Basic Accounting Concepts for Non Accounting Consultants

[@debaduttadas4690]

undoubtedly the best video I have watched till now on accounting.. thank you Sir for explaining this complex concept so lucidly!!

[@OracleEbizandFusionVideos]

You are most welcome

[@poojashangari4423]

This is a great video. You have explained everything very nicely and in a simple manner. It's so easy to understand by me being from a non accounting background

[@OracleEbizandFusionVideos]

Glad it was helpful!

[@natarajanrajasrinivasan8560]

Very useful video for consultants fom Non Accounting background. Please keep up the good work and keep sharing such wonderful videos.. You are very good teacher who goes with good pace for the audiences to catch whatever you say 👍👍👍

[@OracleEbizandFusionVideos]

Thanks for your feedback... Its these kind of feedback which encourage me to make more such videos

[@bibhuduttapradhan9700]

Very well presented... Always look for ur videos.. Really helping me a lot on learning ebs financial concepts..

[@OracleEbizandFusionVideos]

Thanks

[@Shreyan_reddy]

Excellent. Very well explained 🙌

[@OracleEbizandFusionVideos]

Thanks for your feedback

[@muralisethi]

I have started seeing the videos....its really useful.

[@OracleEbizandFusionVideos]

Thanks for the feedback

[@pavithraks5982]

Very useful information, Aravind. Thank you!

[@OracleEbizandFusionVideos]

Glad it was helpful!

[@shriamit82]

Excellent...such a great and useful video

[@OracleEbizandFusionVideos]

Thanks for your feedback

[@ganesanp9601]

There's no doubt "Good stuff to all non accounting background people" Sir.

[@OracleEbizandFusionVideos]

Thanks for your feedback

[@kishorechandran9051]

Thank you. Excellent Video

[@OracleEbizandFusionVideos]

Thanks for your feedback

[@diwakerbabu496]

Thanks for the well explained video on Accounting concepts

[@OracleEbizandFusionVideos]

Glad it was helpful!.... Keep following my channel

[@venkimaama]

Superb Arvind, thanks for this video:)

[@OracleEbizandFusionVideos]

My pleasure 😊

[@prajaktashegokar5455]

Thanks it helped me understand being from non accounting background 🙂

[@OracleEbizandFusionVideos]

Thanks for your feedback

[@arunaweerakkodi2301]

👍

[@arkadas1624]

Very Good Explanation

[@OracleEbizandFusionVideos]

Thanks

[@CuriousIndianSoul]

Thank you so much for explaining in such a convincing manner.

[@OracleEbizandFusionVideos]

My pleasure

[@muralisethi]

Well explained sir. Its very useful for non accounted guy

[@OracleEbizandFusionVideos]

Thanks for the feedback

[@riteshsrivastava6080]

Thank you Sir for explaining ; being from nonaccounting background and working in Oracle Finance, could understand the basics. However how do i reach out to you, to learn more on the accounting ? Its troubling me on my day to day business solutioning. Need your help sir

[@OracleEbizandFusionVideos]

You can join our below Telegram group and ask your questions there... t.me/+QOdpOSXomYJkNWRh

[@MrProfessionalk]

Excellent explanation. How you can do a Part 2 with more oracle ebs examples.

[@OracleEbizandFusionVideos]

Let me know if you are looking for explanation on any specific concepts?

[@mdevudu]

Thanks for explanation Bro....

[@OracleEbizandFusionVideos]

Happy to help

[@anuradhajha8664]

This is really very helpful 👍🏻

[@OracleEbizandFusionVideos]

Glad it was helpful!

[@zahid_afridiii]

Thanks for such Good Explanation

[@OracleEbizandFusionVideos]

Thanks for your feedback

[@muralisethi]

Sir, Could you please explain why accrued expenses are reversed in beginning of next period?

[@OracleEbizandFusionVideos]

Definition of Accrual:- Record the transaction in the period to which it belongs and not when its paid:- Say in Jan-22 period (on Jan 31, 2022) you passed the below accrual entry in GL as salary is not yet paid:- Salaries A/c Dr Salaries Payable A/c Cr During Feb-22, the below entries are passed in GL:- Salaries Payable A/c Dr Salaries A/c Cr (This is the reversal of the Jan-22 period entry) Now after salary payment, the below entry is passed:- Salaries A/c Dr Bank A/c Cr So, if you look overall YTD Feb-22, the net entry would be:- Salaries A/c Dr Bank A/c Cr but from reporting perspective, Expense was reported in P&L of Jan-22... If you observe, in Feb-22, Salaries account is debited and credited so, net impact of Salaries account is zero Hope i answered your question

[@muralisethi]

@@OracleEbizandFusionVideos thank you sir, its cleared now. Well explained!!!

[@OracleEbizandFusionVideos]

Glad, your question is clarified now

[@debabratadas5881]

Can you please explain differences between personal / real / nominal accounts?

[@OracleEbizandFusionVideos]

Nominal Accounts are those accounts whose balances are closed at the end of the year and transferred to Retained earnings accounts... These are typically Expenses and Revenue accounts Real Accounts are those accounts whose balances are not closed at the end of the financial year... These are typically Balance sheet accounts like Assets, Liabilities, Owner's Equity Personal Accounts... These account types are related to natural persons like Debtors, Creditors, Firms, companies etc...

[@mdevudu]

Need fusion financial explanation Bro

[@OracleEbizandFusionVideos]

Please ping me on my facebook page

[@anelmah]

Can u pls make video of how to reconcile ledger and bank statement in oracle ebs ? Thank u for all video

[@OracleEbizandFusionVideos]

Sure. Please stay tuned to my channel

[@OracleEbizandFusionVideos]

Hi, Please see below video on Bank Statement import and Reconciliation process in Oracle Fusion cloud:- kzbin.info/www/bejne/ooCWnWqQiayWrck

[@KumR]

See below example.... Can u tell me why Supplier Liability Account CCID - Account at Supplier Site (Balance Sheet Liability Account) is credited?and why Bank / Cash / Cash Clearing CCID (Balance Sheet Asset Account) is credited?

[@OracleEbizandFusionVideos]

When you create a AP invoice, AP Liaibility account is created and expense account is debited.... Expense account is debited based on Nominal account rule which says Debit all Expenses and losses. Liaibility account is credited based on Personal account rule which says Credit the giver... in this case Supplier is the giver... Bank account is credited (when you make a payment) based on Real account rule which says Credit what goes out...hope this clarifies your question....