A Bunch Of Bookkeeping Questions On Debits And Credits
I hope I will learn something from this having never been involved in anything like it before but hubby is setting up his own business and wants me to do the admin and book keeping and accounts so have to learn quick. So thank you for this, wish me luck think I’m going to need it.
Thank you so much for providing us such a wonderful platform for distance learning. I am so eager to attend for next session and I am so hungry to know where does the Equity group fit into.Thanks so much for this course, it has been so useful and engaging!!!
I completed the course a couple of months ago, and have just come back to get certified. I passed! Just a note that I’ve had real difficulties with the certificate – had to save the background image as a jpg then copy and paste the text and combine it all in Word. A pdf download would be so much easier!
Anyway, all sorted now, and thanks again. Thank you for this course I need it to brush up on my accounting skills. When you forget the basic you forget the most important part.Hi, I am currently working in a school as Acting Bursar and even though I have a strong finance background I do need to brush up my book keeping skills, I am so glad I came across this course as I feel this will help me immensely and also help boost my confidence in the long run.I’m really glad there is a course structure like this online – – I’m looking forward to learning and getting to work in the next 12 weeks. Will there be a certification given at the end of the 12 weeks?
Hi! I love this as it’s all coming back. Thank you for this free course as it’s a great refresher course. I wonder if you can help me understand and know where I go from here after the free 12 week course. I graduated with BS in Accountancy in the Philippines about 19 years ago. I never work in accounting in this country ever since I came here for family reasons and the thought that my qualification wasn’t recognized here. But at the moment, I’m really interested to work again while I’m helping my friend doing her bookkeeping. Is it really not recognized here? Do I have to study again to work in the accounting field?
Hi! The money will be under asset as cash in the bank, right! Then either way that is equity whatever kind of business but do you mean that if I have a limited company it will be shareholders account but a different account name if different kind of business? Thank you.
Hi! Looking forward to finish the whole 12 week course to hopefully refresh my knowledge in accounting and learn new or different terms e.g. From where I studied accounting, we used Capital instead of Equity. I really wanted to go back in this career but don’t know where to start. I suppose I have to start from the beginning as it was more than 19 years ago and from a different country. So, thank you for this free course.
Hello,I studied ACCA -Association of certified chartered accounting 6 years ago in Ireland and came to Canada after. couldn’t find same rate pay here so I left the career. I didn’t really study keepkeeping or payroll at all but I figure out it is not difficult to do it base on qualification,now I am bookkeeping my husband restaurant from last 2 and half years with excel sheet only without anybody help, except for search from google. I love the way you teach online and I will take few more weeks courses before I decide whether I will go for fast track. am I able to change by the end of course? do you have some payroll course too?
Enjoyed Lesson 1. It is so easy to follow. How do I register for the free week 2 .. Thanks
Ah, thank you for clarifying that… I was really scratching my head trying to work it out!
I’m really enjoying the course and am managing to follow all the explanations and tasks, but a small thing in this week’s lesson has confused me.
You said: ” The date will be the date you compiled this.” Wouldn’t the date for each transaction be the date it took place, rather than the date the accounts were written up? Hope you can clarify this for me, please.
Of course! Thank you for spelling it out for me! I’m enjoying the course so far, but am having trouble discerning Liabilities from Equity in some instances. Why is it that a mortgage is a Liability, but rent comes under PL and is therefore Equity? Surely repayments on a mortgage are part of PL too?
I’m able to understand working the problems and am getting them done without too much struggle. I’m having a terrible time understanding the instructions. When they say take last week’s P&L and add these two entries to it, I look for the P&L, look for the answers to see what it’s supposed to look like and it often doesn’t look like what we had (from what I’m finding, anyhow.) Then the new entries or last week’s data that we’re starting with will be above or below where I expect to see it. I know you can’t tell exactly what I’m talking about when I can’t tell you more precisely and I’m feeling so confused, I can’t explain it. I’m spending far more time trying to figure out the instructions than I am working the problems. The biggest problem seem to be when it refers to work already done. I find the use of the terms “Debtor” and “Creditor” extremely confusing because their use depends on which way the transaction is going.
