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How To Close The Books For Dummies. Financial Close In 15 Steps

The Financial Controller 148 views

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You are very good Sir
Comment from : @EarnestToe-y9t

Thanks
Comment from : @KirTida

Thank you I am learning more & more
Comment from : @mosesfennel

Hi, is this checklist fully applicable in the UK?
Comment from : @abidhussain6757

Thanks!
Comment from : @janicelangley6709

This information is invaluable, I wish I found this channel earlier in my career
Comment from : @RichieRichIIII

Great work, and you made the things quit easy
Comment from : @MKSAPLesson

Can you please help me with my emails to answering
Comment from : @GrahamBrook

Google drive cloud
Comment from : @GrahamBrook

I need a bank account
Comment from : @GrahamBrook

Cookies
Comment from : @GrahamBrook

Monzo bank 466million
Comment from : @GrahamBrook

You are one of the best creators in YouTube regarding this complex topics I’m ex PwC, I worked in audit and taxes Nowadays I’m working only in taxes, and your videos are helping me to my personal development Thank you very much
Comment from : @minecraft13mine

So exciting! Just a bit bit mistake at Step # 9: deferred revenue but in the blackboard is Accrued Expenses
Comment from : @NganVo-dt8br

I always thought accounting was hard and kinda of hate it You are explaining it so simple and everything starts to make sense Thank you! I feel like I can finally understand things that I thought I never will :)!
Comment from : @AdrianaMihalcea12345

Excellent
Comment from : @UmarKhan-ou6dg

Hello Bill, In this Vlog you have covered all aspects of closing very briefly with simple step by Step approach Amazing
Comment from : @imranmunawar3

Thank you 🌷
Comment from : @aireenlaurel5743

I wish you could teach me, you’re so thorough and down to earth Just started watching you and have enjoyed 4 videos thus far
Comment from : @joshuastarks6272

Bill, this is very helpful Can I use this checklist at work and for my team? You inspire me, and I want to do some modifications as this is for accounts receivable
Comment from : @JordanJimenezGonzalez

Nice one Sir🎉❤❤❤
Comment from : @owensampson4860

Thank you❤
Comment from : @juliearuna9021

This was very helpful!Thank you! 🙌🏻
Comment from : @wandererssoul4892

Wow, it's a very interesting lesson, thank you, bless you
Comment from : @solomonkidane5448

Great content Thank you very much Bill
Comment from : @NataliaODonnell

Justttttttt Amazzingggggggg I never get a dummy video of full explanation of month end process whenever I started searching job But this time Bill, You really heard me So so so thhankful, I am from India😍😍😍
Comment from : @eyekkay

Thank you much, Bill brAllow me to put the video summary here br bra) Balance sheets brStep 1: Bank Reconciliation, pro tips: do weekly brStep 2: Reconcile AR with invoicing data brStep 3: Reconcile Prepaid Expenses, check for reasonableness brStep 4: Reconcile Inventory, Qty by SKU, Aging for expiration dates brStep 5: PP&E, |Review for large purchases, run depreciation, obsolete items brStep 6: Accounts Payable, all vendor invoices are received, reconcile trial balance to sub ledger, aging report & avoid inflating cash balances unnecessarily brStep 7: Credit cards recon, cc statements vs book balance brStep 8: Accrued expenses brStep 9: Unearned Revenue, amortize as needed brStep 10: Long term debt vs Lender Statement, accrue interest brb) P&L brStep 11: Revenue accrual by customers (when you earned it) brStep 12: Expense accrual, list of Expense GL Accounts brStep 13: Review Open POs that not billed by vendors yet brStep 14: Actual vs Budget brStep 15: Period over period comparison brStep 16: Lock the period
Comment from : @rexbk

This is so helpful! Thank you! I do have one question though -I work for a growing construction company and we have several projects carrying over month to month Would you suggest doing a quarter close over a monthly close? Or do you have any recommendations for how to tweak the process to enable a monthly close?
Comment from : @Serasred108

Could you please provide some detailed examples how to reconcile subledgers and general ledgers?
Comment from : @yuandalton8785

