Double-Entry Accounting: a 2 Minute Tutorial

[@AccountingStuff]

⭐SPECIAL ANNOUNCEMENT ⭐ Due to popular demand, I'm now posting an additional quiz question every day! These new questions will be a little harder than the ones you've been seeing so far. But please don't be put off. The aim is to help you build a deeper understanding of accounting. These new questions will be exclusive to my Channel Members. So if you'd like to access them, click this link: kzbin.infojoin What Two Minute Tutorial should I make next⁉ ⏱TIMESTAMPS 00:00 - Intro 00:07 - What is Double-Entry Accounting? 00:25 - Who invented Double-Entry Accounting? 00:45 - Single-Entry Accounting 02:21 - How do Debits and Credit work? 02:54 - Why is Double-Entry Accounting important?

[@lordalfaa]

The Journal most definitely 😎. Because according to ur accounting cycle video which I've watched many many times after the transactions we go to the Journal and as an accounting student it would an honour to go with u round the cycle a fresh 😌.

[@AccountingStuff]

@@lordalfaa For sure, that's already on the list. I'll try to cover different types of journal in this playlist

[@PulzRemix-v1f]

Partnerships Please......

[@lordalfaa]

​@AccountingStuff man I love you

[@AccountingStuff]

@@PulzRemix-v1f 👍

[@chrisbogue3210]

I just discovered your videos and I've been binging on them all day. I plan to start a bookkeeping business using Quickbooks, over a period of time while keeping my main job. It is great to see that you started five years ago, and this video is only five days old, letting us know that you are still at it. Thanks so much for teaching the subject so well.

[@AccountingStuff]

No problem! Best of luck in your new business venture :)

[@colebastian2906]

Man. You absolutely NAILED it, yet again! I have told everyone in my accounting class about you and we now talk about you amongst our group. I wish I could put into words the huge impact you've had on our comprehension of our lessons but it's impossible to do. You have become a consistent resource for a whole new class of accountants and we cannot thank you enough:) Do you have your CPA and, if so, do you plan to do a series on CPA prep?

[@AccountingStuff]

Thanks for your kind words! That's great to hear :) I have an ACA from the ICAEW. Cheers for your request

[@TalkingAmnaKhan]

Bruh im doing CA. (chartered accountancy) from Pakistan im a bio student who changed her field after 12th and believe me its a v comprehensive video like it took me 9 days to get this concept and u taught in a few mins definitely worth it. just today found ur channell on google by video "review onn the accounting game book' .keep making videos thanks good luck

[@AccountingStuff]

Thanks great to hear it's making sense :)

[@MUHAMMADAWAIS-eh5tg]

Hey, I am also planning to do CA. What do u think is it good and which Institutes are best for its preparation.

[@TalkingAmnaKhan]

@@MUHAMMADAWAIS-eh5tg crescent is best in lahore

[@pramukdavegetlost]

Bio student to acca

[@HostallifewithZain]

How much paper u clear bro I also want to do açca ​@@pramukdavegetlost

[@Mr.SourArmpits]

Thank you you're the most DEALER ever

[@AccountingStuff]

Love it 😎

[@brianwarner308]

That’s the first time that I ever seen somebody do a two minute tutorial and go over it with zero given..I loved it…that was original, ultimately necessary, and infinitely inspiring…

[@AccountingStuff]

Thanks! Glad you enjoyed it :)

[@sepster2740]

Bro, you need to upload more. The world needs you!

[@AccountingStuff]

I try to release as often as possible :)

[@Haris-u7k]

​@@AccountingStuffhaven't you make it playlist of this (2.0)

[@AccountingStuff]

@@Haris-u7k That's the plan :)

[@jeninabuhijelh699]

Thanks!

[@AccountingStuff]

Wow! Thanks :)

[@JettingChen]

Found your channel today. Usually for many subjects, I don’t like seeing KZbinrs making video thumbnails with different facial expressions and poses. But for the subject of accounting, I think you’re doing it just right. I appreciate you doing things to liven up this subject.

