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Accrual Example: Salaries Payable (Updated 2016)
 
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Updated for 2016, this video explains the basic concept behind accrual-basis accounting using an example of an accrual journal entry for salaries payable.
Views: 54014 The Accounting Tutor
Accrued Expenses - Ch. 3 Video 5
 
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Adjustment for Accrued Expenses
Views: 114169 mattfisher64
Salaries Payable Adjusting Journal Entry
 
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This video is about the AJE required when payday is not the same as the end of the period.
Payroll Journal Entries
 
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Description
Views: 80315 Athens Tech Accounting
Accounts Payable vs. Accrued Expenses - Interview Question
 
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Accounts Payable vs. Accrued Expenses on the 3 Financial Statements: Why Does It Matter? By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers" It's a common interview question! You may be asked about the differences between them, how changes are reflected on the 3 financial statements, and so on. And most Google search results on this topic are AWFUL and do not answer the actual question at all, or do so in a confusing way that misses the point (trust me, I looked). THE SHORT ANSWER: Accounts Payable (AP) and Accrued Expenses (AE) work in a VERY similar way... IF they both correspond to Operating Expense line items, or other items that appear directly on the Income Statement. However, AP is more likely to correspond to events such as the purchase of Inventory, which would NOT show up on the Income Statement initially, and so you're more likely to see different treatment with Accounts Payable (no Income Statement impact - just an Asset on the Balance Sheet increasing and AP on the Liabilities & Equity side increasing to balance the change). Both these items represent cases where we've INCURRED an expense but not actually paid for it in cash yet. Example 1: We get an invoice for a legal bill from a law firm we hired. They already performed the service, so we incurred the expense, but we haven't paid them in cash yet. Example 2: We pay rent at the beginning of each month. In between, that expense accrues because we use the building or office every day of the month... so it's not accurate just to view it as an expense on one day of the month, but rather an expense that gets accrued every single day and then paid in cash at the beginning of the month. Example 1 corresponds to Accounts Payable, because we typically use AP for items with specific invoices. Example 2 corresponds to Accrued Expenses, which we typically use for recurring, monthly/quarterly/weekly items WITHOUT specific invoices, such as rent, utilities, employees' wages, and so on. What Happens on the 3 Statements When AP or AE Change? IF they both correspond to COGS or Operating Expenses IN THE CURRENT PERIOD and therefore refer to actual expenses listed on the Income Statement: Let's use the example of AP or AE of $100 on the 3 statements: 1) Income Statement - Expenses (most likely OpEx) will increase by $100, reducing Pre-Tax Income by $100 and Net Income by $60 assuming a 40% tax rate. 2) Cash Flow Statement - Net Income is down by $60, but this expense we just recognized was non-cash, so we record the increase in AP or AE as a cash increase of $100. Our cash flow and ending cash at the bottom are up by $40. 3) Balance Sheet - Cash is up by $40 on the Assets side; on the L&E side, AP or AE is up by $100, but Retained Earnings is down by $60 due to the reduced Net Income, so both sides are up by $40. INTUITION: You've saved on taxes because you recorded an expense, took the tax deduction, and reduced your tax bill... but you haven't paid that expense in cash yet! It's all about the tax savings in this first step. Now, Step 2: What Happens When You Pay the AP or AE in Cash, For Real 1) No changes on the Income Statement - already recognized this as an expense! 2) Cash Flow Statement: Net Income is still down by $60... and now we REMOVE that adjusting entry for AP or AE, so cash no longer goes up by $100 from that. As a result, cash at the bottom is just down by $60. 3) Balance Sheet: Cash is now down by $60 rather than being up by $40, because we just paid that expense in cash. On the other side, AP or AE is now back to its old level and is no longer up by $100. Retained Earnings is still down by $60, so both sides are down by $60 and balance. BUT HERE'S THE IMPORTANT DIFFERENCE BETWEEN THEM: AE almost always correspond to Operating Expenses or other Income Statement expense items... but Accounts Payable often do not. EXAMPLE: Company buys $100 of Inventory on credit - supplier sends over the Inventory, "in good faith," and sends the company an invoice, which goes to its Accounts Payable account. In this case, there are NO CHANGES on the Income Statement because nothing happens there until this Inventory is turned into products and sold to customers! Instead, Inventory on the BS simply goes up by $100, and AP on the other side goes up by $100 to balance it. That scenario happens a lot with AP, but very-rarely-to-never with AE. Further Resources http://breakingintowallstreet.com/biws/3-statement-excel-model-interview-questions/
How to record Accrued Expenses?
 
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If you know what accruals and expenses are? Do you know how to record them in the accounts? LEARN MORE https://www.youtube.com/theaccountingstudent?sub_confirmation=1 ENJOYED WATCHING? MORE CONTENT LIKE THIS BELOW PLAYLISTS Accruals and Prepayments | https://www.youtube.com/playlist?list=PL3cdk_SU0v32sIypW-MnpWfsrO7NLisvG The Accounting Concepts | https://www.youtube.com/playlist?list=PL3cdk_SU0v30CeJsBoQpDWUvyzZrq-Vcu The Accounting Equation | https://www.youtube.com/playlist?list=PL3cdk_SU0v322HgQ6FqYnUC-ilGgpDYpd How to record_____________in the Accounts | https://www.youtube.com/playlist?list=PL3cdk_SU0v30ks6Xcxrf-FWxBlWKLkD82 VIDEOS What are Accruals and Prepayments | https://youtu.be/1zRz-EjBfDA How to record Prepaid Expense | https://youtu.be/_IPJ2Skpvco How to record Accrued Revenue | https://youtu.be/OeIOOzrZRcc How to record Prepaid Revenue | https://youtu.be/YQln0suyC-Q Accrual vs Cash Accounting | https://youtu.be/GqFzPoftoQ4 What is Capital | https://www.youtube.com/watch?v=jAe4Rwfw2Wg What is an Asset | https://www.youtube.com/watch?v=5Kzpkv2bjoU What is a Liability | https://www.youtube.com/watch?v=RZkSY6J9ll8 CONNECT WITH US ON SOCIAL MEDIA Like us on Facebook | https://www.facebook.com/theaccountingstudent Tweet us on Twitter | https://twitter.com/theaccostudent Follow us on Google Plus | https://plus.google.com/u/0/105440586533082327728 CREDIT FOR BACKGROUND MUSIC Ben Fry Drums | https://www.youtube.com/channel/UCQfjnpDLuAzr0cnNgKTnhXwe
Accrued Vacation Pay
 
