How to create Financial Statements from scratch! A step-by-step guide!

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In this video we’ll start a new business, put in some capital, conduct transactions for 1 month and then record the transactions, create a trial balance, and then financial statements.
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Пікірлер: 358

  • @TheFinancialController
    @TheFinancialController18 күн бұрын

    Level up your Accounting Career by enrolling in our 6-weeks program here controller-academy.com/courses/controller-academy

  • @jimstevetom
    @jimstevetom2 жыл бұрын

    Great work! You gave me more in 19 minutes than a whole semester of business finance!

  • @onpointskills2402

    @onpointskills2402

    Жыл бұрын

    Thank you alot

  • @utgfam876

    @utgfam876

    Жыл бұрын

    I agree 100%

  • @gundalalebona262

    @gundalalebona262

    10 ай бұрын

    Indeed your one lesson was more valuable than the many I attended. You are appreciated❤❤❤❤❤❤❤

  • @bashsaeed
    @bashsaeed2 жыл бұрын

    Love the acronym. I remember learning another one: All Dogs Eat, Cute Little Red Rabbits (Dr.) Assets / Dividends / Expenses (Cr.) Common stock / Liabilities / Revenue / Retained earnings

  • @saacidkaftan4795

    @saacidkaftan4795

    Жыл бұрын

    What is that acronym

  • @ivangellserquina8186
    @ivangellserquina8186 Жыл бұрын

    The way you explained T-accounts is so much easier than the class I'm taking. Thank you for making this video and simplifying it. Subscribed!

  • @basshuntet6128
    @basshuntet6128 Жыл бұрын

    As a business owner with no accounting background, this is really easy to follow. Thank you!

  • @TheFinancialController

    @TheFinancialController

    Жыл бұрын

    Glad it was helpful!

  • @gregoryshed4302
    @gregoryshed4302 Жыл бұрын

    This is amazing! Would love to see a more complex example with different types of accounts (Accum depreciation, depreciation, Liabilities (short and LT) etc, Thank you !!!

  • @bodehimself
    @bodehimself Жыл бұрын

    This is the best accounting class I've ever attended all my life, really broke down the principles to a basic level God bless you

  • @akeelvaliyakath4056
    @akeelvaliyakath40562 жыл бұрын

    Crisp and clear Wish I had a mentor like you when studying..!

  • @bizsetup8275
    @bizsetup82757 ай бұрын

    Excellent presentation! I've never had formal training and it was learn-as-you-go from my counsellors at SCORE (SBA), trial and error. Thanks!

  • @fahadmunib2422
    @fahadmunib24223 жыл бұрын

    LOVE THE ACRONYM! It's genius

  • @TheFinancialController

    @TheFinancialController

    3 жыл бұрын

    Glad it’s helpful

  • @TheBrillantGrp
    @TheBrillantGrp Жыл бұрын

    I’m so glad you made this video! I learned more than the three accounting classes I took in college

  • @hobissprite928
    @hobissprite9282 жыл бұрын

    This is perfect! Examples are so helpful to me and I need to see every step along the way. Thank you!!

  • @TheFinancialController

    @TheFinancialController

    2 жыл бұрын

    Great!

  • @jrhhew
    @jrhhew2 жыл бұрын

    Thank you!! takes me back to accounting class in college- appreciate this content man.

  • @creativeinspirations8200
    @creativeinspirations82004 күн бұрын

    Just watched and took notes from the video you did 2 years ago. Now I'm excited to watch this one. Thank you!

  • @TheFinancialController

    @TheFinancialController

    3 күн бұрын

    Glad it was helpful!

  • @jeffhorner5197
    @jeffhorner5197 Жыл бұрын

    I learned more here than a month's-worth of other sources. You explain this very well. Looking forward to watching all of your content - thank you!!

  • @TheFinancialController

    @TheFinancialController

    Жыл бұрын

    Thanks Jeff!

