You are much better than a university professor in articulating the knowledge of accounting. I really appreciate how you explain the concepts in a very simple and vivid manner with practical business scenario. Thanks for making me easy to understand the subject.
The hand movements help me stayed focused😊, thanks for making a comprehensive video just for people like me. I was engaged and encouraged to try it myself. A big thanks!
amazing!!! i literally spent all afternoon trying to learn about single entry bookkeeping and this video help me understand it like less than 5 mins!!!!!!! thank you !!!!!!!!!!!!!!!!
You are AWESOME. I LOVE YOU. 😄 your videos are so excellently done . you are so fun, speak so clearly and make everything so much easier to understand. Your videos are helping my son learn about bookkeeping and accounting better than any other videos Ive found to help him begin learning. I hope your life is blessed many times over for sharing your talent, humor and your own wonderful intelligent style that is so extremely helpful to others.
Hey Heidi! Thank you, that's kind of you to say!! It's fantastic to hear that the videos are helping your son learn these topics. I wish you both all the best!
This channel is absolutely one of my favs and I'm not even an accountant yet! You, Sir, are the most entertaining talker of the money topics that I have ever seen! Congratulations on being absolutely AWESOME at one you do here:)
You know what I need? I need to know WHICH VIDEO TO START WITH! If I'm a complete beginner, I need to know what comes first. We all get too wrapped up in detail and we need to K.I.S.S.
Same. I took a class years ago and the instructor said accounting is an art. You can see what kind of instructor that is. It was hard to grasp the concepts so I'm glad for RU-vid and this video/etc
THANK YOU so much!!! I wish my lecturer is as candid as you when i was in college so i dont have the relearn again at this age when i just starting business
This is pretty well how I ran my rental property for years. That was simple though; mortgage, insurance, and repairs goes out, rent goes in. Rince and repeat.
@@shawnchristophermalig4339 Repairs are most common. If you have a vaccancy than adds, costs of heat etc while vacant, insurance changes year by year, mortgage is not a cut and dry number as (at least in Canada) the part that goes to paying intrest is tax deductable, and then part goes against the principle, which is hopefully a little more everytime. Also I like to buy my tenants a Christmas basket every year. This is not an overly comon expense, but most buisnesses where a customer makes a transaction of over $1500Cdn a month the buisness at the very least sends a Christmas card. I (and some others) feel no reason rentals should differ in this. If you have a property manager, then there is another cost. Income is a little more direct, with rent being the same every month.
Thank you so much for such an easy to understand explanation. I do some freelance work casually and needed a way to keep my books that provides enough info for doing my personal tax return (sole trader) accurately and this is perfect. The thought of doing double-entry and journalling etc. was a bit daunting and I was sure I remembered there is another method from way back in 3rd form economics, this was it :) I'll definitely be using your referencing tip for my receipts etc. too. A quick question that might make a good topic for another video though, how would I record a transaction where only a percentage of an expense is being charged to the business? In New Zealand, we are able to claim a percentage of certain expenses like power if operating from a home office. I know how to calculate what percentage I can claim as an expense but wonder how to account for each bill in my books? I can think of several ways but am not sure what would be best.
Hey there, no worries. Glad to hear that the video helps. This way of recording transactions is fairly basic but it get's the job done. At some point i would recommend considering something like QuickBooks Self Employed that does the same thing but better and more efficiently. It does cost though, so up to you. I would take the percentage that you use for business and include that within the template. If you are doing this for tax purposes you might need to check if there are any limits of the proportion that you can charge in NZ (depending on the transaction type). Cheers for the suggestion!
I wish you were here! Thank you for this video I love it. We started our business and as it is growing we want to make sure we don't loose sense of it until we are able to get a good accountant. If u are for hire/consulting, holla!
Thank you so much for very useful video. I have been trying to find how to do simple bookkeeping for my small business and none are useful for me except this one.
Your videos are helpful, thank you. I’m trying to learn more to help my grandfather who was recently appointed conservator of his wife who has dementia so we need to get organized to report on all her money coming and going. Any suggestions for other videos to watch?