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To learn more about accrued vacation pay visit http://www.lawinfo.com/human-resources.html
Views: 3608 lawinfo
Accounting - Payroll Taxes and Liabilities - Severson
 
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See the below link for more resources, including as a list of all of my videos, practice exercises, Excel templates, and study notes. https://www.dropbox.com/s/09hdhag3zieyt08/Severson%20YouTube%20Videos.xlsx?dl=0 This video discusses the accounting for payroll taxes, including journal entries and concepts. This covers FICA, including Social Security and Medicare taxes. Furthermore, it covers Federal and State Unemployment Taxes (FUTA and SUTA.)
Views: 4608 Christopher Severson
Current Liabilities Accounting (Compensated Absences, Employee Vacation, Sickness & Holiday Pay)
 
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Accounting for compensated absences as a current liability, compensated absences are where the company pays employees for paid time off for vacation, sickness & holidays, must accrue a liability for the cost of compensation for future absences if all the following conditions are met: (Accrue payable, record expense), 1-Obligation to receive compensation for future absences is for services already rendered, 2-Obligation relates to rights that vest or accumulate, 3-Payment of compensation is probable, 4-Amount can be reasonably estimated, example shows how to determine wages payable for compensated absences, start with beginning balance add accruals for the period, subtract amount paid equals the ending balance, record accrued liability as payable and recognize an accrued expense, when payment is made to the employee cash is reduced and accounts payable is reduced, detailedcalculations and accounting by Allen Mursau
Views: 13247 Allen Mursau
Accruals explained
 
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Accruals, accrued expenses, and accrual accounting. The accrual principle is used extensively in the business world, but not intuitively clear to everyone. This short tutorial provides clear and simple examples of the accruals concept and accrual journal entries, so you can contribute to the discussion in your company next time the topic comes up! In many companies, the topic of accruals resurfaces at the end of every period, usually as a variation on this question asked by the CFO or corporate controller: “Quarter-end is near…. Do you have any accruals that need to be included?” Most finance people would know what the CFO means here, and the CFO probably assumes the rest of the business does as well, but that is often not the case. The question from the CFO could actually mean two things: are there any expense accruals to be made, or are there any revenue accruals to be made? You would make an expense accrual when expenses have been incurred for which we have not yet received an invoice from a supplier. You would make a revenue accrual when goods or services have been delivered, in other words the revenue has been earned, but we have not yet actually billed the customer. Using accruals allows a business to more closely adhere to the matching principle. If you have any accrual examples for your company, then please share them as a comment below this video. Once you understand accruals after watching this video, deferrals and prepaid expenses are an important topic to study next: Deferred revenue https://www.youtube.com/watch?v=SNguYyKrqL4 Prepaid expenses https://www.youtube.com/watch?v=hUz39T8-V1I Prepaid expense examples https://www.youtube.com/watch?v=drX-qrrvedo Philip de Vroe (The Finance Storyteller) aims to make strategy, finance and leadership enjoyable and easier to understand. Learn the business vocabulary to join the conversation with your CEO at your company. Understand how financial statements work in order to make better stock market investment decisions. Philip delivers training in various formats: YouTube videos, classroom sessions, webinars, and business simulations. Connect with me through Linked In!
Accounting for Beginners #53 / Payroll Journal Entry / Payroll Taxes / Accounting Basics
 
