 Hello and welcome to live tutorial Tuesday. We were going to be working a problem today The problem will be related it to the journal entries and quick books We're going to start off with those starting journal entries the starting journal entries that basically any company is going to have to do and we're going to look at it through a theory aspect as well as with a A Hold on just a second Okay, so we're going to take a look at it through quick books and we're going to take a look at it through the adjusting entry process and So the two aspects of that will be the theory and then we're going to put it into practice in terms of quick books So in order to see what we're going to do here We have the objectives objectives will be to record and post start up journal entries We're then going to enter startup data into quick books So we want to look at the theory of it and then put it into quick books idea being that when we look at the theory of it Whether I'm talking to what we talked to students or if we talked to people that are in the industry We have to get the same thing when we're trying to link up the theory of what are debits and credits how do you record journal entries and practice which people often use accounting software a software set such as quick books and When that question comes into play then we have to think about how are we going to relate the two Students are often thinking well I'm doing a lot of work and I'm kind of taking it on faith that it's going to apply to the software at a later time It does but it does take a while to take that on faith to get there and people that are in a small business Often think that you know, they may have worked with software They may have worked with quick books or other software and learned basically accounting and a lot of functions that are useful Without knowing much about debits and credits and they often think well How does this apply when you when you use software from the other end of it? So they have the same kind of questions Related to debits and credits and how does it apply to software and the traditional way that we look at things is We're going to do the theory in from a student standpoint and then apply it to the software But we're going to try here to do the two things at the same time so that we can see how they relate Concentrating mainly on the theory and then putting it into the software so that we can see how that applies to So we want we want to learn a few things here We want to learn how to use Excel how to use Google sheets. Those are two things we may as well learn as we go because Those are going to be things that are very important to almost any aspect of the business So we want to basically look at how to use Google sheets how to use Excel Accounting is the perfect thing to do that in why do we need to know those things? Because just about anybody uses a database program and when we download those things from the database program then It's really useful to sort that information So whether we're in sales whether we're in the accounting department whether we're in marketing We're probably going to be working with some type of database program some type of customer data some type of employee data and We're gonna if we can download that data sort that data very useful So learning Excel just the basic functions of Excel in accounting can be very helpful for a lot of different areas and Applying those skills as well Then we have some basic formulas we're going to learn within Excel as well All right, so let's go out here and take a look at what we have I'm going to check a few things before we go further. So I'm going to put up a comic here As we get started. All right in terms of what we will be using We're gonna have a worksheet here that we will be using the worksheet the QuickBooks file as well as a File that is a Google sheets file is available to work through the problem So if you want to work through them now you can I suggest doing that If you want to work through them at a later time Download some of this stuff mainly the worksheets. I'm focusing more on the worksheets than the QuickBooks file right now And I know not everybody has the QuickBooks file So and then at a later time you can go back to this and we can work it again At that time as well. So let's see the files where they're located If you go to the Google sheets This is Google sheets if you click the link in the description in the bottom You'll see one link that will take you to a web page that will download the excel sheet just during the Presentation if it's after the presentation and you want the link then give us your email address And we'll see if we can get you that link the other link will go to this sheet which isn't Excel This is Google sheets Google sheets is is free So it doesn't have near the amount of capabilities as Excel But whether you are a an expert in Excel or not if you're don't even have Excel Then Google sheets. It's really good to supplement your Excel Usage and or if you don't have Excel a great thing to have if you open this up You can go to files and you can copy this sheet to your to your documents and then work through this with the problem If you want to work through this live We can have multiple people in this sheet as well So if anybody wanted to work through this sheet as we go, we're welcome to do that We can actually complete this as we go I'll be working with the excel sheet But the functions will be much the same and you can take a look at the similarities and differences One of the advantages with the Google sheets is that you can share it a lot more readily So I'm going to clue. I'm going to minimize this and take a look at QuickBooks QuickBooks is going to be here. I uploaded a backup file for QuickBooks It's a 2016 file if you download it then you're gonna have to Restore it to a 2016 or a later version of QuickBooks. It's the desktop version I realize that not everybody is going to have QuickBooks and again I don't expect everybody to do the QuickBooks side of it What I really want to show here is just how the basic startup journal entries can be done with just debits and credits kind of by hand That's what we're representing in Excel and then how that same thing is really being done in the database program being QuickBooks What types of things do we need to know? What types of things are the database program going to basically eventually take over in terms of accounting and what types of things? Do we still need to know and it's similar to thinking about a calculator? There's an idea that and there's going to be some jobs That are going to be basically taken up by things like computers like the calculator here For example, I know that if I put in you know 88 times 24 I have no idea what the outcome is going to be But if I look at the outcome I can then say That makes sense. I kind of know what's happening here. I can make a decision on what that outcome is I know I need to know what the inputs are and how this thing is working so that I can make sense of the output If that output came out to be like two then I would have a pretty good idea that something went wrong And and these are types of things we need to know in terms of our adjustments the data entry There's always going to be some data entry point no matter what type of computer We're going to use and there's always going to be some kind of interpreting process on how to set the system up and How to of course interpret the system and that's where we want to get in into play here So computers will do a lot of things within accounting And there's going to be a lot of things that we're still going to need to have some theory on to think about those things That we need to think about are really the areas that are becoming more and more important Alright, so let's go through this. We're going to work through this in Excel. We'll do this side by side We're going to do each journal entry through Excel starting with the startup journal entry with an owner investing hold on just a second and Then we will put that same data as we go into QuickBooks each time this Excel worksheet It's going to be set up. It's very nice. It's very nice Excel worksheet here We've got the data. This is going to be the general journals going to be put in on this side over here Then we're going to post those to the general ledger. I know that looks really intimidating But we'll do it one step at a time if you jump in late, that's okay we can do we can still put this information in there one step at a time and See how it links together and obviously you can Rewind and go back and see what we have done as we go as well So once we post it to the general ledger it will then populate the trial balance Automatically because of the cell references if you do download a worksheet You'll notice that some of the cells are locked The reason for that is we're trying to lock the cells that have formulas in it So you don't do anything to the cells that have the formulas in it That's going to be