TRIAL BALANCE vs BALANCE SHEET

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💥Trial Balance & Balance Sheet Cheat Sheets → accountingstuff.com/shop
🖊Trial Balance & Balance Sheet Practice Questions → accountingstuff.com/practice-...
In this video we break down the differences between the Trial Balance and the Balance Sheet in accounting. These two reports often get confused with one another so I created this accounting tutorial to help clear things up.
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#accounting #accountingbasics #accountingstuff

Опубликовано:

26 июн 2024

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Комментарии : 241

@frederikteisen 4 года назад

When you learn the language of finance (accounting), you take a big step in the direction of becoming wealthy. Thank you for your content😁🙌🏼

@AccountingStuff 4 года назад

You are very welcome Frederik!

@Dashrosenstock 2 года назад

Why is sales in debit in the analysed cash book, but in credit for the trial balance?

@user-hl4hl9li6o 4 года назад

You’re the future of education bruh...

@daisybarter6309 3 года назад

I’m starting an apprenticeship in September and it’s thanks to your videos !! I watched a load of them so I was prepared for the interviews and they were super impressed at my knowledge so thank you so much your videos are the best I’ve seen !

@AccountingStuff 3 года назад

Congrats on landing your apprenticeship, I hope it goes well!

@kaelagallagher6637 4 года назад

All of your videos have been a lifesaver! Accounting has been my toughest course this semester and I don't know what I would do without these

@AccountingStuff 4 года назад

No worries Kaela, good luck with the rest of your course!

@Dashrosenstock 2 года назад

Why is sales in debit in the analysed cash book, but in credit for the trial balance?

@fadiajouli4779 3 года назад

watching your videos is like watching one of my favorite series on Netflix, just move from one episode to the next! great work man, and I already shared your videos with my fellow classmates. by now I'm certain that your accounting videos are the best on this platform for beginners. thank you so much.

@AccountingStuff 3 года назад

Cheers Fadi, glad you're finding them helpful. Hope your studies are going well :)

@WithFaizanKhan 5 лет назад

Good Job, You Kept It Nice & Clean! Waiting For Many Videos: •Depreciation •Stocks & Shares •Marginal / Absorptional Costing •Work In Progress •Financial Shenanigans Love You

@AccountingStuff 5 лет назад

Hey Faizan, cheers for all of the suggestions!!

@Dashrosenstock 2 года назад

Why is sales in debit in the analysed cash book, but in credit for the trial balance?

@seansmodernlife9823 5 лет назад

I've be trying to relaunch my career in accounting and I always go back and watch these as a refresher before I interview. They are tremendously helpful, thank you!

@AccountingStuff 5 лет назад

No worries, good luck with getting back into accounting! It's like riding a bike...

@amberlawrence1436 4 года назад

Your videos are LIFE! I am binge watching your videos tonight cause you are seriously saving my life...thank you for helping me understand this stuff!

@AccountingStuff 4 года назад

No problem Amber! Hope they are helping

@RenSayLess 4 года назад

Girl, SAME

@Dashrosenstock 2 года назад

Why is sales in debit in the analysed cash book, but in credit for the trial balance?

@niloykarmaker1024 4 года назад

just one month away before my University exams, these videos are really helping me a lot. A video on income statement can really help a lot buddy!

@AccountingStuff 4 года назад

Not so long to go! Hope your revision is going well. Thanks for your suggestion regarding the income statement

@Dashrosenstock 2 года назад

Why is sales in debit in the analysed cash book, but in credit for the trial balance?

@566johncena 4 года назад

Thank you for this amazing video !! I love the way you edit videos, it makes accounting more fun !!

@AccountingStuff 4 года назад

Cheers the edit takes a long time to put together so I'm glad you enjoyed it

@jhobertmove5773 3 года назад

I am so grateful that there is someone like you Mr. James who is willing to share their expertise in Accounting. I'm actually having my virtual lesson and it seems that you're my virtual professor! Thank you so much because I had the clarification I need to study basic accounting! Hope to see you soon Mr. James and tell you personally how grateful I am! God bless you Mr. James!

@AccountingStuff 3 года назад

Cheers Jhobert, all the best with your studies!