  • @MartyMac-dz2ln
    @MartyMac-dz2ln10 ай бұрын

    One of the best videos I've seen that covers the transaction process from start to finish. Clear, concise and easy to understand. Thank you very much!

  • @TheFinancialController

    @TheFinancialController

    10 ай бұрын

    Thanks Marty

  • @erikc4814
    @erikc48142 жыл бұрын

    Your videos are a blessing. Thank you for taking the time to share your knowledge.

  • @emmanueltaunou4421
    @emmanueltaunou4421 Жыл бұрын

    Love the content. What a great teacher.❤️. Hats 🎩 off to you Bill 👒

  • @sequoyahenderson9546
    @sequoyahenderson95462 жыл бұрын

    Omg this was sooo much help thanks so much the videos from my professor have not taught me anything at all this is wonderful

  • @timmusumba5846
    @timmusumba5846 Жыл бұрын

    Very simplified way of explaining and breaking down everything!

  • @camilleho596
    @camilleho5963 жыл бұрын

    Thanks a lot! Finally know how to do it the day before my test. Very clear and simplified!✨

  • @TheFinancialController

    @TheFinancialController

    3 жыл бұрын

    Glad it’s helpful!

  • @rebsalamify

    @rebsalamify

    Жыл бұрын

    Totally same thing happened to me seen 100 videos all confused me more and more except for this one.

  • @wingfieldhlazojunior6237

    @wingfieldhlazojunior6237

    10 ай бұрын

    @@TheFinancialController Amazing lesson. I am kindly requesting for the link to download the free financial statements spreadsheet. Thanking you in advance 🙏🏽

  • @krishnanseshamanikrishnan1950

    @krishnanseshamanikrishnan1950

    5 ай бұрын

    ​@TheFinancialController do you give have tuitions or trainings ?

  • @AbdulQadir-gf5nv
    @AbdulQadir-gf5nv2 жыл бұрын

    Thank you Mr. Controller… keep up with such highly admirable work !

  • @alemuabate4234
    @alemuabate42342 жыл бұрын

    Thank you for your clear and smart presentation. it enables to recall and do better accounting processes.

  • @abrahammanzo2455
    @abrahammanzo24553 жыл бұрын

    Great big Overview of the Process from entries to Fin Statements! Thanks for your work!

  • @TheFinancialController

    @TheFinancialController

    3 жыл бұрын

    Thanks Abraham!

  • @valeska973
    @valeska9732 жыл бұрын

    The world deserves more teachers like you! Good job Sir! Thank you for simplifying these concepts..

  • @TheFinancialController

    @TheFinancialController

    2 жыл бұрын

    Thank you for the kind words!

  • @rebsalamify

    @rebsalamify

    Жыл бұрын

    Well said 👏

  • @jox8568
    @jox85682 жыл бұрын

    very simple and well explained thank you so much!

  • @melissarogers1271
    @melissarogers1271 Жыл бұрын

    Thank you so much!! I literally needed someone to work through a problem from start to finish--Thank you--Online courses without instructor videos are brutal. You are so appreciated.

  • @teamtouhuni1602
    @teamtouhuni16022 жыл бұрын

    Brilliant information for a small startup company... Thanks so much! Great Video

  • @rcuetojr1
    @rcuetojr1 Жыл бұрын

    You have no idea how much your videos have helped me in my career in the last year. Realized you worked at Sprout as well in the past too. Thanks for all of this.

  • @TheFinancialController

    @TheFinancialController

    Жыл бұрын

    Thanks Ramon!

  • @christynichole5437
    @christynichole54372 жыл бұрын

    I'm so glad to come across this information . Thank you!

  • @pranayakhadka3507
    @pranayakhadka3507 Жыл бұрын

    Straight to the point bro. Thanks

  • @FANSasFRIENDS
    @FANSasFRIENDS2 жыл бұрын

    Thank you very much, sir! You really saved me as tomorrow I have test...

  • @Blackgirlsnutrition
    @Blackgirlsnutrition2 жыл бұрын

    OMG! super helpful... you make it easy to understand... thank you!