Smart!
Comment from : @frankinspired6486

Could u please make detailed vedio reason for negative balance in ar and ap and how to fix it?
Comment from : @KapilSharma-pi6qm

This is a very good video, thank you for recording it!
Comment from : @MegaNas88

That sip of soda was ❓
Comment from : @melissakhlif

can you please give us example abut deferred revenue?
Comment from : @mouaicifarhat5072

Thank you for sharing! You mentioned "maintaining an Excel table" for many items, and I wonder if it's a common practice to do them directly in accounting software like Quickbooks too?
Comment from : @joyliu6807

Thank you I like to watch your video whenever I have a doubt
Comment from : @RA-rh5lb

How about if your don't book everything from the bank statement How do u reconcile in such situation
Comment from : @mariamlsmail2511

Do you have any accounting flowcharts / workflows?
Comment from : @adalbertotorrero5893

🎉
Comment from : @mansoorthottiyil

Thanks for ur effort ^^ could chatgpt helps with that ?
Comment from : @otmanalami6621

do you have small respect for yourself this is one of biggest fake channel
Comment from : @GICrohira

Very practical and informative video Nice break down of steps
Comment from : @immi0303

When you say open PO, does it mean goods received or service rendered however invoice hasn't been received yet from the vendor correct
Comment from : @RA-rh5lb

Hi Bill could you make videos on how to reconcile the TB amount with the main GL account, how to prepare a prepaid schedule, AP reconciliation with main GL etc
Comment from : @RA-rh5lb

This video is super helpful for a junior accountant like myself who works in public accounting, and is trying to prepare himself for a more advanced corporate role!
Comment from : @kylepetruzziello3321

Step 9 is Deferred Revenue (not Accrued Expenese)
Comment from : @littleangelsfromheavens7345

very good
Comment from : @jazzer770

Better than all of the internal trainings I have seen combined!
Comment from : @user-wi9nn6dz8w

Bill thank you for another amazing topic Just what I was looking for 😊
Comment from : @hackit9578

Please show how you construct your month end checklist in Excel I would so greatly appreciate that tutorial Thank you for your consideration
Comment from : @lorrk1239

Thank you
Comment from : @datispanahi3973

This guy explain way much better than 90 of people
Comment from : @ricardorigual87

Without any examples with numbers this video is worthless
Comment from : @xxx-fv8jt

Amazing
Comment from : @ricardorigual87

Could you provide topic-wise explanations? For instance, I am studying CMA-US, whenever I hear a topic from your video it goes straight to my soul lol
Comment from : @Budgies3

Thanks so much for your videos! It’s so hard to find any good videos with tips/process guidance for Accounting, and your delivery is concise enough to make it full of value but detailed enough to be clear & actionable Thanks!!
Comment from : @tracy3677

You will be a great accounting teacher for sure if you would like to, I do learn a lot from your videos, thank you so much for the sharing!
Comment from : @gengchen192

Truly saving lives!!!
Comment from : @Capricornunicorn1

thanks for your videosbrbras a mid 20s , 5 year qualified ACCA accountant, your videos are refreshing and something i would have treasured as a student
Comment from : @Therevolution7

Finally the YouTube algorithm brought me the video I was hoping for brbrThere can be bottlenecks in the process of any entity's close So there's a sequence of tasks that must be checked off the list before the next
Comment from : @Chironex_Fleckeri

Dear sir brfirst thank for any support , i need some question br1Business transaction and financial reportsbr2 accounting cycle(from opening to closing of AC Counts ) in practicalbr3 Nature and overview of General and special AC COUNTS Practicalbr4 cost & taxation accounting br5 Create A company and maintaining default information using peach tree accounting complete accountingbr6 Record and report transaction using peach tree accounting complete accounting br7 Calculation-(Deprecation , lease, loan interest, cost buildup)br8 Closing report using peachtree accounting brbrthank you for supporting and experience share sir thank you a lot
Comment from : @tadiwosasrat5157

Hi sir brThank you for deliver as per commitent and how to prepare and close financial statements reporting and practical show me after export data and prepare components of financial statements brPlease inbox me excell format in finance Manager
Comment from : @tadiwosasrat5157

