How to create Financial Statements from scratch! A step-by-step guide!

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  • เผยแพร่เมื่อ 28 ก.ย. 2024

ความคิดเห็น • 366

  • @TheFinancialController
    @TheFinancialController  3 หลายเดือนก่อน +3

    Level up your Accounting Career by enrolling in our 6-weeks program here controller-academy.com/courses/controller-academy

  • @ivangellserquina8186
    @ivangellserquina8186 ปีที่แล้ว +29

    The way you explained T-accounts is so much easier than the class I'm taking. Thank you for making this video and simplifying it. Subscribed!

  • @bashsaeed
    @bashsaeed 2 ปีที่แล้ว +17

    Love the acronym. I remember learning another one:
    All Dogs Eat, Cute Little Red Rabbits
    (Dr.) Assets / Dividends / Expenses
    (Cr.) Common stock / Liabilities / Revenue / Retained earnings

  • @bodehimself
    @bodehimself ปีที่แล้ว +8

    This is the best accounting class I've ever attended all my life, really broke down the principles to a basic level
    God bless you

  • @gregoryshed4302
    @gregoryshed4302 ปีที่แล้ว +15

    This is amazing! Would love to see a more complex example with different types of accounts (Accum depreciation, depreciation, Liabilities (short and LT) etc, Thank you !!!

  • @emmanuelscordos2240
    @emmanuelscordos2240 3 ปีที่แล้ว +6

    Hello Bill! I have an interview for a junior FP&A role next week for a big bank here in NA. I want to thank you for these videos, you helped me get up to speed with all my knowledge from University (Finance Major) and I'm much more confident now for this interview. Hope to see this channel grow!

    • @TheFinancialController
      @TheFinancialController  3 ปีที่แล้ว +2

      Thanks Emmanuel and best of luck 🤞

    • @emmanuelscordos2240
      @emmanuelscordos2240 3 ปีที่แล้ว

      @@TheFinancialController Thank you Bill! Its the 2nd round interview and its with the recruiting manager (3rd interview would be the last and it would be with the hiring manager). I'm contemplating if I should ask questions regarding for example certain industry trends/challenges or more specific questions to some elements from their financial statements. Would that be a bit too much? (Example, I noticed the firm's liquidity seems relatively high, how does "Bank Name" plan on facing the post-pandemic challenges of lower demand for loans/mortgages?"

    • @susanaafful2654
      @susanaafful2654 2 ปีที่แล้ว

      You so good. Easy to understand.which initially feared.thank you so much

  • @KrawdReaxion
    @KrawdReaxion 2 ปีที่แล้ว +3

    Hi, I’m in Durban , South African 🇿🇦 and just watched this whole video today 2022/05/10 and you explain things so simple.
    Thank you for you time & the amount of work you put in for this content it really helped me.. I’m just a beginner to this world of Accounting

    • @financestrategist2137
      @financestrategist2137 2 ปีที่แล้ว

      Read and watched like 10 articles in combine for the past few weeks.... Stumbled on this yesterday making this the eleventh (2022/09/28) and now the previous 10 all makes sense... Like was I sleeping since 😂😂😂.... Really appreciate him for the basics, some people like me, understand better when you are able to explain, define and illustrate the basics of a concept with the most creative ways possible.... This guy did that .... To his surely is going to be my Go to channel in my career on finance

  • @King-wk3hz
    @King-wk3hz 4 ปีที่แล้ว +9

    As always very good explanation.
    I just had one request, could you please make a video on preparation of monthly, quarterly and annual financial statements and important steps to remember while preparing for the same.
    Keep up the good work!

    • @TheFinancialController
      @TheFinancialController  4 ปีที่แล้ว +2

      Thanks 🙏 will do

    • @akufia3524
      @akufia3524 3 ปีที่แล้ว

      @@TheFinancialController will be waiting. definitely subscribed.

