BOOKKEEPING BASICS: 7 Steps to Get You Started 

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

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!

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

Thanks for the new video! I’m looking forward to seeing what other content you post! Always good to learn as much as you can!

Thank you so much.. very clear.. useful .. And interesting ...actually well done.. 😊

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 very interesting and instructives

Another EXCELLENT video, James my boy!

You're an amazing professor! Thanks for sharing!

James, I am so thankful to find your channel! Highly engaging, informative, useful and humorous (plus dogs!). All the flowers for you 💐

Thank you for your videos James! Can we also have a video on irrecoverable debts and allowance for receivables, please?

Thank you so much for your Informative Content! A lot of value indeed !

my fav accounting teacher

thanks helped alot

Hi james, it's always a joy to learn from you

Super glad I watched Hector's video and he recommended your chann! 😊

Thank you!!! I have zero experience and this is clear and simple. Much appreciated.

Thank you so much!

Just got an aca graduate role for september, gonna prepare with all ur videos big man

Thank you for your amazing video!

Perfect 👍🏻 thank you

Thanks

Great as always, the value you give away is appreciated sir 🙏

Awesome video: simple and doable steps.

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!

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!

Thank you for this video.

keep goining dont stop broooo.... you are better than my proffesor

Great video thank you for helping me out with the basics. I'm new to this so it helped me out tremendously!!!

Amazing😂 Love from 🇬🇧 Your videos always help me. Thank you so much.

thanks james. can you please do a video on accounting consolidation?

Love your channel from Armenia. Love the quality as well as the topics, keep it up bro!

Love and support ❤ from Pakistan 🇵🇰🇵🇰

Thanks❤❤❤

Wish me luck on the accounting exam on the 14th of June...

Very nice ❤

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. 🤟

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.

Thank u for sharing it has been helpful. I just started my new business. Greetings, from Ethiopia.

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.

Please make a video about consolidated financial statements ❤

a video on consolidation of financial position would be a great help

I love the content. Very informative. Looking for software for my tree company

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!

Kindly make a video on quickbooks tutorial for beginners 😊

your video is very helpful and fun! I was laughing while I was watching, thanks 😄😂🤣

Do you have a video on setting up a double entry system?

Cool video...

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.

Simple is bestttt,!!!!

Can you create tutorial video using different bookeeping system/accounting software

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 ?

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

Love from Bangladesh 🇧🇩

Any recommendations to get any accounting education without a college degree?

James, can do a video for allocation apportionment and reapportionment, and overheads absorption rate? I need it so much! Thank you!

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?

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?

Hi I have a hard time with the Alternate method when recording entries

how long are businesses require to keep a record of their transaction?

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

How to do Journal entry to create a general Reserve practical exposure.

Hi! i have a question; do dividends both decrease the assets and the total stockholder’s equity of a corporation?

Do you have a video on accrual method of accounting?

Hi James ……. Can u tell me the name of the accounting book you once suggested in one of your videos ??

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?

I subscribed you because of soeb

@AccountingStuff Hi! can u pls tell me which editing software have u used to edit this video?

Do you have a video on double entry book keeping?

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.

Do I need a certificate or license to start my own business as a bookkeeper thank you 🙏

could you pls do a video about bad debt expense, uncollectible receivables, allowance for bad debts. ☹

Which one do you like best for book keeping?

I'm doing accounting associates ritnow. They teaching me bookkeeping. I am interested in working Booking

7:17 what is that ancient artifact?

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 RU-vid, LinkedIn Learning, and Skillshare and found no success with the videos. Sorry for this essay. I am writing it; I need guidance.

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.

3rd

Correction of errors

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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

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?

DEFINITIONS !!! THAT'S ALL.......WHAT ABOUT EXPLAINING THE STEPS ???

Sofa

Double entry bookkeeping is overrated and unnecessary nowadays.

If you need a virtual bookkeeper, I can help!

Scams scams scams lol

Hello, James! Could you talk about the auditing? please

Your video are so amazing please let me join you

W