How to create Financial Statements from scratch! A step-by-step guide!

[@TheFinancialController]

Level up your Accounting Career by enrolling in our 6-weeks program here controller-academy.com/courses/controller-academy

[@ivangellserquina8186]

The way you explained T-accounts is so much easier than the class I'm taking. Thank you for making this video and simplifying it. Subscribed!

[@bashsaeed]

Love the acronym. I remember learning another one: All Dogs Eat, Cute Little Red Rabbits (Dr.) Assets / Dividends / Expenses (Cr.) Common stock / Liabilities / Revenue / Retained earnings

[@saacidkaftan4795]

What is that acronym

[@bodehimself]

This is the best accounting class I've ever attended all my life, really broke down the principles to a basic level God bless you

[@gregoryshed4302]

This is amazing! Would love to see a more complex example with different types of accounts (Accum depreciation, depreciation, Liabilities (short and LT) etc, Thank you !!!

[@KrawdReaxion]

Hi, I’m in Durban , South African 🇿🇦 and just watched this whole video today 2022/05/10 and you explain things so simple. Thank you for you time & the amount of work you put in for this content it really helped me.. I’m just a beginner to this world of Accounting

[@financestrategist2137]

Read and watched like 10 articles in combine for the past few weeks.... Stumbled on this yesterday making this the eleventh (2022/09/28) and now the previous 10 all makes sense... Like was I sleeping since 😂😂😂.... Really appreciate him for the basics, some people like me, understand better when you are able to explain, define and illustrate the basics of a concept with the most creative ways possible.... This guy did that .... To his surely is going to be my Go to channel in my career on finance

[@King-wk3hz]

As always very good explanation. I just had one request, could you please make a video on preparation of monthly, quarterly and annual financial statements and important steps to remember while preparing for the same. Keep up the good work!

[@TheFinancialController]

Thanks 🙏 will do

[@akufia3524]

@@TheFinancialController will be waiting. definitely subscribed.

[@shadiababirye540]

Not subscribing to this channel would be INAPRRIOPRIATE!!!...This is so excellent..I can boldly say, with this, excelling in my CPA exams is guaranteed..

[@TheFinancialController]

Haha thanks so much Shadia!

[@akeelvaliyakath4056]

Crisp and clear Wish I had a mentor like you when studying..!

[@hazelgracelegaspi3908]

Thankyou for this video! I'm applying for accounting clerk and this explains a lot better✨

[@JDWilliamsPD]

Wow! This video is totally underrated and should have a million hits. Great job making something so challenging so simple to understand.

[@TheFinancialController]

Thanks for the kind words

[@FANSasFRIENDS]

Thank you very much, sir! You really saved me as tomorrow I have test...

[@liliannwanlem9411]

Okay!!! You are an amazing teacher and you just earned a subscriber. I was writing a business pitch and I was asked of my financial statement. Watching your video got me feeling like I have known this before now.....PS:: I am a science student and know nothing about accounting. Thank you so much sir. I love you

[@TheFinancialController]

Thanks Lilian!

[@abrahammanzo2455]

Great big Overview of the Process from entries to Fin Statements! Thanks for your work!

[@TheFinancialController]

Thanks Abraham!

[@HUMPHREYBALLKIDITUA]

You made it look so. I just got an A on my exam !!! 👏🏽👏🏽👏🏽👏🏽

[@ramajaya811]

Thank you so much. From your explanation, i could figure out that, income statement should be made before the balance sheet

[@TheFinancialController]

You got it, correct. First income statement then balance sheet, and then cash flow statement.

[@smitajaiswal5857]

Really easy to understand .never got it this straight in my academics.thnx again

[@TheFinancialController]

Thanks!

[@liona009]

oh my gosh! this video is an EXCELLENT crash course in accounting. I studied business in school but really needed to refresh my memory of accounting to complete some financial statements for an NGO that I volunteer with. thank you so much.

[@jimstevetom]

Great work! You gave me more in 19 minutes than a whole semester of business finance!

[@onpointskills2402]

Thank you alot

[@utgfam876]

I agree 100%

[@gundalalebona262]

Indeed your one lesson was more valuable than the many I attended. You are appreciated❤❤❤❤❤❤❤

[@emmanueltaunou4421]

Love the content. What a great teacher.❤️. Hats 🎩 off to you Bill 👒

[@reds.8995]

This is also one of the very important questions in my accounting interview!👍👍

[@TheFinancialController]

Great thanks 🙏

[@shakeelsattar3190]

Thank you ...you are my new teacher now

[@FeyissaArarssa]

Special knowledge, thank you sir

[@ashwinathakooree1753]

Thank you so much for this! So helpful 👏🏼

[@TheFinancialController]

You're so welcome!

