Transform a Trial Balance into a Balance Sheet ⚖️

Рет қаралды 51,741

Жыл бұрын

In this video we will take a Trial Balance and turn into a Balance Sheet.
Download the Excel file shown in the video:
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Пікірлер: 57

@keauntaedgrace427 Жыл бұрын

This content is very relevant to my current and previous courses. Thanks for instructions on how we create balance sheets for my Business! I look forward to learning more from your videos!

@sadnessperson8011 10 ай бұрын

Thank you for explaining, this is what you call a real instructor it helps me understand clearly unlike my instructor..

@OscarGarcia-fe5bu 10 ай бұрын

Thank you Bill, you’re a great mentor. I’m 2nd year in financial accounting as a GL Accountant and I only maintain our financial statements (not create it) and we have a similar numbering system. For the life of me I didn’t understand why the 1xxxx ≠ 2xxxx + 3xxxx. Realized the variance was the net income or retain earnings 🤯 I was too embarrassed to ask and I didn’t because it wasn’t affecting my daily tasks but it bugged me lol.

@tanyarolle8001 Жыл бұрын

Awesome Info...Love, Love, Love...Thank you soo much!!!

@harryvuong638 Жыл бұрын

Thank you ! Hopefully you make more videos like these as well as data analytics in forms of financial work. Thanks a bunch!

@TheFinancialController Жыл бұрын

Will do. Thanks Harry!

@mohammadkamran9727 Жыл бұрын

Very nice & Thank you for your support

@_pingu00 Жыл бұрын

The best mentor!

@user-rc5kt3pc6q Жыл бұрын

Love your content!! I'm a CPA as well but my focus has been on business processes, internal audit, and ERP admin/implementations. I'm finally getting into actual accounting and your videos have really helped!!

@TheFinancialController Жыл бұрын

Nice to meet you Michelle!

@SmkeDatKush Жыл бұрын

Awesome content. Thank you much!!

@LadyALCO Жыл бұрын

Thank you for sharing😊

@mohamadh2295 Жыл бұрын

Thank you

@TrungHieuTu Ай бұрын

very useful. thanks

@tw2800 Жыл бұрын

Will you please consider making a video on the career path you would recommend for those students who want to gain practical education and work experience to ultimately prepare themselves for starting and growing their own firm? I would really appreciate this kind of video since most accounting videos focus on becoming the best employee wo discussing a strategy for developing an end goal of preparing oneself to become self employed. Thankyou!

@EduardoSilva-ts6mq Жыл бұрын

Saludos desde México!!

@SD-lb7fo 9 ай бұрын

Amazing content, many thanks from London!

@TheFinancialController 9 ай бұрын

My pleasure!

@404TRUCKERTV Жыл бұрын

Good accounting principles refresher! 👍

@TheFinancialController Жыл бұрын

Glad it was helpful!

@KanalGorski Жыл бұрын

Good video. Thanks !

@abedelrahmanabdo2967 11 ай бұрын

Thank you very much

@alimohamedahmed2328 Жыл бұрын

Thank you so much Still need more in this part Where the FA (PROPERTY SECHDULE)

@mokh7782 Жыл бұрын

Thank you 😊

@apnalawcollege3071 Жыл бұрын

Superb and thank you so much.

@TheFinancialController Жыл бұрын

Most welcome 😊

@zekassiala8944 Жыл бұрын

Great brilliant 🇦🇴🎉

@khaoulamahir6750 Жыл бұрын

Thanks again for sharing humbly your knowledge with us ... I would like to know how can I judge if the amount of retained earnings/ loss is logical compared to the amounts that I have on my BS

@TheFinancialController Жыл бұрын

You need to add up the net income/loss for prior periods (since the start of the company)

@akandemichael3382 Жыл бұрын

I love your contents. They are very educative. Please, I have the totals of both sales and COGS figures differ in balance sheet and trial balance in the QuickBooks. The figures in the Trial Balance only shows total figures for both sales and COGS for only November and December instead of January to December. What could be responsible for these differences and how do I correct them?