Are we paying or receiving? I originally learned in my first classes in bookkeeping by using the terms “Accounts Receivable” and “Accounts Payable” and this was far easier to keep straight. If Debtors and Creditors are common industry use, we’ve got to use these terms. I’ve been looking for links or shortcuts to keep them straight but I’ve been wrestling with these terms for several days and still making as many errors in their use as when I started. Got any suggestions?
Many thanks for your reply, I can confirm I have now gone down the fast tract route and am now hooked, this course is great. thank you also for the link I shall have a look at that. I am really enjoying this course,
Can I confirm that I can switch to the fast tracked course if I wish. Also this is a new area for me and I was thinking , do you do other courses that continue on from this one to enable us to become fully qualified bookkeepers etc.Thanks for your encouragement and your answer.
Not following. I’ve been over the entries several times from where we balanced, let’s say the Sales Account. Balance was 2500. Then you added two additional entries, one for 100 and one for 40. But the original sales account had not had any additional entries made to it. But now it has a balance of 150. What changed the balance or is this a different account? Expense accounts had the same thing. I’m missing something.
Thank you for wanting to teach me about bookkeeping/accounting. I really do have a genuine love for accounting, and trying to seek a career in accounting. Right now I’m a college student majoring Business Administration starting out on my associates degree. As you can see, I’m moving in the right direction at this point. I do hope to get something out of your course.
Thanks for getting back to me so soon. I started this course on Monday and have already finished task for week 6. I find it really easy to understand but I’m now struggling to remember everything I have learnt so have to keep going through my notes. I got the last task correct but I think I need To go through this chapter once more to get my head round P&L and to practice a little more. Thanks again for your support and I am sure I will be asking some more questions in the next few days.
Could you please explain me the reasons behind transaction 5 on the task for last week? I did it the other way around: stationery a credit and accounts payable a debit. I understood it as coming from the stationery to accounts payable/creditors (credit – debit).
I got the final answer correct (4400 on both columns) but there was obviously a mistake. Is there a way I could pick this error when doing it for my business?First of all, thanks for introducing this System. I did Accounting far back in 1975 in which I took RSA (Royal Society of Arts) Stages 1 & 2 Bookkeeping and Accounting, but unfortunately never work with it. I’m at the moment a Truck Driver which involve a lot of physical. And due my age I wonder how long I’m going to hang in there, and therefore, need something to backup in case I’ve a change of profession. Once again I say thanks.
I looked for the answer and didn’t see it. May have missed. What is the difference between the b/d (brought down) and c/d (carried down)? I’m having a very hard time finding things: probably spend an hour looking for stuff for every 5 minutes I spend studying. Right now I’m looking for the workbook. I’ve already been in it several times but can’t find it now. Is there a map or some way to find things?I’m spending an hour looking for things for every 5 minutes I spend studying. Right now I’m looking for the workbook. I’ve been in it several times in the past, but now I’ve lost it again.
Is there a map or some structure to how these are arranged? OK, got it,
Thanks. I had not gotten to the workbook.I’m having a hard time getting the picture on this assignment. What is the data we are to work with? You say it’s at the beginning of this lesson and there are 5 answers.
Where are they? Where is the ledger we post to? We draw up a table. What does a table look like? This doesn’t look like what I’ve seen before? Please comment. Thanks.I do not reside in the UK, and my tax authority is US. I like your class it is very straight forward and precise. I am presently thinking about full time bookkeeping and wondered if the class is recognized by US jurisdictions?I just wanted to say how great this course was and how easy it was to learn with your explanations. However i have just paid for the test but it wont appear on my account for me to take it?
I’ve just started this course I’m a stay at home mum with 3 boys 3 and under and want to get a career under my belt before the youngest (23weeks) is in school (so I have a while yet) this is going to sound like a dumb question but I want to make sure I have the correct understand for task 1, I have the understanding that everything that either costs or pays is an account ie: groceries, nursery fees, rent, electric, work(wages) am I on the right line of understanding?