the objective of that once we do that Then we'll take this information and we'll put it in the QuickBooks and we'll see that the trial balance will generate basically the Same thing hopefully if we do it right if I do it right and that's will be the goal here So the data we're going to enter we're going to enter just some startup data We're going to just say that we're a service company. We can say we do bookkeeping or any type of service We're not selling inventory. We'll talk about inventory. Hopefully had another problem And we're going to say the owner invests cash that's going to be the first thing We're going to do we want to keep the owner investment separate from the business investment Even if we're a sole proprietor have a separate checking account That's one of the first things that will hear when we set things up and so therefore I'm going to go through a list of questions every time we do a transaction just to just to Not fall into any pitfalls with transactions and I'll try to point out some of the pitfalls people often fall into When we do transactions. So first I'm going to ask is cash affected Why because cash is affected most transactions like 70% of the transactions have cash in it And it's easier to know if cash is going up or down Therefore if we know what cash is doing that will help us to know what the other account is doing So I'm going to say is cash affected. We're going to say yeah cash was paid to the to the company Next question is cash a debit or credit balance? Well, we can see up here in the trial balance cash is up in the assets section I'm always going to point to the trial balance. I always recommend having a trial balance open It's a great cheat sheet to have it's an asset Assets generally have debit balances and we need to make it go up for the business because the business got more cash Therefore we're going to do the same thing to it which in this case is another debit now I know that's a long set of questions, but I'm going to go through those each time Just to just in a more quick way But just to go through those set of questions to avoid some kind of shortcuts that people start to memorize Sometimes that don't work all the time. Okay, so that's the first thing we're going to do in terms of Quickbooks I'm going to put the date in here first. So I'm in cell B5 B5 I'm going to type the date which is five slash one now because I formatted the sales to dates It'll format as a date. I'm not going to put the year in there right now I formatted it just to five one and then we're going to put the account now I could just type in I'm in cell C5 C5 That's what Excel calls it and we could just type in cash here and notice now I'm in the cell rather than on the cell and you could see that by everything being blanked out up here If I hit enter everything's now back in and we can do anything That's that means that's a difference between in the cell and on the cell I also want to say that we could do this by copying and pasting and that's what I'm going to start to do Just to limit myself from making spelling errors and also just to learn Excel here So I'm going to say this is the account. I want to post to I'm going to right click on the accounts Or however you copy it if you're on another machine other type of device is obviously a Windows device And I'm going to copy this and we're going to go over here. I'm in cell C5 I'm going to right-click and I'm not going to paste it normal I'm going to paste it just the values only so that we keep that blue cell there that nice blue cell So there we have that then we're going to say that the number is going to be 50,000 now when I type this in here, I'm in cell D 5 I'm going to type in 500000 just like that I'm not going to put any comma or anything like that Why because the formatting of the cell will take care of that note that before I enter anything again Everything's all grayed out up here because we are in the cell rather than on the cell once we hit enter now We're off the cell it formats for us. It puts the comma in there and everything We know that if we have a debit in terms of accounting We're also going to have a credit every transaction is going to have one debit and one credit at least I'm going to represent the credits with a negative number a negative 50,000 now again, I'm going to put negative 50000 and when I hit enter it's going to format it differently meaning it's going to put brackets around it Why because Excel I form out of the Excel to show negative numbers with brackets Now I'm not trying to equate negative numbers and debits and credits. We are going to use Credits or negative numbers as credits to help with the formulas and this is going to be very useful It's useful in this type of worksheet It's also useful in many types of public accounting worksheets when we do the adjusting entry process So no matter what we do we got to differentiate in our mind What a debit and a credit is and what a plus and minus is but they're also kind of related because we're going to use Plus and minus in working with debits and credits So no matter what you do with debits and credits You're really going to have to try to differentiate yourself thinking of what a debit and credit is what plus and minus is How do we use adding in subtracting towards debits and credits? How do you do that? Repetition we will repeat this many times. It will be great. All right So now we just need to know what the other account is here We put money in who put it in the owner put in cash debited What's the account that will be credited well if we look through our chart of accounts We can say hmm the owner put in money. Which one should it be? How about the equity section, which is the blue section? It's an order assets liabilities equity and then income statement revenue and expenses So we're going to take the equity section here. We're going to take the owner's capital owner's capital So I'm going to copy that I can I could type that but I'm in cell l15 right-click and copy And I'm going to put that in cell c6 c6. It's right there c6 Called c6 and I'm going to right-click and paste it one two three So there's our journal entry. We debit the cash We credit the owner's capital and I'm going to put the negative in for cell reference purposes Then I'm going to put my cursor on c6 and I'm going to indent it just for formatting purposes The way to do that is you go to the tabs up here. This is the home tab This is the alignment group. This is the indenting. I don't know how to do this on Google sheets But if you don't do it, it's not a big deal, but it looks a little bit nicer with the credits being indented All right, so there's our journal tree. We are now going to post that to the general ledger This is the general journal. This is the general ledger The general ledger is in the same order as the trial balance the chart of accounts And it's going to show the detail. So we're going to be here in cash That's our first account in the general ledger. That's what we want to post of this 50,000 to it's on the debit side We will then be on the debit side right here in o9 and we're going to say that that equals Pointed to this 50,000 and enter So notice what happens here the formula takes it from zero up to fit by 50 to 50 So a debit makes the debit account go up. We're doing the same thing to it bringing it up to 50 It also puts that 50 here on the trial balance and it shows that that's the only thing in the trial balance Therefore the debits don't equal the credits. Why because we haven't posted the capital account yet So now when we post the credit those red things should go away So I'm going to post the credit now. It's a little bit harder. It's going to be down here It's the first blue account same order on the general ledger as the trial balance therefore I'm going to scroll over here assets Liabilities, there's the equity. We want to be here in AF 9 Now again, I could type in negative 50,000 don't do this because I don't I don't want to do it that way because I want to use references You could do that, but if you run into problems, you're going to have more issues finding where those problems are So I'm going to delete that and I'm going to use a formula So I'm going to say this equals and then I've got to go all the way over and just point to with my mouse or with my Arrows I'm using my arrows here and notice it's changing the cell. That's okay It's not going to freeze the cell till I get where we want So I'm going to say I want to get to there or we can just point to it with my mouse here I want that one and so I'm going to say enter and there's the 50,000 again We could just type in negative 50,000 we could also type in equals e6 and Some people that have really good eyes when we have to maneuver the screen like this like to make the screen really small like this and That works too notice if you make it really small and you get these marks here That just means that it sells too small to see the screen if you widen the cell Then you'll be able