[@AccountingStuff]

Thanks, appreciate it!

[@tosinomofoye94]

This is the best definition of equity that I have heard 👏🏾 it’s what a business owes its owners

[@AccountingStuff]

Great to hear it's clicking for you :)

[@Risingtide930]

A great summary as always, top man.

[@AccountingStuff]

Thanks, appreciate it :)

[@lifeasagee]

Just here to let you know your videos helped me graduate ❤️ thank youuu

[@AccountingStuff]

Congrats on graduating!! Well done :)

[@WinnerNevQuitsQuitterNevWins]

Man I love your KZbin channel, you saw emptiness in KZbin’s Accounting info domain and took the initiative to produce and help others while also reaping the benefits. I really hope you see this, you’re honestly someone I look up to and because of you I have majored in Accounting and have been destroying the competition during my first year in uni by getting the FMAA and CertIFR and CertIA. I’m now planning to start working for the ACCA membership and start building my way to it as it is very comprehensive and not that costly like other certifications and memberships (ehm ehm CMA/CPA). I would really love if you would make a playlist on these certifications, I believe you would gain a lot more attention from the Accounting community as these certifications and memberships are important for us. Much love my guy ❤ please keep going.

[@AccountingStuff]

Thanks for your request! Great to hear your studies are going well :)

[@AnasOPGood]

This is the best definition of debit and credit that i've ever heard! Keep up the good work and I hope you will get even more successful! 🎉

[@AccountingStuff]

Thanks! Hope it made some sense :)

[@nancyananta6629]

I learn so much from your clear explanation. Gonna check your other video to learn more about accounting stuff. Thank you for your effort to make this subject more interesting!

[@AccountingStuff]

Great to hear you found it useful!

[@KenNerdy24]

Thank you man, I defeated accounting thanks to your work, very grateful and God bless.

[@AccountingStuff]

Congrats on your victory!

[@prabhae9162]

the best channel to learn accounting.❤

[@AccountingStuff]

Thanks, I appreciate it :)

[@trentandytrent]

Just need to change the name of the video to double entry accounting in 3 and a half minutes, then you nailed it!

[@AccountingStuff]

Thanks :)

[@ms4chun1]

I wish there was a tutor available as good as you are😢❤😊

[@AccountingStuff]

❤

[@HmmHmm-zo9il]

What is the quickest job one to get with least accounting knowledge? Like highchool level knowledge if they are studying accounting in high school? Maybe after supplementing it with some extra knowledge & skill. As a side hustle, for some easy bucks.

[@Kyara-wc9mg]

Tysm

[@AccountingStuff]

You got this!

[@HarrietRobson-n7t]

Loved this! Super helpful! Thank you :)

[@AccountingStuff]

Thanks, I appreciate it :)

[@BeverlyAugumes]

I wish i came across your channel in the beginning of this year

[@fahimhasheem5413]

Please upload a video about partnership and company accounts because I have found your videos very useful in following the basics

[@AccountingStuff]

Thanks for your request!

[@nycto16]

Remember watching his videos during high school to pass my accounting exam... currently I'm in last year of my business administration degree with major in marketing and still struggling in accounting 😅😂

[@AccountingStuff]

You're so close to finishing! Best of luck in your final year :)

[@nycto16]

@@AccountingStuff Thanks a lot!!! 😍

[@AccountingStuff]

@@nycto16 No worries

[@nycto16]

@@AccountingStuff 😄

[@victoriancu7358]

Bro you need to be teaching every subject on earth.

[@AccountingStuff]

Thanks :)

[@accoviser]

Love this! Practice makes perfect.

[@AccountingStuff]

It sure does :)

[@ashnashahid799]

Can you make a video on suspense accounts journal entries

[@AccountingStuff]

Good idea!

[@vfpconsulting]

Your videos are so helpful!!