Can you pls make a video for us taxation for Bookkeeper
Comment from : @duherayash4234

Love how you make accounting easy to understand, can you do a video on Asset Register and Depreciation?
Comment from : @hardwareweldingsuppliesacc1027

Number 9 is repetitive of Number 8 but get your point it's a typeo
Comment from : @user-rn7qp6cr7u

Excellent 👍 Could please upload videos regarding FP&A
Comment from : @muhammedshaz6897

Do u mean your subscribers are dummy????Like its insulting
Comment from : @gthxyz780

This is very helpful Thanks for sharing
Comment from : @staystrongpeople4942

Thanks Bill - I am not an accountant but had a curiosity around how this process works I now have a greater appreciation for what the accounts and finance teams do every month and year!
Comment from : @booboo432100

Is it possible to download this video in writing?
Comment from : @victoriagarcia113

Thank you very muchbrThe Best of BestbrI like thisclasssbrGod Bless all You
Comment from : @georgecortezee6091

Would you please suggest as a staff accountant who is more into analysis should he/she should accept an entry level audit associate position in an established cpa firm or take up a position in industry which provides month end close process experience
Comment from : @soumyakau

Amazing video with many concepts and information set
Comment from : @malikwaqarahmed404

This is really good 👌 now I know how the controller is using my work actual vs budget each month
Comment from : @Tizonwar8

I love your videos Thank you for sharing your knowledge
Comment from : @nclevans

Congrats for 100K SubscibersProud that I am one among them
Comment from : @Audiovisual00

Please consider videos on how financial analyst and accountants should approach reporting/presenting financial results and recommendations to senior management
Comment from : @cxb787

Good video , PROFESSIONAL I TOUCHED ALL YOUR VIDEOS TOO MUCH USEFULL LOVELY WORK
Comment from : @sreenivasgoudraparthi935

sir do u have a accounts payable aging? thanks u help us a lot! godbless🙏🏻
Comment from : @jonathansantiagojr3742

Could you please put a vedio related with Balance sheet Reconciliation with an examples?
Comment from : @shobithm7303

Greetings - excellent video; however, I thought I heard you stated you were providing a prepaid expense template for us to review and possible use?
Comment from : @cynthialazard8829

Great content! Public Tax CPA here, love seeing the Financials from this viewpoint
Comment from : @Conquerchronicillness

Another great video Thank you for sharing As someone who is currently in school for accounting I have not had a chance to practice these concepts yet, but will keep in mind for future use!
Comment from : @920WIZCO

HiI am want to offer myself as an assistant to youI am an ACCA Student with 5 years experience in the field of Administrative , managerial accounting I am humbly asking for micro tasks for me to do for you, in return , you pay meI can help with any type of data entry
Comment from : @pearlkemophillimon7698

I needed this soooo much 😂 thanks
Comment from : @buddybuddington7947

Amazing breakdown as usual, even with 15 years of experience in accounting i still struggle sometimes with the basics and that's why I love your detailed breakdown Because of your coaching, I began a new consulting position in a cabinet in Montreal, so I have to ask, why do you have a mug from Montreal?
Comment from : @babablunders

can you make some video on treasury items accounting like debt, derivatives and investments?
Comment from : @rehanraja3863

Tax provisions and payment?
Comment from : @arpandoshi9878

AwesomebrPlease make a video on expense control system through ERP via work order, grn, purchase order
Comment from : @arpandoshi9878

Can you please upload a video on equity investment/investment in associates?
Comment from : @gustavomotta2936

Thank you so much you are a life saver 💗
Comment from : @Tina-gp4rg

Hey man, tax associate at a regional firm here, super enjoy your videos Would love to get some more backstory on your wife's career and any advice she may have for other tax practitioners, eg how to "make it" long-term in tax Keep killing it!
Comment from : @jpmarchena703

Hi Bill, thank you so much for your videos, I want to ask a question about collaboration: I'm accountant in Mexico and I'm looking for collaborate with another accountant in USA, do you think this is possible for me to work with another accountant in USA?
Comment from : @emmanuelgarcia4273