  • @WitchyGirl
    @WitchyGirl ปีที่แล้ว +4

    Retained earnings explained in a way that doesn’t make my brain ache! Thank you! 🎉

  • @samjohn2814
    @samjohn2814 10 หลายเดือนก่อน +1

    I just hand in an assignment and purposefully left off the financial statement because I just did not know how to do it, and I was working against the clock. I come here because I believe I owe it to myself to get a better handle on this. Thanks for your video.

  • @shadiababirye540
    @shadiababirye540 2 ปีที่แล้ว +1

    Not subscribing to this channel would be INAPRRIOPRIATE!!!...This is so excellent..I can boldly say, with this, excelling in my CPA exams is guaranteed..

  • @akeelvaliyakath4056
    @akeelvaliyakath4056 2 ปีที่แล้ว +5

    Crisp and clear
    Wish I had a mentor like you when studying..!

  • @hazelgracelegaspi3908
    @hazelgracelegaspi3908 8 หลายเดือนก่อน +1

    Thankyou for this video! I'm applying for accounting clerk and this explains a lot better✨

  • @JDWilliamsPD
    @JDWilliamsPD 2 ปีที่แล้ว +1

    Wow! This video is totally underrated and should have a million hits. Great job making something so challenging so simple to understand.

  • @FANSasFRIENDS
    @FANSasFRIENDS 3 ปีที่แล้ว +2

    Thank you very much, sir! You really saved me as tomorrow I have test...

  • @liliannwanlem9411
    @liliannwanlem9411 2 ปีที่แล้ว +1

    Okay!!! You are an amazing teacher and you just earned a subscriber. I was writing a business pitch and I was asked of my financial statement. Watching your video got me feeling like I have known this before now.....PS:: I am a science student and know nothing about accounting. Thank you so much sir. I love you

  • @abrahammanzo2455
    @abrahammanzo2455 3 ปีที่แล้ว +2

    Great big Overview of the Process from entries to Fin Statements!
    Thanks for your work!

  • @HUMPHREYBALLKIDITUA
    @HUMPHREYBALLKIDITUA 9 หลายเดือนก่อน +1

    You made it look so. I just got an A on my exam !!! 👏🏽👏🏽👏🏽👏🏽

  • @brianmilesgaribay1462
    @brianmilesgaribay1462 ปีที่แล้ว +1

    Honestly the best explanation I have ever seen

  • @mphasamatsanya3682
    @mphasamatsanya3682 4 หลายเดือนก่อน

    Thank you very much. For the first time, even after university degree do I understand this statements logically. May God bless you. I liked and subscribed. It was worth it.

  • @ramajaya811
    @ramajaya811 3 ปีที่แล้ว +2

    Thank you so much. From your explanation, i could figure out that, income statement should be made before the balance sheet

    • @TheFinancialController
      @TheFinancialController  3 ปีที่แล้ว

      You got it, correct. First income statement then balance sheet, and then cash flow statement.

  • @smitajaiswal5857
    @smitajaiswal5857 3 ปีที่แล้ว +2

    Really easy to understand .never got it this straight in my academics.thnx again

  • @liona009
    @liona009 2 ปีที่แล้ว +2

    oh my gosh! this video is an EXCELLENT crash course in accounting. I studied business in school but really needed to refresh my memory of accounting to complete some financial statements for an NGO that I volunteer with. thank you so much.

  • @jimstevetom
    @jimstevetom 2 ปีที่แล้ว +106

    Great work! You gave me more in 19 minutes than a whole semester of business finance!

    • @onpointskills2402
      @onpointskills2402 2 ปีที่แล้ว +3

      Thank you alot

    • @utgfam876
      @utgfam876 ปีที่แล้ว +2

      I agree 100%

    • @gundalalebona262
      @gundalalebona262 ปีที่แล้ว +1

      Indeed your one lesson was more valuable than the many I attended. You are appreciated❤❤❤❤❤❤❤