  • @aleemsubhani520
    @aleemsubhani5202 жыл бұрын

    Thank your these refresher videos, very helpful indeed.

  • @hazelgracelegaspi3908
    @hazelgracelegaspi39085 ай бұрын

    Thankyou for this video! I'm applying for accounting clerk and this explains a lot better✨

  • @WitchyGirl
    @WitchyGirl Жыл бұрын

    Retained earnings explained in a way that doesn’t make my brain ache! Thank you! 🎉

  • @kalifalettine4732
    @kalifalettine4732 Жыл бұрын

    Finally, English! Not sure why the textbook makes it seem so much more complicated. Got through 3 intermediate classes struggling through journal entries and the correlation on how to go through each step. Thank you so much

  • @TheFinancialController

    @TheFinancialController

    Жыл бұрын

    Great to hear!

  • @aspectoflife
    @aspectoflife9 ай бұрын

    very comprehensive and compact concepts to understand accouting ,thanks

  • @jorgesarahchannel3082
    @jorgesarahchannel3082 Жыл бұрын

    You have opened up my mind ! Your genius ...hat off !!

  • @evansjuma3831
    @evansjuma38313 жыл бұрын

    Very well articulated and simplified, great work man!

  • @TheFinancialController

    @TheFinancialController

    3 жыл бұрын

    Thanks evans!

  • @evansjuma3831

    @evansjuma3831

    3 жыл бұрын

    @@TheFinancialController I'm still waiting for your Tutorial on ''KPI's- Advanced Level'', the beginners level was very insightful

  • @shannonday4635
    @shannonday46353 жыл бұрын

    Great job Bill! Really good at breaking things down. Very useful content 👍🏽

  • @TheFinancialController

    @TheFinancialController

    3 жыл бұрын

    Great thanks!

  • @dixonlemayian7335

    @dixonlemayian7335

    2 жыл бұрын

    Hi shannon

  • @corrinegraham6452
    @corrinegraham64522 жыл бұрын

    Thank you! Concise and clear instructions! You've certainly made my learning fun!

  • @TheFinancialController

    @TheFinancialController

    2 жыл бұрын

    Thank you for the kind words

  • @shakeelsattar3190
    @shakeelsattar31902 жыл бұрын

    Thank you ...you are my new teacher now

  • @user-dm6uk2bg3n
    @user-dm6uk2bg3n2 ай бұрын

    Great content! This is the first video I've watched from you, and I learned a lot. You earned my subscription in just one video. You're an inspiration! Keep it up, and thanks a lot.

  • @TheFinancialController

    @TheFinancialController

    2 ай бұрын

    Welcome aboard!

  • @melaniemarquez6167
    @melaniemarquez61672 жыл бұрын

    Thank you so much Sir Arthur, now I know on how to prepare FS, JE, TB, and etc :)

  • @leninsonjob2200
    @leninsonjob22009 ай бұрын

    Easy to understand. Great job

  • @shaminisandupama8911
    @shaminisandupama89112 жыл бұрын

    Amazing!! Amazing !! Amazing !!, this video was sooo helpful and clear. Thanks a lot

  • @Womanofchristlifestyle
    @Womanofchristlifestyle Жыл бұрын

    Such an amazing teacher. Thank you for being a blessing to us all

  • @TheFinancialController

    @TheFinancialController

    Жыл бұрын

    You are so welcome

  • @emeraldbeasley2184
    @emeraldbeasley2184 Жыл бұрын

    taking a booking keeping class online and i was drowning. Thanks for breaking things down the way you do certainly filled in some holes for me!

  • @brianmilesgaribay1462
    @brianmilesgaribay146211 ай бұрын

    Honestly the best explanation I have ever seen

  • @NeetishaKalicharan
    @NeetishaKalicharan2 ай бұрын

    Amazing work! Very informative and simplified 💯

  • @TheFinancialController

    @TheFinancialController

    2 ай бұрын

    Glad it was helpful!

