BANGLADESH!
Haha, thanks mate! Best wishes from Canada
@@AccountingStuff so you are from CANADA? I thought you are an AMERICAN.
Seriously!!!
@@niloykarmaker1024 I'm from the UK but I live in Canada
@@AccountingStuff hmm.. now it goes with your akcent.
I'm making accrual adjusting entries for an audit, and the accrual expense/revenue videos are priceless in helping me take the right steps. Thank you!
You are a literal life saver. I appreciate you taking the time to explain the concepts slowly and carefully, wouldn't have made it through ACC2430 with out you thank you!
why do accounting teachers not explain things like this, so simple, so understandable, so clear
Glad you found it useful!
I LOVE your examples, really makes the things way easier to remember!
That's great to hear, thank you!
I just want to say you helped me a lotttt, I already watched half of your videos. You were able to explain accounting stuffs easily. More videos to come James, thank you so much. More subscribers to come🥳
Thanks Kim, more videos are coming soon :)
Man I love you, you're a legend. Honestly don't know what I would have done at my exams without you. And I start enjoying accounting now ! Thank you so much
Cheers Cyril! Hope the exams went well!!
I am taking Accounting courses online and I am so happy to have found your channel. Seeing it as you put it up in your videos are a huge help! Thank you.
This is as far as my class goes thanks for everything!
No worries, you're very welcome! All the best
This is terrific James. I've been struggling with adjustments on the old multicolumn worksheets. So showing us your T accounts has been so helpful to my learning. GREAT VIDEO!
You're a fantastic teacher. I wouldn't be making it through my course without your videos. Thank you!
You made accounting very interesting. You're a great teacher. Very clear, precise and entertaining. Your channel is the best accounting channel on TH-cam. Thanks, James! This series hasn't finished yet, right?
Thanks Soe! Yes, the Adjusting Entries Mini-Series is complete. But plenty more Accounting vids coming soon
Thanks for all the hard work you put into explaining accounting. Super impressed with how effective and efficient your teaching style/ accounting logic is.. really helped out. This is a subject in finance that often gets underappreciated yet it's essential. Much respect
Thanks for your kind words!!
Absolute legend this man. Explaining things in simply in entertaining fashion. Will definitely buy the cheat sheet. My favorite YT channel!
Thanks and cheers for your support!
THANK YOU SO MUCH.. You have no idea how much these videos have helped me. I bought the cheat sheet and I am sure I will use it tons. BEST VIDEOS ON LINE
No worries, it's great to know that the videos have helped you out. I hope you find the cheat sheet helpful!
I have to say your channel is the best one I found during this quarantine !! Thank you very much for helping !!
Thanks Sally! I'm happy to help. Hope you're keeping safe!
Accounting aside, these videos are insane. The amount of effort being put into them is remarkable. Congrats homie
Cheers Pablo!
You are Awesome!!!! I always had a hard time understanding accounting...till now. You are clear and concise and NEVER boring!!!! Not to mention ur VERY EASY ON THE EYES! Thank you 😊 so much.
No worries Lydia, you are very welcome!
Each video is very useful to improve my English and in particular Accountung English! Many thanks, greetings from Italy
Glad to hear it Flavio! All the best from Canada
Thank you so much!!! Your vids got me an A in my midterms. I have my finals tomorrow and I’m super nervous but your videos are helping a lot!!!!!!
Good luck!!!
Just bought your cheat sheet bundle. Please continue showing examples in quickbooks online for the small business owners out here watching your videos. Thanks!
Thanks for supporting the channel!! I appreciate it. Cheers for your suggestion
Just love your vibe and energy and make Accounting seem a little easier
Thanks Charnisse, all the best with your studies!
Man, this is amazing! I need to watch over this again tomorrow. Thanks for recommending that video. I understand everything, although, it needs to sink in. I can't show enough appreciation. Thank man! (I'll check out the PFD too)
No problem, sometimes it helps to look at a few scenarios to fully appreciate a concept.
Wow! You are such an outstanding teacher! Thank you x1000!
Happy to help!
This series has been extremely helpful - thank you so much
You're very welcome!
I just bought adjusting entries cheat sheet.. Really useful. Thanks bro!! 💯💯 Happy to support ur work!
Thanks for your support! I really appreciate it
yo i know you might not see this but you made me sooooooo happy helped me alot for my exam tomorrow shared it with my friends thay absoloutly loved it
Bought! Will come very handy next year for Financial Reporting module 👍🏻
Legend!
