Happy Holidays! Here are the timestamps... 00:00 - Intro 00:20 - The Accounting Cycle 00:41 - Closing Entries Definition 01:09 - How to Remember Permanent and Temporary Accounts (RED ALE) 02:13 - Permanent Account Definition 02:27 - Temporary Account Definition 02:54 - Opening Trial Balance 03:16 - Example 04:05 - Adjusted Trial Balance 04:49 - Creating Financial Statements 05:46 - How to Post Closing Entries 05:55 - Long Way: Step 1 07:34 - Long Way: Step 2 09:08 - Long Way: Step 3 10:09 - Long Way: Step 4 11:15 - Post Closing Trial Balance 11:39 - Short Way 12:34 - Recap: How to Post Closing Entries 03:37 - Outro
@@somebye3sandiago623 No worries, and best of luck!!! All my depreciation videos are in this playlist... th-cam.com/play/PL5zKSeS09l324hTFoBXWq9T3tUY_LUrn2.html
You’re genuinely the reason why I understanding anything this semester, man, you make this a lot less stressful because you explain it in such a simple way. Much appreciated!!!!!! ^^
The talent required to explain these concepts in such a simple way is outstanding. I saved 3-4 hours of work by watching a 14 minute video of yours. Thanks so much man
Hi James, I am just writing to say a big thank you for all the videos and tutorials. I had failed my accounts module for my law degree three times but the moment I got your content, it was like a light bulb switched on. Got my results two weeks ago and I passed!!! Thank you man, will refer anyone who ever needs help. God bless you!
Just wanted to thank you so much for making these videos. I really appreciate the time and effort you put into making them not only informative but entertaining as well. You're hilarious man, absolutely love the content. You're a godsend to accounting majors and other people who want to learn about accountancy.
I've been stressing so much in my online accounting classes, feeling like I'm not getting the in-person experience I need to grasp the concepts. Yet, since your videos, I feel I may not only pass, but excel! Can't thank you enough for your brilliance. All hail TH-cam!
I seriously cannot state enough my love for this channel. Every video hs helped me along in my accounting class. My professor doesn't respond to questions and her lectures are confusing. The mnemonics in these videos are so good.
This guy literally makes time to answer to the questions in the comments, that shows how dedicated he is & his motive is to educate others well. Thanks a lot sir. You are truly a blessing for us, accounts has become easier cuz of u. Love from India 😊✨
James, thank you for showing the long way first. When I train a new employee I always show them the long way first. And, then after a couple of weeks I show the short way. Not understanding the process does not help the employee or the business in the long run. I finally understand closing entries! Kudos to your teaching style!
@@AccountingStuff Thanks James. Please set up a patron account. I would pay you! I support one other TH-camr "That Chapter" $2.00 a month. Your knowledge, teaching and delivery style are fantastic. -Susan
This account is gold. Engaging and easy to follow examples. Accounting is easyto just memorize and dump but this helps me understand whats really happening
I run an Accounting youtube channel in Sri Lanka. I try to be like you. I really like your video qulitiy, learning methods. I will buy equipment someday to repair the qulitiy. You are my hero, teacher, brother.🖤
You are truly a blessing G. My teacher cannot even come close to teaching me these topics, but with your videos I get it shortly. Thanks man you're a good guy!!!
Thank you James, these videos are still helping people. Im a new small business owner starting from scratch in bookkeeping. I had no idea where to start and found your videos. I now feel comfortable enough to start learning QuickBooks and launch my business. Thank you 🙏
I am really grateful not just for this video, but for this whole accounting series. It helped me so much and saved me so much time (than reading my book). Also, your videos are always fun to watch, and never fails to keep me interested until the end of the video. I like the way you explain it so well and in a way that I could easily understand. Thank you so much, man!! Keep up the good work!!
Always so comprehensive, Your information is so enjoyable. Loved every minute of the video. You're an excellent instructor. Thanks James! You're a genius. None of my instructors in university were this good.