  • @emmanueltaunou4421
    @emmanueltaunou4421 ปีที่แล้ว +4

    Love the content. What a great teacher.❤️. Hats 🎩 off to you Bill 👒

  • @slimanefouad9530
    @slimanefouad9530 8 หลายเดือนก่อน +1

    Simple and clear. Thank you

  • @reds.8995
    @reds.8995 3 ปีที่แล้ว +3

    This is also one of the very important questions in my accounting interview!👍👍

  • @shakeelsattar3190
    @shakeelsattar3190 2 ปีที่แล้ว +1

    Thank you ...you are my new teacher now

  • @FeyissaArarssa
    @FeyissaArarssa 2 หลายเดือนก่อน +1

    Special knowledge, thank you sir

  • @ashwinathakooree1753
    @ashwinathakooree1753 17 วันที่ผ่านมา +1

    Thank you so much for this! So helpful 👏🏼

  • @perisjelagat1895
    @perisjelagat1895 8 หลายเดือนก่อน +1

    This is really wonderful 🙏🙏👌you made me understand very well

  • @erikca10
    @erikca10 2 ปีที่แล้ว +1

    Your videos are a blessing. Thank you for taking the time to share your knowledge.

  • @gloryk1797
    @gloryk1797 10 หลายเดือนก่อน +1

    Such a great teacher. Thank you

  • @AbdulQadir-gf5nv
    @AbdulQadir-gf5nv 2 ปีที่แล้ว +1

    Thank you Mr. Controller… keep up with such highly admirable work !

  • @marcosbarcala6249
    @marcosbarcala6249 ปีที่แล้ว +1

    Thanks for the video, great explanation

  • @wingfieldhlazojunior6237
    @wingfieldhlazojunior6237 ปีที่แล้ว

    This is an amazing lesson. You broke it down in very simple terms. This makes accounting look very easy. It gave me a hard time in university. Kindly share the link to download the free financial statements.

  • @brk2507
    @brk2507 ปีที่แล้ว

    Good job. Now for cashflow and dcf and my world will be complete. 🙂
    Hopefully u can post how to make cashflow and dcf statements

  • @corrinegraham6452
    @corrinegraham6452 2 ปีที่แล้ว +1

    Thank you! Concise and clear instructions! You've certainly made my learning fun!

  • @chepkuruiconcepter5824
    @chepkuruiconcepter5824 2 ปีที่แล้ว +1

    I wish I got this channel earlier, the explanation is on point. Thanks Bill

  • @anosikeblessing8477
    @anosikeblessing8477 2 หลายเดือนก่อน +1

    This was timely

  • @alemuabate4234
    @alemuabate4234 3 ปีที่แล้ว +1

    Thank you for your clear and smart presentation. it enables to recall and do better accounting processes.

  • @aleemsubhani520
    @aleemsubhani520 2 ปีที่แล้ว +1

    Thank your these refresher videos, very helpful indeed.

  • @shaminisandupama8911
    @shaminisandupama8911 2 ปีที่แล้ว +1

    Amazing!! Amazing !! Amazing !!, this video was sooo helpful and clear. Thanks a lot

  • @aaroacademy
    @aaroacademy 2 ปีที่แล้ว +1

    Thank you, this lesson is very valuable!

  • @RajagopalanLaxminarayanan
    @RajagopalanLaxminarayanan 9 หลายเดือนก่อน

    Very nice and simple. You sir, made it look so easy

  • @hannapawlous1029
    @hannapawlous1029 10 หลายเดือนก่อน

    very good explanation. very stright forward. if you could include liability would have been inclusive.

  • @sarahjolley1350
    @sarahjolley1350 2 ปีที่แล้ว

    hey great video! very clear to understand! just wanted to make aware "expense" is missing the "e" at the end!

  • @agabaallan-cn4cg
    @agabaallan-cn4cg 11 หลายเดือนก่อน +2

    Can you teach us incomplete records

  • @gilbertgutabaga8255
    @gilbertgutabaga8255 ปีที่แล้ว

    Great work, update your job by closing the journals accounts

  • @taylormaria
    @taylormaria 3 หลายเดือนก่อน

    thank you so much!! It finally makes sense

  • @zedanzaki
    @zedanzaki ปีที่แล้ว

    Also make detailed video like this on cash flow statement please

  • @TruthBeTold-y9u
    @TruthBeTold-y9u 5 หลายเดือนก่อน

    Thanks much. I love it...subscribed!!!