to see those at some point. All right, so I'm going to maneuver the screen though because my eyes are bad and that's The way I would prefer to do it generally So there is that and if we go back over the trial balance now We see the 50,000 in cash. We see the 50 from equity now Again, what does it mean that the formulas help us to do this? If notice if I see this and I if I was out of balance and I want to test how that came about I could go to the cash here I go to the data and say is that posted and we could say hmm let's go to the formulas formulas tab up here and then we're going to go to the formula auditing and hit the second button trace Dependence and it's going right there there. It's posted and there it's posted if we just type those numbers in We can't see that, you know, and if we want to see where this number is going then formulas tab and we can trace to the dependent here, okay, and then this is going To there so it's all connected if we just hard-code everything then that we can't we can't see those connections So the more connections we can make the easier our lives are when there's a problem All right, and now we're gonna do the same thing in quickbooks now Again, I know not everybody has quickbooks But this is just going to be an idea that look the quickbooks is going to be the same thing in essence here So we're going to do the same type of thing. I am in the check register right now So it's going to be a similar register Then then your checkbook that you would have we're going to enter not in terms of debits and credits quickbooks Tries to avoid debits and credits because it's trying to make data entry in a way that people That don't really understand debits and credits can just enter data, but we need to set it up In order to do that so I'm going to put in five one and we're going to say that this is a deposit I'm just going to put deposit and I'm going to say owner is the one that put it in there I won't put any name at this point quick add It's going to be other because it's not a vendor or a customer and we just need to put it in the deposit It's not debit and credit. It's a deposit in this case fifty thousand Deposit means that we're going to increase cash because it's the checking register And so that's going to be a debit to cash Then we need to tell quickbooks the one other thing we might do not do with the checkbook Which is what is the other account that we need to put this to and in this case? It's going to be the owner's account and if we hit the drop-down We can see that it could be the owner the opening Now let's put it into the equity account. We'll put it into equity All right, and we could put a memo on it, but I'm not going to put a memo We're going to just do it as simply as possible And okay Let's do that again. We're going to say yes Okay, all right Then if we go to the trial balance, I just generated the report here So I'm just doing the report and the trial balance gets generated automatically just from that data input We see the debit to cash the credit to equity we can see that that's the same thing we have on the trial balance here It's just that we have a bunch of other zeros quickbooks doesn't put zeros into empty accounts It just eliminates those accounts So that is that and we can look at the other reports We typically look at in quickbooks most people don't look at a trial balance only the accounts look at the trial balance but we could look at the profit and loss and We can see that there's nothing there yet because it's our 50,000 we didn't earn it and then we put in the balance sheet and we have the same thing 50,000 on the debits therefore assets Equal liabilities plus equity because it's also owed back to the owner and we have that represented in the Accounting equation up here assets equal liabilities plus equity Okay, so let's do the next transaction and we'll go through this a bit faster each time as we go So we're gonna say the next transaction pull that up I'm gonna go ahead and highlight this green and say that's done kind of like checking it off here next transaction Purchased equipment for cash Five-year life, and it's from Home Depot. I think that's gonna say let's make that a bit larger There it is. Okay, so we're gonna put that on the books now again The same question here is cash affected and we're gonna say yeah cash is affected. Hold on just a second Okay, so we purchased equipment. We're gonna say yeah cash is affected. We paid cash for the equipment So that's the first thing we need to know and we're gonna say okay cash is an asset assets have debit balances We need to make it go down at this time Therefore, we're gonna do the opposite thing to it which in this case is a credit It's a debit to make it go down. We do the opposite which is a credit So we're gonna go over here and as of the date of was it five three We're gonna put the credit on the bottom So I'm gonna take cash I could just type it in there, but I'm gonna copy it gonna go to sell C and then nine C nine It's right there C nine's the name of the cell. I'm gonna right-click and paste it not normal I don't want it green. We're gonna paste it one two three values only So there we have that I'm gonna go ahead and put the number in we paid 18,000 for it. I'm gonna put it with a negative 1-80000 no formatting other formatting than that when we hit enter Excel References or formats it for us with brackets then I'm gonna go up here I'm gonna put the same number because if we credit something and there's only two accounts affected as there are here We're gonna debit the same 18,000. So there's the debit for 18,000 Now we just need to know what the debit account will be so let's go over here What's gonna be the debit account? We bought equipment if we go through our trial balance and look through the accounts that we could have We might think that it should be an expense But it's really gonna be up here in the asset section because we haven't consumed the equipment Yeah, that's gonna be the difference between the equipment and an expense Something that's gonna help us generate revenue in the future We're gonna put on as an asset and we're gonna expense it as we consume it in accordance with the matching principle Rather than if we purchased like small tools, we might just expense it at the time We purchased it assuming we will be using them to help generate revenue in a short period of time so I'm gonna go ahead and copy this and Then I'm gonna put it in cell C8 C8 right-click and paste it to one two three And then again, we could format this credit by going to the home tab the Alignment group and indent the alignment All right, so now we're gonna post this out. So we have the office equipment up here We can see that that is going to be one two three four five six Accounts down. It's gonna be the same for the general ledger. So I'm gonna go to these accounts over here cash Accounts receivable and we're looking for equipment. There is equipment and I'm in cell W15 now I could just type in the 18,000 right there, but I want to use the formulas So I'm gonna say equals and I'm gonna scroll back over here and point to this 18,000 there and Enter so there we have it. It's been input. We can see it here going up in the general ledger We can see it here going up in the trial balance and we can see that we are out of balance Next thing we're gonna have to do is credit the cash. So we're gonna credit the cash I'm gonna go over to the general ledger. Here's cash. We want to go to the next sell down I'm in cell P 10 P 10. So we're gonna say that equals and point to the 18,000 in cash. What's gonna happen when we hit enter? Well, that's a debit of 50 That's a credit those are opposites therefore the 50,000 balance is going to go down by 18 to The 32 and we can see that that same 32 is right there. There's that 32 and that's also back in balance Now let's do the same thing for quick books. We're going to go over to quick books I'm going to do this as much as we can by the Check register so we can just see it as quickly and plainly and simply as possible And we're going to enter this same information starting with the date date of five three And this I'm going to put a check number We're going to say we're starting out with check one one one zero zero one. All right And we wrote the check two and we're going to say I'm going to make sure I don't mess up the Name as much as possible So there's that now when we hit tab Quick book says hey, we don't see that name. Do you want to set that name up? We're going to say yep, and it's going to be a vendor. So we're going to say vendor That's what we want and we're going to put the amount of 18,000 it's in the payment side at this time And the amount it's going to go to what's it going to go to what account if we select the drop down we There it is. We actually have that one Furniture and equipment that's what we're going to put it And tab and if we hit enter, we got to hit enter to be on the next line to make sure QuickBooks records it like