@Dashrosenstock 2 года назад

Why is sales in debit in the analysed cash book, but in credit for the trial balance?

@semthornwood3055 4 года назад

I am bingewatching all the videos because I have a midterm today. You are saving lifes buddy keep up the good work👍🏻

@AccountingStuff 4 года назад

Good luck!!

@Uncle_Som 3 года назад

James you are simply the best. your videos and teaching methods have helped dispel my fears of basic accounting terminologies. keep up the great work

@AccountingStuff 3 года назад

Cheers Henry! Great to hear that you're feeling more confident

@appie1404 3 года назад

Thank you! I recently went back to school after a "few" years. Your videos are helping me so much! God bless you!

@AccountingStuff 3 года назад

Good on you! All the best

@dafunnyman3544 4 года назад

Great use of 6 minutes instead of searching on websites

@johnrovicgerong433 5 лет назад

Sir thank you very much im currently having trouble with those 2 and this video helps a lot. Im gonna recommend your channel to my classmates because your series has been helping me for quite a while now and i want to share these helpful videos to them and thank you again sir we love this series.

@AccountingStuff 5 лет назад

Hey John, thanks that would be great! Glad to hear that the videos have been helping you out

@Dashrosenstock 2 года назад

Why is sales in debit in the analysed cash book, but in credit for the trial balance?

@janhavisingh204 4 года назад

Nice video in less time .... # Lots of respect form INDIA 🇮🇳

@niloykarmaker1024 5 лет назад

and back again!! with another USEFUL stuff!! keep it up buddy!! #LoveFromBangladesh

@AccountingStuff 5 лет назад

Thanks Niloy!

@QTSKisaAdderley Год назад

Simply amazing. Thank you!

@pbodytrump Год назад

Thank you it’s starting to make sense now.

@ornaghlynch Год назад

You are sent from the gods!! thank you so much !!!

@koleni3887 4 года назад

Why am I only discovering you now ?! 🤦🏽‍♀️ Thank you so much for these videos.

@AccountingStuff 4 года назад

No worries, I'm happy to help!

@jaffarhamdani8433 4 года назад

I honestly would have flunked my exams if it werent for you mate.Great and informative content.Cheers,love your work!

@AccountingStuff 4 года назад

How did they go?

@Dashrosenstock 2 года назад

Why is sales in debit in the analysed cash book, but in credit for the trial balance?

@shraddhashirodkar6265 Год назад

@@Dashrosenstock We pass the journal entry for cash sales as: Cash Account. Dr (Debit what comes in. Cash is coming in the company) To Sales Account (Credit all incomes and gains. Sales is a revenue for the company) Sales come in debit side of cash book and credit side of trial balance because sales is a revenue for company. Cash book consists of two columns. Debit side is of receipt column where all revenue entries will be made. Credit side is of payment column where all payment entries will be made. That's why sales come in debit side of Cash book. In trial balance, expenses is posted on debit side of trial balance and incomes/gains/revenues is posted on credit side of trial balance.

@ahmedosama3380 3 года назад

Last section of this video has explained brilliantly! how Balance sheet & income statement is prepared. Again, i don't have a financial background but need this knowledge for Web Application Development.

@AccountingStuff 3 года назад

Thanks, glad you found it useful!

@GlimmerEffect 20 дней назад

The way you make everything so CLEAR, is SO impressive! Thank you! PS... can you do a video on tags and tagging groups?

@AccountingStuff 16 дней назад

Thanks for your request :)

@06holder 4 года назад

As a project manager I am finding it really useful to have these snappy videos to open up the dark world of accounting! cheers buddy!

@AccountingStuff 4 года назад

No worries Laurence, it's great to hear that you're finding the videos helpful.

@rshjn5367 5 лет назад

THANK YOU FOR THIS. BIG HELP. KEEP UPLOADING. FROM PH 🇵🇭

@AccountingStuff 5 лет назад

You are very welcome :)

@tessiecunningham2866 2 года назад

thank you so much for your videos, I learned a lot!

@kittyzhang2336 2 года назад

Very helpful. Thanks.

