Transform a Trial Balance into a Balance Sheet ⚖️
ฝัง
- เผยแพร่เมื่อ 7 ก.ย. 2024
- In this video we will take a Trial Balance and turn into a Balance Sheet.
Download the Excel file shown in the video:
thefincontroll...
Join 10,000+ professionals who enrolled in the Controller Academy 🚀
controller-aca...
[coupon 30OFFCOURSE for 30% discount]
Or
Get my Controller bundle, which includes the Controller Academy
controller-aca...
[coupon 30OFFCOURSE for 30% discount]
Join me on Patreon and ask me your questions:
/ thefincontroller
------------------------------
My other best selling courses:
🔥Take 30% off when you enroll in my online course “Night Before the Accounting Interview Guide” including All Levels Q&A🔥:
thefincontroll...
📈Get My “Controller KPI Dashboard” (Excel + Course) with the most important P&L and Balance Sheet KPIs:
thefincontroll...
---------------------------------------------------------------------
Hang Out with me on social media:
📸 / the_financial_controller
📱 / thefinancialcontroller
🙋🏼♂️www.facebook.c...
DISCLAIMER: Links included in this description might be affiliate links. If you happen to purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week!
All views expressed on my channel are mine alone. Not intended as financial or professional advice
Thank you for explaining, this is what you call a real instructor it helps me understand clearly unlike my instructor..
Thank you Bill, you’re a great mentor. I’m 2nd year in financial accounting as a GL Accountant and I only maintain our financial statements (not create it) and we have a similar numbering system. For the life of me I didn’t understand why the 1xxxx ≠ 2xxxx + 3xxxx. Realized the variance was the net income or retain earnings 🤯 I was too embarrassed to ask and I didn’t because it wasn’t affecting my daily tasks but it bugged me lol.
Thank you ! Hopefully you make more videos like these as well as data analytics in forms of financial work.
Thanks a bunch!
Will do. Thanks Harry!
Will you please consider making a video on the career path you would recommend for those students who want to gain practical education and work experience to ultimately prepare themselves for starting and growing their own firm? I would really appreciate this kind of video since most accounting videos focus on becoming the best employee wo discussing a strategy for developing an end goal of preparing oneself to become self employed. Thankyou!
Love your content!! I'm a CPA as well but my focus has been on business processes, internal audit, and ERP admin/implementations. I'm finally getting into actual accounting and your videos have really helped!!
Nice to meet you Michelle!
This content is very relevant to my current and previous courses. Thanks for instructions on how we create balance sheets for my Business! I look forward to learning more from your videos!
Very nice & Thank you for your support
Thank you so much
Still need more in this part
Where the FA (PROPERTY SECHDULE)
Thank you
The best mentor!
Thank you for sharing😊
I want to know
How to make a cash flow statement from balance sheet and income statement
I have a vid on the channel for cashflow statement prep.
Awesome Info...Love, Love, Love...Thank you soo much!!!
Saludos desde México!!
Thanks again for sharing humbly your knowledge with us ... I would like to know how can I judge if the amount of retained earnings/ loss is logical compared to the amounts that I have on my BS
You need to add up the net income/loss for prior periods (since the start of the company)
Question: why not use QB’s Balance sheet?
I absolutely receive so much value and uh huh moments from your videos and online classes. Thank you!
You can. But this is an exercise to teach how to group the accounts
Good morning
Do you have a video with differences between USGAAP and IFRS? Thanks for sharing your knowledge
Greetings from Bogotá Col.
Always always thanks 🙏🙏🙏
very useful. thanks
Superb and thank you so much.
Most welcome 😊
Amazing content, many thanks from London!
My pleasure!
Hello sir which one is more flexible accounting or finance please I’m confused ?
Good accounting principles refresher! 👍
Glad it was helpful!
Great brilliant
🇦🇴🎉
Thank you very much
Awesome content. Thank you much!!
Great video. Sorry can’t see the sumif formula for accounts receivable can you type it here? Thanks
Thank you 😊
I love your contents. They are very educative. Please, I have the totals of both sales and COGS figures differ in balance sheet and trial balance in the QuickBooks. The figures in the Trial Balance only shows total figures for both sales and COGS for only November and December instead of January to December. What could be responsible for these differences and how do I correct them?
Min 7.24...if the Retained Earnings on the Balance Sheet does not equal the difference between the Debit & Credit on the Trial Balance, what should we do...thanks
Good video. Thanks !
please make a video or course on Hedge accounting.
This isn't necessarily related and maybe is personal to many accountants. Absolutely it is a rewarding career.
But Bill, how do you stop a revolving door department? What options are there? A consulting firm that can manage complex bottlenecks. Imagine a growing company that goes through a system conversion that isn't understood well by other departments. And they are perhaps behind by 2-3 accounting periods. They haven't closed those periods.
I think this topic is probably a lesson for controllers and I know you like to help those new to the profession. But it can be very complex while also being simple. It can sometimes be a matter of there not being enough hours in the day or resources in the department. You work for a midsized company. What do you think a hypothetical company that outgrew its accounting framework should do? This is so common in startups. The accounting function is very important to the success of any entity, needless to say.
I'm a newer accountant and doing 2022's work paper for our management firm. It's my first time running through and tying down each account. For the most part I am doing well. What is a little confusing to me is that our Cobra Account needs to itemized by individual and plan. Can you fo over a work paper and explain Cobra?
Hi Bill, May I know why the Deferred Commission is categorized under assets instead of Liabilities? Please let me know
what do i do if the checking doesnt equal to zero?
Do you have one of these videos in how to creat income statement and statement of cash flows?
I have a video on the statement of cash flow, look it up on my channel
Sir,may I know why can I use the values from Balance sheet into Double Entry opening balance?😢😢
The link to the excel file is the month end close checklist :( I'd love to have the excel file you're working with! Perhaps it's because I downloaded the financial close checklist from that video? Are we limited to one? Hmm
Hi. Email me (address on website) and I will email it to you :)
Hi great video Can I ask why is Accrued expenses Credited ? I thought Expense was a debit account
Accrued expenses is a liability
the debits did not equal credits and what's a plug ?
If I take, this controller academy course ,Can i get the exposure of SAP books ??
I teach the accounting cycle using Quickbooks Online, but much of the same principles are the same as other ERPs (Billing, AP, POs, month close)
I can’t see the excel sheet link sir
can't download excel file :(
can you please send me the trial balance