Tutorial On How To Set up The "Chart of Accounts"

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Күн бұрын

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Step by step guide on how to set up the chart of accounts, which is the foundation of financial reporting.
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Пікірлер: 47

@theartacedemy Жыл бұрын

This video is gold. It's so nice to get actual explanations rather than theory. The way you share good content makes me want to take your course. Thanks for your effort!

@TheFinancialController Жыл бұрын

Thanks brother!

@pabloulloa94 2 жыл бұрын

Thank you for your videos, I find them to be more useful for actually practicing in private accounting versus what was taught in school.

@TheFinancialController 2 жыл бұрын

Glad you like them!

@sayuristillwater7471 2 жыл бұрын

Just enrolled in the Controller course. You've provided a wealth of knowledge thus far I can't wait to learn more through the four modules.

@aljanebernales8165 2 жыл бұрын

thank you for this video, this is actually what I'm looking for.

@emyemyemy9 Жыл бұрын

I enjoyed your videos, you are gifted, so talented. Waiting for more. Thank you so much

@breadb4meat 4 ай бұрын

amazing vid love ya. so useful for personal business organization

@mosaradwan Жыл бұрын

Thank you very useful and clear 👍

@ariandaniels9289 2 жыл бұрын

Thank you so much!

@user-vm1xu8wg6l Жыл бұрын

Nice Video!! Thanks!

@OKREDHOT Жыл бұрын

Here in France and in Belgium, the Law imposes companies to follow a standard Charts of Accounts (Plan Comptable) where the 4 first numbers are the same for all companies, like 3511 is for all finished products inventory , then each companies will add their own numbers (given their size and needs) to create more detailed accounts (like 35110000 would be finished product A, 35112230 for another one), but at least, everybody working in the Accounting and Audit sector, can transition to any company and understand directly the accounts. Up to the point that in practice, among accountants, you will hear the chief accountant says to one of his junior staff "book this invoice on 623 and not on 624", without mentioning the nature of the account and he will directly understand (because we had to memorize them during our education)

@TheFinancialController Жыл бұрын

Thanks for this info! Those Belgian eh!!

@OKREDHOT Жыл бұрын

@@TheFinancialController Thanks for your channel, it's really the best on KZfaq for controlling. Being myself a financial controller (also having begun as an auditor), here in France, controllers not only supervise the accounting but also prepares budgets, forecasting and business reports (sales margin for instance) : I saw your video about budgeting, it was quite interesting, but I was wondering if you could prepare maybe a more "advanced" one more focused on forecasting methods and sensitivity analysis on Excel ?

@Sai.Ogranaja Жыл бұрын

I love your comment OKREDHOT! Thank you for your input!!!

@ripleysw 11 ай бұрын

Quiet similar to Portugal

@Sai.Ogranaja Жыл бұрын

Very Good video!

@premjit63 Жыл бұрын

This is an Amazingly informative video for the financial accounting, kind of masterpiece. Could you please share your expertise on the COA design in terms of what accounting elements need to be there (e.g. company code, account, cost center, management unit, intercompany etc.) and how to chose them based on various industries. Appreciate your effort.

@Freedomfastlane100 2 жыл бұрын

Thank you for sharing!

@Unresourceful 2 жыл бұрын

I went to your channel.... Very limited vdos.... Post more, hope you'll do gr8.... Can u teach Financial Modelling?

@Freedomfastlane100 2 жыл бұрын

@@Unresourceful Thank you for the note. Please feel free to leave me your comment under my video. I think Bill already has some videos about Financial Modeling on this channel and his website you may check it out for now. I’ll definitely create video in near future.

@LT-uq6dg 3 ай бұрын

Great video!

@TheFinancialController 3 ай бұрын

Glad you enjoyed it

@Chikou2 2 жыл бұрын

Good video as usual. Can you make a video about set up payroll?

@TheFinancialController 2 жыл бұрын

Great suggestion!

@midnight_worlds6647 Жыл бұрын

Jim Halpert 😂 love it

@durrellharley2497 Жыл бұрын

Hi, do you have any videos on how to reconcile a loan statement?

@mohammedalhaddad3878 Жыл бұрын

Great

@roseballerine4395 2 жыл бұрын

Great video Bill. If you may explain what does WBS in SAP does vs. COA that will be great.

@unknownuser7535 7 ай бұрын

great video! but hmmm, what does sales return fall under? do we write under expenses in the charts of account?

@resendez1053 2 жыл бұрын

Is there any website or platform that you would recommend that would help me enhance my excel skills?

@MKQO1 Жыл бұрын

For deliveries that are not pay until the following week, what account should that fall into? Since there is no money received but it has been earned throughout the week?

@MKQO1 Жыл бұрын

Can I pay myself if I put me on an specific schedule to work?

@sreenivasgoudraparthi935 2 жыл бұрын

Love from India..sexy way of learning Boss.. Real James bond

@ubaidmiandad3040 2 жыл бұрын

i think there must be separate chart of accounts for Cash in Hand and Cash at bank.

@headlibrarian1996 10 ай бұрын

No point having the former if you never deal with cash.

@sallyho146 Жыл бұрын

For health care industry, doctors, nurses salary and benefits = cost of sales? you didn't mention about the sub-ledger accounts. I find that a lot of accountants dont understand how sub-ledger accounts work.

@yourwifewasinmedms5137 8 ай бұрын

Is an “account” essentially a document that tracks something?

@TheFinancialController 8 ай бұрын

correct, it's a page (paper in the past, and now a web page) that tracks financial activity

@bhavneshparikh8283 Жыл бұрын

can you share this file?

@bhavneshparikh8283 Жыл бұрын

Pl provide this file Showing this video

@user-tj5sh3dg1s 2 жыл бұрын

What is true is forever true and what is false is forever false. We cultivate sincerely for the benefit of ourselves, not for others. Even the Bodhisattva is unable to save a person with a defiled heart.

@bhavneshparikh8283 Жыл бұрын

Send this excel file

@whoisdesirtv 9 ай бұрын

Just google chart of account and make your own. But google it like this Chart of account for construction company or whatever your industry is.

@ck17va 7 ай бұрын

This is WILDLY overcomplicated and I don't recommend people doing any of this. I own a biz with 35+ employees and our books are setup much simpler than this. It's obvious why bookkeeping and accounting are so confusing to people, the "teachers" out there really don't understand how to pair-things-down and simplify things. KEEP THINGS SIMPLE. You're business will thank you later.

@DavidRamseyIII 2 жыл бұрын

After 10 years in accounting, and owning another business, EBIDTA is complete nonsense

@irinab7524 2 жыл бұрын

EBIDTA is used to compare investment opportunities when purchase different types of businesses. It’s not so much for accounting purposes but to manage the finances