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https://www.youtube.com/playlist?list=PLT-zZCow6v8t5_2RQDnAOQHfQiBYDw26z BEST ACCOUNTING PLAYLIST ON YOUTUBE !!!!!!!! Accounting for Beginners #53 / Payroll Journal Entry / Payroll Taxes / Accounting Basics. We stayed on the topic of Payroll in this video. We wear the hat of Bookkeeper with the task of making a journal entry for Payroll. There will be 2 different journal entries involving cash leaving the business and Paying Wages Expense and Payroll Taxes . The easiest way to keeps debits and credits, and Assets = Liabilities + Equity ( Accounting Equation) straight. This is how i passed the CPA Exam to become a licensed CPA in the State of Florida. You can use the information in the video on your first day of Accounting class all the way tho being a CPA. Debits, Credits, Assets, Draw, Expenses, Liabilities, Equity, Revenue. This video has a very basic example and can be used in the most advanced situations. Learn Debits and Credits and the basic accounting equation which is assets = liabilities + equity. This will also help with the income statement which is Revenues - Expenses. I hope you enjoy the video. In this video i go over journal entries. Get your tips here in this accounting for beginners video. There is also information on the balance sheet here in this video. I also go over Accounts Receivable, Accounts Payable, Depreciation, Accumulated Depreciation, Putting Assets on the books, Fifo and Lifo Inventory Valuation, and so much more in this series for beginners. Accounting For Beginners #1 https://www.youtube.com/watch?v=_pTU4gwmcMs Debits and Credits / Assets = Liabilities + Equity Accounting For Beginners #2 https://www.youtube.com/watch?v=0--jJn6zqfg Basics / Accounting Equation Accounting For Beginners #3 https://www.youtube.com/watch?v=YXFEEr3qHIo Journal Entries / Beginner Tips Accounting For Beginners #4 https://www.youtube.com/watch?v=Yy1DtVND7yo Income Statement / Revenue - Expenses Accounting For Beginners #5 https://www.youtube.com/watch?v=fEtBFB_Nq-o The Balance Sheet / Basic Tutorial Accounting For Beginners #6 https://www.youtube.com/watch?v=XyB3mmzQ_jU Putting an Asset on the Balance Sheet Accounting For Beginners #7 https://www.youtube.com/watch?v=H4udCOiU8i8 Depreciating an Asset / Basics Accounting For Beginners #8 https://www.youtube.com/watch?v=xjXgpnUEgFI Depreciation Expense / Basics Accounting For Beginners #9 https://www.youtube.com/watch?v=QFV6PGIMT5M Accounts Receivable / Basics Accounting For Beginners #10 https://www.youtube.com/watch?v=xQ0u_QocSO4 Accounts Payable / Basics Accounting For Beginners #11 https://www.youtube.com/watch?v=tFA9HD3-7SI Fifo and Lifo Inventory / Basics Accounting For Beginners #12 https://www.youtube.com/watch?v=Z-g1Tnf3oi4 1 Journal Entry With 2 Assets / Basics Accounting For Beginners #13 https://www.youtube.com/watch?v=ds2Y0MxzMBA Accounting Study Guide / Template Accounting For Beginners #14 https://www.youtube.com/watch?v=BU9emeoLKX0 Journal Entry with Cash / Expense Accounting For Beginners #15 https://www.youtube.com/watch?v=kwCtASXQRLU Journal Entry With Cash / Revenue Accounting For Beginners #16 https://www.youtube.com/watch?v=1YrcjlHFBZ0 Debits & Credits / Negative Asset Accounting For Beginners #17 https://www.youtube.com/watch?v=amf1hyptG70&t=25s T-Accounts / Debits and Credits / Accounting 101 Accounting For Beginners #18 https://www.youtube.com/watch?v=18zPzkMbS2c What is a Draw? / Withdraw / Distribution / Dividend / Equity Accounting for Beginners #19 https://www.youtube.com/watch?v=r43j010KT58 Don't Abbreviate / Accounting 101 / Basics Accounting For Beginners #20 https://www.youtube.com/watch?v=yXJVISZA8yU Chart of Accounts / Assets, Liabilities, Equity, Revenues, Expenses Accounting For Beginners #21 https://www.youtube.com/watch?v=CK9NgJoqJa4 T Account Example / Accounting Tutorial Accounting For Beginners #22 https://www.youtube.com/watch?v=EC93RsvgK9E&t=25s Trial Balance Unadjusted / Accounting Basics Accounting For Beginners #23 https://www.youtube.com/watch?v=-9-LAnE61lw&t=25s Cash in a Bank Account / Checking Account / Basic Accounting Accounting For Beginners #24 https://www.youtube.com/watch?v=aUjVslkn4HI&t=25s Does The Transaction Increase Assets / Accounting Basics Accounting for Beginners #25 https://www.youtube.com/watch?v=zKreBUTJx5E&t=25s Accounts Receivable Example / Accounting 101 / Accounting Basics Accounting For Beginners #26 https://www.youtube.com/watch?v=66YddsOGau0&t=312s Reducing Accounts Receivable / We got Paid / Accounting basics. #Accounting #Exercise #CPA
Views: 9522 CPA Strength
Vacation Accrual Workbook in Excel
 
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This video demonstrates how to use Microsoft Excel to make a vacation accrual spreadsheet to forecast vacation time for any time period desired.
Views: 13054 abraham morgan
Current Liabilities Accounting (Payroll Deductions, Employee Vs Employer Payables & Expense)
 
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Accounting for payroll deductions as employee related liabilities, common types of payroll deductions are taxes, insurance premiums, employee savings & union dues etc., If a company has not remitted in the amounts deducted to the proper authority at the end of the accounting period, it should recognize them as a Current Liability, Examples of governmental types of payroll withholding taxes, (1) Social Security Taxes (FICA): Report the amount of unremitted tax on the gross wages paid as a Current Liability & as an Operating Expense, (2) Unemployment Taxes (FUTA): Record the amount of accrued but unpaid employer contributions as an Operating Expense & as a Current Liability when preparing financial statements and (3) Income Tax Withholding (Federal & State): Tax laws require employers to withhold from each employees pay the applicable income tax due on those wages, example explains that these withholdings have to be broken down between (1) employee payroll deductions and (2) employer payroll taxes where current liability payable accounts have to be setup for both employee and employer with wage expense for employee payroll deductions and payroll tax expense for employer payroll deductions, detailed accounting by Allen Mursau
Views: 35146 Allen Mursau
Payroll Entries
 
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Views: 6878 Cathy DeHart
9.3 Accrued Liabilities
 
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Accrued Liabilities
Views: 2843 Dee Amaradasa
Auditing Accrued Liabilities | Auditing and Attestation | CPA Exam
 