I seem to progress along through a task fine until it includes figures from the previous weeks then it all goes a bit pear shaped. I think the main problem is the continuation of the totals added to the P&L account, back to the drawing board!
I have been working as a bookkeeper for the last 6 years; I am taking your course now because I just want to make sure I’m not missing something, somewhere. I suppose I’m doing it more as an edification that I DO actually know what I’m doing and because I’m tired of losing jobs because I’m not a CPA (yet.)
In short, I’m doing this because #1) I want to go step by step, #2) I want to use it as a ‘refresher’ course, and #3) I want to learn! Thank you for offering this course. What happens if I want to go from free to option #3? Can I change horses in the middle of the stream easily? Please let me know.
Having looked at other books in an attempt to self teach myself this field, I’ve noticed that most textbooks tend to be intimidating by throwing all sorts of technical jargon at you (like “contra-accounts). without explaining their meaning or the reasoning behind it. Here in some very simple lessons you’ve managed to explain what 100?s of pages of reading only seemed to make even more confusing. I’m very glad that I’ve stumbled across your course and even if some of the rules might be slightly different here in the US, at the very least, you’ve given me a much clearer understanding of the principles and philosophies involved. Thank You.
Is there an easy way to remember which way the transaction goes when its ‘a sale on credit of 1500?? It’s these ones I keep getting the wrong way round Just what I needed all this years. Very Interesting. I am enjoying starting to learn about this but im not sure about how to do the task.. I dont suppose there is someone who can point me in the right direction? Do we just need the names of the accounts, or the actual lists. for example: for ‘Bank’ would the account be the bank statements? or everything that appears on the statements? Can you tell i have NEVER done this before haha
I have done some sort of bookkeeping for years at the various jobs I have held, and have used a few different software programs. It has been a long, long time since I took a basic accounting class in school, and I really want to have a working knowledge of what current bookkeeping software is doing, so that I can really be able to confirm the reports. All the calculations are no longer with paper and pencil, yet I do not like to just assume that the program is correct. Although, this is not a software class, per se, I will learn things that I have either forgotten or never really knew. And I will be able to understand what the reports are saying, and correct any errors. Thanks so much for this information.
I’ve just started working from home and I’m struggling to get my head around the bookkeeping I need to do. I’ve a young son so not a lot of time each week to spend learning a new skill on top of trying to keep the business going. I thought I had it worked out but then realised half the information I’d need for a tax return was missing from my files. I’m really hoping this course helps.
Thank you for this free information. I have actually done bookkeeping in an accountants office a few years ago, but I moved. I am now at a point in my life where I need to supplement my single income and have decided to do Freelance Bookkeeping in the evenings and on weekends. I am over half way through the Accounting/Bookkeeping Course with ICS Learning (on line/at home). I just need a little more confidence to get started. I am currently an Administrative Assistant (doing mainly accounts receivables and posting accounts payables. I think this is the just boost to give me more confidence as I know once I get that first job I will feel great. I know I can do the work. Right now I am only comfortable doing the A/R, A/P, Bank Recs and GST here in Alberta. I am able to print out and read the reports from Simply/Sage Accounting also. Thank you again. I know I will benefit. Trish
Is it only me that is still confused? Thank very much. your course is easy to understand and I am very glad that i have started.
No problem, i don’t think it was because I was clever, just that it confused me, and up to then, your course had been very understandable!
As the accounts mentioned were ‘Sales’ and Cash’ (which i used in my answer), your answer used ‘Sales’ and ‘Bank’.
I expect I haven’t fully got it, but as all the other answers, 2-5 (which i got right 🙂 used the same accounts as the question, I thought Task 1 should? Thank you for your quick replay.
I’m studying for an exam at the end of a bookkeeping module as part of an accountancy training (so this is only the beginning for me). Your course is very good, and I thank you very muck for it! I wanted some more information about the imprest system because I need to write about it (and my book doesn’t explain it very well) I was surprised I couldn’t find any mention of it. Another thing that I thought would be part of this is bank reconciliation … would be nice to have, even a short reference would do… or did I miss it? many thanks again!