How JOURNAL ENTRIES Work (in Accounting)

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Accounting Basics Lesson 4. In this episode of Accounting Basics for Beginners, I explain Journal Entries in full! In this episode of Accounting Stuff – Accounting Basics Lesson 4 – you will learn:

▪ The definition of accounting Journal Entries, as part of Basic Accounting for Beginners.
▪ The most common Journal Entry Format and how Journal Entries are recorded.
▪ How to check that your Journal Entries balance.
▪ I will also take you through the differences between Manual Journals & Automatic Journals.
▪ And… of course, we will talk through two Journal Entry examples.
▪ Journal Entries for Dummies

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⏱️TIMESTAMPS
00:00 – Intro
01:15 – Why do we Record Transactions?
02:15 – What are Journal Entries?
02:26 – What does a Journal Entry look like?
03:51 – Manual vs Automatic Journal Entries
04:20 – Journal Entry Example
05:47 – Recap

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Comments

Hope you found this short intro to Journal Entries useful! If you run a Startup or Small Business, what Accounting Software are you using? I would like to make more videos to help people bookkeep for themselves so any recommendations would be appreciated

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Iam so happy that i found a very usefull channel.. Thank u so much for sharing ir knowlege to us with full of joy

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@ZAIN No problem, I hope it helps you out 🙂

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can you give me more specific and detailed problems?

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I use sage!

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This is EXCELLENT

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Hii can you do video explainable classified financial statements!

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Hi James, thank you soooo much for these amazing videos! Pure gold. I’m at the end of my financial year (slightly overdue) as a small business owner, which I set up last year, which means first tax return, eeek! Just trying to get my head around all of this stuff, and don’t know if I’m going too deep with all of your videos! But I’m finally beginning to understand the terms! The double entry bookkeeping is still one that is boggling my mind. Wish I had known all this stuff at the start of my business. Now it seems I need to back track all this stuff to create my balance sheet!

One question: As an artist do I include my own labour into the production costs when it comes to cost of goods sold in the Loss/Profit Sheet?

I would really appreciate if you could do a special for artists or even manufacturers when it comes to inventory and assets.
Keep up the great work!!! Thanks so much

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business central software

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All those messed up is now clear <3

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cleared this confusing thing that’s been bothering me for ages… turns out if the lecturer put account on top of all the journal entries I wouldn’t need to be confused

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by watching your videos I can modified my software developments in a proper ways of system data analysis.. thanks to you. good day!

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anyway what are the different between J/E journal entry & G/L general ledger?? thnx

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I know these videos are about four years old now but I just wanted to let you know that they have already been an INCREDIBLE help to me! I am not very savvy when it comes to things like this, but I’ve started my first semester in college and thanks to your videos, it really feels like Accounting would actually be possible for me and maybe even enjoyable eventually. Thank you so much!

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sir i love u

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So if I use Google Sheets I have to make a separate sheet for all these journal entries (business transactions)? I’m wondering if there’s a more efficient way of doing it.

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Most countries are trying to get rid of cash. Yet I hear a lot how cash fliw is important. What will happen to cash flow if cash is replaced by electronic money?

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Appreciating these videos so far, but I noticed an error! At 2:40 you say the date listed on a Journal Entry is the date it is posted to the General Ledger. Isn’t this only true of Adjusting Entries, if any? Later in the video you say it’s the date of the transaction, which seems to be in line with GAAP…
I know this video is pretty old by now, but I thought I’d leave a comment in case anyone else like me has been totally lost in our poorly-made college classes on Accounting, and getting confused by stuff like that. Keep up the great work!

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watching on the 21st of sep 2022,what do you guys think that means

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