Bookkeeping

Bookkeeping Basics1

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• published: 05 Nov 2010
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For Private 1:1 training visit http://schoolofanswers.com Here is a video you may find helpful talking about the difference between a Bookkeeper, A Controller, and a CFO: http://youtu.be/XWa4t5BzFKI 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-part-1-41817