I want to thank you for making these videos. I started PA last year and my first year felt really rough because it felt like everyone was too busy to teach. I’ve had a couple of seniors who were kind of passive and mean so I felt pretty discouraged. Preparing for my second busy season now & your videos are helping a ton. Thank you so much for making these ! 🙏🏻
I think accruals can be challenging sometimes because they can be estimates. Then you need to adjust in next period or reverse journal entry to record the actual expense.
I think this is awesome as a first year staff to understand the logic behind the account balances. One thing I am struggling with is understanding the accounting information system, documentation, and just knowing overall the processes behind the account and just being a staff it is really stressful to prepare a workpaper with no background knowledge ...but that's part of the learning experience. It's a weird feeling.
There is sometimes more to accrual where you will enter the invoice in the next accounting period. For example. I have 10k for utilities expenses but haven’t received invoice yet to enter on December 31 2023. JE: Debit expense and Credit Accruals for December 31 and set it as a reversal on January 2024. The reversal will balance out the expense to zero when you entered and paid the invoice it in the next accounting period. Hope that helps.
So much good information. Thank you for making it simple to grasp. I do have a question that maybe you can provide insight on. Have you ever had a project that you struggled with and maybe didn’t perform as well? How did you overcome the feeling of failure and what did you do to change your manager’s opinion of you going forward? Maybe you didn’t go through this yourself but know of a staff that did.
Regarding accrued vacation pay, how is this shown on a pay stub? Is this just shown as a credit, i.e. number of days, or as a $$ amount based on vacation pay calculations? I assume this doesn't count towards an employee's wages unless they opt to be paid out instead of taking vacation time. For example let's say this is a salaried employee.
Hey Bryan in your example about the utilities you said we have utilities expense for December but don’t pay them till January. You said one of the solutions could be to debit utilities expense and credit utilities payable. However in your video on “the difference between accrued expenses and accounts payable” I think you said we only accrue accounts payable if we have received an invoice. So for utilities if we haven’t received an invoice for the month of December we wouldn’t be able to credit utilities payable would we? Sorry if this is confusing I’m just having a little bit of trouble understanding when we would and wouldn’t be able to credit accounts payables for accrued expenses.
There is sometimes more to accrual where you will enter the invoice in the next accounting period. For example. I have 10k for utilities expenses but haven’t received invoice yet to enter on December 31 2023 JE: Debit expense and Credit Accruals for December 31 and set it as a reversal on January 2024. The reversal will balance out the expense to zero when you entered and paid the invoice it in the next accounting period. Hope that helps.
I want to thank you for making these videos. I started PA last year and my first year felt really rough because it felt like everyone was too busy to teach. I’ve had a couple of seniors who were kind of passive and mean so I felt pretty discouraged. Preparing for my second busy season now & your videos are helping a ton. Thank you so much for making these ! 🙏🏻
Please keep this type of videos coming! Great content, dude.
Going back into audit after 4years. completely forgot what i learnt so your videos are helping me refresh my mind.😅
I think accruals can be challenging sometimes because they can be estimates. Then you need to adjust in next period or reverse journal entry to record the actual expense.
I think this is awesome as a first year staff to understand the logic behind the account balances. One thing I am struggling with is understanding the accounting information system, documentation, and just knowing overall the processes behind the account and just being a staff it is really stressful to prepare a workpaper with no background knowledge ...but that's part of the learning experience. It's a weird feeling.
There is sometimes more to accrual where you will enter the invoice in the next accounting period. For example. I have 10k for utilities expenses but haven’t received invoice yet to enter on December 31 2023. JE: Debit expense and Credit Accruals for December 31 and set it as a reversal on January 2024. The reversal will balance out the expense to zero when you entered and paid the invoice it in the next accounting period. Hope that helps.
Woohooo!!! Excited for the audit part
Thank YOU and thank YOU. Please understand that your videos are appreciated.
What is the capital gains formula for selling an investment property if there is still a mortgage owed?
Can you do more video on auditing workpapers like bank account analysis, test Gross receipts, etc
Explanation was on point 💯
So much good information. Thank you for making it simple to grasp. I do have a question that maybe you can provide insight on. Have you ever had a project that you struggled with and maybe didn’t perform as well? How did you overcome the feeling of failure and what did you do to change your manager’s opinion of you going forward? Maybe you didn’t go through this yourself but know of a staff that did.
Regarding accrued vacation pay, how is this shown on a pay stub? Is this just shown as a credit, i.e. number of days, or as a $$ amount based on vacation pay calculations? I assume this doesn't count towards an employee's wages unless they opt to be paid out instead of taking vacation time. For example let's say this is a salaried employee.
Great exlanation, thank you.
You should make a video on discounts on notes and bonds
Hey Bryan in your example about the utilities you said we have utilities expense for December but don’t pay them till January. You said one of the solutions could be to debit utilities expense and credit utilities payable. However in your video on “the difference between accrued expenses and accounts payable” I think you said we only accrue accounts payable if we have received an invoice. So for utilities if we haven’t received an invoice for the month of December we wouldn’t be able to credit utilities payable would we? Sorry if this is confusing I’m just having a little bit of trouble understanding when we would and wouldn’t be able to credit accounts payables for accrued expenses.
There is sometimes more to accrual where you will enter the invoice in the next accounting period. For example. I have 10k for utilities expenses but haven’t received invoice yet to enter on December 31 2023 JE: Debit expense and Credit Accruals for December 31 and set it as a reversal on January 2024. The reversal will balance out the expense to zero when you entered and paid the invoice it in the next accounting period. Hope that helps.
thank you for this!
"I find that when you have a real interest in life and a curious life, that sleep is not the most important thing." _Martha Stewart
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