  • @marcosbarcala6249
    @marcosbarcala624910 ай бұрын

    Thanks for the video, great explanation

  • @aaroacademy
    @aaroacademy Жыл бұрын

    Thank you, this lesson is very valuable!

  • @JDWilliamsPD
    @JDWilliamsPD2 жыл бұрын

    Wow! This video is totally underrated and should have a million hits. Great job making something so challenging so simple to understand.

  • @TheFinancialController

    @TheFinancialController

    2 жыл бұрын

    Thanks for the kind words

  • @mphasamatsanya3682
    @mphasamatsanya3682Ай бұрын

    Thank you very much. For the first time, even after university degree do I understand this statements logically. May God bless you. I liked and subscribed. It was worth it.

  • @TheFinancialController

    @TheFinancialController

    Ай бұрын

    Glad it was helpful!

  • @slimanefouad9530
    @slimanefouad95305 ай бұрын

    Simple and clear. Thank you

  • @TheFinancialController

    @TheFinancialController

    5 ай бұрын

    Glad it was helpful!

  • @ramajaya811
    @ramajaya8113 жыл бұрын

    Thank you so much. From your explanation, i could figure out that, income statement should be made before the balance sheet

  • @TheFinancialController

    @TheFinancialController

    3 жыл бұрын

    You got it, correct. First income statement then balance sheet, and then cash flow statement.

  • @lahiruchathuranga9358
    @lahiruchathuranga93589 ай бұрын

    Wow it’s great very simple explanation

  • @smitajaiswal5857
    @smitajaiswal58573 жыл бұрын

    Really easy to understand .never got it this straight in my academics.thnx again

  • @TheFinancialController

    @TheFinancialController

    3 жыл бұрын

    Thanks!

  • @HUMPHREYBALLKIDITUA
    @HUMPHREYBALLKIDITUA6 ай бұрын

    You made it look so. I just got an A on my exam !!! 👏🏽👏🏽👏🏽👏🏽

  • @BIBLICAL640
    @BIBLICAL640 Жыл бұрын

    You are a great lecture,I have learned what I haven't learned in school from you thanks so much God bless you sir

  • @petertenay1785
    @petertenay1785 Жыл бұрын

    THA K YOU SO MUCH... YOU MY GOOD SIR JUST GAIN A NEW SUBSCRIBER... I took a whole semester and passed the class with an A, but I didn't understand a thing until now. That's because I was studying to pass the class, not to actually understand.

  • @lisakibler458
    @lisakibler4588 ай бұрын

    This is so helpful and so well presented! Thank you!!

  • @TheFinancialController

    @TheFinancialController

    8 ай бұрын

    Glad it was helpful!

  • @KrawdReaxion
    @KrawdReaxion2 жыл бұрын

    Hi, I’m in Durban , South African 🇿🇦 and just watched this whole video today 2022/05/10 and you explain things so simple. Thank you for you time & the amount of work you put in for this content it really helped me.. I’m just a beginner to this world of Accounting

  • @financestrategist2137

    @financestrategist2137

    Жыл бұрын

    Read and watched like 10 articles in combine for the past few weeks.... Stumbled on this yesterday making this the eleventh (2022/09/28) and now the previous 10 all makes sense... Like was I sleeping since 😂😂😂.... Really appreciate him for the basics, some people like me, understand better when you are able to explain, define and illustrate the basics of a concept with the most creative ways possible.... This guy did that .... To his surely is going to be my Go to channel in my career on finance

  • @user-jv2dz6jc5j
    @user-jv2dz6jc5j6 ай бұрын

    Very nice and simple. You sir, made it look so easy

  • @TheFinancialController

    @TheFinancialController

    6 ай бұрын

    So nice of you!

  • @user-lq7oi5dw7f
    @user-lq7oi5dw7f2 ай бұрын

    Thanks much. I love it...subscribed!!!

  • @TheFinancialController

    @TheFinancialController

    2 ай бұрын

    Awesome! Thank you!