so And then if we go to the trial balance, we can see that we now have 32 thousand in the checking and we have furniture and equipment of the 18 and The the owner's equity of the 50 if we want to see the detail the general ledger pretty much of these We double click and we can see the information here where we had the 50,000 entered the 18,000 That are that we spent bringing us to the 32 Notice it doesn't call it the general ledger But this is a general ledger in essence because that's the same thing as what we have here We have the 32,000 on our trial balance We've got the 50 the 18 and the 32 in the general ledger in order by date So it's going to be in essence the same thing Again, I don't expect you to really be doing the QuickBooks But it's good to just see how the two things tie together how they relate to each other All right, so then we're going to do the next activity here. So we're going to go back to uh excel I'm going to put the next date, which is going to be five six. I believe Pull up what we have. I'm going to make this one green saying that we have completed that That one is done Next we paid cash for six months of rents to best rentals company. All right So is cash affected and once again, we're going to say, yeah, we paid cash anytime it says paid cash We paid cash therefore cash has a debit balance. We need to make it go down Therefore we're going to do the opposite thing to it and notice I before I think about anything else in the problem If it says paid cash, that's what we can do. We can do that right away We don't we don't need to even understand anything else, right? So we're going to say, yeah cash is going down I'm going to copy that I'm going to put that on the bottom because credits generally go on the bottom Just out of tradition. So there's the credit and the amount was 12,000 We're representing credits with a negative 12,000 And then we're going to debit something for 12,000 like so and the debit Is going to go to what what did we pay for rent now? You're probably thinking rents on expense It should be rent expense, but note we prepaid it. We prepaid six months of rent What would happen to your income statement if you expensed six months of rent today? And you tried to see how you did this month compared to next month Your your rent, you know, your net income this month would be way lower than it would be next month Even though you're really paying the same month the same rent each month. You just prepaid it So from an accrual standpoint, we really want to put it on as an asset until we consume it by using it So we're going to put it on as an asset. So we already know it's going to be a debit It's going to be a prepaid rent and it's going to be a debit because we have to debit it because we credited cash Let's think it through though prepaid rents an asset It's going up assets have debit balances. Therefore, we're going to do the same thing to it Which in this case will be a debit So I'm going to copy that I'm going to paste it one two three there And then we're going to post this out. Remember, this is the general journal We're posting it to the general ledger. We're going to post the debit first It's the third account down or the fourth account down on the trial balance It will be the fourth account down on the general ledger. So here's the prepaid Insurance It's going to be down here. So it's an s 26 Again, I could type it in there, but I want to use formulas. So I'm going to say equals I'm going to use my scroll bar. I'm going to scroll over Scroll up and we want that 12 000 right there And enter so there's that now we're out of balance. So here it is here in the trial balance And now we need to post the cash. So cash is going to be over here in p 11 so this is cell p 11 in excel And we're going to say that equals and point to the cash of 12 000 and enter That brings the 32 000 balance down by 12 to 20 cash being a debit balance A credit being the opposite thing to it making it to go down All right, let's post this same thing into quickbooks. Again, we paid cash So I'm going to do as much as we can with just the check register and the date of this was five Five six And we're going to say I'm just going to keep the same check number And we're going to pay it to who's now now we need to know who the rental company was and we called it best rentals Very clever. All right, so that's going to be that and we're going to say quick add It's going to be a bender that is correct quickbooks is correct on that guess 12 000 and then we got to put it into the account and quickbooks may not have the account We may need to set it up and in order to set it up. It's really easy. We we could just type it in there and we're going to say it's going to be pre paid rent Tab and quickbooks as well. I don't see prepaid rent. Do you want us to set it up and we go? Yeah, I want you to set it up and notice this is where most people will make a mistake Because it's going to go to the expense by default quickbooks guessing that if we're paying something it's an expense, but in this case, it's not it's a prepaid assets therefore we have to change this to asset other current asset in this case and save and close and then enter So let's see what that does if we go over to the trial balance and refresh it We see that we have the 20 000 now in the cash and we see the prepaid rent There it is now if we put it into rent expense, we'd still be in balance It wouldn't I mean quickbooks would still make it work, but it's just that the expense Would be in there instead of an asset and it's kind of a timing difference a misappropriation It will work itself out in the long run But that's just one of those things that we kind of need to know In order to set the thing up So i'm not expecting us to really understand the setup on quickbooks now But those are some of the things that we just kind of need to understand When we're putting the quick the data into in the quickbooks So we see the same information here on our trial balance that we just saw on the trial balance in quickbooks And we can continue to the next one. Hopefully it's the same. I'm hoping it's the same We didn't make any mistakes so far The next one's going to be on five nine, so we're going to say five nine See what we have i'm going to go ahead and highlight this one and we're saying that one is done Let's make this a bit larger Okay, so we paid Cash for 12 month liability insurance plan Okay, so it's 2400 and again before we even know what liability insurance I can say oh it'd be paid cash. Well, is cash affected then? Yeah, cash is affected and it went down cash has a debit balance. We're going to make it go down How do we make something go down? We do the opposite thing to it Which in this case would be a credit So i'm going to go ahead and copy cash and copy that i'm going to put it on the bottom There's the date i'm going to put it in cell c 15 c 15. It's right there We're going to right click and paste it one two three All right, and then the amount we're going to put in the credit side in e 15 I'm going to put it in there with a negative to represent the credit for our worksheet 2400 is the credit And then we're going to need to debit something so we're in the debit side and we're going to need to debit something for 2400 as well Okay, so now we just need to know what that will be what did we purchase we purchased insurance So insurance then you would probably think well that should be an expense as well to its insurance expense, but It's actually going to be in The asset section for the same reason that the prepay of rent is going to be in the asset section That is because uh, we haven't yet consumed it by definition When we buy the insurance say we bought car insurance We can't get in an accident and then buy car insurance We got to buy the car insurance before we get in the accident therefore We're going to have to put it into the asset account Of prepaid insurance So it's actually going to be up here if you have a trial balance in front of you It really helps to look through that and and see where where that's going to go We already know it's going to be a debit because we credited cash. It's already a debit. We already wrote that in there Let's think that through see if it makes sense Cat prepaid insurance is up in the asset section prepaid insurance needs to go up Therefore we're going to do the same thing to it, which in this case will be another debit So i'm going to copy that and we're going to put it in cell c14 and right click paste it One two three right click and paste it values only There is that there's the journal entry and i'm going to go ahead and format this to make it nice We're going to go to the home tab alignment and increase the indenting Now we can post the journal entry to the general ledger posting prepaid insurance first prepaid insurance on the trial balance is one two three four five accounts down It will then be the same on the general ledger Therefore we're going to go one two three four five accounts