BOOKKEEPING BASICS: 7 Steps to Get You Started
ฝัง
- เผยแพร่เมื่อ 13 พ.ค. 2024
- 💥Bookkeeping Basics Cheat Sheet → accountingstuff.com/shop
Are you tired of struggling with bookkeeping? Join me as I unveil a simple 7-step guide to conquer your finances.
I'll show you how to get started and maintain an effective bookkeeping system. Plus, you'll discover my two bonus tips that will set you up for success!
Don't miss out - watch now and together we'll conquer bookkeeping once and for all!
🔴Subscribe for more Accounting Tutorials → geni.us/subtothechannel
🔗VIDEO LINKS
▪ Accounting Basics video → • ACCOUNTING BASICS: a G...
▪ Bank Reconciliation video → • How To Do A Bank Recon...
🔝 CLOUD ACCOUNTING SOFTWARE
▪ QuickBooks Online USA (FREE TRIAL/DISCOUNT) → geni.us/jA9N
▪ QuickBooks Online Canada (FREE TRIAL/DISCOUNT) → geni.us/bNN7
▪ Xero → xeroamericas.grsm.io/ck90eoq1...
▪ Freshbooks → www.freshbooks.com/
▪ Wave Accounting → www.waveapps.com/
▪ Sage → www.sage.com/
⏱️TIMESTAMPS
00:00 - Intro
00:13 - What is Bookkeeping?
01:11 - STEP 1: Separate Your Business & Personal Transactions
01:49 - STEP 2: Choose A Bookkeeping System
03:05 - STEP 3: Single-Entry Or Double-Entry Bookkeeping
04:28 - STEP 4: Cash Method Vs Accrual Method Of Bookkeeping
05:25 - STEP 5: Recording Transactions
06:11 - STEP 6: Sorting Transactions
06:55 - STEP 7: Storing Transactions
07:53 - BONUS TIP 1: Budget For Taxes
08:27 - BONUS TIP 2: Do Regular Bank Reconciliations
🔎FAQ
▪ My Favourite Accounting Book for Beginners → geni.us/5mKR7m
🎬LEARN ACCOUNTING BASICS FOR FREE
▪ The Full Playlist → • ACCOUNTING BASICS for ...
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DISCLAIMER
Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you!
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#bookkeeping #bookkeepingbasics #accountingstuff
Ahhh bookkeeping! One of life's great pleasures.
⏱TIMESTAMPS
00:00 - Intro
00:13 - What is Bookkeeping?
01:11 - STEP 1: Separate Your Business & Personal Transactions
01:49 - STEP 2: Choose A Bookkeeping System
03:05 - STEP 3: Single-Entry Or Double-Entry Bookkeeping
04:28 - STEP 4: Cash Method Vs Accrual Method Of Bookkeeping
05:25 - STEP 5: Recording Transactions
06:11 - STEP 6: Sorting Transactions
06:55 - STEP 7: Storing Transactions
07:53 - BONUS TIP 1: Budget For Taxes
08:27 - BONUS TIP 2: Do Regular Bank Reconciliations
Hi James, I have a virtual, small business bookkeeping / consulting business. I'm not sure if this would be conflict of interest for you, but I am looking to pay out for referrals that are sent my way. If you are interested in partnering up in a mutually beneficial way please let me know. Thank you!
which phone are you using,,,,,that sometimes showed throughout videos
A very interesting video would be if you did the entire Accounting process in a supposed company. From start to finish. You open your own business and you get as far as the completion of the financial statements. step by step. let's see you complete the entire process live! I know the video would be huge, but you would give the whole picture perfectly! Keep up he good work!
Thanks for your suggestion!!
Agree ! That would be excellent !
Yes, I concur. Accounting instruction books show all these numbers in place; but they give no idea how they came up with these figures. That would be great. And, I would be willing to buy a cheat sheet with each step that is illustrated...oops. I guess that would be a book! BTW, nice touch with the doggos!
That's Good idea!
I would be the best if creator make a full video like your idea!❤️
I concur friends!
Not sure why I clicked on this, but I have my masters in accounting and it was sort of refreshing to watch a video about the basics. What a great rundown!!
Your content is very informative and straight to the point. Thank you
Love and support ❤ from Pakistan 🇵🇰🇵🇰
All the best!
Just found your channel and I love your Channel James!! You are fun and engaging, and I love the dog. I work as a staff accountant in the USA and love your information. We need more people to go into accounitng; we have a shortage! Keep up the good and interesting videos!
