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Posts with the Accounting Instruction tag
Live Tutorial Tuesday Part 3 – Financial Accounting Excel & QuickBooks – Journal entries business
Live Tutorial Tuesday – Financial Accounting Excel & QuickBooks – Adjusting journal entries.
Don’t worry if you missed part 1 & 2. We will provide new worksheets that will start at this point forward with no need for part 1 & 2 data but if you would like to review part 1 & 2 see links below.
https://youtu.be/S9OuUGSeca4
https://www.youtube.com/watch?v=dpHMLs7v_QY
Free Resources – Only during presentation
Link to Excel worksheet, QuickBooks Backup file, & Google Sheets worksheet
If you would like resources after the presentation, please provide us with your e-mail address and we will send them out.
We will be recording adjusting journal entries for a company. We will record these entries both in Excel as well as in QuickBooks and will provide a live Google Sheet that can be used to work the problem as a group during the presentation and, or, can be used to copy to your Google account for future use. When working with both students and business owners, I have noticed that we often have a disconnect between accounting theory and accounting practical business use. Business owners often have some experience with QuickBooks and do not see a clear relationship to the journal entries that software uses and students often feel like they are putting a lot of faith in accounting theory being useful down the road, knowing that computer software will likely be used in practice. This comprehensive problem will be unorthodox by putting the theory and the software side by side, by showing how the software uses the theory as we go, by showing the relevance of theory in the use of software as we learn, the hope being that this understanding of application will help motivate learning and persevering through learning theory. If you have Excel I highly recommend downloading the Excel worksheet and working the problem with us or working the problem later with the recording as a guide. If you do not have Excel you can make a copy of the Google Sheet, Google Sheets being free for anybody who has a Google account. If we do not have access to Excel, or even if we do, I highly recommend getting familiar with Goodle Sheets. We have also provided access to a QuickBooks backup file but we do not expect everyone to have access to QuickBooks. If you do not have access to QuickBooks do not worry. We want to present QuickBooks as an example of how the theory is applied. We can learn the details of QuickBooks at another time.
Inflation indexing the gas #tax would decrease long-run GDP .004%, lose 3K jobs, raise $30B
Option #80: Inflation indexing the gas #tax would decrease long-run GDP .004%, lose 3K jobs, raise $30B https://t.co/vKBmd5VHF1 #TaxReform pic.twitter.com/ARPP48uYAS
— Tax Foundation (@taxfoundation) April 11, 2017
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Taxpayer Bill of Rights: Know your 10 rights when interacting with the #IRS
Taxpayer Bill of Rights: Know your 10 rights when interacting with the #IRS. https://t.co/SP4QR5txB6 #tax #TBOR pic.twitter.com/8ajngv4br9
— IRS (@IRSnews) April 10, 2017
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The data breach of the IRS student’s financial aid tool could have affected up to 100,000 taxpayers.
The data breach of the IRS student's financial aid tool could have affected up to 100,000 taxpayers. https://t.co/asLH9MVhRK pic.twitter.com/p16ADvdi8w
— Accounting Today (@AccountingToday) April 10, 2017
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Cash vs Accrual – Cash Method / Accrual method differenc
Cash method & accrual method explained, the most common accounting methods, cash method recognizing revenue when cash is received and expenses when cash is paid, accrual method recognizing revenue when cash is earned and expenses are consumed or used to help generate revenue. Accrual method tries to find the specific point in time when revenue was earned, while the cash method uses the receipt of cash as being close enough the point in time that revenue was earned. Recognizing revenue when earned is the accrual concept of revenue recognition. We will have another video on the accrual concept of revenue recognition. The accrual method attempts to pinpoint the point in time that expenses are incurred or used while the cash method uses the spending of cash to be close enough. The accrual concept of recognizing expenses when earned is called the matching principle. We will have another video on the accrual concept of the matching principle.