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CLOSING ENTRIES: Everything You Need To Know

Accounting Stuff 311 views

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Happy Holidays! Here are the timestampsbrbr00:00 - Introbr00:20 - The Accounting Cyclebr00:41 - Closing Entries Definitionbr01:09 - How to Remember Permanent and Temporary Accounts (RED ALE)br02:13 - Permanent Account Definitionbr02:27 - Temporary Account Definitionbr02:54 - Opening Trial Balancebr03:16 - Examplebr04:05 - Adjusted Trial Balancebr04:49 - Creating Financial Statementsbr05:46 - How to Post Closing Entriesbr05:55 - Long Way: Step 1br07:34 - Long Way: Step 2br09:08 - Long Way: Step 3br10:09 - Long Way: Step 4br11:15 - Post Closing Trial Balancebr11:39 - Short Waybr12:34 - Recap: How to Post Closing Entriesbr03:37 - Outro
Comment from : @AccountingStuff

Thanks for your good job always I never have any background in accounting however, your tutorials have been so helpful for me Now I am gradually gathering my confidence in accounting
Comment from : @princekenne8981

The short way is allowed in accounting right?
Comment from : @timothyyaejongyi8240

Thank you
Comment from : @MJChannel-h9j

Thanks you sooo much james ur teaching method iss awesome ❤
Comment from : @KimAiman-i3g

Awesome explaining !! 😊
Comment from : @doraramos4735

Thanks❤
Comment from : @JollyJester-l6s

Wow amazing good work ✅
Comment from : @mohamednafrin7862

Thank you
Comment from : @dakehami

Great video, just thought one also needs to close contra income and contra expense accounts first, if there any
Comment from : @epo78

Can is ask you why for example accrued expenses are classified as permanent accounts? Why are they not influenced by closing entries?
Comment from : @AllanDizayee

Can I ask you why for example accrued expenses are classified as a permanent account? Why are they not influenced by closing entries?
Comment from : @AllanDizayee

I felt pretty good this semester, but I wish I found this channel earlier so I could have gone through intermediate smoothly
Comment from : @Mrslurp71

you're single handedly saving my life for my upcoming final
Comment from : @lollh596

Bro big greetings from Ain shams university at cairo egypt🔥🤩
Comment from : @ABDOMOHAMED-i5t

Lads I spent €800 on a feckin accounting course and it's garbage in comparison to all this
Comment from : @MaxPicAxe

❤love ur video
Comment from : @CindyChan-zg1xs

You're really good People will skip school if they watch your videos Thank you
Comment from : @muradul25

I am really grateful not just for this video, but for this whole accounting series It helped me so much and saved me so much time (than reading my book) Also, your videos are always fun to watch, and never fails to keep me interested until the end of the video I like the way you explain it so well and in a way that I could easily understand Thank you so much, man!! Keep up the good work!!
Comment from : @itsme-lu1mj

I FUCKING LOVE U BUDDY
Comment from : @edgarallebee797

Closing entries are all handled today by ERP and finance systems anyways This is good video for the theory behind tbh
Comment from : @iniester6724

You are the best accounting teacher I have ever met!!!
Comment from : @tinatinainaustralia3076

I'm building my own accounting software in Excel (because why not lol) and was lost on how to cleanly transfer income/expense vs asset/liability accounts from month to monthbrbrNow I know!brbrGood stuff
Comment from : @Jonwisniewski04

life SAVER, you are the King of accounting, kisskiss, saving 4 weeks of daunting lectures and incomprehensible textbook, wish i had seen this earlier xx
Comment from : @zgo5430

Thanks man, this really helped me on my excel project for intermediate! It’s been a while since I took financial acct as I was in community college at the time so I was certainly rusty when it came to financial statements in general This genuinely cleared everything up for me and filled in a super important hole I was missing
Comment from : @davidschuler6741

I liked your videos from a few years ago more :/
Comment from : @Mushy6005

thank you so much!!! you teach better than my professor
Comment from : @xmfpwj_enc

Many thanks 🙏
Comment from : @noahjames7693

thank you Sir, I have to watch this video maybe 10 times to understand this
Comment from : @KazzadyTV

what an amazing video, thanks James
Comment from : @raokh715

Thank you for making these videos Accounting school would be difficult if not for you!!!
Comment from : @WendyEsparza-cy7in

Bro this is awesome one I missed reading closing entry topic in my whole education Now understood perfectly
Comment from : @SushanthBK

Thank you very much Sir brYour lectures have helped me very much in my accounting knowledge
Comment from : @RoshanTiruwa-tj2kl

Thank you so much for this video ❤ How I wish you were my lecturer You’re funny and fun at the same time 😊
Comment from : @ElsieNekuta

This a brilliant video That's all 😁😁
Comment from : @NicoMellett

You explained this WAY BETTER than my professor I don't understand why the professor is trying to make this so challenging for us
Comment from : @jesael3626

Hey, questionI use sage accounting and have access to an end of year wizard Would the wizard do all this for me? So the year can be closed out?brbrThanks😊
Comment from : @hollythecrossstitchaddict83