Thank you.
This video helps me a lot.
before I watch it all was mixed up in my head but know it’s all clear and my work is becoming very easy.
Great to hear it's making sense :)
Love your videos! This channel definitely needs more attention! It would be awesome if you made a video on the closing process!
Thanks for your suggestion!
I have learned more watching these videos than my lectures.. thank you!!
No worries Manny, you're most welcome :)
Just purchased all your sheets 🎉Thank You!!
Thanks for your support!
bought it! its been very helpful. Thank you for sharing such knowledge.
Awesome, thanks Carolyn! All the best
this is such a blessing. Thank you so much!
You are amazing man, this videos are so much helpful. Ur doing a great job.
Thanks Dorel!
fantastic video. You did a great job making this really simple to understand
Thanks, glad you enjoyed it :)
i enjoyed this one, the cloud in my mind started to clear on this episode. Thank you!
No problem :)
Thank you so much. Im struggling a lot with this adjustment through book. Easy to understand now
Great to hear it's making sense :)
Wow excellent work in the explanation. It’s so much easy to get this when you said “hold it temporarily in the BS”
Great to hear it's making sense :)
purchased it... love that you are monetizing!
Cheers Hector!
Explained very nicely and simpler way
Thanks!
What a relief! Thank you for helping.
You're very welcome :)
Bro you are the Great Clear all the query
Thanks buddy :)
I'm currently a 12th grade student learning accounting. Your videos helped me a lot in understanding the complexity of the subject. I've also got pretty high grades so thank you!!
Congrats on your high grades! Great to hear it's going well for you :)
Very informative, helpful videos . Thank you for making it easier to me :)
No worries Ankita! It's great to hear that accounting is becoming easier for you.
Favorite Accounting Channel :)
Thanks Leovelyn!
You’re a life saver!
Thanks! Glad I could help
Great Stuff! You are one talented guy.
Thanks for your kind words!
Thanks James for clarifying the issue which was once really confusing for me.
No problem, I'm happy to help :)
awesome explanation! Thanks!!!
No problem, hope it made sense :)
Thank you, this was extremely helpful and I appreciate you putting this out
Please make a video on UNEARNED REVENUE VS OUTSTANDING REVENUE!
LOVE FROM BANGLADESH IN ADVANCE
Hey Abir, cheers for the suggestion!!
Love this channel. Waiting for a video on 'Inventory'.
Cheers Sameed, and thanks for your suggestion!
Very informative series. I bought the cheat sheet too. Good work ma'man.
Cheers and thanks!
You're welcome! @@AccountingStuff
The example is genial. Good job.
Thanks buddy
Well explained. Thanks
Keep going mate, i like ur thumbnails and contents
Thanks Jeremy, I don't plan on stopping anytime soon
Thanks for another great video! :)
You're most welcome :)
Thanks a Lot - Perfect Videos
You're very welcome :)
Thanks alot from India..I hope i can use the understanding in cpa exams too
The basic concepts that I cover in my videos are applicable everywhere
Solid 10/10 thank you so much
Cheers Harold :)
Explained it better than Becker for FAR!! Thanks!
Thanks Vinit!!
Fantastic playlist, thank you Sir
Thanks!
Hi,,, you are providing a great material especially for someone like me know nothing about accounting but with your videos i think i know much more, I have bought the adjusting entries cheat sheet, it is great, but I request you please to make more detailed cheat sheets for all 4 types of adjusting entries, for example for the Pre-paid expenses , how it is recorded, and adjusted and readjusted and what accounts are affected in both income statement and balance sheet .... this would be great for us to understand it more and memories it :)
Thank you
Hey Usama, thanks for your suggestion! I'll look into that
The best !!!!!!!!
You are the best
Do cover irrecoverable debts! Your videos are really helpful for my accounting exams!!
Thanks for the suggestion, I'll keep it in mind!
Great work dude
Cheers :)
thanks for the video
bought the cheat sheet!
Thanks for your support!
you should do financial statement analysis next... vertical & horizontal analysis, etc.
Hey Giancarlo, cheers for the suggestions!!