Thank you for your videos James! Can we also have a video on irrecoverable debts and allowance for receivables, please?
Thank you so much.. very clear.. useful .. And interesting ...actually well done.. 😊
James, I am so thankful to find your channel! Highly engaging, informative, useful and humorous (plus dogs!). All the flowers for you 💐
Thanks, glad you're enjoying these
Thank you so much for your Informative Content! A lot of value indeed !
Cheers Matt Matt :)
You're an amazing professor! Thanks for sharing!
Thanks, glad you enjoyed it!
Thank you for your videos very interesting and instructives
Finished the ACCOUNTING BASICS for Beginners (Whole Playlist). Thank you sir for the playlist. Hopefully you will make a playlist like this on Managerial Accounting. Till then, thank you and Goodbye Sir. One of the best accounting teacher i have gone through.
🤟
Well done! Bet that took a while. Hope it helped!
Hi james, it's always a joy to learn from you
Cheers, glad to hear it :)
Another EXCELLENT video, James my boy!
Great video thank you for helping me out with the basics. I'm new to this so it helped me out tremendously!!!
Thanks! Great to hear you found this helpful
Super glad I watched Hector's video and he recommended your chann! 😊
my fav accounting teacher
Love your channel from Armenia. Love the quality as well as the topics, keep it up bro!
Thanks!!
Thank you for your vides and the acknowledgement of our paid subscription. Thank you! I have created accounting software specific for restaurants that helps with operations and connects to the POS system we have created to automate the processes as much as possible. How would I get a recommendation from you like you did for QuickBooks, Sage, Xero, Wave and FreshBooks? I would love to show you what we have done and even get your insight and feedback.
Great as always, the value you give away is appreciated sir 🙏
Cheers Ahmed
Dude i dont know your skills, but after watching your sessions even we being Certified Punlic Accountants question on our analytical and clarity on subject.
How can you be so nice in explaining the concepts digitally which we visualise in our mind while studying. Really your a gift to the future of accountants.
Thanks for your kind words! Appreciate it :)
Thank you so much!
You're most welcome :)
Perfect 👍🏻 thank you
You're welcome :)
Just got an aca graduate role for september, gonna prepare with all ur videos big man
thanks helped alot
Thank you!!! I have zero experience and this is clear and simple. Much appreciated.
No worries, hope it helped :)
keep goining dont stop broooo.... you are better than my proffesor
Thank you for your amazing video!
No problem, glad you found it useful!
thanks james. can you please do a video on accounting consolidation?
Amazing😂 Love from 🇬🇧 Your videos always help me. Thank you so much.
Cheers Mac!!
Awesome video: simple and doable steps.
Glad you liked it!
A simple yet informative overview of bookkeeping basics plus some important tips to remember! Choosing the right bookkeeping system for your business allows you to save time and a LOT of money!
This is the first time ever I' able to understand all about accounting, and related terms and transactions. I'm commenting to say thank you. Your explaining, clarifying, examples, and breaking down the whole thing, is really outstanding. I'm watching all the videos from the beginning. Each one is clear, simple, and informative in a very easy simple way. Really appreciated, with thanks. All the Best!
Very interesting and insightful as always. ❤. Can you please make a video of fixing cash flow deep crisis for big corporate. I'm seeing a case of Twitter now. Just curious.
Thank you for this video.
You're very welcome :)
your video is very helpful and fun! I was laughing while I was watching, thanks 😄😂🤣
Thanks, I'm glad you enjoyed it!
Wish me luck on the accounting exam on the 14th of June...
Good luck!!!
Thanks
Thanks❤❤❤
No problem
Thank you for the amazing videos!
I have a question that is bothering me a lot as an newbie accountant: In theory, I could write anything I want in an accounting software/book, how do I prove that these numbers are correct? There are many different transactions, what kind of paper I have to keep/maintain for each type of transaction to prove that these numbers are correct? Some are obvious like the receipt for an expense, but others I have no idea! Sales commission, depreciation, disposed assets, etc.? What if I wasn't able to get the proper documents?
I would love to find something like a list where each type of transactions has the kind of documents I have to keep, or an overview on what that process look like for an accountant on a daily/monthly basis. I don't want to find myself in place where someone reviewing the books and I don't have the right documents or don't know where it is.
This is by far one of my biggest struggles, I learned accounting relatively quickly, but still can't figure out how to do this properly and effectively.