@tomokuta_ 4 года назад

Thanks for uploading these videos. Im currently a 1st year taking accountancy and really struggling to keep up. You're helping a lot of people by doing this. Also the 18:9 will never go unnoticed. ❤

@AccountingStuff 4 года назад

Hey Noel, best of luck with your studies!! Are you a fan of 18:9? I have been experimenting with it lately

@tomokuta_ 4 года назад

@@AccountingStuff Thanks! Yea, I like 18:9 it fits on my phone and all. Just my personal preference tho

@AccountingStuff 4 года назад

Awesome!

@yixin8888 Год назад

Great,very clear!

@its_caraina4943 4 года назад

Hi thanks so much for doing these videos! I just started to do the account event for DECA, so these videos have helped a ton.

@AccountingStuff 4 года назад

Glad to hear the vids helping!

@garyshaeffer5349 5 лет назад

Thank you very much for making these videos!

@AccountingStuff 5 лет назад

No worries Gary!

@tangledweb5265 4 года назад

Skill + Great Presentation = Nice Results. Thank you. Excellent videos.

@AccountingStuff 4 года назад

Thanks, that's kind of you to say!

@cocaalien6165 4 года назад

That’s so good really and clear Good Job and keep going 👍🏻

@AccountingStuff 4 года назад

Cheers!

@unflappedmishmish4642 5 лет назад

These videos are genius!!!! Keep up the good work

@AccountingStuff 5 лет назад

Thanks!!

@BlessGodMinistry 3 года назад

appreciate the help bro God bless you

@AccountingStuff 3 года назад

No problem :)

@hisokaamorou4211 2 года назад

very good concept

@bradleywoodward3752 4 года назад

These videos are brilliant! very easy digestible information.

@AccountingStuff 4 года назад

Cheers Bradley!

@Dashrosenstock 2 года назад

Why is sales in debit in the analysed cash book, but in credit for the trial balance?

@nilankaranasinghe8485 3 года назад

It is amazing.Easy to learn too.

@AccountingStuff 3 года назад

Thanks Nilanka!

@amiraghailvilla401 4 года назад

Your videos are really helpful!! Looking forward to more! Much Love from Dxb

@AccountingStuff 4 года назад

There are plenty more coming soon!

@ananthsrishk4277 4 года назад

You are pure awesome mate!

@AccountingStuff 4 года назад

Cheers Ananth!

@filip.makiewicz 2 года назад

I'm very late but you are actually a legend my guy, putting out these videos consistently even 2 years on, replying to everyone individually, very wholesome overall

@AccountingStuff 2 года назад

You're most welcome. Thanks for watching!

@Dashrosenstock 2 года назад

Why is sales in debit in the analysed cash book, but in credit for the trial balance?

@gagikhambardzumyan311 5 лет назад

Thank you you are the best .You helped me to understand many topocs that were dificult for me . Please continiue because shaw must go on😉

@AccountingStuff 5 лет назад

No worries mate, it is so good to hear that the videos are helping you to understand difficult topics. I don't plan on stopping anytime soon!

@josephmadenge3088 Год назад

great one

@shamokhan8291 2 года назад

Your videos are really helpful! Can you please do a video on how to correctly measure financial movement from one year to another year using the balance sheet? What time look out for and how to treat the movement. Thanks

@haythamborhan 4 года назад

Very good work, keep it up man

@AccountingStuff 4 года назад

Thanks for your support :)

@TOPChannel-vm3iw 4 года назад

I am student for mngment amd economics specially finance and banking So these lessons more relation to my department , some piont I were not understood to my lecture , you give me 👍. Really you have teaching skill 👌 From east africa SOMALIA🙏

@AccountingStuff 4 года назад

Cheers Abdirizak, glad to help. All the best in your studies!

@tesfayedinsa6410 4 месяца назад

Very good 👍 explanation about balance sheet and trial balance.