Hey, Thank you for this informative video, your bubbly personality really helped me stay till the end of the video haha! Just wondering if you could possibly explain how to do bookkeeping for someone who is starting to sell on ebay/etsy for the first time as an online seller. I believe it will be a bit different from this? Could you be kind enough to take the time to explain? BTW, you have gained a new fan in me!
You're Taking This Channel To The Next Level :D Please Make a Video on Your Future Plans / Goals For This Channel It Would Be Great For You & The Consumers
ThankYou for sharing your knowledge and template. I just started a new business and I hope this video will help me to follow the money tracks of my business. I subscribed to your channel, and I am going to try this new world of accounting.
Hi James! So glad I found your channel. I am a digital marketing student and I am enrolled in an Account II class. I don't remember Accounting I, and I am overwhelmed. Do you know any accounting software I can use to input data to simplify the accounting statements? Thanks so much!
This is terrific and I've been using it for a few months now. Thank you for giving it to us for free! However, I need to add a few more rows each month and when I do, there is no formatting that goes with them so I have to manually calculate those rows. Is there a trick to getting the formatting into my new rows?
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Great video! Definitely help me understand a lot! However, I'm wondering if there is a way to track inventory using the Single Entry bookkeeping method?
If you've got inventory then this method isn't ideal. You may wish to use the Accrual Method instead so that you can match your revenue against your cost of goods sold to accurately work out your profit
Thanks for the video! I am running into some issues when adding columns and rows. It won't auto calculate on the new rows and columns. I might be just dumb but do you have a video for troubleshooting this?
Sorry I don't I'm afraid. If you add / remove columns and rows then you may need to keep checking the formulas to make sure they're still working correctly
Thank you for all of your great videos! I'm curious if a small business would ONLY use a spreadsheet like this to keep track of their expenses/sales? I mean for tax filing purposes, not all the fancy projection stuff. I am an Indie author, and I'm curious if that's really all I need! Seems so simple. (I worked as a Fiscal Specialist, dealing with AP/Payroll, and submitting complicated reports to accounting, so it's hard to believe it could REALLY be this simple!!) Thanks. :)
Hi, great video! Just wondering how to change the currency while keeping the money spent red. I have changed to £ and it changed its colour but I really liked how the red looked, thanks
If you are just getting started then it may be worth looking into cash accounting. It could help save you time and keep the costs down. But as things progress you may need to move into Accrual Accounting
Great video! I hope someone can help me! I started selling eBay some time ago, recently it has kicked off and got to point where I’m going to start it as a business! I want my accounting to be as basic/easy as I can make it, I’m probably selling around 100 items a month! In my book keeping do I need to list every sale, or can I just ebays monthly data! For example April’s sales + £800 April Courier delivery fees - £50
So cell G28 on multi-column, should it be used to show profit only for that month or for your business as a whole by taking into account previous months' closing amounts? because what i'm doing on this template is on every new month i'm taking the closing amount and putting that on "sales" column for "opening balance" row. am i doing it correct?
Sooo, I have this problem that I started my business and didn't have a business account. Now I have one but there's still some business transactions that are taken from my personal account. How would you account for those in this single entry system? I tried keeping track of my cash expenses and my bank transactions but at some point they have to come together, right?
Hi brilliant videos, just wondered why your examples are in dollars rather than pounds? Are you explaining bookkeeping methods used in the US or the UK or are they the same in both countries? Thanks
Thanks 4 sharing!! What is the best laptop for bookkeepers when using xero/ quickbooks accounting softwares? I am thinking of working from home, not at the office 😙 stay blessed ❤
Thank you for these videos. I am no longer scared of spreadsheets. i have just added this one and going to attempt it last year. its a start. I have a lot of out goings for cost of goods resale, as a sole trader. Is this method suitable for my records?
hi whats up I've got my management and financial accounting exam in like 3 weeks, can you do a video going over some past papers and walking through them with answers, please. like a 10-20 min long vid pls. thanks