Hello, all your information you gathered comes from somewhere whether it's another software like a POS system for your sales, which shows the tax amounts etc if it was set up properly. For government reporting all sales, and purchase expense receipts need to be saved 5-7 years or depending on the country your in. I suggest keeping your information all in one folder labelled each month for each year to help organize you at the beginning. if you were audited and a receipt or proof of revenue is questioned you would just pull that one file. I hope this helps a little.
Please make a video about consolidated financial statements ❤
a video on consolidation of financial position would be a great help
Thanks for your request!
James, Thank you 100 times over. Watched all of your videos. Newest bookkeeper here. QUESTION: Do you think auto bank feeds is a good idea. My CPA doesn't like it. It saves so much time! Thx!
I think it's a great idea. I use them myself and it saves a lot of time
I love the content. Very informative. Looking for software for my tree company
Thanks, glad you're finding it useful!
Cool video...
Thanks!
Thank u for sharing it has been helpful. I just started my new business. Greetings, from Ethiopia.
No problem at all, best of luck on your new venture!
Hi! Is it possible you could make a video of a “day in the life” or something along the lines of you doing random bookkeeping so we have a better idea how you do it? For example, your client sends a receipt for something they bought. How would you do it in your software ?
exactly instead of giving us a bunch of complicated words and shiz just litterally show us lmaooo
Very nice ❤
Thanks :)
Hi bro thanks for the videos
I need your advice I want to become an accountant and not sure where to start
Do you have any viode to help this
Many thanks
Kindly make a video on quickbooks tutorial for beginners 😊
Can you create tutorial video using different bookeeping system/accounting software
How to do Journal entry to create a general Reserve practical exposure.
Do you have a video on setting up a double entry system?
Hi James ……. Can u tell me the name of the accounting book you once suggested in one of your videos ??
The Accounting Game
Simple is bestttt,!!!!
Thanks, I hope it was useful!
@@AccountingStuff veryyy useful!!!
Hi James, I've been following your videos recently, and I have to say they are brilliant. Keep up the amazing work!
Do you have a video on CapEx and RevEx/OpEx and their accounting treatment on statements?
Not yet, but thanks for your suggestion!
Hi, I'm in the learning process and ur videos help a shit load, if I'm being honest. Do you know anything about doing books for medical offices new assignment at work. And I'm so lost😢 or know any good resources?
Any recommendations to get any accounting education without a college degree?
What can you say about the new program BS Accounting information system? I'm planning to shift from BSIT. any tips or maybe make videos regarding different accounting programs
Thanks for your request!
James, can do a video for allocation apportionment and reapportionment, and overheads absorption rate? I need it so much! Thank you!
I can solve all queries related to cost accounting
Love from Bangladesh 🇧🇩
Cheers Bhuiyan!
Hi I have a hard time with the Alternate method when recording entries
Do you have a video on accrual method of accounting?
Here you go: th-cam.com/video/C8UuX75ZarU/w-d-xo.html
I'm now here! Could you make a video about accountant carreer around the world? I would like to get a job based in UK, for example, is it good or bad for earn money? Some stuffs like that, do you know?
Thanks for your request!
I subscribed you because of soeb
Great to have you on board!
how long are businesses require to keep a record of their transaction?
Hi! i have a question; do dividends both decrease the assets and the total stockholder’s equity of a corporation?
Dividend is declared first which increases liability and decreases stockholder's equity.
Later when the payment is made liability decreases (dividend payable) and simultaneously asset decreases (cash).
could you pls do a video about bad debt expense, uncollectible receivables, allowance for bad debts. ☹
Thanks for your requests!
@AccountingStuff Hi! can u pls tell me which editing software have u used to edit this video?
I used Final Cut Pro
@@AccountingStuff U edited beautifully! is the software free?
@@MuhammedHalimah-wc8wb Thanks! You have to buy Final Cut Pro from the Apple app store
7:17 what is that ancient artifact?
The good old floppy disk
Do you have a video on double entry book keeping?
Not specifically but I cover Debits and Credits here: th-cam.com/video/VhwZ9t2b3Zk/w-d-xo.htmlsi
@@AccountingStuff Thank you
Do you have an accounting firm or do you do coaching calls?