@AccountingStuff 4 месяца назад

Thanks :)

@AlexisLish 5 лет назад

To learn the theory of bookkeeping they're making us do it manually and that can be exhausting. Along with the fact I have no instructor and just a vague manual, I've come here a few times to help me understand the concepts. Your visual style really helps learners like me. Thank you so much 🥰

@AccountingStuff 5 лет назад

Hey Elichke, that sounds like a tough way to learn the subject

@AlexisLish 5 лет назад

@@AccountingStuff indeed. I go to a small career collage and since they're only now up and coming, they don't provide instructors for a lot of subjects. They give you the material is all. I had to learn Access on Lynda to supplement that course just to get it all in my brain! Thanks again for all your help. I will send everyone who needs this info this way! I wonder if you could post these on Lynda as well? You would reach a different audience and make some extra revenue off of the same content!

@AccountingStuff 4 года назад

Did you find Lynda useful? Thanks for your suggestion re: posting the content on there. It could be an interesting opportunity

@AlexisLish 4 года назад

@@AccountingStuff I do find it incredibly useful. Not only does the formatting really accommodate a multitude of learning styles, but libraries and employment offices here in Alberta offer access to Lynda to the underprivileged and those seeking employment. So your content would reach those who may not own much, but they would benefit so much from the knowledge.

@Ikkirui 2 месяца назад

Awesome content for starters like me

@AccountingStuff 2 месяца назад

Glad you found it useful!

@srtxus8847 2 года назад

eres mi salvacion

@ndutakweheria6563 Год назад

Hey, Great work you're doing here. Please address how to identify and correct errors

@gurpreetsinghnandhra 4 года назад

Good Job!

@AccountingStuff 4 года назад

Thanks!

@HamzaAhmed_1644 4 года назад

great you-tuber makes it so easy by the way congratulations because you have 0 dislikes

@AccountingStuff 4 года назад

Cheers Hamza!

@kennedykasazhi5065 Год назад

Thanks 😄😄

@shawnalexander8864 4 года назад

Can you please make a video explaining the CPJ, the CRJ and the general ledger?

@michaelsmith6058 2 года назад

You're an awesome teacher! Thank you from for the content! In about a year, I would love to operate my own outsourced bookkeeping/account business. Your content is stellar. Any specific book recommendations? I've read "the accounting game" and I grasp those consepts pretty well. What would you recommend next??

@Dashrosenstock 2 года назад

Why is sales in debit in the analysed cash book, but in credit for the trial balance?

@r.b.g922 4 года назад

Keep going 💪🏻

@AccountingStuff 4 года назад

Will do!

@anhlenguyen404 Год назад

cannot thank you enough! Thank you thank you thank you!!!

@soekyawthu4581 4 года назад

thank you so much

@AccountingStuff 4 года назад

No worries :)

@sebastianopagliaro2377 3 года назад

Am I the only one who thinks that the balance sheet is more simple of the trial balance? It helps you to visualize better assets, liabilities and equity in different sections, isn't it? :D Thank you for this video! ;)

@AccountingStuff 3 года назад

Hey Sebastiano, you're not wrong. That's why the Balance Sheet is one of the main Financial Statements. But we need the Trial Balance in order to make it

@Dashrosenstock 2 года назад

Why is sales in debit in the analysed cash book, but in credit for the trial balance?

@silverlily2389 Год назад

@@Dashrosenstock I believe it's because the equation must always be equal. Revenues=profit/sales, so it will increase the equity. Equity is a debit entry, so the revenue goes to credit. 😊

@revin_john 4 года назад

Hi James. Can you please make a video explaining the difference from a Post adjustment and Post closing Trial balance

@AccountingStuff 4 года назад

Hey Revin, I may touch on this in my next video! Working on it as we speak

@saraalnakhli1805 3 года назад

I love your channel I feel I am a slash genius accountant

@AccountingStuff 3 года назад

Cheers Sara!

@enehnkiruofoedu6624 3 года назад

This is really nice, thanks so much for this video,. 👍

@enehnkiruofoedu6624 3 года назад

Thanks

@AccountingStuff 3 года назад

No worries, hope it helps!

@shagynaz 9 месяцев назад

Hi James you are greatt, thanking you 🥹

@AccountingStuff 9 месяцев назад

You are too kind :)

@neilusen1874 4 года назад

Good Job

@AccountingStuff 4 года назад

Thanks Neil :)

@kmackinnon540 4 года назад

Hello James, Your videos are a tremendous help. You do a great job explaining the concepts! I am having a bit of difficulty visualizing how the financial statements interact with each other and why these interactions are important. Do you have a cheat sheet(s) or a video that displays how the financial statements are linked together and how they are developed through the accounting cycle? Example: Capital & Dividends on trial balance feed into the Statement of Changes in Equity, Income Statement feeds the Net Income of the Statement of Changes in Equity. More importantly, do you have a video that explains why these interactions are important to stakeholders?