[@perisjelagat1895]

This is really wonderful 🙏🙏👌you made me understand very well

[@TheFinancialController]

Glad it was helpful!

[@erikca10]

Your videos are a blessing. Thank you for taking the time to share your knowledge.

[@gloryk1797]

Such a great teacher. Thank you

[@TheFinancialController]

You're very welcome!

[@AbdulQadir-gf5nv]

Thank you Mr. Controller… keep up with such highly admirable work !

[@marcosbarcala6249]

Thanks for the video, great explanation

[@wingfieldhlazojunior6237]

This is an amazing lesson. You broke it down in very simple terms. This makes accounting look very easy. It gave me a hard time in university. Kindly share the link to download the free financial statements.

[@brk2507]

Good job. Now for cashflow and dcf and my world will be complete. 🙂 Hopefully u can post how to make cashflow and dcf statements

[@corrinegraham6452]

Thank you! Concise and clear instructions! You've certainly made my learning fun!

[@TheFinancialController]

Thank you for the kind words

[@chepkuruiconcepter5824]

I wish I got this channel earlier, the explanation is on point. Thanks Bill

[@TheFinancialController]

Thank you for watching!

[@anosikeblessing8477]

This was timely

[@alemuabate4234]

Thank you for your clear and smart presentation. it enables to recall and do better accounting processes.

[@aleemsubhani520]

Thank your these refresher videos, very helpful indeed.

[@shaminisandupama8911]

Amazing!! Amazing !! Amazing !!, this video was sooo helpful and clear. Thanks a lot

[@RajagopalanLaxminarayanan]

Very nice and simple. You sir, made it look so easy

[@TheFinancialController]

So nice of you!

[@hannapawlous1029]

very good explanation. very stright forward. if you could include liability would have been inclusive.

[@sarahjolley1350]

hey great video! very clear to understand! just wanted to make aware "expense" is missing the "e" at the end!

[@gilbertgutabaga8255]

Great work, update your job by closing the journals accounts

[@taylormaria]

thank you so much!! It finally makes sense

[@TheFinancialController]

Glad it helped!

[@zedanzaki]

Also make detailed video like this on cash flow statement please

[@TruthBeTold-y9u]

Thanks much. I love it...subscribed!!!

[@TheFinancialController]

Awesome! Thank you!

[@innocentihesikoma8829]

I can’t find the link to download the balance sheet sir

[@ef3858]

What if, assuming, there`s a sudden increase in demand for the goods (or services) sold in this example and the revenue goes up to 40K (instead of 30K) while no other accounts have changed? How to balance the balance sheet in this case since we would have 20K in Net Income instead of 10K? I appreciate you for your time, Bill!

[@swathishetty3750]

The journal entry goes like Cash account Debit 40k , Revenue account Credit 40k, In profit and loss account net income will rise up to 20k and the RE in balance sheet will be 20k instead 10k

[@marlenegabriel426]

Thank you . Was so easily explained

[@TheFinancialController]

Welcome 😊

[@ahmedyahya5186]

amazing. But I couldn't find the link where I download the free balance sheet you mentioned. 😊. How can I download the file? Thank you very much

[@hameedsarah220]

I love accounting 🥰🥰

[@ew4448]

Great videos! I have been watching two days in a row😄

[@TheFinancialController]

Fantastic! Happy learning

[@Signalemcee]

Thanks for helping me save my soul from shareholders 😀

[@KZKID]

Thanks very much for making this really easy to understand. Love your vids

[@TheFinancialController]

Glad to hear it!

[@kathird8580]

It's very useful. Thanks for this Video

[@joseraposo1569]

Thank you for the videos, great resource. Would you be able to do a video on Financial Consolidations basics?

[@kohilamvathani1057]

wow Thank you very much, Sir

[@musevenilakurguk8747]

It's wonderful lesson

[@alonsolozano8612]

Cant find the template link, anyone?

[@thediydaddy2649]

Yes love the DEA LER acronym. Just wondering, what would happen if the Revenues was mostly Accounts Receivables instead of Cash?

[@bettyboyadjian9212]

Thank you a lot, Very very nice training

[@TheFinancialController]

You are welcome!

