How To Close The Books For Dummies. Financial Close In 15 Steps

[@TheFinancialController]

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[@rexbk]

Thank you much, Bill. Allow me to put the video summary here. a) Balance sheets Step 1: Bank Reconciliation, pro tips: do weekly Step 2: Reconcile AR with invoicing data Step 3: Reconcile Prepaid Expenses, check for reasonableness Step 4: Reconcile Inventory, Qty by SKU, Aging for expiration dates Step 5: PP&E, |Review for large purchases, run depreciation, obsolete items Step 6: Accounts Payable, all vendor invoices are received, reconcile trial balance to sub ledger, aging report & avoid inflating cash balances unnecessarily Step 7: Credit cards recon, cc statements vs book balance Step 8: Accrued expenses Step 9: Unearned Revenue, amortize as needed Step 10: Long term debt vs Lender Statement, accrue interest b) P&L Step 11: Revenue accrual by customers (when you earned it) Step 12: Expense accrual, list of Expense GL Accounts Step 13: Review Open POs that not billed by vendors yet. Step 14: Actual vs Budget Step 15: Period over period comparison Step 16: Lock the period.

[@wandererssoul4892]

Thank you for this summary 🙌🏻

[@ricardorigual87]

This guy explain way much better than 90% of people

[@cxb787]

Please consider videos on how financial analyst and accountants should approach reporting/presenting financial results and recommendations to senior management.

[@Ballerina35]

Much needed

[@minecraft13mine]

You are one of the best creators in KZbin regarding this complex topics. I’m ex PwC, I worked in audit and taxes. Nowadays I’m working only in taxes, and your videos are helping me to my personal development. Thank you very much.

[@TheFinancialController]

Thanks for sharing

[@kylepetruzziello3321]

This video is super helpful for a junior accountant like myself who works in public accounting, and is trying to prepare himself for a more advanced corporate role!

[@OKREDHOT]

Very good summary of the different steps of a month-end close. Some remarks though (might be because I am not based in the US) regarding missing tasks: - Provisions for any litigations, for warranty products (if selling products), ... - Tax reconciliations for VAT, payroll for social security, withholding taxes, Corporate Income Tax, ... - Payroll bonus (if applicable) - Revenues: credit notes review (along returns/cancellations) either issued or to issue, retroactive discounts (esp. for retailers) - Interco reconciliations: applicable only if several entities with re-invoicing (recharging), purchases and sales + AR/AP counterparts, ... important for consolidation - Review of deposits/guarantees (non-current assets), - Split long-term/short-term of debts/leasings - Management Accounts adjustments: mapping new accounts from P&L (income statement), review proper cost centers (analytical accounts) allocations + eventually journalized (reclasses)

[@sandeepdodda2890]

Can you please upload a video on reasons for differences between TB and Sub ledger of AR/AP and how to reconcile the same ?

[@AlexGonzalezSC]

Same question I have!

[@imophelia]

I second this! It would be very helpful

[@nais7679]

Ohh that would indeed be helpful

[@newyorkvisionary]

In my experience it happens mostly with older systems. Sometimes batch posting issues happen, or someone posts a manual entry to the AP/AR accounts. The reason it happens can change but it means something posted in the ledger and not the TB or vice versa. To reconcile, some software have reconciliation reports that you can run to identify the amounts causing the discrepancy. From there you need to locate the entries, and figure out what happened. It’s not cut and dry on how to fix this, it’s case by case. You usually end up having to book a manual JE to fix it. Hope this helps!

[@eyekkay]

Justttttttt Amazzingggggggg...... I never get a dummy video of full explanation of month end process whenever I started searching job. But this time Bill, You really heard me. So so so thhankful, I am from India.😍😍😍

[@TheFinancialController]

Glad it helped!

[@jpmarchena703]

Hey man, tax associate at a regional firm here, super enjoy your videos. Would love to get some more backstory on your wife's career and any advice she may have for other tax practitioners, e.g. how to "make it" long-term in tax. Keep killing it!

[@tlungu962]

this is what us Tax Professionals NEED!

[@janicelangley6709]

Thanks!

[@TheFinancialController]

Thanks Janice!

[@babablunders]

Amazing breakdown as usual, even with 15 years of experience in accounting i still struggle sometimes with the basics and that's why I love your detailed breakdown. Because of your coaching, I began a new consulting position in a cabinet in Montreal, so I have to ask, why do you have a mug from Montreal?