prepaid insurance In cell w nine w nine sounds like a tax form here and we're going to debit that Equals i'm going to scroll back over i'm going to do this with a formula We could type it in there, but i highly recommend formulas and enter All right, and if you're joining this Recently note that there's going to be a worksheet down below You can work through the worksheet the worksheet in terms of google sheets as well as an excel sheet as well as quick books are all free during the presentation If you work it after the presentation Then uh, you know let us know email us and we'll take a look and see if we can give you the worksheet at a later time If you're jumping into this at a certain point you're looking through the transactions You can still get the same information from the journal entries as to um You know how the journal entries are going to balance and we're trying to relate the journal entries Both in terms of the theory as well as in quick books at the same time So we can see how those two things apply out as we go All right, so now we're out of balance because we posted the debit and not the credit where I indicated by these red items here And so now we're going to post the credit the credit's going to cash. So we're going to go to our general ledger. Here's the cash We're in p12. There's p12 Equals we're going to point to this 2400 what's going to happen when we hit enter Cash is a debit balance with 20 000 in it. We're doing the opposite thing to it a credit the opposite thing We'll make it go down 20 000 going down by the 2004 to the 17 6 That 17 6 in the general ledger being represented as well in The trial balance also in balance because the debits less the credits equal zero No effect on net income at this point Accounting equation remains in balance. We're going to do the same thing in quick books now And again, I don't expect you to have quick books But we just want to see how this stuff really applies to quick books as well Even though data input into quick books does not generally include oftentimes Knowing debits and credits for the basic data input, but quick books uses debits and credits Okay, so now we're going to go back here. We're going to go to The checking account everything as much as possible We'll put into the checking account the date on this one's going to be five nine And we're going to say it's the same check. We're going to say this is the check number And we're going to put it in there Who did we pay? It's going to be another very original name. I'm sure Liability insurers. That's our insurance company All right That's the name of the insurance. Okay, so we're going to quick add. It's going to be a vendor So we're going to say that's a vendor and the amount's going to be 2,400 Is that right? Yeah 2,400 And now we need to put the account and again if we hit the dropdown and say I don't see an account I don't see prepaid insurance there. So we'll just make one by typing it prepaid prepaid insurance Okay, and I'm going to quick add that And this is another area where quickbooks is going to get it wrong if we just if we just go with quickbooks Quickbooks thinks it's an expense by default, but it's not it's an asset And so we're going to have to fix that we're going to put it to the other current asset in this case And we're going to save and close and enter and enter Now let's see what it does if we go to the trial balance We can see what it does if we refresh the trial balance We have the cash we have the prepaid insurance the prepaid rent and if I if I stole some things wrong I apologize for that, but we've got to the furniture and fixture and The owner's capital what would have happened if we put prepaid insurance as an expense It would be down here as an expense And the only difference is we would be in balance But there'd be a timing difference that we kind of have to deal with On a cash basis versus basically on a cruel basis That's the type of issue we would have with that timing difference If we want to see the activity such as for cash We can double click drill down on it and here's the activity. Here's the gl quickbooks calls it a transaction by account But that's basically the gl the general ledger Now if I close this out and we go to the balance sheet the other account The the thing that most people look at most people don't look at a trial balance So they're going to say except for us accountants So we're going to say that the Assets are going to be up top and we see the total assets here Equal total liabilities plus equity same information. How about we take a look at the income statement? Which quickbooks calls a profit and loss for some reason but it's an income statement Two or you can call it either one But we have nothing in there yet if we put the expense in there We would have an expense in there, but in in reality on a cruel basis We do not yet have an expense. We haven't yet consumed it All right, and so then we're going to have that same information in our system over here Same accounts. Hopefully here unless unless we did something wrong and we could see the same gl activity over there all right Next transaction we're going to have here is going to be on 512 512 And let's see what happens on 512. It's going to be something very exciting. I'm sure so I'm going to highlight that saying we completed that one Cash from clients for work done at the same point in time So we so what i'm trying to say here what the book is trying to say here We did work and we got money at the same point in time Now in real life that would be obvious obviously if we did bookkeeping and we someone came in and we did bookkeeping or something And they and they paid us at that same point in time We would know that but in a book problem. We kind of have to define that we have to say When was the work done and when was the amount paid? So those are going to be some things that are kind of tricky in terms of a book problem that would be obvious In real life. So we got paid and the work was done at the same time service company. We're not dealing with inventory. Therefore Is cash affected? Yeah, we got cash from the client again. We don't need to know anything else We said cash from client. We can hit cash first Cash is it asset assets have debit balances. We got more of it It needs then to go up and how do you make something go up? You do the same thing to it So it's a debit. Therefore. We're going to debit it in order to make it go up doing the same thing to it So i'm going to copy that i'm going to go down here and sell seven c 17 c 17. It's right here Right click and paste it one two three All right, and the amount then will be 3600 3600 and d 17 we're going to put the same amount in the credit side in e 18 negative three six zero zero And now we just need to know what the account will be Now why did why are people paying us money? Because we did work and therefore earned the money So we're going to represent the account that represents us earning money That's going to be revenue or income revenue or income We already know it's a credit because we debited cash. Let's think that through now. Does that make sense? Revenue or income is a credit balance account and we're going to make it go up by doing the same thing By crediting it so Revenue is always going to be a credit and it's always going to go up except for some rare circumstances But for the most part revenue is always going up. So i'm going to copy that I'm going to put it over here in c 18 right click and paste it one two three And then we will indent that All right, so that's what we have here and now we can post that out I'm going to take a quick break here next comic as we do that All right, so let's see what else we have here. So now we're going to post this out So we have the general ledger now. We're going to go ahead and post Well, this is the general journal and now we're going to post the general journal to the general ledger All right, so cash first cash is going to be our top account on the general ledger over here in O 13 that's where we will post it. We're going to say this equals and scroll over here to d 17 and Enter so there's that and now we're out of bounds by that three six of course And now we're going to post the other side of it Which is going to be the revenue or income side of it and i'm going to scroll over here It's going to be in the same order notice. It's our first dark blue account So it's going to be the first dark blue account on this side as well So we're going to scroll over first dark blue account It's going to be down here a bit and it's going to be in the credit side So i'm on the credit side again. I could type in negative three six zero zero But I want to use formulas. I know you got to change the screen to do that But it's well worth it to practice. I'm going to slide this over and point to that three six zero zero and enter And there we have that information. It goes from zero up in the debit direction Not not down in the negative. It's a negative number for