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Accounting Basics by Hector Garcia, CPA

Hector explains accounting basic and Financial Statements basics with QuickBooks reports
4.3 (47 ratings)
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812 students enrolled
Last updated 8/2016
  • 1 hour on-demand video
  • 1 Article
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion

Hector explains in a very simple way, how accounting works. We cover Accounting Principles, Profitability, Solvency, and Liquidity. Reports: Profit & Loss and Balance Sheet. And finally, discuss the concept of DEBITS/CREDITS for Journal Entries. We use QuickBooks to illustrate a few examples of reports and how to do the Journal Entry.  It is extremly important for any business owner, bookkeeping, or staff member working in QuickBooks to understand accounting basics, specially identifying the differences betwen Cash and Accrual Basis of Accounting.  This course will teach you those.

Cash Versus Accrual Basis of Accounting:

  • Cash Basis is when you only report sales when you receive payments and recognize expenses only as you actually pay them. Many taxpayers file their tax returns in  “cash basis”, but they should still manage their business/accounting in accrual basis
  • Accrual basis means we recognize sales when they are earned regardless of us receiving a payment or not. Expenses are recognized as they are incurred regardless of us paying them. Accrual basis wants to measure activities not payments; we still asssume payments will eventually be made.

Who is the target audience?
  • Anyone interested in learning accounting
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What Will I Learn?
Accounting Concepts explained under 1 hour
View Curriculum
  • Basic Business Concepts, such as PROFIT
Curriculum For This Course
Expand All 5 Lectures Collapse All 5 Lectures 56:17
Accounting Concepts by Hector Garcia, CPA
5 Lectures 56:19
Introduction from Hector

Profit & Loss

Balance Sheet

Debits/Credits and Journal Entries

Accounting Basics
About the Instructor
4.4 Average rating
309 Reviews
6,136 Students
4 Courses
Accountant & Certified Advanced QuickBooks ProAdvisor

Hector is a passionate accountant and trainer. Hector has been preparing taxes since 1998 and has seen the IRS’s regulations change for the past 14 years. Today he is a practicing Accountant and an Enrolled Agent (Tax Preparer & IRS Representation) in the Davie,FL for his firm Quick Bookkeeping & Accounting LLC. Before working for a private form, Hector worked in several accounting & financial departments of past fortune 500 companies such as: Best Buy, Circuit City, Bank of America, and Wells Fargo.

Hector also earned 3 post-graduate degrees, each strengthening his career in the fields of Accounting, Finance, and Taxation. Hector’s passion for training comes from this successful career in which he applied his personal philosophy of continuous learning and training co-workers. Currently, Hector dictates QuickBooks Courses in Miami,FL

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