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Like us on Facebook: https://www.facebook.com/accountinglectures Visit the website where you can search using a specific term: http://www.farhatlectures.org/ Connect with Linked In: https://www.linkedin.com/in/mansour-farhat-cpa-cia-cfe-macc-2453423a/
Accounts Payable (Accrued Unpaid Expense) Journal Entry
 
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How to record accounts payable, which is an accrued expense (incurred expense) or an unpaid expense that is not yet paid, has to be allocated and matched to period its used (for goods or service used), accounts payabale (journal entries as T-accounts) is shown on a balance sheet template, cash as an asset, accounts payable as a liability and expense shown on the income statement, accounting template (debts and credits by account) is setup based on the accounting equation where (assets = liabilities + stockholders equity + net income), the template is useful to understand how record accounting journal entries on the balance sheet and income statement by Allen Mursau
Views: 19448 Allen Mursau
Reveue Recognition, Accrued Salaries MC
 
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Chapter 3 & 4
Views: 739 SusanCrosson
How To Post Month End Salaries Provision Entry | Salary Provision Entry
 
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This video specify How To Post Month End Salaries Provision Entry, Salary Provision Entry in tally in telugu, tally erp9 in telugu and| Salary Entry in Tally ERP9 in telugu
Adjusting Entries for Accrued Expenses (Financial Accounting Tutorial #19)
 
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75% OFF the Full Crash Course on Udemy: http://bit.ly/2oZIdcP In this financial accounting tutorial I begin explaining adjusting entries and how they are either revenue or expense adjustments, never involve cash and are prepared at the end of an accounting period (passage of time). This first adjustment example will include salaries expense and a payable being accrued. Creating an adjustment will allow us to comply with the matching principle by matching expenses with revenues earned for the period (month). ** Notepirate is privately owned and exclusive to notepirate.com. ** Website: http://www.notepirate.com Follow us on Facebook: https://www.facebook.com/pages/Note-Pirate/514933148520001 Follow us on Twitter: http://twitter.com/notepirate We appreciate all of the support you guys have given us. Be apart of the mission to help us reach more students by subscribing, thumbs upping and adding the videos to your favorites!
Views: 88878 Notepirate
CAS2-03 Adjusting for Accrued Wages - E8 pg.167
 
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This video screencast was created with Doceri on an iPad. Doceri is free in the iTunes app store. Learn more at http://www.doceri.com
Views: 5 JOAN MCGRATH
Do You Accrue for Payroll Deductions in Accounting? : Accounting & Finance
 
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Subscribe Now: http://www.youtube.com/subscription_center?add_user=ehowfinance Watch More: http://www.youtube.com/ehowfinance Whether or not you accrue for payroll deductions in accounting depends entirely on a few particular things. Find out if you accrue for payroll deductions in accounting with help from an accounting professional in this free video clip. Expert: Lori Greer Filmmaker: Randy Waldo Series Description: The world of accounting can be a complicated and confusing one, which is why it's always important to consult a professional in the event that you're unsure of a particular course of action. Get tips that will help you to better understand the wonderful and complex world of accounting with help from an accounting professional in this free video series.
Views: 242 ehowfinance
Chapter 13 Recording Employer Payroll Taxes Work Together 13-2
 
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This screen recording demonstrates computation and journalizing of employer tax liabilities.
Views: 34452 MrsDePriestSHS
Unit 4 - Activity 2: Salaries and Wages Accrual
 
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Recorded with http://screencast-o-matic.com
Views: 198 Stacey Keller
Payroll- How to book it correctly in QuickBooks
 
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Get the template here: https://nerdenterprises.com/product/payroll-how-to-book-it-correctly-in-quickbooks/ Subscription Options: https://nerdenterprises.com/services/subscription-based-training/ One to One Training: https://nerdenterprises.com/services/one-to-one-training/ Get templates: https://nerdenterprises.com/resources-page/templates/
Views: 75980 Nerd Enterprises, Inc.
Chap 03 - Accrued Salaries (Handout) - 2nd Discussion
 
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The solution of this handout attempts to show the benefit from making reversing entries. Accrued salaries are used as the example. The handout is available on the class web site.
Views: 9200 oruaccounting
Quickbooks Pro 2014 - Accrual Journal Entries
 
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How to adjust a bill entry in order to generate accurate reports as per the accrual concept.
Views: 16422 mike josef
Income Tax Expense vs. Income Tax Payable
 
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This video shows the difference between Income Tax Expense and Income Tax Payable. Income Tax Expense represents all income taxes accrued during a period, regardless of the period in which the income taxes will be paid. Income Tax Payable generally represents the income taxes that are currently due and must be paid to the government within the next year (thus, Income Tax Payable is typically a current liability on the balance sheet). This video provides an example to show how Income Tax Expense and Income Tax Payable can differ due to a temporary tax difference. The video then uses journal entries to show how Income Tax Expense and Income Tax Payable are recorded. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin This video was funded by a Civic Engagement Fund grant from the Gephardt Institute for Civic and Community Engagement at Washington University in St. Louis.
Views: 31233 Edspira
Adjusting Entries: Salaries Payable
 
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Published on April 12, 2015 Downloads for YT: http://www.coeurbridge.com/ytdownloads/ In accrual accounting, there are many reasons that adjusting entries would have to occur. In this video, we explore why salaries payable adjustments can occur and how these adjustments are handled with debits and credits in journal entries. ========================================¬=== Julie Bonner Accounting Coach http://www.coeurbridge.com Facebook: http://www.Facebook.com/julierbonner LinkedIn: http://www.LinkedIn.com/in/drbonner/en Twitter: http://www.twitter.com/jrbonner10 ======================================= Adjusting Entries: Salaries Payable http://youtu.be/HKl8zUlgklI
Views: 2955 Julie Bonner
Payroll Journal Entries | Financial Accounting | CPA Exam FAR | Ch 11 P 2
 