excel, but for debits and credits It's it's going up in the credit direction. That's one of course of the confusing things We have to we have to consider when we do these things Okay, so that puts us back in balance over here We can see that that three six is also here on the trial balance And now we are going to do the same thing in quickbooks So i'm going to go to quickbooks and we're going to do the same thing I'm going to do as much as possible in The uh checking account as we can so this happened on five twelve And i'm going to label it just deposit deposit And we got it from i'm going to go back over here Our client which is j smith j smith. All right That's a paid us. That's good and we're going to quick add And again, they're going to see they're going to every transaction for quickbooks They're going to try to guess it's a vendor but for here. It's a customer. We have a customer paid us And it's not going to be a payment this time. It's going to be a deposit of three six Then we just need to assign the other account if we select the drop down We don't have a revenue account yet. I'm going to select it by going I'm going to call it the same thing. I'm going to say it's going to be revenue or income Just emphasizing the fact that those are basically those are the same thing It's a revenue or income type of account I'm going to go here and put that in select tab quickbook says we don't have that account. You want to set it up Yes, we do And once again quickbooks thinks it's an expense just like every account we set up in the check register We're going to make it an income account. It's going to be an income account And uh, no and notice that we can call it whatever we want depending on what we do Like a lot of books will call it as fees Because we do if we do bookkeeping and we might call it fees that we charge fees But as long as it's a revenue or income account It will be in the income statement as in the proper area. So we're going to say all right Save that and post that And then if we go to our trial balance, we can see that it then populates So here's our in our cash went up as well as our income went up in the credit direction Most people of course will be looking at the balance sheet And we could see that the cash was affected here What's the other account affected on the on the balance sheet the equity area and right here They actually break out income separate on the balance sheet, which is a little bit different again from quickbooks to Other areas, but we could see that it's part of the equity section in order for our assets to equal liabilities plus equity And on the profit and loss the income statement We're going to say that we have revenue of this three six no expenses yet. That's what we have Note on a trial balance. We can see the same thing just really easily if you look at a trial balance And again, if you use the the credits of the negatives, you can kind of see everything really pretty quickly just in a trial balance We could just highlight these and say what does that add up to total assets 53 600 quickbooks will I mean excel will just add it up if we highlighted How about our capital 50 000? What about our net income? We've got revenue minus expenses 3600 represented by this number here So we can get that information really quickly by just by just doing that if and if we want to see do assets equal liabilities plus equity Well assets the green accounts liabilities. We don't have any equities all the blue accounts 50 000 and the three six. So yeah, that's going to be In balance as well All right, let's see what else we got. We got just a couple more. The next one's going to be on a five 15 So on a five 15, we're going to say that I'm going to highlight this We're going to make that green Next item here is going to be purchased of supplies on account. Uh, no cash paid All right, so now we purchased supplies and we're going to ask our first question Is cash affected and in this case? No, it says no cash was paid. How did we get the supplies then? We bought it on account or we bought it by credit card Again, this is an area where the book problem It might be a little bit more deceiving than we would do in real life in real life We would know we didn't pay cash. We put it on account We pay it with a credit card or something in a book problem It has to tell you that somehow and it might just say on account. We purchased supplies on account That means that we didn't pay cash for it. It means we bought it with something else And it means that we're going to hit accounts payable. That's the account We're going to use when you're working problems like this. It's going to be a liability account So usually in problems like this, even though I know it's going to accounts payable I'll think about what we got first because it's easier to think about the debit and credit and I'll show you why What did we get supplies? Now if you go through this our chart of accounts, you might say well, that should be an expense but in the same Reasoning that we've talked about with prepaid insurance and the equipment the supplies hasn't been consumed yet So we're actually going to put it on as an asset and then we're going to Expense it as we consume it. Now, of course if we bought like staples or something like that I'm not going to count the staples and and even if we bought a year's worth Even though that would be proper cruel Why because it um, it wouldn't be worth our time to do that But if we bought like computer ink or a lot of paper or something like that We would want to track it. Therefore, we would want to put it on as an asset We want to count it. We want to see if we're losing supplies if there's any type of shrinkage of supplies Therefore, we're going to put it on as an asset Asset like cash has a debit balance. We got more of it. Therefore, we need to make it go up It might be easier for us to analyze the asset So I'm going to copy that put that on top. It needs to go up. It's going to go up by 1200 Then we're going to credit something We know we're going to credit it because we debited the other account And what will that be? We're not paying cash. We're not going to credit cash, which would decrease cash We're going to credit the liability Now we know it's a credit. Does that make sense? Liabilities those are live they have credit balance accounts The bad thing is going up meaning kind of like our credit card balance is going up How do we make something go up? We do the same thing to it as what it is Which in this case is another credit So I'm going to copy that we're going to put it in cell C21 And paste it to 123 Now I'm going to put my cell cursor here again go to the home tab alignment increase in denting And then we'll post this out. So we're going to post the supplies first So if we go over here, it's going to be the third account down Therefore it will be the third account on The general ledger. So here's supplies third account. We're in cell s 20 We're going to say this equals and then point to this 1,200 and enter So now we're out of balance by that 1,200. We're going to post the credit 1,200 That's the first orange account, which will be the first liability account on the trial balance Same thing as on the general ledger Scrolling over to the accounts payable in cell ab 9 so we're in cell ab 9 We're going to say that that equals Again, I'm going to scroll back over and point to that 1,200 and enter So now we have this going up in the credit direction That's not let's not going down in a hole. That means it's a credit for purposes of debits and credits And over here we can see that same number in terms of the 1,200 and we are back in balance Let's put that same information in the quick books This one's a little bit tougher because we cannot put it into the checking account And again, I don't I don't expect everybody to be putting it in the quick books But this is just to give an idea of what quick books would look like How we would put the same information how debits and credits are the same thing in quick books as in excel So how are we going to put the information Into quick books if we can't put it in the check register We can't put it in the check register because by definition the check register deals with cash So so typically we do this by forms So we can say that this is going to be basically something more paying to a vendor So under the vendor section we're going to pay enter bill or select enter bill And this is instead of using journal entries quick books usually tries to use forms because that's easier for other people To enter data into without knowing debits and credits We could enter journal entries in here I could have done this whole thing by entering journal entries with company And then go down to a general journal make general journals and do the whole thing with journal entries But we want to do it with with forms here to kind of see what people generally do In in the software and generally people use either the check register and or forms So we're going