@saud5503 Жыл бұрын

Hello sir which one is more flexible accounting or finance please I’m confused ?

@nelsongarzoncortes6030 Жыл бұрын

Good morning Do you have a video with differences between USGAAP and IFRS? Thanks for sharing your knowledge Greetings from Bogotá Col.

@CorporateFun_DUBAI Жыл бұрын

Always always thanks 🙏🙏🙏

@lorrk1239 5 ай бұрын

Question: why not use QB’s Balance sheet? I absolutely receive so much value and uh huh moments from your videos and online classes. Thank you!

@TheFinancialController 5 ай бұрын

You can. But this is an exercise to teach how to group the accounts

@Jesusislord930 10 ай бұрын

Great video. Sorry can’t see the sumif formula for accounts receivable can you type it here? Thanks

@mariahussain8090 Жыл бұрын

please make a video or course on Hedge accounting.

@srisridaran05 Жыл бұрын

Hi Bill, May I know why the Deferred Commission is categorized under assets instead of Liabilities? Please let me know

@thegreatestadvice88 Жыл бұрын

I'm a newer accountant and doing 2022's work paper for our management firm. It's my first time running through and tying down each account. For the most part I am doing well. What is a little confusing to me is that our Cobra Account needs to itemized by individual and plan. Can you fo over a work paper and explain Cobra?

@tonib4701 Жыл бұрын

Min 7.24...if the Retained Earnings on the Balance Sheet does not equal the difference between the Debit & Credit on the Trial Balance, what should we do...thanks

@Mohamed-km9jd Жыл бұрын

I want to know How to make a cash flow statement from balance sheet and income statement

@TheFinancialController Жыл бұрын

I have a vid on the channel for cashflow statement prep.

@Chironex_Fleckeri Жыл бұрын

This isn't necessarily related and maybe is personal to many accountants. Absolutely it is a rewarding career. But Bill, how do you stop a revolving door department? What options are there? A consulting firm that can manage complex bottlenecks. Imagine a growing company that goes through a system conversion that isn't understood well by other departments. And they are perhaps behind by 2-3 accounting periods. They haven't closed those periods. I think this topic is probably a lesson for controllers and I know you like to help those new to the profession. But it can be very complex while also being simple. It can sometimes be a matter of there not being enough hours in the day or resources in the department. You work for a midsized company. What do you think a hypothetical company that outgrew its accounting framework should do? This is so common in startups. The accounting function is very important to the success of any entity, needless to say.

@Ryanpeech Жыл бұрын

Do you have one of these videos in how to creat income statement and statement of cash flows?

@TheFinancialController Жыл бұрын

I have a video on the statement of cash flow, look it up on my channel

@WW-yf6of 10 ай бұрын

Hi great video Can I ask why is Accrued expenses Credited ? I thought Expense was a debit account

@ericksonmwai1395 2 ай бұрын

Accrued expenses is a liability

@winnieexol6289 10 ай бұрын

Sir,may I know why can I use the values from Balance sheet into Double Entry opening balance?😢😢

@altheadominique8080 3 ай бұрын

what do i do if the checking doesnt equal to zero?

@cagopalmsrinivas7133 Жыл бұрын

If I take, this controller academy course ,Can i get the exposure of SAP books ??

@TheFinancialController Жыл бұрын

I teach the accounting cycle using Quickbooks Online, but much of the same principles are the same as other ERPs (Billing, AP, POs, month close)

@user-rc5kt3pc6q Жыл бұрын

The link to the excel file is the month end close checklist :( I'd love to have the excel file you're working with! Perhaps it's because I downloaded the financial close checklist from that video? Are we limited to one? Hmm

@TheFinancialController Жыл бұрын

Hi. Email me (address on website) and I will email it to you :)