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employee related liabilities, FICA taxes, FICA medicare, tax withholding, compensated absences, bonus, medicare taxes, FUTA, SUTA, CPA exam, accounting, payroll deductions, payroll taxes.
Accounting for Beginners #34 / Adjusting Entries / Journal Entries / Accrued Revenue
 
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https://www.youtube.com/playlist?list=PLT-zZCow6v8t5_2RQDnAOQHfQiBYDw26z BEST ACCOUNTING PLAYLIST ON YOUTUBE !!!!!!!! Accounting for Beginners #34 / Adjusting Entries / Journal Entries / Accrued Revenue. I will be attempting to talk about Adjusting Entries in the next couple videos. This Videos Adjusting Entries will be focused on Accrued Revenues. The easiest way to keeps debits and credits, and Assets = Liabilities + Equity ( Accounting Equation) straight. This is how i passed the CPA Exam to become a licensed CPA in the State of Florida. You can use the information in the video on your first day of Accounting class all the way tho being a CPA. Debits, Credits, Assets, Draw, Expenses, Liabilities, Equity, Revenue. This video has a very basic example and can be used in the most advanced situations. Learn Debits and Credits and the basic accounting equation which is assets = liabilities + equity. This will also help with the income statement which is Revenues - Expenses. I hope you enjoy the video. In this video i go over journal entries. Get your tips here in this accounting for beginners video. There is also information on the balance sheet here in this video. I also go over Accounts Receivable, Accounts Payable, Depreciation, Accumulated Depreciation, Putting Assets on the books, Fifo and Lifo Inventory Valuation, and so much more in this series for beginners. Accounting For Beginners #1 https://www.youtube.com/watch?v=_pTU4gwmcMs Debits and Credits / Assets = Liabilities + Equity Accounting For Beginners #2 https://www.youtube.com/watch?v=0--jJn6zqfg Basics / Accounting Equation Accounting For Beginners #3 https://www.youtube.com/watch?v=YXFEEr3qHIo Journal Entries / Beginner Tips Accounting For Beginners #4 https://www.youtube.com/watch?v=Yy1DtVND7yo Income Statement / Revenue - Expenses Accounting For Beginners #5 https://www.youtube.com/watch?v=fEtBFB_Nq-o The Balance Sheet / Basic Tutorial Accounting For Beginners #6 https://www.youtube.com/watch?v=XyB3mmzQ_jU Putting an Asset on the Balance Sheet Accounting For Beginners #7 https://www.youtube.com/watch?v=H4udCOiU8i8 Depreciating an Asset / Basics Accounting For Beginners #8 https://www.youtube.com/watch?v=xjXgpnUEgFI Depreciation Expense / Basics Accounting For Beginners #9 https://www.youtube.com/watch?v=QFV6PGIMT5M Accounts Receivable / Basics Accounting For Beginners #10 https://www.youtube.com/watch?v=xQ0u_QocSO4 Accounts Payable / Basics Accounting For Beginners #11 https://www.youtube.com/watch?v=tFA9HD3-7SI Fifo and Lifo Inventory / Basics Accounting For Beginners #12 https://www.youtube.com/watch?v=Z-g1Tnf3oi4 1 Journal Entry With 2 Assets / Basics Accounting For Beginners #13 https://www.youtube.com/watch?v=ds2Y0MxzMBA Accounting Study Guide / Template Accounting For Beginners #14 https://www.youtube.com/watch?v=BU9emeoLKX0 Journal Entry with Cash / Expense Accounting For Beginners #15 https://www.youtube.com/watch?v=kwCtASXQRLU Journal Entry With Cash / Revenue Accounting For Beginners #16 https://www.youtube.com/watch?v=1YrcjlHFBZ0 Debits & Credits / Negative Asset Accounting For Beginners #17 https://www.youtube.com/watch?v=amf1hyptG70&t=25s T-Accounts / Debits and Credits / Accounting 101 Accounting For Beginners #18 https://www.youtube.com/watch?v=18zPzkMbS2c What is a Draw? / Withdraw / Distribution / Dividend / Equity Accounting for Beginners #19 https://www.youtube.com/watch?v=r43j010KT58 Don't Abbreviate / Accounting 101 / Basics Accounting For Beginners #20 https://www.youtube.com/watch?v=yXJVISZA8yU Chart of Accounts / Assets, Liabilities, Equity, Revenues, Expenses Accounting For Beginners #21 https://www.youtube.com/watch?v=CK9NgJoqJa4 T Account Example / Accounting Tutorial Accounting For Beginners #22 https://www.youtube.com/watch?v=EC93RsvgK9E&t=25s Trial Balance Unadjusted / Accounting Basics Accounting For Beginners #23 https://www.youtube.com/watch?v=-9-LAnE61lw&t=25s Cash in a Bank Account / Checking Account / Basic Accounting Accounting For Beginners #24 https://www.youtube.com/watch?v=aUjVslkn4HI&t=25s Does The Transaction Increase Assets / Accounting Basics Accounting for Beginners #25 https://www.youtube.com/watch?v=zKreBUTJx5E&t=25s Accounts Receivable Example / Accounting 101 / Accounting Basics Accounting For Beginners #26 https://www.youtube.com/watch?v=66YddsOGau0&t=312s Reducing Accounts Receivable / We got Paid / Accounting basics #Accounting #Exercise #CPA
Views: 20416 CPA Strength
Adjusting Journal Entries (Accrual Type)
 