to put the information into here. So who did we pay? Who did we pay? Office depot, okay So i'm going to put that there tab quick add And it's going to just assume it's a vendor I'm not going to put any other information right now in terms of terms. We can talk about that later when we talk more about Quickbooks, but what we do need is another account now What the bill means by definition by definition of it being a bill as defined by quickbooks is that it's going to make accounts payable Go up. That's what a bill is then we need to Select the other account. So bill is going to credit accounts payable. What's the debit going to be? That's what we need to put in place if we selected the drop-down. We don't see supplies Therefore i'm going to type in supplies And select tab and we're going to say Set up Again, it thinks it's going to be an expense, but in this case supplies is An asset. So it's an other current assets. I'm going to go to other current assets There and continue And this is just the same information other current assets and Save and close and save and close. So again, the bill means credit to Accounts payable Then we select the other account just as we did in the check register And we save and close it and that will be the debit and the credit that we can now see reported on the trial balance Which would be uh the accounts payable Well the accounts payable shows a zero there. What happened? Let's see I didn't put an amount in it That's kind of important. All right, we're going to put the amount of 1200 and then save and close it All right There we have it. So there's the 1200 there And in the accounts payable and we have the supplies of the 1200 And we can see that information of course on the balance sheet same information There's the 1200 on the balance sheet And if we look at the profit and loss, we're still only left with that 3006 Because we haven't consumed the supplies yet. It's not on the income statement until we expense it All right, we're getting down to the last couple here last two and then we have to stop It's because we're going to be done with all the transactions. So I'm going to highlight this We're going to put make it green Now we're on 518 record services provided but for which cash has not been received So now we did work. We did if we did bookkeeping, we did work But when we ask the question is cash affected? No, we did work, but we didn't get the cash yet therefore What are we going to put the money into other than cash? Now when we think about this, we're going to say, okay We didn't get cash even though we did work yet. Did we get something the argument from an accrual basis is Yes, we got something. What did we get an iou that iou is an accounts receivable account Now this usually bothers people when we first start thinking about this and accounts receivable being reported on the books as an asset Because they think well, we haven't got the cash yet It's risky for us to put the receivable on the books and tell people we have it as an asset when we haven't got the cash yet But note that that's what receivable means. It means that look we did work We earned it and we don't have it yet You know, we're telling we're telling the reader that We we expect to receive this money and we don't have it yet If the reader wants to discount that information and say it's not worth the same amount or we're not going to count that in our calculation They can see that Also, note that under the accrual basis. We are going to have to estimate how much of those receivables We do believe are not going to be collectible and we'll talk about that at a later time But there is generally value just as we would have value if you went to work and we're a w2 employee If you got paid friday and you earned the wages on monday Even if you were, you know, even if you left the job and and you know Come back on tuesday, you could still say hey, I have money owed me For that monday's worth of work and be pretty dependable that you would get paid on that If we agree that uh, if we shake hands in a similar way in a business transaction and we do work We can have some assurance that we're going to receive it. That's going to be an asset So in any case It has a debit balance. We need to make it go up. We got more of it. We got more ios Therefore we're going to do the same thing to it. Which in this case is another debit I'm going to put it on top in cell c 23 on 5 18 We will credit then well, let's put the numbers in to five Crediting to five. I'm going to do that with a formula now just to start practice informants You could just type in negative two five zero zero as well and Uh, then we just need to know what account it's going to go to why are people going to pay us 2,500 because we did work And what accounts we report when we do work under the revenue recognition principle and accrual principle That would be revenue or cash or income So in cell l 4 17 i'm going to copy that I'm going to put that on the bottom in cell c 24 paste it one two three Then we're going to go to the home tab alignment and indent that And then we're going to post this out. So i'm going to go to the receivables And that's going to be the second account. So there's receivables in s 9 equals And then we're going to point to that 2,500 and enter Then we're going to go to the revenue account. It's all the way. It's the first dark blue account on the trial balance It will be then the same on The general ledger. So we're going to go over here to revenue Has a credit in it already. I'm in af 20 for excel That equals I'm going to scroll back over here The 2,500 and enter So notice it made this account go up not down. It's not going into a hole. This is revenue. It's a credit of 3,600 It's going up by doing the same thing to it to 6,100 We could see that 6,100 on the trial balance back in balance with the green zeros Now we're going to post that same thing to quickbooks And we have the same problem I can't go to the check register and put it there because we did not get any cash or for this transaction The form that we usually use for quickbooks is going to be called an invoice Invoice is what happens when we usually want to affect accounts receivable We could use other types of documents, but that's typically What how we'll set things up to be used We're going to go to the customers section because we're dealing with customers when we deal with invoices Invoices being kind of like a bill our bill. It's our bill to our clients Make this a little larger And so we're going to say here's going to be our clients will be then who's our client l williams And we're going to paste that here Tab and we're going to quick add it's going to go to the customers I'm going to keep the invoice number And the item we have to add an item. I'm just going to call it books. We did books And yes, and it's going to be a service item. We're going to have here We're not selling inventories what that means and we just need a rate in order to make this work I'm not going to fill out any more detail than we have to at this point And actually I don't even need a rate. I need another account If the rate would be like a billion rate if we have an hourly rate or a rate for inventory Or if we were doing some other format of billing process the account, however, needs to be Income that we're going to here. So income is going to be revenue and expense All right So once that's set up, you don't have to set it up every time But once it if it were set up and again, I don't expect us to go through that We'll do that more at a later time get into more detail on that But uh, usually when people just have to enter data for work that was done If they're billing the client if they're working on the receivable department We would just enter an invoice and then we would say that they owe us $2,500 for that invoice the invoice itself means that we're debiting accounts receivable and crediting Revenue that's what the invoice basically means unless we have it'll mean a bit more if we sell inventory Because then we'll have to deal with inventory, but we're in a service company right now We're going to save and enclose it And let's see what that does to our trial balance So here we have it. So no cash is affected, but now we have this receivable of $2,500 and revenue was impacted if we look at our balance sheet We can also see that we have that receivable up top and we're still in balance with the assets equaling the liabilities and the equity And if we look at the profit and loss, we can see that we now have the $6,100 if we want to see detail on that We double click on it and we could see that we had the one deposit and we had the one receivable happening here So that's the activity All right, so let's do one more transaction one more transaction I'm going to make this green. We have completed that next transaction will be 521 paid vendor For part of the debt incurred in the prior purchase. So now we paid the vendor again Before we read anything else we we could just say is