  • @innocentihesikoma8829
    @innocentihesikoma8829 ปีที่แล้ว +1

    I can’t find the link to download the balance sheet sir

  • @ef3858
    @ef3858 2 ปีที่แล้ว +1

    What if, assuming, there`s a sudden increase in demand for the goods (or services) sold in this example and the revenue goes up to 40K (instead of 30K) while no other accounts have changed? How to balance the balance sheet in this case since we would have 20K in Net Income instead of 10K? I appreciate you for your time, Bill!

    • @swathishetty3750
      @swathishetty3750 11 หลายเดือนก่อน

      The journal entry goes like Cash account Debit 40k , Revenue account Credit 40k, In profit and loss account net income will rise up to 20k and the RE in balance sheet will be 20k instead 10k

  • @marlenegabriel426
    @marlenegabriel426 11 หลายเดือนก่อน

    Thank you . Was so easily explained

  • @ahmedyahya5186
    @ahmedyahya5186 ปีที่แล้ว +1

    amazing. But I couldn't find the link where I download the free balance sheet you mentioned. 😊. How can I download the file?
    Thank you very much

  • @hameedsarah220
    @hameedsarah220 6 หลายเดือนก่อน

    I love accounting 🥰🥰

  • @ew4448
    @ew4448 3 ปีที่แล้ว +1

    Great videos! I have been watching two days in a row😄

  • @Signalemcee
    @Signalemcee 2 ปีที่แล้ว

    Thanks for helping me save my soul from shareholders 😀

  • @KZKID
    @KZKID ปีที่แล้ว

    Thanks very much for making this really easy to understand. Love your vids

  • @kathird8580
    @kathird8580 ปีที่แล้ว

    It's very useful. Thanks for this Video

  • @joseraposo1569
    @joseraposo1569 3 ปีที่แล้ว

    Thank you for the videos, great resource. Would you be able to do a video on Financial Consolidations basics?

  • @kohilamvathani1057
    @kohilamvathani1057 4 หลายเดือนก่อน

    wow Thank you very much, Sir

  • @musevenilakurguk8747
    @musevenilakurguk8747 8 หลายเดือนก่อน

    It's wonderful lesson

  • @alonsolozano8612
    @alonsolozano8612 ปีที่แล้ว +1

    Cant find the template link, anyone?

  • @thediydaddy2649
    @thediydaddy2649 2 ปีที่แล้ว

    Yes love the DEA LER acronym. Just wondering, what would happen if the Revenues was mostly Accounts Receivables instead of Cash?

  • @bettyboyadjian9212
    @bettyboyadjian9212 ปีที่แล้ว

    Thank you a lot, Very very nice training

  • @javco1997
    @javco1997 ปีที่แล้ว

    Where is the link for the free balance sheet description?

  • @Logixal4311
    @Logixal4311 8 หลายเดือนก่อน

    I have a question for the salary part. Let's say, weekly salary for 3 staff is $3,000 ($1,000 each staff and $200 earned daily) and they get paid every Friday. However, on the last week of January, they get paid on February 3 on the Friday (So 1/30, 1/31, 2/1, 2/2, 2/3). In this case, do I have to make adjusting entry to salary on 1/30 & 1/31 before closing January and moving to February? So I would debit expenses and credit salaries payable. Self-learning at the moment, so I want to see if my knowledge is accurate. Thank you!

  • @eashwerdev518
    @eashwerdev518 ปีที่แล้ว

    wow made my life easy thank you

  • @MdPipe-vs3ok
    @MdPipe-vs3ok ปีที่แล้ว

    Sir, Awesome class❤

  • @kasandapatrick1762
    @kasandapatrick1762 3 ปีที่แล้ว +1

    Great video, Sir you journals look like ledgers to me plz clarify

    • @TheFinancialController
      @TheFinancialController  3 ปีที่แล้ว

      Yeah presented them this way as a shortcut so you can see the full picture on one screen

  • @mulanayquezonagricultureco9683
    @mulanayquezonagricultureco9683 ปีที่แล้ว

    Very informative Thank so much !