[@TheFinancialController]

Haha thanks Eric. I was visiting my best friend in Montreal when I bought that.

[@marvelouss719]

@@TheFinancialController Nothing has changed since my last comment. If accountants use your channel to close up gaps in their accounting education, I get that, but most of the questions I read seems to come from people who have NOT studied accounting and are taking short cuts. My concern is about you and others who look to monetize their accounting knowledge and water down the accounting profession at the same.

[@ragnadrabinowitz7629]

​@@marvelouss719 watering down the accounting profession? this isn't quantum mechanics.

[@antrechio]

@@marvelouss719 People with your outlook gatekeep info and that is the reason so many accountants have skills gaps to begin with. If this knowledge were more available, these videos wouldnt have an audience.

[@AdrianaMihalcea12345]

I always thought accounting was hard and kinda of hate it. You are explaining it so simple and everything starts to make sense. Thank you! I feel like I can finally understand things that I thought I never will :)!

[@TheFinancialController]

Amazing!

[@joshuastarks6272]

I wish you could teach me, you’re so thorough and down to earth. Just started watching you and have enjoyed 4 videos thus far.

[@TheFinancialController]

Thank you so much!

[@Chironex_Fleckeri]

Finally the KZbin algorithm brought me the video I was hoping for. There can be bottlenecks in the process of any entity's close. So there's a sequence of tasks that must be checked off the list before the next.

[@atlienacct5868]

These video are so helpful in reviewing basic accounting skills. Saving for the Becker program then signing up to sit down for the CPA!

[@gengchen192]

You will be a great accounting teacher for sure if you would like to, I do learn a lot from your videos, thank you so much for the sharing!

[@TheFinancialController]

Thank you!

[@imranmunawar3]

Hello Bill, In this Vlog you have covered all aspects of closing very briefly with simple step by Step approach. Amazing.

[@TheFinancialController]

Glad it was helpful!

[@RA-rh5lb]

Hi Bill could you make videos on how to reconcile the TB amount with the main GL account, how to prepare a prepaid schedule, AP reconciliation with main GL etc

[@PaulasPicks]

Hi Bill! I'm in this chaotic fun every month & could not function without my checklist. Love how organized you are! By the way, in your video, #9 is shown as "Accrued Expenses", but you do a great job (as usual) explaining "Deferred Revenue". Thanks for all you do to lift up the profession!

[@TheFinancialController]

Haha thanks for catching this Paula

[@NganVo-dt8br]

So exciting! Just a bit bit mistake at Step # 9: deferred revenue but in the blackboard is Accrued Expenses.

[@tracy3677]

Thanks so much for your videos! It’s so hard to find any good videos with tips/process guidance for Accounting, and your delivery is concise enough to make it full of value but detailed enough to be clear & actionable. Thanks!!

[@TheFinancialController]

Thank you Tracy!

[@hardwareweldingsuppliesacc1027]

Love how you make accounting easy to understand, can you do a video on Asset Register and Depreciation?

[@user-wi9nn6dz8w]

Better than all of the internal trainings I have seen combined!

[@Conquerchronicillness]

Great content! Public Tax CPA here, love seeing the Financials from this viewpoint

[@Serasred108]

This is so helpful! Thank you! I do have one question though -I work for a growing construction company and we have several projects carrying over month to month. Would you suggest doing a quarter close over a monthly close? Or do you have any recommendations for how to tweak the process to enable a monthly close?

[@920WIZCO]

Another great video. Thank you for sharing. As someone who is currently in school for accounting I have not had a chance to practice these concepts yet, but will keep in mind for future use!

[@TheFinancialController]

Thanks Brent! Your hard work and studying will pay off..

[@920WIZCO]

@@TheFinancialController thank you! I am very excited for all the doors it will open, little nervous for all the details surrounding it all, but I know with time and repetition things will get easier. My goal is to be a controller one day as well! Excited for the journey.

[@kiranh2093]

Hi Bill, Thank you so very much for detailed yet simple checklist to the books of accounts for an organisation. You doing great job. My best wishes to you. God Bless keep spreading knowledge.

[@TheFinancialController]

Thanks Kiran!

[@joyliu6807]

Thank you for sharing! You mentioned "maintaining an Excel table" for many items, and I wonder if it's a common practice to do them directly in accounting software like Quickbooks too?

[@mosesfennel]

Thank you. I am learning more & more.

[@TheFinancialController]

You are so welcome

[@hackit9578]

Bill thank you for another amazing topic. Just what I was looking for . 😊

[@MegaNas88]

This is a very good video, thank you for recording it!