  • @samjohn2814
    @samjohn28147 ай бұрын

    I just hand in an assignment and purposefully left off the financial statement because I just did not know how to do it, and I was working against the clock. I come here because I believe I owe it to myself to get a better handle on this. Thanks for your video.

  • @TheFinancialController

    @TheFinancialController

    7 ай бұрын

    Glad it was helpful!

  • @naveen1000
    @naveen1000 Жыл бұрын

    Thanks a lot! It's very clear and helpful

  • @taylormaria
    @taylormaria25 күн бұрын

    thank you so much!! It finally makes sense

  • @TheFinancialController

    @TheFinancialController

    24 күн бұрын

    Glad it helped!

  • @ABDULREHMAN-vi6fm
    @ABDULREHMAN-vi6fm Жыл бұрын

    Way of teaching is very comprehensive.

  • @reds.8995
    @reds.89953 жыл бұрын

    This is also one of the very important questions in my accounting interview!👍👍

  • @TheFinancialController

    @TheFinancialController

    3 жыл бұрын

    Great thanks 🙏

  • @emmanuelscordos2240
    @emmanuelscordos22403 жыл бұрын

    Hello Bill! I have an interview for a junior FP&A role next week for a big bank here in NA. I want to thank you for these videos, you helped me get up to speed with all my knowledge from University (Finance Major) and I'm much more confident now for this interview. Hope to see this channel grow!

  • @TheFinancialController

    @TheFinancialController

    3 жыл бұрын

    Thanks Emmanuel and best of luck 🤞

  • @emmanuelscordos2240

    @emmanuelscordos2240

    3 жыл бұрын

    @@TheFinancialController Thank you Bill! Its the 2nd round interview and its with the recruiting manager (3rd interview would be the last and it would be with the hiring manager). I'm contemplating if I should ask questions regarding for example certain industry trends/challenges or more specific questions to some elements from their financial statements. Would that be a bit too much? (Example, I noticed the firm's liquidity seems relatively high, how does "Bank Name" plan on facing the post-pandemic challenges of lower demand for loans/mortgages?"

  • @susanaafful2654

    @susanaafful2654

    2 жыл бұрын

    You so good. Easy to understand.which initially feared.thank you so much

  • @shadiababirye540
    @shadiababirye540 Жыл бұрын

    Not subscribing to this channel would be INAPRRIOPRIATE!!!...This is so excellent..I can boldly say, with this, excelling in my CPA exams is guaranteed..

  • @TheFinancialController

    @TheFinancialController

    Жыл бұрын

    Haha thanks so much Shadia!

  • @perisjelagat1895
    @perisjelagat18955 ай бұрын

    This is really wonderful 🙏🙏👌you made me understand very well

  • @TheFinancialController

    @TheFinancialController

    5 ай бұрын

    Glad it was helpful!

  • @liliannwanlem9411
    @liliannwanlem9411 Жыл бұрын

    Okay!!! You are an amazing teacher and you just earned a subscriber. I was writing a business pitch and I was asked of my financial statement. Watching your video got me feeling like I have known this before now.....PS:: I am a science student and know nothing about accounting. Thank you so much sir. I love you

  • @TheFinancialController

    @TheFinancialController

    Жыл бұрын

    Thanks Lilian!

  • @gloryk1797
    @gloryk17977 ай бұрын

    Such a great teacher. Thank you

  • @TheFinancialController

    @TheFinancialController

    7 ай бұрын

    You're very welcome!

  • @King-wk3hz
    @King-wk3hz3 жыл бұрын

    As always very good explanation. I just had one request, could you please make a video on preparation of monthly, quarterly and annual financial statements and important steps to remember while preparing for the same. Keep up the good work!

  • @TheFinancialController

    @TheFinancialController

    3 жыл бұрын

    Thanks 🙏 will do

  • @akufia3524

    @akufia3524

    3 жыл бұрын

    @@TheFinancialController will be waiting. definitely subscribed.