Just wanted to thank you for what you do! I've spent 5 hours trying to understand closing entries for my accounting final and I understood everything with you in just 14 minutes!! I just discovered your channel and I'm definitely going to keep watching your videos :)
I'm building my own accounting software in Excel (because why not lol) and was lost on how to cleanly transfer income/expense vs asset/liability accounts from month to month. Now I know! Good stuff
You've got this! Let me know if you have any questions :) Here's a Closing Entries Practice Quiz to test your understanding: th-cam.com/users/shortsnfJyM2UJqEQ
Have found ur channel today and have had a little marathon helps so much. I study international business management at university and there’s so much to take in so it helps with breaking down everything really appreciate it. Almost 200k as well
Thanks man, this really helped me on my excel project for intermediate! It’s been a while since I took financial acct as I was in community college at the time so I was certainly rusty when it came to financial statements in general. This genuinely cleared everything up for me and filled in a super important hole I was missing
Something I've been reviewing in school that may be a good series for you is the different analysis ratios. What they are, why they are used and how to do Liquidity/Activity/Profitability/Coverage...Just an idea. By the time you would do them I won't need them - haha - but it may be worth your while for others. Thanks for the great videos by the way!
Clear explanation, complete step by step guide. Accurate useful information. I am currently designing a basic accounting cloud system and this is the only video helped me with the IT design process for Closing entries. Thank you very much.
Sir, can I have your explanation on 'How to evaluate the intangible assets, like Goodwill, Trademark, Patent etc.? 101 Explanation on INTANGIBLE ASSETS?
Hi, I just want to say your videos on Accounting Basics are so informative and useful for my studies! Recently, just started my degree in accounting, and these videos are so needed for my better understanding. REALLY appreciate your efforts and time spent on them! 💜 If it's possible, can you do a short one on Reversing entries? (I'm a bit confused about this, with adjusting entries)😢
Really enjoyed the presentation in this and others in the series (Credits / Debits, Equity, The Accounting Equation). Clear knowledge transfer with nice examples. Thanks for the videos.
You are the man, such clarity opened my noggin.... thank you... I'm wondering if you have a video on how to close books on partnership capitals, I am thinking after retained earnings are calculated then you calculate based on % and close out by sending amounts to each capital's partnership...🤔
Love your explanations! Amazing work ❤ Would love to see something on dealing with multiple currencies - bank revaluations and unrealised / realised gains.
Thank You so much James for making this amazing videos! As a finance student learning about accounting, this videos are very helpful! They give me incentives to further my understanding of accounting!
bro im a student without a credit card unless id buy the cheat sheet jsut to support bro my teacher didnt teach anything this semester and he just came 1 month before the semester is finished and say this is your final project its worth 30% of your grade( the passing mark is 70%) and just told us to reach chapters 1-5 and get it done by the end of the month i didnt know what the heck i was sdoing bro but you made me understand 2 chapters in just 10 mins
Happy Holidays! Here are the timestamps...
00:00 - Intro
00:20 - The Accounting Cycle
00:41 - Closing Entries Definition
01:09 - How to Remember Permanent and Temporary Accounts (RED ALE)
02:13 - Permanent Account Definition
02:27 - Temporary Account Definition
02:54 - Opening Trial Balance
03:16 - Example
04:05 - Adjusted Trial Balance
04:49 - Creating Financial Statements
05:46 - How to Post Closing Entries
05:55 - Long Way: Step 1
07:34 - Long Way: Step 2
09:08 - Long Way: Step 3
10:09 - Long Way: Step 4
11:15 - Post Closing Trial Balance
11:39 - Short Way
12:34 - Recap: How to Post Closing Entries
03:37 - Outro
What-ss-App + ..1.._5_1_7_7_0_1_4_2_9_5
Please do ...Property, Plants and equipments
@@ruthaura5912 Thanks for your request!
Thanks alot dude,I have my semesters tmrw!!!(freaking out),can u also pls explain reducing balance method depreciation
@@somebye3sandiago623 No worries, and best of luck!!! All my depreciation videos are in this playlist... th-cam.com/play/PL5zKSeS09l324hTFoBXWq9T3tUY_LUrn2.html
You’re genuinely the reason why I understanding anything this semester, man, you make this a lot less stressful because you explain it in such a simple way. Much appreciated!!!!!! ^^
Thanks, great to hear it's making sense. All the best :)
The talent required to explain these concepts in such a simple way is outstanding. I saved 3-4 hours of work by watching a 14 minute video of yours. Thanks so much man
Thanks for your kind words :)
Hi James, I am just writing to say a big thank you for all the videos and tutorials. I had failed my accounts module for my law degree three times but the moment I got your content, it was like a light bulb switched on. Got my results two weeks ago and I passed!!! Thank you man, will refer anyone who ever needs help. God bless you!
Congrats Austin, that's fantastic news!!!
You explained this WAY BETTER than my professor. I don't understand why the professor is trying to make this so challenging for us.