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This video explains the concept behind the accrual type of adjusting journal entries and illustrates the concept with several examples. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 68958 Edspira
Accounting for Beginners #35 / Adjusting Entries / Journal Entries / Accrued Expense
 
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https://www.youtube.com/playlist?list=PLT-zZCow6v8t5_2RQDnAOQHfQiBYDw26z BEST ACCOUNTING PLAYLIST ON YOUTUBE !!!!!!!! Accounting for Beginners #35 / Adjusting Entries / Journal Entries / Accrued Expense. I will be attempting to talk about Adjusting Entries in the next couple videos. This Videos Adjusting Entries will be focused on Accrued Expenses. The easiest way to keeps debits and credits, and Assets = Liabilities + Equity ( Accounting Equation) straight. This is how i passed the CPA Exam to become a licensed CPA in the State of Florida. You can use the information in the video on your first day of Accounting class all the way tho being a CPA. Debits, Credits, Assets, Draw, Expenses, Liabilities, Equity, Revenue. This video has a very basic example and can be used in the most advanced situations. Learn Debits and Credits and the basic accounting equation which is assets = liabilities + equity. This will also help with the income statement which is Revenues - Expenses. I hope you enjoy the video. In this video i go over journal entries. Get your tips here in this accounting for beginners video. There is also information on the balance sheet here in this video. I also go over Accounts Receivable, Accounts Payable, Depreciation, Accumulated Depreciation, Putting Assets on the books, Fifo and Lifo Inventory Valuation, and so much more in this series for beginners. Accounting For Beginners #1 https://www.youtube.com/watch?v=_pTU4gwmcMs Debits and Credits / Assets = Liabilities + Equity Accounting For Beginners #2 https://www.youtube.com/watch?v=0--jJn6zqfg Basics / Accounting Equation Accounting For Beginners #3 https://www.youtube.com/watch?v=YXFEEr3qHIo Journal Entries / Beginner Tips Accounting For Beginners #4 https://www.youtube.com/watch?v=Yy1DtVND7yo Income Statement / Revenue - Expenses Accounting For Beginners #5 https://www.youtube.com/watch?v=fEtBFB_Nq-o The Balance Sheet / Basic Tutorial Accounting For Beginners #6 https://www.youtube.com/watch?v=XyB3mmzQ_jU Putting an Asset on the Balance Sheet Accounting For Beginners #7 https://www.youtube.com/watch?v=H4udCOiU8i8 Depreciating an Asset / Basics Accounting For Beginners #8 https://www.youtube.com/watch?v=xjXgpnUEgFI Depreciation Expense / Basics Accounting For Beginners #9 https://www.youtube.com/watch?v=QFV6PGIMT5M Accounts Receivable / Basics Accounting For Beginners #10 https://www.youtube.com/watch?v=xQ0u_QocSO4 Accounts Payable / Basics Accounting For Beginners #11 https://www.youtube.com/watch?v=tFA9HD3-7SI Fifo and Lifo Inventory / Basics Accounting For Beginners #12 https://www.youtube.com/watch?v=Z-g1Tnf3oi4 1 Journal Entry With 2 Assets / Basics Accounting For Beginners #13 https://www.youtube.com/watch?v=ds2Y0MxzMBA Accounting Study Guide / Template Accounting For Beginners #14 https://www.youtube.com/watch?v=BU9emeoLKX0 Journal Entry with Cash / Expense Accounting For Beginners #15 https://www.youtube.com/watch?v=kwCtASXQRLU Journal Entry With Cash / Revenue Accounting For Beginners #16 https://www.youtube.com/watch?v=1YrcjlHFBZ0 Debits & Credits / Negative Asset Accounting For Beginners #17 https://www.youtube.com/watch?v=amf1hyptG70&t=25s T-Accounts / Debits and Credits / Accounting 101 Accounting For Beginners #18 https://www.youtube.com/watch?v=18zPzkMbS2c What is a Draw? / Withdraw / Distribution / Dividend / Equity Accounting for Beginners #19 https://www.youtube.com/watch?v=r43j010KT58 Don't Abbreviate / Accounting 101 / Basics Accounting For Beginners #20 https://www.youtube.com/watch?v=yXJVISZA8yU Chart of Accounts / Assets, Liabilities, Equity, Revenues, Expenses Accounting For Beginners #21 https://www.youtube.com/watch?v=CK9NgJoqJa4 T Account Example / Accounting Tutorial Accounting For Beginners #22 https://www.youtube.com/watch?v=EC93RsvgK9E&t=25s Trial Balance Unadjusted / Accounting Basics Accounting For Beginners #23 https://www.youtube.com/watch?v=-9-LAnE61lw&t=25s Cash in a Bank Account / Checking Account / Basic Accounting Accounting For Beginners #24 https://www.youtube.com/watch?v=aUjVslkn4HI&t=25s Does The Transaction Increase Assets / Accounting Basics Accounting for Beginners #25 https://www.youtube.com/watch?v=zKreBUTJx5E&t=25s Accounts Receivable Example / Accounting 101 / Accounting Basics Accounting For Beginners #26 https://www.youtube.com/watch?v=66YddsOGau0&t=312s Reducing Accounts Receivable / We got Paid / Accounting basics #Accounting #Exercise #CPA
Views: 18887 CPA Strength
BAT C3 V3 part 2 Accrued Expenses (Salaries, Notes payable).mp4
 
