Episode 012 – Year-end Considerations

 

Recorded: January 27, 2021

Released: January 27, 2021

Intro by Clive Castle

Sounds by ZapSplat

 

Year-end is very taxing (pun intended) for bookkeeping professionals. In this episode, Patrick touches on a long list of items that you should be checking to ensure your clients’ books are reflecting accurate information. Give your clients a 5-star experience!

 

Resources

Information about PPP loan forgiveness by QuickBooks (Intuit)

 

 

 

Episode 7 – The Accounting Equation

 

Recorded: May 5, 2020

Released: May 5, 2020

Intro by Clive Castle

Sounds by Zapsplat

 

Assets = Liabilities + Owner’s Equity is a fundamental element of bookkeeping and accounting. Patrick explains why it is important and you’ll get an understanding of what happens when it doesn’t balance.

For additional understanding, please review Episode 004 on Debits and Credits, Episode 005 on Double Entry Bookkeeping, and Episode 006 on Answers to Sample Transaction Data. Reviewing these previous episodes and thinking about the effect on the accounting equation can really bring the concept home.

 

Episode 4 – Debits and Credits

 

Recorded: April 14, 2020

Released April 14, 2020

Intro by Clive Castle

Sounds by Zapsplat

 

In this episode, Patrick explains the difference between debits and credits. To best understand this concept, simply remember that Debits exist on the left side of an accounting transaction and credits exist on the right side.

Debits do NOT mean Increase in every situation and Credits do NOT mean Decrease in every situation! It all depends on the type of account. For Asset accounts, Debits increase the balance and Credits decrease the balance. For Liability and Equity accounts, Credits increase the balance and Debits decrease the balance. Listen to the episode to learn more!

We have added some resources below to help you better understand Debits and Credits. Please let us know if these help. We are enjoying making these!

Debits Credits Infographic (PDF)

 

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