Thanks! Great to hear it's clicking for you
Just wanted to thank you so much for making these videos. I really appreciate the time and effort you put into making them not only informative but entertaining as well. You're hilarious man, absolutely love the content. You're a godsend to accounting majors and other people who want to learn about accountancy.
Cheers Joseph! Glad you're enjoying these. I'll have to make some more. All the best :)
bery bery niceu Joestar-san
I've been stressing so much in my online accounting classes, feeling like I'm not getting the in-person experience I need to grasp the concepts. Yet, since your videos, I feel I may not only pass, but excel! Can't thank you enough for your brilliance. All hail TH-cam!
This is great to hear! I have a feeling you're going to smash it too. Best of luck
I seriously cannot state enough my love for this channel. Every video hs helped me along in my accounting class. My professor doesn't respond to questions and her lectures are confusing. The mnemonics in these videos are so good.
This guy literally makes time to answer to the questions in the comments, that shows how dedicated he is & his motive is to educate others well. Thanks a lot sir. You are truly a blessing for us, accounts has become easier cuz of u. Love from India 😊✨
Thanks for your kind words! All the best :)
Love from Korea!
James, thank you for showing the long way first. When I train a new employee I always show them the long way first. And, then after a couple of weeks I show the short way. Not understanding the process does not help the employee or the business in the long run. I finally understand closing entries! Kudos to your teaching style!
No problem! Glad you found it useful :)
@@AccountingStuff Thanks James. Please set up a patron account. I would pay you! I support one other TH-camr "That Chapter" $2.00 a month. Your knowledge, teaching and delivery style are fantastic. -Susan
@@julioson50th21 Thanks I'll keep that in mind :)
This account is gold. Engaging and easy to follow examples. Accounting is easyto just memorize and dump but this helps me understand whats really happening
Cheers Paul! Glad you're finding the vids helpful :)
I run an Accounting youtube channel in Sri Lanka. I try to be like you. I really like your video qulitiy, learning methods. I will buy equipment someday to repair the qulitiy. You are my hero, teacher, brother.🖤
Great to hear that you're teaching accounting here too. Hope it's going well :)
I have always struggled with this but I cannot believe how simple the whole concept now looks .....
Thanks a million times!
You've opened my eyes!
No problem Patrick, glad it's making sense :)
Entertaining & educating at the same time ... you are a genius!
You are truly a blessing G. My teacher cannot even come close to teaching me these topics, but with your videos I get it shortly. Thanks man you're a good guy!!!
Bro in which class u study
Damn I wish you were my professor for intermediate accounting :/
I've made it this far. Thanks to you, I'm not giving up.
Just took midterm yesterday, I got 51/65. Ty sm. Going to understand it fully so I could have full and easy apprehension
Great to see you again man!!
Thanks buddy :)
@@AccountingStuff what is basic eps and diluted eps??
Eps :Earnings per share
You are the best accounting teacher I have ever met!!!
Thanks, I appreciate it :)
Thank you James, these videos are still helping people. Im a new small business owner starting from scratch in bookkeeping. I had no idea where to start and found your videos. I now feel comfortable enough to start learning QuickBooks and launch my business. Thank you 🙏
Pay your local accounting firm to do it if you don't have the time!
You are an awesome teacher. I truly appreciate how practical your teachings are . Thank you
I am really grateful not just for this video, but for this whole accounting series. It helped me so much and saved me so much time (than reading my book). Also, your videos are always fun to watch, and never fails to keep me interested until the end of the video. I like the way you explain it so well and in a way that I could easily understand. Thank you so much, man!! Keep up the good work!!
Thanks for your feedback! I appreciate it. All the best with your studies :)
Always so comprehensive,
Your information is so enjoyable.
Loved every minute of the video.
You're an excellent instructor.
Thanks James!
You're a genius.
None of my instructors in university were this good.
This is a really good example. Very detail and clear.
My guy is just a legend we all appreciate you
You're really good. People will skip school if they watch your videos. Thank you.
Thanks!!
Ohhhh My God!!
This is literally the best lecture I have ever seen in my life.
I wish I could give 3M likes at a time!
Love from Pakistan🇵🇰🤩
you're single handedly saving my life for my upcoming final.
Best of luck!!
Thank you so much. I'm going back to work as an accountant after a long break. Your videos are a great refresher.
Great mnemonics, clarity of thought, structure and presentation. You're a credit to accounting.