I don't unfortunately@@TerryCollinsP31Lifestyle
Do I need a certificate or license to start my own business as a bookkeeper thank you 🙏
As a fellow bookkeeper you don't need a degree or license, accountants need to pay for annual license in my county anyway, but you do need a solid foundation and understanding of bookkeeping. I've had several clients in many industries, not one asked for my certification, I've done this for 25 + years, I hope this helps, good luck with your own business 😃
I'm doing accounting associates ritnow. They teaching me bookkeeping. I am interested in working Booking
That's great to hear!
Hi there James, I really like your content; it's on point and very informative👏 🔥. Do you have a biz' mail and are you open for feedback? I just want to share my thoughts regarding on your videos if that's okay with you.
Which one do you like best for book keeping?
I have a question. I am at an exciting point where I am in a position I am not qualified for. I am not a quitter, so I must learn. Currently, I am updating expenses in my company's QuickBooks. I am succeeding because it is an easy task. However, when I stumbled upon this video, some things made sense, but most were foreign languages. What does the owner of this channel, or you guys in his community, believe I should do? I was looking over his website, but I wonder if the cheat sheets are for this reason. Also, do you have any recommendations for learning QuickBooks? I saw the video on this channel, but it needs to go into depth. I also tried TH-cam, LinkedIn Learning, and Skillshare and found no success with the videos. Sorry for this essay. I am writing it; I need guidance.
QuickBooks have a ProAdvisor program which is basically a free course on how to use it. Have you looked into that?
@@AccountingStuff I recently started it. Do you believe it is the best way to learn QuickBooks? Also, what do you think is the best way to learn Bookkeeping? Could the practice and cheat sheets help me with this? Thank you for your time. It means a lot to me because you don't know me but are willing to help me.
It's probably not the best way to learn QuickBooks... but it's free! If you'd like to learn bookkeeping then you might find my videos on the topic useful. The cheat sheets and practice questions help you remember what was covered in the videos.@@user-mu2hg8ou2f
@@AccountingStuff What would you advise me to do to learn QuickBooks best? And copy. I will purchase those sheets to help me better understand.
3rd
Quick off the mark
❤✨❤
TLDR: The key idea of the video is that bookkeeping is a necessary process for businesses to accurately record and track their financial transactions, and it involves choosing a bookkeeping system, separating business and personal transactions, recording transactions with important details, budgeting for taxes, and regularly reconciling bank statements.
1. 00:00 💡 Bookkeeping is the regular process of recording, sorting, and storing a business's financial transactions, which is essential for taxes, financial statements, business decisions, and spotting mistakes.
2. 01:12 💼 Separate your business and personal transactions by opening a business bank account, and choose a bookkeeping system such as spreadsheets, accounting software, or outsourcing to professional bookkeepers.
3. 02:55 📚 Choose a bookkeeping system that suits your needs, budget, and expertise; single-entry bookkeeping is simple but may oversimplify your finances, while double-entry bookkeeping is more accurate and widely used by large businesses, although it requires more effort to set up and maintain.
4. 04:23 💡 Choose between the cash method or the accrual method of bookkeeping; the cash method is straightforward but may make it difficult to measure profit accurately, while the accrual method matches revenue to expenses and provides a detailed financial position but is harder to maintain.
5. 05:25 💡 Record your business transactions in your bookkeeping system, including important details like seller/purchaser, document number, date, description, and amount, and make sure to sort and file them in the correct accounts.
6. 06:20 💡 Grouping transactions into accounts allows for the creation of financial statements, and storing transactions with supporting evidence is crucial for tax and financial compliance.
7. 07:35 💡 Budget for taxes and set aside money each month to ensure you meet your tax obligations, and consider reaching out to a tax accountant if needed.
8. 08:29 💡 Regular bank reconciliations are essential for accurate and up-to-date bookkeeping, as they involve comparing transactions on bank statements with those recorded in the bookkeeping system.
Only if there was a financial stuff channel too
Correction of errors
Thanks for your request!
I used to be. I didn't want to try to explain something that's too difficult for the so called pentecostals (antinomian in sheep's clothing) to comprehend to a stranger who wasn't telling me everything either. It's irrelevant...no way to finish
Hello, I'd like to launch bookkeeping outsourcing company. Is there anyone here that can give me good advice?
Best of luck with your new venture!
DEFINITIONS !!! THAT'S ALL.......WHAT ABOUT EXPLAINING THE STEPS ???
Sofa
Always!
Double entry bookkeeping is overrated and unnecessary nowadays.
How so?
If you need a virtual bookkeeper, I can help!
Scams scams scams lol
How so?
Hello, James! Could you talk about the auditing? please
Your video are so amazing please let me join you
W