Finance

Accountants and other tax professionals can be worth their weight in gold during tax time, especially when it comes to legal and compliance issues. With the Income Tax Act numbering more than 3,000 pages, the amount of information often proves too much for the average business owner to stay on top of on their own.…

Here’s what I’ve been up to… The next video training course is still in the works. It’s about Accounting fundamentals; Debits, Credits, Journal Entries, T-Accounts, the Basic Accounting Formula, etc. I’m really excited about this course as it will help a variety of folks. The intended audience is anyone new to Accounting or anyone that…

Here’s what happened in July and some plans for August. In July, nearly 100 students enrolled in my new video training course 7 Ways to Improve your QuickBooks® Workflow! This is a great course if you’re new to QuickBooks® Online or want to learn some time-saving tips. Click the link below for more details. Students are…

Just wanted to share some news about what happened in June and plans for July. At the end of June my new video training course 7 Ways to Improve your QuickBooks® Workflow was completed and published! It’s nearly an hour in length and covers seven changes/techniques to improve your workflow in QuickBooks® Online Essentials or QuickBooks® Online…

For the image below, total Debits less total Credits equal the Account Balance. So, in the example in the image, total Debits of 2,675 less total Credits of 275 equal 2,400. This is a Debit amount since, in this example, Debits are greater than Credits.

All Debits and Credits are tracked in an Account’s T-Account. When tracked properly, it’s easy to figure out the balance of an account.

Each Account has it’s own T-Account. This allows proper transaction tracking of Debits and Credits.

Just wanted to share some news about what happened in May and plans for the future. Video recording started on my newest course: 7 Ways to Improve your QuickBooks® Online Workflow. This course is all about saving time and being more efficient in QuickBooks® Online. It should be released near the end of June/early part of…

A T-Account visually represents the impact transactions have on a particular account. As seen in the image, the white “T” allows space for an Account Name (at the top), Debit Side (Left), and Credit Side (Right). It’s a simple visual that helps when trying to understand the balance of an account.

The normal balance of an Expense Account is a Debit. So, if you purchased $450 worth of office supplies, it means you have a $450 Debit in the Office Supplies account.

Is it Necessary to Get an Accountant or Tax Preparer?

August 2018 Update

July 2018 Update

June 2018 Update

T-Account Example

What T-Accounts do

How T-Accounts help

May 2018 Update

Anatomy of a T-Account

Normal Balance: Expense