Do we enter the estimate expense provision at month end for example in case of electricity bill. we receive bill mid of following month.. do we need to enter accrued expenses on estimate base . similary in case of salary. it also vary . so how we do this practically ? waiting for your kind reply
Accumulate depreciation ? Each fixed asset need accumulate depreciation? In Which head under it will come ? In your video u said contra asset , is it a head ? Please explain about it
Accumulated depreciation is the total amount an asset has been depreciated up until a single point. Each period, the depreciation expense recorded in that period is added to the beginning accumulated depreciation balance. Contra asset means an account in chart of account that will be deducted from its relevant head of fixed assets. Like accumulated depreciation on plant and machinary will be deducted from total amount of plant and machinary under fixed assets. It is actually a provision from the profit of the company which will help to rebuy a new assets when the old assets is not in to usable form after some years due to wear and tear.
Sir for AR reconciliation which month opening balance i have to take please explain in the video its confusing (last month opening balance I have to take or last month closing balance for current month please reply )
Normally, the system will provide you with inventory reports. In addition to that, Every month end you will export inventory reports to Excel and save it. Like this, you will have inventory opening and closing for each month. Create a separate folder for each month closing files and save all reference files in that folder. Previous month closing inventory will be opening of current month.
Final accounts companies used to generate in excel. Saving that files for future reference. Why? Reason1) if in future any accountant intentionally or by mistake enter any entry in previous year, which is already closed. Then by matching previous period trial, we can easily trace that rransaction. For example, accountant received a cash of US$ 500 in current date 2 jan 2024 He will stole that cash and match his Cash ledger by making 500 $ cash payment in oct-2022. Thats why Managers are making GL Reconciliation for month end and year end closing and keeping track of financial statements in excel. Reason 2) Sometimes we have subsidiary GL Account for different account heads. But management doesnt want to see subsidiray GL accounts in financial statements, then managers will redevelop financial statement with control account only. Like this a 2 page or 3 pages balance sheet can be summarised in a half page only. Easy to understand. Example: Advances to employees is control account with 150 subsidiary gl for each employee. If in balance sheet you show all subsidary 150 act heads, it will be more than 3 pages on the balance sheet only for employee advances.... Reason 3) To calculate and automate financial statements analysis. I hope its clear, why even after having ERP Financial Statements, we need to prepare financial statements in excel.
Asalam o alikum Sir i want to enhance my skills ,do you have time for teaching me online please.I am doing my job in dubai as an accountant for small business but i am not satisfied with the accounting procedures i am doing so i need to learn from you and apply it there
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Thanks for sharing you explained to us very well Your work is great and will keep it up
Jazakallah is very useful points to attend an interview
Very nice video, keep it up.
Good one. Thanks.
U r a genuine Teacher
Jazak Allah khair for such short and to the point informative video 😊
Very clear and informative presentation
Tnx for ur Nice Presentation.
Thanks for your efforts.keep it up
Assalamualaikum. You are the great teacher (Masha Allah superb explanation)
Wa Alikum Salam.
الحمدللہ علی ذالک
well done brother ....thanks
Thankyou very much sir 🙏
Like , subscribe,comments is not enough for this channel you deserve the best bro I'm lucky to find this channel in TH-cam Greeting from Yemen
Wao, this exactly i need
Shukran ❤ wa alaikum Salam sir
Hats off to you, Sir! You have the best and most practical content on the same topics! Subscribed👍
MashaAllah Bro, Your explaination is great
Jazak Allah Khair ❤
Great video sir
Nice sharing, Thanks
Thank for all the help 😊
Thank you! Good work
thanks for sharing
Thank you
Please make more videos for practical accounting
I need it... Thanks sir, pls make video on deffered tax
Very helpful video👌👌
Nice info
Nice video thanks sir
Brother may Allah reward you with good in this life and the next. It feels so good to learn accounting from a muslim brother. Do you have a linkedin
Walaikumussalam
Great, Please make a video for Balance sheet Reconciliation, Preparation of cash flow statement, how to finalize books of accounts.