cash affected and whenever it says paid We're going to say yeah cash went down, right? So I could say okay cash has a debit balance I know we paid someone something it needs to go down. How do I make it go down? We do the opposite thing to it which in this case would be a credit So i'm going to copy cash i'm going to put it on the bottom Of the date which is 521 And we paid 400 Now we're going to debit something 400 and it's and now we need to know why we paid the cash here So why did we pay the cash? Because uh, we're paying the vendor for a prior purchase So we purchased something and remember it was supplies that we purchased from office depot But we purchased it on account Now we're not going to put it to supplies because we already have the supplies on the books We're not going to debit supplies again. What we're going to do is reduce the liability So that liability is payables kind of like if we owed a credit card So we have the 1200 there in payables And we know we're going to debit it because we credited cash and it answers that question for us But does it make sense? Let's think it through Accounts payable has a credit balance. We need to make it go down because we don't owe 12,000 anymore 1200 anymore We owe 400 less of that. How do we make something go down? We do the opposite thing to it Which in this case would be a debit. So it does make sense. So we're going to debit this I'm going to copy I'm going to paste that down here I'm going to indent this to make it look nice home tab alignment increase in dent And then we'll post this out. So I'm going to go up to accounts payable Which is the first liability account on the trial balance. It will be the same on the general ledger There it is in ab 10 ab 10 That equals and then I'm going to scroll back over Scroll back down To accounts payable And what does it do accounts payable has a credit balance We did the opposite thing to it making it go down to 800 So it's not it's not going less than the whole it's going Down the credits are decreasing from 1200 by 400 to 800 All right, and that puts us out of balance by 400 Until we post the cash side of it, which we will do on the general ledger over here in p14 That equals This 400 Enter puts us back in balance there. Let's do this a one last transaction in quickbooks This one does affect cash. So I could go into the checking account and do it. Note that Oftentimes when we do this we would go to Vendors And go to pay bills, right? We would say we're paying This bill and then write the check for it But I just want to keep doing everything in the check register that I can do in in the check register Just to show you all the cash transactions that We have so I'm going to go 521 There we go and uh, we paid the person here being To the office depot And we're going to say a quick add vendor And this will be a deposit And the account will be accounts payable Now normally if we have accounts payable quickbooks will not let us post it unless we name the vendor Because quickbooks wants to track who we owe and if we don't put the vendor in there We won't be able to track that and that's one of the things that if we don't understand that Quickbooks won't let us post things and it really frustrates us at times, right? So if I don't have a if I don't have a customer or vendor there and I say record this quickbook says Well, first it says your transaction is not in the right date, but that's okay. Well, let me do it I didn't think it would oh it added it for it added it for us It is so that's our only vendor and we put it up here So basically it added that if we didn't have one if we didn't have that there and we tried to record it We're going to say that it won't let us record something to accounts payable without a customer or vendor And we have to type in the customer or vendor so that it can track that information and okay That will be the same with the accounts receivable accounts as well as any time we have an accounts receivable We have to have a customer in order to make it work Okay, so again what we're going to what we're doing here in terms of this problem Is working the basic transactions in terms of excel and Google and then putting that same information into Quickbooks trying to get an idea that Quickbooks is doing the same thing in the theory In excel and trying to get an idea both from a small business standpoint that usually works with Quickbooks But not with journal entries that the journal entries are necessary to a degree to really understand how to set up the basic information In Quickbooks and to understand from a student standpoint who also often have to learn a lot of theory Without really seeing how it applies to Quickbooks how we can have those two things match up We want to show the the students that hey, you know the stuff does apply within the Quickbooks So we can see here that if we had if we looked at the Quickbooks And we go to the trial balance now, of course, this is what we have in the trial balance This mainly was generated just by entering stuff into the check register With a couple things that were non-cash related in adding accounts And we have the the trial balance here if we want to drill down on anything we can double click on it There's the activity. This is a general ledger. That's basically a general ledger. They call it a transaction by account It's a general ledger. So Quickbooks will have slightly different names But that is this information That's the same information, of course that we have here. Hopefully unless we Messed anything up, but we have the same information here and again the trial balance is enough to tell us most things I can see the trial balance. I can highlight these and say there's assets 56 900 There's liabilities. We have liabilities of 800 There's the income statement. We have income debits minus credits 6100 of income We can see that same information in Quickbooks which will generate it automatically if we enter the data properly By just saying if we go to the forms that people normally look at which is the balance sheet Rather than the trial balance, we can see that. Okay, here's our cash. Here's our accounts receivable. Here's our information here Here's our total assets. Here's that's 1006 we owe Here's our equity and uh Quickbooks breaks out the net income too. So total equity is that 56 100 Assets equal liabilities plus equity if we look at the profit and loss Same information. All we have is that 6100 of income at this point So we can see that that our our information here will tie out what we're doing in theory It's the same thing that's going to be basically that will be worked in Quickbooks If you have been working this with us Or if you want to see this information and work this problem It's available during the presentation during the presentation below this There's going to be a link that you can download the excel worksheet and then i'll see if we can post this and you can rework this problem There's also a link to a google sheets if you do not have excel or even if you have excel it's really Nice to learn google sheets as well and it takes a lot more less memory a lot of times And you can do google sheets while you're in different locations and on different devices oftentimes It's it doesn't have as much functionality, but it's got more flexibility in some ways So you also have that you can download the google sheets and you can try to work it in there as well I know that not everybody has has Quickbooks the Quickbooks right now is just designed mainly to give you an idea of of How this stuff does apply to computer software what you need to know with computer software And and what the computer software will do for you once we start working with computer software Next time we're going to go through and do some more journal entries and we'll start from this point in time So i'll give you some more excel worksheets that will be available during the presentation And you could just start from this point if you missed this or you don't totally get all this We're just going to start from the same point forward You don't need to have done this if you if you don't have it done But if you haven't had it done that would make things easier as well And then and then we'll go forward from there and we'll do the adjusting process We'll do the financial statements and we'll do the closing processes these tabs aren't on the current worksheet that has been uploaded I'll include those in later Worksheets and we'll we'll work through those and and see how those relate to The debits and credits in terms of theory in terms of just doing it by hand by excel And then doing it by by Quickbooks at a later point in time And again if you want these resources after the the instructional video is Done then let us know and we'll see if we can if we can put those together Provide us with your email address and we'll see if we can send those out So that's going to be it here. Here's the last Here's the last comic as we wrap things up and we'll close this out