@AccountingStuff 4 года назад

I haven't as yet but I would like to make a video covering this in the future. The key is in the Expanded Accounting Equation.

@ikefranklin Год назад

thank u

@ridozeindytaadicandra6417 3 года назад

Why such educational channel like this have few subs? I literally don't understand Edit: this educational channel literally change the way newbie accountants see the accounting (not difficult) so why o why most accountants don't subs to this channel

@AccountingStuff 3 года назад

Thanks for your kind words!

@PROLEGEND13 3 года назад

Can you make a full video with one example everything in order? Like entries, acct equation, etc with one example?

@AccountingStuff 3 года назад

Here you go → ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-yYX4bvQSqbo.html

@HOMEFOODMANIACS 5 лет назад

Good one

@AccountingStuff 5 лет назад

Thanks Munesh!

@Credinellatuastoria 4 года назад

Short and sweet. Another great video delivery James!

@AccountingStuff 4 года назад

Cheers mate!

@amory6169 5 лет назад

Very good ♥️♥️

@AccountingStuff 5 лет назад

Thank you!

@nadirbaig156 Год назад

Good 👍

@niloykarmaker1024 5 лет назад

Please next video on INCOME STATEMENT!!

@AccountingStuff 4 года назад

When's your exam??

@annmaryabraham7322 4 года назад

another great video from your channel :) if you can, then i would really appreciate more video about trial balances

@AccountingStuff 4 года назад

Cheers Annmary, thanks for your suggestion!

@RadiantSoph 4 года назад

I passed my cima financial exam a few weeks ago, your videos helped a lot! Thank you!! I'm on a management accounting module now, some videos on marginal/absorption costing and variance analysis would be super useful

@AccountingStuff 4 года назад

Congrats!!! Awesome to hear that you passed! Cheers for the suggestions

@felicitysmoakandwillgraham6453 4 года назад

I am studying for work cause i was put in the accounting division even though i am a marketing major. These videos are helping a lot. Although i still wanna cry 😩

@AccountingStuff 4 года назад

Ouch, that's quite a change!

@felicitysmoakandwillgraham6453 4 года назад

@@AccountingStuff yup. Tears have been shed. And i am already having literal nightmares about accounting. I feel like it's haunting me 😭

@AccountingStuff 4 года назад

@@felicitysmoakandwillgraham6453 Sorry to hear you've been having a rough time. I hope there is light at the end of the tunnel

@johnvarga9009 3 года назад

Hi James loved your videos. Is it possible to do one on ratio analysis and interpretation of financial statements.

@AccountingStuff 3 года назад

Hey John, thanks for your suggestion!

@joelnathanial277 4 года назад

please do a video on accounting ratios.

@AccountingStuff 4 года назад

Hey Joel, cheers for the suggestions!

@josephmadenge3088 Год назад

Hi James I need to understand the excel you use to export those accounts

@omarsroya420 4 года назад

Hello love the videos I was wondering if you were a member of CCAB if so what board did you go for or are you a part of cima?

@AccountingStuff 4 года назад

Thanks! I'm a member of the ICAEW

@Cankarnama 2 года назад

what automatic accounting software would you recommend

@Andy-ux9qp 4 года назад

I'm hoping that you'll make adjusting entries tutorial videos on your channel. :)

@AccountingStuff 4 года назад

Hey Andy, I've made a whole playlist covering them → ru-vid.com/group/PL5zKSeS09l31dhHvwhS4sVjcckQSPGqtp

@Andy-ux9qp 4 года назад

Accounting Stuff thank you so much sir! Your videos helps a lot, please keep making videos and I'll support them ❤️

@paulbarryarabit2112 Год назад

Should the balance sheet and the post closing trial balance match?

@ZeeStreamTube 3 года назад

Thank you for explanations. may I know why do debits got - & credit got + in a income statement?