[@TheFinancialController]

Glad you enjoyed it!

[@RA-rh5lb]

Thank you .. I like to watch your video whenever I have a doubt..

[@Audiovisual00]

Congrats for 100K Subscibers.Proud that I am one among them.

[@TheFinancialController]

Thank you!

[@sreenivasgoudraparthi935]

Good video , PROFESSIONAL. I TOUCHED ALL YOUR VIDEOS TOO MUCH USEFULL... LOVELY WORK

[@wandererssoul4892]

This was very helpful!Thank you! 🙌🏻

[@TheFinancialController]

You're so welcome!

[@M.K.SAPLesson]

Great work, and you made the things quit easy

[@TheFinancialController]

Thank you! Cheers!

[@Tizonwar8]

This is really good 👌 now I know how the controller is using my work actual vs budget each month.

[@djwill92]

Bill thank you so much for sharing your knowledge. I have been working in finance for over 15years after listening to your videos I have done all the jobs in finance except manager. I realized the jobs I did were staff accountant positions but they title it account payable or accounts receivable "clerk, specialist, assistant" I believe I'm pass a staff accountant but they called it different. Can I call it what it is on my resume. I have a BA accounting two years now.

[@TheFinancialController]

Yes you can call it staff if you done the work regardless of what they called it

[@JordanJimenezGonzalez]

Bill, this is very helpful. Can I use this checklist at work and for my team? You inspire me, and I want to do some modifications as this is for accounts receivable.

[@TheFinancialController]

Yes, absolutely

[@Therevolution7]

thanks for your videos as a mid 20s , 5 year qualified ACCA accountant, your videos are refreshing and something i would have treasured as a student.

[@immi0303]

Very practical and informative video. Nice break down of steps.

[@arpandoshi9878]

Awesome. Please make a video on expense control system through ERP via work order, grn, purchase order.

[@mfriverao]

Thank you so much for your valuable videos. Would you create a video that explain how to do adjusting entries to clean the books. How to do that journal entries that allow to get clean balance sheets? Thank you again!!! Also explain about subsidiaries accounts. Thank you again!

[@solomonkidane5448]

Wow, it's a very interesting lesson, thank you, bless you

[@TheFinancialController]

Glad you liked it!

[@NataliaODonnell]

Great content. Thank you very much Bill.

[@TheFinancialController]

Glad it was helpful!

[@Budgies3]

Could you provide topic-wise explanations? For instance, I am studying CMA-US, whenever I hear a topic from your video it goes straight to my soul lol......

[@B22_2-87IN]

I’ve gotta show this to my coworker. This is really simple and she thinks closing AP is the same as closing the books.

[@lorrk1239]

Please show how you construct your month end checklist in Excel. I would so greatly appreciate that tutorial. Thank you for your consideration.

[@sheltiesongs7378]

Thank you for doing this! I’ve been struggling with this chapter in my class!

[@cynthialazard8829]

Greetings - excellent video; however, I thought I heard you stated you were providing a prepaid expense template for us to review and possible use?

[@yuandalton8785]

Could you please provide some detailed examples how to reconcile subledgers and general ledgers?

[@ibrahimal-boraie2499]

You are always brilliant and you have a distinct style of explanation - can you make a video on the most important accounting standards that are used continuously in the work IBRAHIM From Egypt

[@dipalishah1263]

Hello sir thank you for providing us this wonderful knowledge. I am working in accounting and I'm doing payroll as well. I am juggling making excelsiorate for garnishment. Can you please show it

[@malikwaqarahmed404]

Amazing video with many concepts and information set.

[@TheFinancialController]

Thank you Malik!

[@nclevans]

I love your videos. Thank you for sharing your knowledge.

[@TheFinancialController]

Thank you Nicole for watching my stuff!

[@alexakinkugbe694]

Broke it down very well . Thanks

[@soumyakau]

Would you please suggest as a staff accountant who is more into analysis should he/she should accept an entry level audit associate position in an established cpa firm or take up a position in industry which provides month end close process experience.

[@KapilSharma-pi6qm]

Could u please make detailed vedio reason for negative balance in ar and ap and how to fix it?

