Bookkeeping Basics1

For more great tutorials and videos on how to use QuickBooks as well as on how to use Excel visit my blog:
http://nerdenterprises.com/blog/

Bookkeeping Basics - Understanding Account Types:

Basics, Basics, Basics! I don't care what field you're in or what accounting program you use, you must have the basic fundamentals down in order to be truly effective and good at what you do. When it comes to bookkeeping it comes down to a thorough understanding of Debits and Credits and how they affect the financial statements. I think many so called bookkeepers have purchased QuickBooks and figured out how to post a check, a bill, an invoice and a customer payment and then they hold themselves out as a bookkeeper. That is not bookkeeping and I have seen it frustrate many business owners not to mention give "bookkeepers" a bad rap. And Bookkeepers are by and large good people .

Now that I have been invited to blog on Tool Box For Finance I would like to cover some more technical accounting issues here. This is the first in a series of blog posts I plan on doing where I am going over bookkeeping based on the fundamentals and then showing what that looks like in QuickBooks. This way you can take the knowledge and apply it in any accounting software, or perhaps even more importantly you can take that knowledge and use it to figure out how to book other transactions that previously may have baffled you.

So let's start off with some of the basics of bookkeeping. In any given set of books we have 5 account types which show up on one of 2 financial statements.

Read more on my Toolbox For Finance Blog:
http://finance.toolbox.com/blogs/the-accounting-video-blog/bookkeeping-basics...

Category:

Howto & Style

Tags:

• QuickBooks For Beginners
• Bookkeeping Basics

[MrsLunna1]

Thanks for the video. I have Quickbooks my self but I have not used it but 'Ive been in the administrative office field for several years and I want to learn, will be more money.....but financially i cant pay classes, give me an advice on how I can learn fast, any tips will be appreciated, i have an interview tomorrow and bookkeeping is involved.

[nerdenterprises]

@MrsLunna1 Best think I can suggest is to keep watching free videos on YouTube.

Also set up a dummy company on your own and start playing around with entering transactions, always with a Balance Sheet and P&L open so you can watch the impact of the transactions on these reports. This will start giving you some great insight not just on how to post transactions in QuickBooks but on how to make sure the financial statements are presented well.

[salsablue]

i can't find your blog

[nerdenterprises]

@salsablue The link is right in the video's description. I can't post URL's in the comments here or I would.

[aprbookkeeping]

So when looking for a bookkeeper, rather than choosing the first one in the book or the cheapest, look at all the aspects of the company. Bells and whistles don’t always show professionalism or capability, you need to look a bit deeper

[nerdenterprises]

@aprbookkeeping Not sure what that has to do with this video, but yes. If you think it is expensive to hire a professional, try hiring someone inexperienced!

[B1kMagik]

@nerdenterprises My guess is it worked out fine and is making loads of money or it didn't go well at all and too ashamed to admit