Thanks for your kind words :)
Just wanted to thank you for what you do! I've spent 5 hours trying to understand closing entries for my accounting final and I understood everything with you in just 14 minutes!! I just discovered your channel and I'm definitely going to keep watching your videos :)
Great to hear it's making sense! All the best with your studies :)
I'm building my own accounting software in Excel (because why not lol) and was lost on how to cleanly transfer income/expense vs asset/liability accounts from month to month.
Now I know!
Good stuff
Glad you found it useful!
Just wanted to say a huge thank you for all your videos, they are a world of help to me!
Thanks, that's great to hear!
THANK YOU ❤️ YOU ARE SAVING MY LIFE
I have to tell you that, this is probably the best explanation, I have seen and look forward to enroll
Thanks!!
Man thank you sooooo much I went through dozens of videos to get some sort of help. Really helpful!!!
You just saved my life! A chief accountant at work has no clue how to close month end 😅
Just one word for you brother....... Amazing!!!! keep up the good work.
In love with your lessons, i wish if you were our college lecture, we must became an expert now. Hats off❤️
Thank you so much for this video ❤ How I wish you were my lecturer. You’re funny and fun at the same time 😊
Thanks for your feedback :)
Just watched about 15 of your videos to help with my test today.. Thank you!!!
How did it go??
@@AccountingStuff quite well thanks to your videos!
@@charlottenewman2587 Glad to hear it! Fingers crossed you get the marks you were after
thank you Sir, I have to watch this video maybe 10 times to understand this
You've got this! Let me know if you have any questions :)
Here's a Closing Entries Practice Quiz to test your understanding: th-cam.com/users/shortsnfJyM2UJqEQ
Have found ur channel today and have had a little marathon helps so much.
I study international business management at university and there’s so much to take in so it helps with breaking down everything really appreciate it.
Almost 200k as well
Thanks, I'm glad you're finding these useful! All the best with your studies :)
You are my saving grace as I pursue my BA in accounting! Thank you for your videos :)
Happy to help!
That smoothy and simplified explanation and acting made my Job Hunting easy and cool🤙. Cheers mate❣️
man you saved our time by a video of just 14 mints yew deserve million subscribers
You're very welcome!
A BIG THANKS, I couldn't solve my exam without your videos
Not just on this video but all your videos, you are a genius. Everything is explained and done perfectly. You are also fun to watch. Excellent work.
Thanks, I'm glad you're enjoying them :)
reconfirmed everything i learned in class today! thanks again
Bro this is awesome one.. I missed reading closing entry topic in my whole education. Now understood perfectly.
Great to hear it's making sense :)
Thank God there is a channel like this💙
I'm thinking of going for accounting and I wanna make sure i'm gonna love it and boy I can't wait for college💙
Great to hear that you're considering accounting! Best of luck with it all
Thanks man, this really helped me on my excel project for intermediate! It’s been a while since I took financial acct as I was in community college at the time so I was certainly rusty when it came to financial statements in general. This genuinely cleared everything up for me and filled in a super important hole I was missing
No worries David! Hope your project's going well :)
Bro you do deserve a subscribe.
lots of appreciation.
watched all 46 videos in this playlist and they are so well explained - thank you, James
Wow! Good effort on watching them all
@@AccountingStuff Likewise for making them, I bet that took longer!
I didn’t make sense this for 10 years, thanks for solve my question I love you !!!
No problem, happy to help :)
I have a technical accounting interview tomorrow and just thought I'd brush up. Thanks for the help!
Something I've been reviewing in school that may be a good series for you is the different analysis ratios.
What they are, why they are used and how to do Liquidity/Activity/Profitability/Coverage...Just an idea. By the time you would do them I won't need them - haha - but it may be worth your while for others.
Thanks for the great videos by the way!
Thanks for your suggestion! I will definitely cover them in the future.
Glad to found your chanel. Description accounting theory don't need to be boring at all. Thanks !
Cheers Marcin!
I just bought your Accounting bundle Notes :)
Thank you for explaining everything!
Although the video is short,i have learnt a lot from it,well done
Very timely videos, mate. We just already started learning Closing entries in class this afternoon.
Perfect timing!
This could not have come at an even more perfect time thank you so much you just made my life so much easier
No worries! All the best :)
amazing video!!! I love how charismatic you are, even accounting is fun with you - I can only imagine what a great person you must be in real life!
Thanks for your kind words!
really you deserve the appreciation for your amazing channel.
Thanks, I'm glad you're finding it useful!
Welcome back! 💗 Our lessons are on the Worksheet Accounting Cycle and I know that this is the last part of the cycle 😅
I learned literally all of what it has on closing entries 😃 This is great!