[@tadiwosasrat5157]

Dear sir first thank for any support , i need some question 1.Business transaction and financial reports 2. accounting cycle(from opening to closing of AC Counts ) in practical 3. Nature and overview of General and special AC COUNTS Practical 4. cost & taxation accounting 5. Create A company and maintaining default information using peach tree accounting complete accounting 6. Record and report transaction using peach tree accounting complete accounting 7. Calculation-(Deprecation , lease, loan interest, cost buildup) 8. Closing report using peachtree accounting thank you for supporting and experience share sir thank you a lot.

[@rocklive23]

Awesome thank you 🙏 Whose job normally is this? Does everyone work together? Or mostly the staff accountant? Or someone higher up? Thanks again

[@TheFinancialController]

This takes a team of 2-5 accountants at a mid size company ranging from staff to manager

[@staceysmith9482]

I have a potential non profit client that haven't reconciled their books in 5yrs and they didn't enter donation receipts in QB. How or where should I start? I'm hired to create classes for Donors and AP

[@staystrongpeople4942]

This is very helpful. Thanks for sharing.

[@jonathansantiagojr.3742]

sir do u have a accounts payable aging? thanks. u help us a lot! godbless🙏🏻

[@owensampson4860]

Nice one Sir🎉❤❤❤

[@TheFinancialController]

Keep watching

[@muhammedshaz6897]

Excellent 👍... Could please upload videos regarding FP&A

[@TheFinancialController]

Yes, sure

[@mariamlsmail2511]

How about if your don't book everything from the bank statement. How do u reconcile in such situation.

[@mouaicifarhat5072]

can you please give us example abut deferred revenue?

[@buddybuddington7947]

I needed this soooo much 😂 thanks

[@omkarejantkar487]

Can you please make video on how to make a good career in finance in USA what would be good for this US CMA or CFA

[@aireenlaurel5743]

Thank you. 🌷

[@Tina-gp4rg]

Thank you so much you are a life saver 💗

[@TheFinancialController]

You're welcome 😊

[@gustavomotta2936]

Can you please upload a video on equity investment/investment in associates?

[@Capricornunicorn1]

Truly saving lives!!!

[@juliearuna9021]

Thank you❤

[@TheFinancialController]

You're welcome 😊

[@RA-rh5lb]

When you say open PO, does it mean goods received or service rendered however invoice hasn't been received yet from the vendor.. correct

[@TheFinancialController]

yes

[@RA-rh5lb]

@@TheFinancialController dear sir, one more thumbs up from my side again.. I am watching this video again today..

[@abidhussain6757]

Hi, is this checklist fully applicable in the UK?

[@TheFinancialController]

Yes plus maybe a couple of local requirements (VAT reconciliation and reporting comes to mind)

[@adalbertotorrero5893]

Do you have any accounting flowcharts / workflows?

[@thisismubeen1301]

Make a prscticall video on bank reconciliation

[@victoriagarcia113]

Is it possible to download this video in writing?

[@arpandoshi9878]

Tax provisions and payment?

[@shobithm7303]

Could you please put a vedio related with Balance sheet Reconciliation with an examples?

[@georgecortezee6091]

Thank you very much The. Best of. Best I like this.classs God. .Bless. all. You

[@user-rn7qp6cr7u]

Number 9 is repetitive of Number 8 but get your point. it's a typeo.

[@rehanraja3863]

can you make some video on treasury items accounting like debt, derivatives and investments?

[@duherayash4234]

Can you pls make a video for us taxation for Bookkeeper

[@UmarKhan-ou6dg]

Excellent

[@emmanuelgarcia4273]

Hi Bill, thank you so much for your videos, I want to ask a question about collaboration: I'm accountant in Mexico and I'm looking for collaborate with another accountant in USA, do you think this is possible for me to work with another accountant in USA?

[@Scondab]

If you're a professional accountant you get this link from your professional group on LinkedIn or other social account

[@datispanahi3973]

Thank you

[@littleangelsfromheavens7345]

Step 9 is Deferred Revenue (not Accrued Expenese)

[@Chikou2]

This video os liiiit❤❤❤

[@frankinspired6486]

Smart!

[@jazzer770]

very good

[@ricardorigual87]

Amazing

[@tadiwosasrat5157]

Hi sir Thank you for deliver as per commitent and how to prepare and close financial statements reporting and practical show me after export data and prepare components of financial statements. Please inbox me excell format in finance Manager

[@张淑佳-g9u]

We must see through the true nature of everything and let go. It is ignorance that motivates us to unearth wisdom.

[@GrahamBrook]

Can you please help me with my emails to answering

[@melissakhlif]

That sip of soda was... ❓

[@mansoorthottiyil]

🎉

[@GrahamBrook]

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