  • @ronaldmad
    @ronaldmad ปีที่แล้ว

    Easier way to do accounting is to skip journal entry and trailbalance.. go straight to the statements. Management and investors only look at statements anyways, its easier to understanf when u see where the numbers are coming from

  • @tomoraduncan5147
    @tomoraduncan5147 3 หลายเดือนก่อน

    Is this an audited financial statement or reviewed. need an audited financial statement

  • @chafikchaf2374
    @chafikchaf2374 2 ปีที่แล้ว

    Very good explanations! Why is the cash in trial balance going to DR only? Is that the rule? (Since it has initially both DR and CR in the Journal)

  • @ahmedalmassri2037
    @ahmedalmassri2037 ปีที่แล้ว

    totally useful and great, Many thanks

  • @omo2068
    @omo2068 2 หลายเดือนก่อน +1

    Godbless you

  • @chinyerenwanguma7815
    @chinyerenwanguma7815 2 ปีที่แล้ว

    please after creating for a mouth how do I bring them all together for a year ( bring the 12 mouth together) and how do I transfer it to excel sheet?

  • @shawnezmmckenzie9328
    @shawnezmmckenzie9328 ปีที่แล้ว

    I do not see the link for the balance sheet metrics or has this expired?

  • @JanethLugongo
    @JanethLugongo ปีที่แล้ว

    Thank you sir I have question sir

  • @Kremlinnorth
    @Kremlinnorth 2 ปีที่แล้ว

    Thanks man u helped me alot.

  • @ambercollier37
    @ambercollier37 2 ปีที่แล้ว

    I really enjoy your videos and how you lecture, is there any chance you would be putting out CPA review course in the future??!

  • @guylainmbindu8195
    @guylainmbindu8195 4 หลายเดือนก่อน

    Thanks amazing

  • @jokerj4528
    @jokerj4528 ปีที่แล้ว

    Thank you 🙏

  • @sumiyyyahabdulbaasit5921
    @sumiyyyahabdulbaasit5921 ปีที่แล้ว

    Is APIC considered as Retained Earnings? great videos

  • @israelisrael1358
    @israelisrael1358 4 หลายเดือนก่อน

    Weldon sir...
    Can we use a bank statement of an existing business to achieve this, like analysing the income and expenses of a particular month, passing your journal and arriving at your trial balance... i will need a response to this please
    Thank you sir

  • @andyluo218
    @andyluo218 ปีที่แล้ว

    Great recap!

  • @agabaallan-cn4cg
    @agabaallan-cn4cg 11 หลายเดือนก่อน

    May God bless you

  • @drz2409
    @drz2409 3 ปีที่แล้ว

    Great video 👍
    Respect from Dhaka, Bangladesh

  • @priyamshetty4390
    @priyamshetty4390 ปีที่แล้ว

    shouldn't office supplies be expense & not assets? can someone please explain?

  • @sizwedlamini6915
    @sizwedlamini6915 ปีที่แล้ว

    Thanks a lot sir keep up the good job

  • @ditamarques9747
    @ditamarques9747 3 ปีที่แล้ว

    Appreciate for your excellent explanantion.Thanks for the video.

  • @yunlong4355
    @yunlong4355 4 ปีที่แล้ว +1

    Great work!

  • @somarajus2334
    @somarajus2334 2 ปีที่แล้ว

    Thanks a lot very useful video.

  • @chandrashekarchannaveerapp6391
    @chandrashekarchannaveerapp6391 2 ปีที่แล้ว

    Excellent crash course accounting video, Thanks :)

  • @irishjoymesagregas5074
    @irishjoymesagregas5074 ปีที่แล้ว

    Thankyou so much❤😍

  • @tinalsexton
    @tinalsexton ปีที่แล้ว

    You're amazing! Thank you!

  • @th3redfield7clips21
    @th3redfield7clips21 7 หลายเดือนก่อน

    Thank you sir🌹

  • @loganyang619
    @loganyang619 5 หลายเดือนก่อน

    How to download the balance sheet cheat sheet please?