Thank you for helping me obtain my degree
Congrats on getting your degree! That's all you :)
brilliant
Just got through this whole mini series, wow, very nice! I can’t help but want to find some middle ground between the cash basis and the accrual basis, but not that modified cash/accrual basis that government entities use. Here is an idea that I cannot get out of my head: IBR basis. The IBR basis (Invoice-Bill-Receipt basis) recognizes revenue when an invoice or sales receipt is generated and recognizes expenses when a bill or purchase receipt is generated. This would eliminate the need for these adjusting entries, and would place the focus back on the accounting triggers themselves. I argue that the focus should be placed on the accounting triggers, especially when focusing on the accruals side of this mini series, and the reason is that for those who have seller/buyer relationships on account, you wouldn’t and shouldn’t expect cash to change hands until after an invoice/bill is created. I’m interested to hear the communities response!
Nice job
Thanks Ahmed!
Genius!
👏👏👏 Great
Thanks :)
Hi, brilliant stuff, very helpful while I study financial accounting. Any chance for similar videos on IRRECOVERABLE debts and irrecoverable debts paid as well as ALLOWANCES for Receivables?
Hey Anna, thanks for your suggestions!
My guy, you deserve all the subscribers! Absolutely amazing videos bro, my prof couldn’t even teach like this.
Btw I saw that you used Canadian currency in another video haha, best wishes from Ontario!
Cheers mate! Haha yes, I'm in Vancouver so it's all I have available. All the best!
watching this last minute at 12am so i don't fail tomorrow HDKSJS
Good luck in your exam!!
tanx bro
No worries Berhanu!
very nice video. One thing that should be mentioned is that Revenue is generally booked when there is certainty and agreement from the client and the service has been provided. You may have done work, but if there is no acceptance, in any form, such as a contract or statement of work, revenue would be compromised and you would not be able to record it.
True, I might have to make a another video on Revenue Recognition
@@AccountingStuffWhy did you record revenue in June when there wasn't an invoice yet?
Hi James i am abit confused with entry of sales invoice, when the sales invoices is posted then revenue will be credited again in july and it will be double entry unless we debit revenue and credit the accured revenue to nullify the effect.Please correct me if im wrong.
Hi. I have a question.Then at the end of this Example after received the cash i need to post 3 journal entries or just 2 ?
Just bought totally worth it I actually got an Ace in my exam from watching your videos
Congrats Carlos!! So happy that you aced your exam!
Hello,
I have a question.
If the company received a good in June, the company paid the invoice in June but by error the invoice was posted only in July. Should I do a adjusting entry?
Thanks
So do I understand correctly that if one bills/sends an invoice at the same moment of the delivery of the goods or services it will be a debit of the accounts receivable and there would be no accrued revenue? Or do they exist next to eachother?
Good Explanation but adjustment entries always difficult in modern accounting softwares.
Hello James , your videos have helped me greatly in my studies. Please can you do a video on accrual /prepayment accounting for when you have a bill that’s for 3 months. Say you’ve received a bill for jan, feb, and March , you are billed in March for the three months. How do you account for each month in the books, and adjusting for them. The question papers I’ve used to practice on and tested on, do not specify exactly when the company pays the bill. It gives you when they year ends but that’s it. Say it’s feb, do you account for January’s “ earned” part of the bill in the books or do you account for both jan and febs “earned” portion of the bill? In the final accounts. I’ve been puzzled by these type of questions whether it’s accrued or prepayment adjustments in the final accounts. Please can you help.
Thanks for your request!
thnx
No problem :)
How is it different from sales in excess of invoicing/billing for point-in-time revenue recognition?
Those charts which you are showing. I would like to purchase them. Can you make them available for us to buy in India. In Indian currency?? Thanks
Possible dumb question: Would AR also include the amounts of open invoices for future goods/services? Example: a customer orders a $500 plane ticket that departs in September, and I send a net 30 invoice in July. Would you debit AR and credit unearned revenue?
It just seems odd to describe an invoice for future services as an “asset”. Am I missing something?
Can you please make a video about account receivables that are not received and the bad debt thing?
Thanks for your request!
Hi James, can you do a video about adjusting entries for bad debts and doubtful debts allowance?
Cheers for your suggestion Tom!
Is there a way to memorize the difference between Accrued Revenue and Unearned Revenue? I've watched all four videos adjusting entries just a while ago. I just can't differentiate between the two on first thought. The only way I have come up is; Accrued Revenue is an Asset and Unearned Revenue is a Liability.
Accrued Revenue is Revenue that has been earned but not Invoiced yet, whereas Unearned Revenue occurs when payments are received before the work is done