You are very awesome! Thank you for the refresher and additional knowledge I always try to ditch the EOY closing entries Whew! Now I can practice😊
Comment from : @AnaMarieD-y7b

Not just on this video but all your videos, you are a genius Everything is explained and done perfectly You are also fun to watch Excellent work
Comment from : @ahmadvahab968

Just wanted to say a huge thank you for all your videos, they are a world of help to me!
Comment from : @rowdyjoshracing6298

Awesome!!
Comment from : @blaisekasongo1775

This great ! Thanks
Comment from : @seithakira4406

Thank you so much ! Much appreciated
Comment from : @sitinurnabilah3834

really you deserve the appreciation for your amazing channel
Comment from : @samaribrahim3781

ALLAH RAZI OLSUN
Comment from : @melisayahsi

This is powerful
Comment from : @YassinHussein-cg7zo

👍
Comment from : @keyatia6657

Great mnemonics, clarity of thought, structure and presentation You're a credit to accounting
Comment from : @danclarke2924

Thank you for your videos Please make a video on trading account
Comment from : @sanchithaa3191

Love your explanations! Amazing work ❤brWould love to see something on dealing with multiple currencies - bank revaluations and unrealised / realised gains
Comment from : @heartsandcrafts9742

Why don’t you mention these closing journal entries are performed at Year-end only What accounts do you close each month?
Comment from : @DavidTexas340

thank u!
Comment from : @sadia_m

Legend
Comment from : @MrMalshmrani

Well explained, thank you!!!
Comment from : @rowenalacuesta546

this is great
Comment from : @giovannafreitas6320

Are we required to do the long way? or can I can away with always doing short
Comment from : @christien6230

you make accounting fun Wow!
Comment from : @michaelcarterjamaica

I am not able to reach your sight or get any of your cheat sheets :( I get a pop up window telling me to reload on every link
Comment from : @shawnamansfield4510

For the short way, why can't wr just do Rev - expenses and dividends?
Comment from : @maddieek6865

Very easy to understand Really helpful Thank you ❤
Comment from : @seavmenghun2295

I've been stressing so much in my online accounting classes, feeling like I'm not getting the in-person experience I need to grasp the concepts Yet, since your videos, I feel I may not only pass, but excel! Can't thank you enough for your brilliance All hail YouTube!
Comment from : @heathhanz4720

Thank you!
Comment from : @patricialarayos3296

I wish I've found this channel earlier Tomorrow is my exam 😭
Comment from : @hallenmoon92

You are my saving grace as I pursue my BA in accounting! Thank you for your videos :)
Comment from : @janellerose5146

fun way to explain accounting!😄
Comment from : @Willishere

It is really useful, simple, and logical, thanks for your efforts and your time,
Comment from : @omedaubed

👍👍👍👍
Comment from : @alizakhan2083

I seriously cannot state enough my love for this channel Every video hs helped me along in my accounting class My professor doesn't respond to questions and her lectures are confusing The mnemonics in these videos are so good
Comment from : @Athomeinthecatacombs

thanks! Is the step no 8 is applicable for either monthly closing process or year ending process?
Comment from : @nuwanrambukwella2259

You are amazing! I am blessed to find you brthis video is really helpful
Comment from : @marialondono6581

You are an awesome teacher I truly appreciate how practical your teachings are Thank you
Comment from : @ifeomaifezue4774

Tnx james
Comment from : @lamimohamed5401

You just saved my life! A chief accountant at work has no clue how to close month end 😅
Comment from : @suzy5166

Bro you do deserve a subscribebrlots of appreciation
Comment from : @nabizada_adib

so how do I close disposed of assets revenue entry in this as well?
Comment from : @adthomp

Thank you so much! so helpful! wish u the best
Comment from : @yasminenejjar6351

Great job 👌
Comment from : @abuhurairamudassar5542

I've made it this far Thanks to you, I'm not giving up
Comment from : @hannahaguilar435

I have a technical accounting interview tomorrow and just thought I'd brush up Thanks for the help!
Comment from : @bcnicholas123

I just wish you had a depreciation expense and an accrued depreciation on the credit side as a permanent account
Comment from : @احمدمصلح-ن7ي

This explanation was f&$ing amazing!
Comment from : @morriskeller

But why Dividends were added to the Retained Earnings ??brFirst one is a money owners took, the other is money owners put
Comment from : @mustafaekrema8316

man you saved our time by a video of just 14 mints yew deserve million subscribers
Comment from : @dextervideos1469

can you make a video about correcting entries ? I have a little confuse when using this method
Comment from : @duongduong-xv8jr

Hi James, if the company is not a corporation, but a sole proprietorship, there is no Retained Earning account How does step 4 should be handled? I love your videos James, thank you!
Comment from : @AlineSilva-qf3oz

Man thank you sooooo much I went through dozens of videos to get some sort of help Really helpful!!!
Comment from : @uhnono8548

You are a lifesaver my man
Comment from : @marioalbota3009

An interesting question nobody seems to be aksing is why, why dealer Why dividends expenses and assets normal debit and liability equity revenue normal credit accounts I still don't get the reasoning behind this
Comment from : @timurmalikov3953