Bookkeeping Basics Explained (Bookkeeping & Accounting)
In this course you will learn bookkeeping and accounting basics. By the end of this course, you will have a solid understanding of the main accounts in bookkeeping and accounting, the different financial reports, and I will show you step-by-step how to do bookkeeping and accounting.
You will learn:
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Debits and Credits
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Preparing a Bank Reconciliation
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Preparing Balance Sheet and Income Statement
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Accounts Receivable and Accounts Payable
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Month-end or Year-end Accruals
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Mortgage or Loan amortization
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Recording Amortization (Depreciation) of Tangible Capital Assets
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Recording Term Deposits, and Interest Received from Term Deposits or GIC’s
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Recording Investments, Dividends & Interest Received from Investments
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Recording a Return of Capital from an Investment
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Adjusting an Investment to Fair Market Value
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Recording Dividend Payments to Shareholders
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Closing Dividends into Retained Earnings
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Writing-off Bad Debts
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Setting up Allowance for Doubtful Accounts
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Setting up Accounting Software
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Getting Started with Accounting Software
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Trial Balance
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Examples of the most common daily bookkeeping journal entries
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And much more!
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Bookkeeping Basic Skills
Using Bookkeeping or Accounting Software
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Debit or credit (Part 1)? Assets, liabilities, revenues, and expensesIn this video we talk about debits and credits and how to record assets, liabilities, revenue, and expenses.
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Debit or credit (Part 2)? Assets, liabilities, revenues, and expenses
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How much money do I REALLY have in the bank (Part 1)? Bank reconciliation
In this video you will be introduced to how to do a simple bank reconciliation.
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How much money do I REALLY have in the bank (Part 2)? Bank reconciliation
In this video you will see another example of a simple bank reconciliation.
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Why should you do a bank reconciliation?This quiz will test your understanding of the bank reconciliation.
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How much money am I making? Balance Sheet and Income Statement (Part 1)
In this video we discuss what information a balance sheet and income statement shows.
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How much money am I making? Balance Sheet and Income Statement (Part 2)
In this video we discuss what an income statement is.
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Don't forget to accrue! Month-end and year-end accruals
At the end of every month it is important to accrue expenses that are for that month that will be paid in the future.
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Making monthly accruals is an example of which method of accounting?
Choose the best answer.
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Getting money from the bank (Part 1): mortgage / loan amortization
In this video we discuss how to record a mortgage/loan from the bank.
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Getting money from the bank (Part 2): mortgage / loan amortization
In this video we discuss the 2 methods in recording mortgage/loan amortization.
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Making mortgage payments
Choose the best answer.
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I bought a computer. How do I record it? Amortization of capital assets
How do you record the purchase of a computer? Do you expense 100% in the year you bought it? We will learn how to record amortization of capital assets in this lesson.
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Term deposits & buying stocks: Investments and investment income income
Investing in a term deposit or stock market can earn you dividend or interest income. In this video we look at how to record them in the accounting software.
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Why do we amortize capital assets?
Choose the best answer.
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Making money by investing: return on capital and adjusting to fair market value
When you make money through investments (i.e. stock market), some companies will give you a return on capital. In this video we talk about how to record a return on capital on investments (i.e. stocks), as well as how to adjust an investment to fair market value.
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I want money for my investment: Dividends to shareholders
In this video we talk about how to record dividends to shareholders.
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Dividends to shareholders quiz
Please answer the following question.
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Customers not paying me: determining bad debts (Part 1)
Some customers won't pay you after receiving your product or service, causing a bad debt on your books. In this video we talk about the methods on how to determine bad debts.
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Customers not paying me: determining bad debts (Part 2)
Some customers won't pay you after receiving your product or service, causing a bad debt on your books. In Part 2 of this video we continue to talk about the methods on how to determine bad debts.
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This customer won't pay: writing off bad debts
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Bad debts quiz
Please answer the following question.
An example of every day bookkeeping: Computer store
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Setting up a bookkeeping or accounting software
In this video we talk about how to set up a bookkeeping or accounting software.
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My accountant asked for a Trial Balance. What's that?
In this video we talk about what a trial balance is, and why it's an important report for bookkeepers and accountants.
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