[@AccountingStuff]

That's great to hear :)

[@manjulaFernando-mf6mh]

Thank you man. You are a genius

[@AccountingStuff]

You're very welcome :)

[@gokuisthegoat]

You should definitely make videos on investment appraisal and absoprtion costing (if u havent already i cant find them) your videos r sick

[@AccountingStuff]

Thanks for your requests!

[@alienzooband]

very good im glad you kept going

[@AccountingStuff]

Thanks, I'm planning to release more soon :)

[@xzzkat]

Thank you so much for making this video ! I do have a question about the accounting equation - is owners equity the same as capital? And revenue the same as income?

[@AccountingStuff]

The terms are often used interchangeably. But I like to think of Capital Contributions (money invested into the business out of the owners' own pockets) as a component of Owner's Equity to avoid confusion. Revenue is a business's top line income. But the word 'income' is often used interchangeably with 'profit'. E.g. Net Income = Net Profit. Confusing I know!

[@sobhitamishra5582]

Can you please make a video explaining Dividends and Capital Gains and the difference between the two?

[@AccountingStuff]

Thanks for your request :)

[@gennamowbray1513]

Great video James, thanks! Would you consider making a video tackling the basics about "Statements of changes in equity"?

[@AccountingStuff]

Thanks for your request

[@lizaluk]

Easy way to understand statement of cash flow can be a help

[@AccountingStuff]

Here you go: kzbin.info/www/bejne/epq5gXSgnNKhoJI

[@PutridanAkuntansi]

Gak nyangka akuntansi bisa sekeren ini videonya...

[@AccountingStuff]

Glad you enjoyed it!

[@parmoksha]

Can you make video series on accounting fraud. How in accounting frauds are done And how we can identify them from financial statements

[@AccountingStuff]

Thanks for your request :)

[@marianabissoon9155]

Hey could you bring out a video on co ops and payroll

[@AccountingStuff]

Thanks for your request!

[@rachidhamrad8391]

Hi, I watched your 5-hour accounting, first, thank you so much, that bring me a live again, I have only one question and I love if I could watch a video of you explain it, it is about the shareholder, I am active in Stock market, and I am trying to start with fundamental analytics, but what the issue that I could not have a real understanding is, for example: Palantir Technologies Inc. is right now traded in the market by 25 dollar, Market Cap is 56.142B and Stockholders' Equities 3,475,561, total Asset: 4,522,425, how can we know the amount of equity are out to trade, and how we calculate the real share price? I hope you read the comment, Thank you Bro I appreciate your effort, Peace

[@matilda5038]

I NEEDED THAT!!!

[@AccountingStuff]

Hope it was useful :)

[@Jojo-sd7yo]

Please can you explain the difference between a Trial Balance and Double Entry Accounting in your next video 🙏

[@AccountingStuff]

Thanks for your request :)

[@xsmx24]

Hi, i have a little question. Does the IFRS version of accounting differ to what you teach? If it's yes, what do i have to look out for? My exam will be soon and your videos really helped so far! Thanks

[@AccountingStuff]

My channel covers basic accounting topics which apply to both IFRS & GAAP. That being said, you should only use it to supplement your learning. Make sure you use the terminology that you've been taught to use in the exam. Best of luck!!

[@Bookie-fm7oz]

Can you make videos for partnership for admission, retirement and share

[@AccountingStuff]

Thanks for your request :)

[@IceyJunior]

The best of the best

[@AccountingStuff]

You're too kind!

[@kylelimyq]

hi!! could you do a video on bad debt and provision for doubtful debt🙏🙏🙏

[@AccountingStuff]

Thanks for your request :)

[@moonlightinquiry4254]

Please create a vedio regarding how to calculate a rent allocation (initial cost 5M, total lot 2,000 sqm, 100 sqm to allocate to subsidiary for rent). How much will be the monthly rental to charge as sublease?

[@AccountingStuff]

Thanks for your request!

[@leila252]

can you please make a vid on the statement of movements in equity?