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Table of Contents: 09:08 - Marker 09:16 - 10:42 - By now you should.... 10:58 - Thanks for Watching
Views: 537 Dianne Fitzpatrick
Introduction to Auditing Payroll and Personnel Cycle | Auditing and Attestation | CPA Exam
 
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Like us on Facebook: https://www.facebook.com/accountinglectures Visit the website where you can search using a specific term: http://www.farhatlectures.org/ Connect with Linked In: https://www.linkedin.com/in/mansour-farhat-cpa-cia-cfe-macc-2453423a/ The payroll and personnel cycle begins with hiring employees and ends with paying them for the services they performed and the government and other institutions for withheld and accrued payroll taxes and benefits. In between, the cycle involves obtaining services from employees consistent with company objectives, and properly accounting for the services. Human Resources The human resources department provides an independent source for interviewing and hiring qualified personnel. The department is also an independent source of records for the internal verification of wage information, including additions and deletions from the payroll and changes in wages and deductions. Human Resource Records Human resource records include such data as the date of employment, personnel investigations, rates of pay, authorized deductions, performance evaluations, and termination of employment. Deduction Authorization Employees may submit a form or make online selections that authorize payroll deductions, including the number of exemptions for withholding income taxes, 401(K) and other retirement savings plans, health insurance, and union dues. Rate Authorization A form or other electronic record is used to authorize the rate of pay. The source of the information is a labor contract, authorization by management, or in the case of officers, authorization from the board of directors. Timekeeping and Payroll Preparation Timekeeping and payroll preparation are important in the audit of payroll because they directly affect payroll expense for each period. Adequate controls are necessary to prevent misstatements in the following four activities: Prepare time records by employees Summarize and calculate gross pay, deductions, and net pay Payment of payroll Prepare payroll records Time Record The time record is a document indicating the time the hourly employee started and stopped working each day and the number of hours the employee worked. Time records may be in paper or electronic form, and they may be prepared automatically by time clocks or identification card readers. In many environments, especially retailers, employees enter arrival and departure times using point-of-sale machines that capture time record information daily. In other environments, time records may be submitted weekly. Job Time Ticket The job time ticket is a form indicating which jobs an employee worked on during a given time period. This form is used only when an employee works on different jobs or in different departments. Job time tickets are often done electronically by a time and expense reporting system. Payroll Transaction File This computer-generated file includes all payroll transactions processed by the accounting system for a period, such as a day, week, or month. The file contains all information entered into the system and information for each transaction, such as employee name and identification number, date, gross and net pay, various withholding amounts, and account classification or classifications. Payroll Journal or Listing This report is generated from the payroll transaction file and typically includes the employee name, date, gross and net payroll amounts, withholding amounts, and account classification or classifications for each transaction. Payroll Master File The payroll master file is a computer file used for recording payroll transactions for each employee and maintaining total employee wages paid for the year to date. The record for each employee includes gross pay for each payroll period, deductions from gross pay, net pay, check number, and date. Payment of Payroll The approval and distribution of payroll must be carefully controlled to prevent theft. To increase control, payroll disbursements are generally processed separately from other disbursements. Payment of Payroll Payments are issued to employees in exchange for services performed. Payments may be made by check, but are usually deposited directly into employees’ individual bank accounts. The amount paid is the gross pay less taxes and other deductions withheld. ndependent bank reconciliation is important for all cash accounts, including payroll, for finding errors and fraud. An imprest payroll account is a separate payroll account in which a small balance is maintained. Preparation of Payroll Tax Returns and Payment of Taxes W-2 Form This is a form sent to each employee that summarizes the employee’s earning for the calendar year, including gross pay, income taxes withheld, and FICA (Social Security) withheld. Payroll Tax Returns These are forms submitted to local, state, and federal units of government to show payment of withheld taxes and the employer’s tax.
How to calculate Vacation Entitlement in Excel
 
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How to calculate Vacation Entitlement in Excel Calculating vacation entitlement using Excel, with the end date function, the today function, and the month function. For more help visit my website http://www.easyexcelanswers.com or email me at [email protected] I can customize this Excel application for your exact needs for a fixed price of $50. The work is normally returned within 24hrs. I am able to provide online help on your computer at a reasonable rate. MY videos are all created on Camtasia. http://send.onenetworkdirect.net/z/582993/CD237560/ Follow me on Facebook https://www.facebook.com/easyexcel.answers
Views: 24482 Barb Henderson
Accounting - Unit 3 - Part 4: Accrued revenues
 
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Link to the worksheet prepared in the video: https://drive.google.com/open?id=0B5_I_rEHpOHZVFVGeDYtOEJLQUk This video series will discuss adjusting journal entries. Topics include: Prepaid expenses, amortization, accrued expenses, accrued revenues, and unearned revenues. This video and the attached worksheet were prepared by Tony Bell of Thompson Rivers University (TRU) - I encourage educators to freely use, edit and modify these videos and the attached worksheet - they are available under Creative Commons Licenses.
Views: 14275 Tony Bell
Reckon How-To: Accrue Leave
 
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Views: 2316 Reckon
Accrual Method for Calculating Commissions in QuickBooks
 
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Advanced Certified QuickBooks ProAdvisor Reesa McKenzie shows accounting professionals how to save time by using the accrual method for tracking commissions.
Views: 13907 IntuitAcademy
Accrual Basis - Revenue Recognition - Quickbooks
 
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http://www.GetAGripOnAccounting.com. In this video, we take the example of a client who is selling inventory parts, FOB Destination, and requires payment from the client before they ship the part. How do we do this in Quickbooks? It is either a simple 3 step process or a 5 step process (if you really want everything classified correctly). We not only teach you about sales orders in an easy to understand format ... we tell you what Quickbooks is doing behind the scenes.
Accounting - Unit 3 - Part 3: Accrued Expenses
 