@AccountingStuff 3 года назад

In the Income Statement, Revenue is shown as positive and Expenses are shown as negative. It's the most intuitive way for people to read it.

@pramukdavegetlost 2 года назад

Hi thanks for the video. Have you made a video regarding irrecoverable debts by any chance.

@AccountingStuff 2 года назад

I haven't, but thanks for your suggestion!

@fasullodan 4 года назад

I really liked this damn video. I'll be watching the others.

@AccountingStuff 4 года назад

Cheers Fasullo! Hope you find them useful

@fasullodan 4 года назад

@@AccountingStuff I"d love to see a video on depreciating assets.

@AccountingStuff 4 года назад

@@fasullodan Cheers for the suggestion!

5 лет назад

🔥🔥

@AccountingStuff 5 лет назад

Thanks Amal!

@Dashrosenstock 2 года назад

Why is sales in debit in the analysed cash book, but in credit for the trial balance?

@wp6575 4 года назад

Love your videos. Short but well explained!

@AccountingStuff 4 года назад

Thanks Uchiha!

@Dashrosenstock 2 года назад

Why is sales in debit in the analysed cash book, but in credit for the trial balance?

@davelekampf 4 года назад

Hey James, quick heads up....the link above to the "Trial Balance Tutorial" actually lands you on the "T accounts explained simply" video, so you might wanna fix that. :)

@AccountingStuff 4 года назад

Thanks for letting me know, I'll look into it!

@amitasood919 4 года назад

Hello Sir, thanks for the informative videos, what is the difference between the traditional and modern approach of the trial balance sheet?

@AccountingStuff 4 года назад

The Trial Balance itself hasn't changed in a long time. But where we used to rely on paper, we now use software to speed things up. This makes it a lot quicker to run Trial Balance reports for varying periods of time

@Dashrosenstock 2 года назад

Why is sales in debit in the analysed cash book, but in credit for the trial balance?

@Alfoncos 3 года назад

Can an expence account have negative balance or an income account? For example, somebody wants me to buy food for $9, I buy it with cash from my wallet so my expense is $9. I give the food to the person who wanted me to buy it for him and he gave me $10 bank note and doesn't want $1 back. Should I debit my expense account with $9, then credit it with $10 so the balance is negative (1)$ or should I credit my expense account with 9$ so the balance is 0$ and credit my income account gifts with $1?

@AdaptedStudios 4 года назад

Good video, only comment I would give is that it was quite misleading that the Retained Earnings just appeared without telling us what the dividends were.

@AccountingStuff 4 года назад

This example assumes there haven't been any dividends. If there were some then you'd have to consider them too.

@AdaptedStudios 4 года назад

Accounting Stuff how did you get retained earnings without less dividends ?

@AccountingStuff 4 года назад

@@AdaptedStudios The company hasn't issued any dividends so there are none to deduct

@Dashrosenstock 2 года назад

Why is sales in debit in the analysed cash book, but in credit for the trial balance?

@fatimakamara5061 11 месяцев назад

double entry please

@MiaaMestiza_ 3 года назад

@2:58 What about a shareholder's equity statement? Or "retained earnings statement"? What's the difference? Are there other terms that mean the exact same thing for either of the same statements (or both if there is no difference)?

@shraddhashirodkar6265 Год назад

Shareholders equity consists of Share Capital (Equity Share Capital and Preference Share Capital) , Reserves and Surplus, Money received against share warrants etc.

@shraddhashirodkar6265 Год назад

Reserves and Surplus are part of Retained Earnings. Retained Earnings are those earnings which are left after paying dividend to stockholders. Retained Earnings comes under Shareholders equity in balance sheet.

@andretuazon 3 года назад

Wow that was fast.

@faizanshabir8193 3 года назад

Are Income Statement and Profit and Loss Account same things?? And What is Trading Account?? Please Guide about This.

@bimogushatriastanto 3 года назад

Those are the same things, both of those shows the exact same result (Revenue (Income) minus Expense = Profit/Loss). The report name is used interchangeably according to the generally accepted terms in your region/standard.

@faizanshabir8193 3 года назад

@@bimogushatriastanto Thanks