[@AccountingStuff]

Good idea :)

[@opemipoakintunde9403]

Please do you have a website that I can use to source theories to practice with. I've done some searches and I can't seem to find something comprehensible that I can practice with. Especially Bank Statements and CashBooks to practice Accounts Reconciliation. It's either the Bank Statement is incomplete or something is not adding up in the CashBook. I'll really appreciate the help James. Thank you for all you do!

[@AccountingStuff]

Unfortunately I'm not aware of any, will let you know if I come across anything

[@AmaliSaid-xz1dr]

Finacial application +1 and 2 you neee to qualify for, good luck

[@buphelodubeni-so5ul]

Can you please do cpj and crj? it would help .( By the way, you're changing lives and thank you for that, I lack a million words to thank you)

[@AccountingStuff]

Thanks for your request :)

[@JessTryon]

PLS PLS PLS do a video on Accounts Receivable in regards to estimating Allowances for doubtful accounts and how to adjust/journalize the entries along with bad debt expense 😭🙏🏻

[@AccountingStuff]

Thanks for your request!

[@trevismd]

Best way to learn this concept is to apply it. Well that’s what I did. If it’s not balanced. You did something wrong.

[@AccountingStuff]

Very true! Practice makes perfect :)

[@estracto_12]

you are the best

[@AccountingStuff]

Thanks, glad you found it useful!

[@cchristinanicholas]

Please do a video on Petty Cash. I depend on your videos to get this Degree❤

[@AccountingStuff]

Thanks for your request!

[@melaninshamz3346]

Can you make a video on payroll accounting

[@AccountingStuff]

Thanks for your request!

[@aliasgerrajkotwala3699]

hello, can you make a video on non profit organization taxes and how its filed???....as i am new here i have interviewed at many place i got rejected due to this reason as i don't have enough experience regarding Canadian tax filing

[@AccountingStuff]

Thanks for your request!

[@asheryramtetteh-abotsi2157]

I want a full explanation for adjustment in the income statement

[@AccountingStuff]

I'll keep this in mind for future vids :)

[@mohamadsawli213]

Hello, i had an exam today and i have a question. There was a transaction that was like someone issued to a company capital stock worth 15000. So cash decreased by 15000 and capital stock increased by 15000. This caused an imbalance in the balance sheet. So did i do a mistake? If cash decreased by 15000 then assets decreased by 15000 and if capital stock increased by 15000 then equity increased by 15000. This lead to a 30000$ imbalance.

[@MathialaganGopalakrishnan]

Hey brother, Could you please teach us adjusting entries with example.... Pleaseee

[@AccountingStuff]

Here you go: kzbin.info/www/bejne/fmGxaKesjdp9orc

[@MathialaganGopalakrishnan]

@@AccountingStuff Thanks brother..I saw your videos recently it was amazing and well explained under 10 minutes. Please start doing content with CPA FAR if possible. It would be really helpful for us. Not only me for all the Indian students..Love from India ❤️‍🔥

[@AccountingStuff]

@@MathialaganGopalakrishnan Thanks for your request :)

[@pablodoradoo]

Hello i have a question regarding the amount of journals necessary. Lets say i buy supplies on the 1st of the month. I keep this information to make a journal at the end of the month. But the day after i realise i need some more supplies so i go and buy more of the same thing. Lets say that i sell more than expected so in three days i need to buy more of the same supplies. My question is can i mash all these three transactions together or should i make three individual journals? Im worried that would mean i need to make a huge amount of journals

[@AccountingStuff]

You can post multiple transactions in one compound journal. But if the number of transactions starts getting high then you should potentially look into getting some Accounting Software to help you out

[@pablodoradoo]

@@AccountingStuff thank you so much. I have another question that I haven't been able to answer. In a journal entry discount received is a credit and as I sell the discounted product I can debit it and lower cost of sales but if I don't sell the totality of the product discounted before the end of a fiscal period I imagine I should have an open discount received account in the trial balance. If this is correct where should I place it in the liabilities, equity or somewhere else. What about the financial statements does it have a place in the balance sheet? Thank you so much for all your content I'm currently watching the 5 hour video and it's really great

[@adityasingh050]

Hello sir, Big fan

[@AccountingStuff]

Thanks, glad to hear it :)

[@adidibright9022]

Do you have a paid course on accounting with certification?