[@javco1997]

Where is the link for the free balance sheet description?

[@Logixal4311]

I have a question for the salary part. Let's say, weekly salary for 3 staff is $3,000 ($1,000 each staff and $200 earned daily) and they get paid every Friday. However, on the last week of January, they get paid on February 3 on the Friday (So 1/30, 1/31, 2/1, 2/2, 2/3). In this case, do I have to make adjusting entry to salary on 1/30 & 1/31 before closing January and moving to February? So I would debit expenses and credit salaries payable. Self-learning at the moment, so I want to see if my knowledge is accurate. Thank you!

[@eashwerdev518]

wow made my life easy thank you

[@MdPipe-vs3ok]

Sir, Awesome class❤

[@kasandapatrick1762]

Great video, Sir you journals look like ledgers to me plz clarify

[@TheFinancialController]

Yeah presented them this way as a shortcut so you can see the full picture on one screen

[@ronaldmad]

Easier way to do accounting is to skip journal entry and trailbalance.. go straight to the statements. Management and investors only look at statements anyways, its easier to understanf when u see where the numbers are coming from

[@tomoraduncan5147]

Is this an audited financial statement or reviewed. need an audited financial statement

[@chafikchaf2374]

Very good explanations! Why is the cash in trial balance going to DR only? Is that the rule? (Since it has initially both DR and CR in the Journal)

[@ahmedalmassri2037]

totally useful and great, Many thanks

[@omo2068]

Godbless you

[@chinyerenwanguma7815]

please after creating for a mouth how do I bring them all together for a year ( bring the 12 mouth together) and how do I transfer it to excel sheet?

[@JanethLugongo]

Thank you sir I have question sir

[@Kremlinnorth]

Thanks man u helped me alot.

[@ambercollier37]

I really enjoy your videos and how you lecture, is there any chance you would be putting out CPA review course in the future??!

[@TheFinancialController]

You are kind. Maybe sometime in 2023/24

[@sumiyyyahabdulbaasit5921]

Is APIC considered as Retained Earnings? great videos

[@andyluo218]

Great recap!

[@agabaallan-cn4cg]

May God bless you

[@drz2409]

Great video 👍 Respect from Dhaka, Bangladesh

[@TheFinancialController]

Thank you!

[@priyamshetty4390]

shouldn't office supplies be expense & not assets? can someone please explain?

[@sizwedlamini6915]

Thanks a lot sir keep up the good job

[@yunlong4355]

Great work!

[@TheFinancialController]

Thank you!

[@somarajus2334]

Thanks a lot very useful video.

[@TheFinancialController]

Thanks brother!

[@chandrashekarchannaveerapp6391]

Excellent crash course accounting video, Thanks :)

[@TheFinancialController]

Thanks for watching!

[@irishjoymesagregas5074]

Thankyou so much❤😍

[@tinalsexton]

You're amazing! Thank you!

[@th3redfield7clips21]

Thank you sir🌹

[@loganyang619]

How to download the balance sheet cheat sheet please?

[@levelynlazarte5185]

Sir, Do you have your own books with so many problems with answere? specially in auditing to how you can recognize any fraud if there is where can I buy it and how much

[@smitajaiswal5857]

Thank u for all thevideos .U are always very helpful fr learning the aesy way .Plz make course on Udemy too it will be helpful to so many ppl .

[@TheFinancialController]

Ok :)

[@mondypaul]

Great work. Just subscribed.

[@TheFinancialController]

Thanks brother

[@uriahhenry8870]

Where should I get the Balance Sheet Cheat

[@naikadit31]

Sir i have doubts salary and marketing expenses are temporary nominal account it doesn't have opening and closing balance then why you show dr. balance Of salary in trial balanced..

[@grimsan370]

if its accounts receivable do i debit it? and if its accounts payable is it credit?

[@ellenoir5678]

Ok now it makes sense

[@404TRUCKERTV]

Yep, looks just a intermediate accounting case study!

[@TheFinancialController]

Thanks for watching

[@mariammichael4543]

thank you 🙂❤

[@tohidsutar3316]

Where is the link for the statements

[@TheFinancialController]

added to the video description, sorry about that

[@mustaphaabdullahi3116]

Beautiful

[@melvinpatomendoza]

Thanks!

[@TheFinancialController]

Thanks for watching

[@MrJasonturqueza]

Great

[@williamferguson9857]

Whats a pc