  • @michaelmurphy8152
    @michaelmurphy81522 жыл бұрын

    I started a business and had to go back and re learn accounting. Spent my college days following stocks lol. This video was super helpful thanks for sharing!

  • @TheFinancialController

    @TheFinancialController

    2 жыл бұрын

    thanks brother

  • @ew4448
    @ew44483 жыл бұрын

    Great videos! I have been watching two days in a row😄

  • @TheFinancialController

    @TheFinancialController

    3 жыл бұрын

    Fantastic! Happy learning

  • @BwoyLoBlock
    @BwoyLoBlock Жыл бұрын

    Thanks very much for making this really easy to understand. Love your vids

  • @TheFinancialController

    @TheFinancialController

    Жыл бұрын

    Glad to hear it!

  • @marlenegabriel426
    @marlenegabriel4268 ай бұрын

    Thank you . Was so easily explained

  • @TheFinancialController

    @TheFinancialController

    7 ай бұрын

    Welcome 😊

  • @NakaylaSadie
    @NakaylaSadie Жыл бұрын

    I am passing my midterm because of you ! Thank you thank you !

  • @krishnanseshamanikrishnan1950
    @krishnanseshamanikrishnan19505 ай бұрын

    Amazing teaching technique ..wowwww it took so much time to understand in college time but its look very simple ...u r great

  • @TheFinancialController

    @TheFinancialController

    5 ай бұрын

    It's my pleasure

  • @eashwerdev518
    @eashwerdev51810 ай бұрын

    wow made my life easy thank you

  • @joseraposo1569
    @joseraposo15692 жыл бұрын

    Thank you for the videos, great resource. Would you be able to do a video on Financial Consolidations basics?

  • @najdiary
    @najdiary22 күн бұрын

    Sir wonderful teaching method

  • @kathird8580
    @kathird8580 Жыл бұрын

    It's very useful. Thanks for this Video

  • @mulanayquezonagricultureco9683
    @mulanayquezonagricultureco9683 Жыл бұрын

    Very informative Thank so much !

  • @XPRQZ
    @XPRQZ2 жыл бұрын

    Thanks , benefitted a lot

  • @bandadontgiveafuck
    @bandadontgiveafuck2 жыл бұрын

    Thanks man u helped me alot.

  • @sarahjolley1350
    @sarahjolley13502 жыл бұрын

    hey great video! very clear to understand! just wanted to make aware "expense" is missing the "e" at the end!

  • @arpadnagy1354
    @arpadnagy1354 Жыл бұрын

    Amazing teacher! ;)

  • @ahmedalmassri2037
    @ahmedalmassri2037 Жыл бұрын

    totally useful and great, Many thanks

  • @liona009
    @liona0092 жыл бұрын

    oh my gosh! this video is an EXCELLENT crash course in accounting. I studied business in school but really needed to refresh my memory of accounting to complete some financial statements for an NGO that I volunteer with. thank you so much.

  • @mustafeabdilahi322
    @mustafeabdilahi3222 жыл бұрын

    Thanks so much Simply you good facilitator

  • @kohilamvathani1057
    @kohilamvathani1057Ай бұрын

    wow Thank you very much, Sir

  • @evaeva-ju5pd
    @evaeva-ju5pd3 жыл бұрын

    You are such an excellent teacher. Not to be selfish but please post more videos. Thank you 😊

  • @TheFinancialController

    @TheFinancialController

    3 жыл бұрын

    Thank you!

  • @sizwedlamini6915
    @sizwedlamini6915 Жыл бұрын

    Thanks a lot sir keep up the good job

  • @denisgrace4307
    @denisgrace43072 жыл бұрын

    this is exactly what i needed. thanks a lot

  • @dixonlemayian7335

    @dixonlemayian7335

    2 жыл бұрын

    Hello grace

  • @taimoorkhan8203
    @taimoorkhan8203 Жыл бұрын

    I admire your work... great one...