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Link to the worksheet prepared in the video: https://drive.google.com/open?id=0B5_I_rEHpOHZVFVGeDYtOEJLQUk This video series will discuss adjusting journal entries. Topics include: Prepaid expenses, amortization, accrued expenses, accrued revenues, and unearned revenues. This video and the attached worksheet were prepared by Tony Bell of Thompson Rivers University (TRU) - I encourage educators to freely use, edit and modify these videos and the attached worksheet - they are available under Creative Commons Licenses.
Views: 20480 Tony Bell
Salary entries for beginners | salary advance adjustment entry | Payroll entries
 
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In this video I have explained how to post salary entries i.e. salary provision entry, salary payment entry, esi entries, pf entries and professional tax entries
Views: 4897 Wisdom Tally
How to Simplify and Consolidate the Financial Statements
 
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In this lesson, you'll learn how to SIMPLIFY and consolidate the financial statements when you're building 3-statement projection models for companies. By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers" Chipotle's Statements: http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-12-Chipotle-Financial-Statements.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-12-Chipotle-Financial-Statements.xlsx Practice Exercise: "Before": http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-12-Practice-Consolidation-Exercise-Before.xlsx "After": http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-12-Practice-Consolidation-Exercise-After.xlsx Table of Contents: 2:12 The Process of Simplifying and Consolidating the Statements 7:39 Walk-Through for Chipotle's Statements 8:47 Balance Sheet - Assets Side 16:19 Balance Sheet - L&E Side 21:31 Smaller Items and Random Problems 24:21 Recap and Summary Why Does This Matter? Tons of people jump into projecting the financial statements without ever THINKING about what they're doing! That creates 2 problems: Problem #1: It will be MUCH tougher to project and link items later on, unless you simplify and consolidate the financial statements before doing anything else first. Problem #2: "Help, my Balance Sheet doesn't balance!" But the problem is that you STARTED OUT THE WRONG WAY! The Balance Sheet will be exceptionally difficult to balance unless you simplify the statements and ensure that you know how the items are linked before you start projecting anything. Goal: Each item on the Balance Sheet should have a corresponding item on the Cash Flow Statement, and vice versa. If you CANNOT establish this link, then you need to add in appropriate items in some cases, and consolidate items in other cases. To illustrate this, we'll go through an example for Chipotle, a chain of Mexican restaurants based in the US, and you'll learn how to simplify and consolidate their financial statements. Rules of Thumb for Consolidating and Simplifying the Financial Statements: 1. Hard-code ALL the historical numbers except for possibly the BS/CFS cash (and that one is only to check that you entered the data correctly). Trust us, the historical statements will NEVER link properly no matter what you do - don't even try! It's because companies group items differently from how they're shown in their public filings. 2. Keep the Income Statement largely as-is for 99% of companies - maybe separate out Gains / (Losses) or Impairments if those are not shown separately. 3. Balance Sheet and Cash Flow Statement - A bit trickier to describe, but here's the basic idea: IFRS / Direct Method - If a company uses the Direct Method for its Cash Flow Statement, or otherwise starts it with something other than Net Income, you'll have to adjust it by following the reconciliation in its filings. This will make your life much easier later on! Not relevant in this example since Chipotle uses the Indirect Method, and so its CFS starts with Net Income. a) First, check the BS against the CFS and try to figure out which item should link where. For example, Receivables on the BS will always link to the Change in Receivables on the CFS… but you run into issues with lots of smaller items that don't have apparent links elsewhere. Examples Here: Current Deferred Tax Assets, Accrued Payroll and Benefits. b) When this happens, consolidate these items and make sure there's always a corresponding entry on the other statement. Here, we consolidated Current Deferred Tax Assets into "Prepaid Expenses & Other Current Assets" and consolidated "Accrued Payroll and Benefits" into "Accrued Liabilities." c) Make sure the location of different items makes sense - on IFRS Cash Flow Statements, you'll often see items like dividends in the CFO section, or investment-related items in the CFF section, so feel free to move those around.
Salary Advance Adjustment Entry, Accounting principles, salary entry
 
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How to adjust salary advance, Salary entry posting, How to post salary advance entry in tally, accounting procedure, accounting principles, Salary advance adjustment entry against salary, Salary entry posting in tally, Tally ERP 9 material
Views: 145281 Wisdom Tally
Example: Payroll Tax Liability and Expense | Intermediate Accounting | CPA Exam FAR | Chp 13
 
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Companies also report as a current liability amounts owed to employees for salaries or wages at the end of an accounting period. In addition, they often also report as current liabilities the following items related to employee compensation. 1.Payroll deductions. 2.Compensated absences. 3.Bonuses. Payroll Deductions The most common types of payroll deductions are taxes, insurance premiums, employee savings, and union dues. To the extent that a company has not remitted the amounts deducted to the proper authority at the end of the accounting period, it should recognize them as current liabilities. Social Security Taxes. Since January 1, 1937, Social Security legislation has provided federal Old Age, Survivor, and Disability Insurance (OASDI) benefits for certain individuals and their families. Funds for these payments come from taxes levied on both the employer and the employee. Employers collect the employee's share of this tax by deducting it from the employee's gross pay, and remit it to the government along with their share. The government taxes both the employer and the employee at the same rate, currently 6.2 percent based on the employee's gross pay up to a $118,500 annual limit. The OASDI tax is usually referred to as FICA (the Federal Insurance Contribution Act).