[@AccountingStuff]

I don't. All my videos can be found for free on KZbin

[@wellingtonprates5774]

Congrats

[@AccountingStuff]

Thanks! But for what?

[@accounting.statistics]

Nice

[@AccountingStuff]

You're welcome :)

[@alfahidi7018]

Historically, the only reason it was created was to reduce accounting errors by recording entries twice. 'balance the books" there I did it in a sentence.

[@AccountingStuff]

Thanks for your summary!

[@KungatlukBangoang]

Please let you upload more video

[@AccountingStuff]

I'm working on it :)

[@YTXShahid]

Journal entrie system can A video

[@AccountingStuff]

Thanks for your request :)

[@Youdontknowme444-r3s]

Sir I need you help I was a science student...due to some reason I had opt for bachelor of commerce I havin difficulty in mastering accounting 😭 i don't not what to do..I feel very stupid and I feel like my career have been destroyed

[@AccountingStuff]

If you can handle science subjects then you can definitely handle Accounting. It can seem confusing or counter-intuitive at first, but once you crack a couple of the basic principles then the whole thing will start making sense. You've got this!

[@Youdontknowme444-r3s]

@@AccountingStuff thank you sir

[@cezardasilva8000]

im taking the coursera course on bookkeeping and it sucks. im taking the course but i keep having to go to youtube to have an actual cohesive explanation on things

[@AccountingStuff]

Hope it's going well!

[@adityasingh050]

PLEASE EXPLAIN GST

[@AccountingStuff]

Thanks for your request! I touch on GST in this video: kzbin.info/www/bejne/d367eHV-bM2igLs

[@Martyb31]

Well if you speed up the video by x1.75 it def fits in 2 min 😉

[@AccountingStuff]

Good point!

[@clem1300]

will really appreciate it if you could help your more advanced subcribers and post a video on capital reduction...

[@AccountingStuff]

Thanks for your request!

[@MelroyvandenBerg]

I closed the video at 2:00 you failed the test.

[@MelroyvandenBerg]

Without joking now.. What is the difference between Accounts and Ledgers?

[@AccountingStuff]

@@MelroyvandenBerg You can think of Ledgers as books that contain a collection of accounts and the details of the transactions affecting them. There are two main types: General Ledger & Subledgers. You can learn more about them in this video: kzbin.info/www/bejne/fKabq3qbmpaGkNk Accounts are records within a ledger that collect and store the transactions relating to specific items.

[@kenesu1281]

❤✨

[@AccountingStuff]

[@DigitalEdward]

Do you know Holochain?

[@AccountingStuff]

It's new to me

[@DigitalEdward]

@@AccountingStuff double entry accounting. A working mutual credit currency ecosystem. Its awesome

[@peterjohnson2442]

If you watch the video at 2x it is >2m

[@AccountingStuff]

Good shout!

[@ganeshravi9862]

can you provide for me job brother

[@highpriestess_]

Man, please be my boyfriend, you make accounting look simple😢😂

[@spiky29]

You lost first 5s with repeating same sentence. Also..title says "tutorial", failed to explain how to use it in practice.

[@AccountingStuff]

I can cover that in another video :)

[@last-life]

I dont care who invented it.

[@AccountingStuff]

Fair enough

[@markmower1746]

You can't learn accounting in 2 minutes. Sorry.

[@AccountingStuff]

Agreed, you can't! But maybe this playlist can still help. I'm breaking topics down into short summaries and plan to follow them up with practice questions

[@alicerp2008]

These videos have taught me more than what I learnt in uni

[@markmower1746]

@@alicerp2008 you have to go to America universities so we can learn you good!

[@AccountingStuff]

@@alicerp2008 Great to hear you're finding them useful

[@AccountingStuff]

@@markmower1746 There are good universities in many countries