Thank you! Great to hear it's making sense. All the best with your studies
@@AccountingStuff If you didn't mind I would like to ask which video editing software do you use??.And which camera?? 😊
@@omkargowda5764 🤣🤣 goood
@@yoonusahameth4493 why laughing😅?
Yesterday was my exam...and i did well......BIG thanks to you!!👌👍
Congrats Mohib! It must be a relief to be done with it
@@AccountingStuff yeah.....phew...
I love your videos, they're incredibly helpful and easy to follow! You're awesome, thank you so much for your help
I'm finally done with the Accounting Basics Playlist. Thank you very much!
Congrats!! Hope it helped :)
You are very awesome! Thank you for the refresher and additional knowledge. I always try to ditch the EOY closing entries. Whew! Now I can practice.😊
Hope it made sense!
So grateful for this amazing summary and love the RED ALE acronym! Cheers!
Thanks Julie!!
Clear explanation, complete step by step guide. Accurate useful information. I am currently designing a basic accounting cloud system and this is the only video helped me with the IT design process for Closing entries. Thank you very much.
Cheers Val! Best of luck with your project :)
You are amazing! I am blessed to find you.
this video is really helpful.
Your videos have helped me so much. Cheers, James!
Deserves more views, thank you ♥️
Closing entries are all handled today by ERP and finance systems anyways. This is good video for the theory behind tbh
Yes, it's good to know what's going on behind the scenes
Wow... your explanation is amazing. You make it so much simpler.. just wow.. thank you so much! Please keep on uploading :D
It is really useful, simple, and logical, thanks for your efforts and your time,
Cheers buddy!
Sir, can I have your explanation on 'How to evaluate the intangible assets, like Goodwill, Trademark, Patent etc.?
101 Explanation on INTANGIBLE ASSETS?
Hi, I just want to say your videos on Accounting Basics are so informative and useful for my studies! Recently, just started my degree in accounting, and these videos are so needed for my better understanding. REALLY appreciate your efforts and time spent on them! 💜
If it's possible, can you do a short one on Reversing entries? (I'm a bit confused about this, with adjusting entries)😢
Thank you so much Dear Sir. very nice and easy way of understanding all this... love
You are a lifesaver my man
Thank you for this video, helped me in my act class.
Really enjoyed the presentation in this and others in the series (Credits / Debits, Equity, The Accounting Equation). Clear knowledge transfer with nice examples. Thanks for the videos.
Thanks!!
Very easy to understand. Really helpful. Thank you ❤
Glad it was helpful!
You make everything so easy! Thank you
Happy to help!
Thank you for making these videos. Accounting school would be difficult if not for you!!!
No problem at all, I'm happy to help!
You are the man, such clarity opened my noggin.... thank you... I'm wondering if you have a video on how to close books on partnership capitals, I am thinking after retained earnings are calculated then you calculate based on % and close out by sending amounts to each capital's partnership...🤔
He's back :)
Thank you very much Sir.
Your lectures have helped me very much in my accounting knowledge.
No problem at all! Great to hear you're finding these useful :)
Really. Great. Very short way of explanation
Thanks for explaining all this to help me better understand.
No problem Laura, hope it's making sense :)
Very nicely and briefly explained .. awesome 👌👌
Thanks Areeba!
Love your explanations! Amazing work ❤
Would love to see something on dealing with multiple currencies - bank revaluations and unrealised / realised gains.
Thanks for your request!
I felt pretty good this semester, but I wish I found this channel earlier so I could have gone through intermediate smoothly
Hope your studies are going well!
Hi James, I just got into the accounting stuff and enjoying it. it is clear and understandable.
Thanks Esther!
Thank You so much James for making this amazing videos! As a finance student learning about accounting, this videos are very helpful! They give me incentives to further my understanding of accounting!
No problem, I'm glad you're finding them helpful. All the best with your studies!
bro im a student without a credit card unless id buy the cheat sheet jsut to support bro
my teacher didnt teach anything this semester and he just came 1 month before the semester is finished and say this is your final project its worth 30% of your grade( the passing mark is 70%) and just told us to reach chapters 1-5 and get it done by the end of the month
i didnt know what the heck i was sdoing bro but you made me understand 2 chapters in just 10 mins
0:23 is a beautiful diagram of the Accounting Cycle!
Thanks!
Great video. Always a joy to watch. Thanks for creating it!
Cheers buddy, glad you enjoyed it!