Thanks
Good sir
Assalamu aalaikum sir plz do a complete video topic on MIS management information system
Wasalam Bro
Sure, i will insha ALLAH
dear please make video on prepayment (expense & revenue)
👏👏✍👍
I thought that u speek arabic bec i speak arabic but its okay i will keep listening with English good luck
Amortization all prepaid expenses, which month we have to record insurance prepaid expenses for February month insurance prepaid ?
Thank you👍👍👍. Please make video cash flow statement please
Thank you for feedback. I have in my list. Will share soon
@@masteringaccountingskills7717 sir, please give me your mobile number.
Hii do you have online class
Thanks for all
Do we enter the estimate expense provision at month end for example in case of electricity bill. we receive bill mid of following month.. do we need to enter accrued expenses on estimate base . similary in case of salary. it also vary . so how we do this practically ? waiting for your kind reply
Electricity you can if there is no VAT Involved. but for salaries not.
@@masteringaccountingskills7717 so we need to wait for actual electricity and salary expense figure in order to post accrual in back date ??
Accumulate depreciation ? Each fixed asset need accumulate depreciation? In Which head under it will come ? In your video u said contra asset , is it a head ? Please explain about it
Accumulated depreciation is the total amount an asset has been depreciated up until a single point. Each period, the depreciation expense recorded in that period is added to the beginning accumulated depreciation balance.
Contra asset means an account in chart of account that will be deducted from its relevant head of fixed assets. Like accumulated depreciation on plant and machinary will be deducted from total amount of plant and machinary under fixed assets.
It is actually a provision from the profit of the company which will help to rebuy a new assets when the old assets is not in to usable form after some years due to wear and tear.
Sir for AR reconciliation which month opening balance i have to take please explain in the video its confusing (last month opening balance I have to take or last month closing balance for current month please reply )
Last month closing balance.
@@masteringaccountingskills7717 thanks sir 😇
May you Please Explain to me How can I Know the Beginning Inventory every month? Means What is the Beginning Inventory On FEB and March... ETC
Normally, the system will provide you with inventory reports.
In addition to that, Every month end you will export inventory reports to Excel and save it.
Like this, you will have inventory opening and closing for each month.
Create a separate folder for each month closing files and save all reference files in that folder.
Previous month closing inventory will be opening of current month.
The company ERP already prepare financial statements why re-preparing again ?
Final accounts companies used to generate in excel. Saving that files for future reference.
Why?
Reason1) if in future any accountant intentionally or by mistake enter any entry in previous year, which is already closed. Then by matching previous period trial, we can easily trace that rransaction.
For example, accountant received a cash of US$ 500 in current date 2 jan 2024
He will stole that cash and match his Cash ledger by making 500 $ cash payment in oct-2022.
Thats why Managers are making GL Reconciliation for month end and year end closing and keeping track of financial statements in excel.
Reason 2) Sometimes we have subsidiary GL Account for different account heads. But management doesnt want to see subsidiray GL accounts in financial statements, then managers will redevelop financial statement with control account only.
Like this a 2 page or 3 pages balance sheet can be summarised in a half page only. Easy to understand.
Example: Advances to employees is control account with 150 subsidiary gl for each employee.
If in balance sheet you show all subsidary 150 act heads, it will be more than 3 pages on the balance sheet only for employee advances....
Reason 3) To calculate and automate financial statements analysis.
I hope its clear, why even after having ERP Financial Statements, we need to prepare financial statements in excel.
Asalam o alikum
Sir i want to enhance my skills ,do you have time for teaching me online please.I am doing my job in dubai as an accountant for small business but i am not satisfied with the accounting procedures i am doing so i need to learn from you and apply it there
Wasalam.
Bro. Too much busy schedule. I am sharing whatever i have the skills. Especially for accountants training. Stay connected. Regards
Great explanation!
Can I have your any contact
Sir ye india hai angreji se jyada hindi log jyada achhe se samajhte hai