Bookkeeping Basics: Understand the Fundamentals
4.5 (89 ratings)
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Bookkeeping Basics: Understand the Fundamentals

Learn bookkeeping terms and concepts to make owners, employees & students more confident and successful!
Best Seller
4.5 (89 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
1,100 students enrolled
Created by Ron Trucks
Last updated 11/2016
Current price: $10 Original price: $75 Discount: 87% off
5 hours left at this price!
30-Day Money-Back Guarantee
  • 4.5 hours on-demand video
  • 52 Supplemental Resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Understand the basics of bookkeeping helping business owners and managers feel more confident
View Curriculum
  • As long as you know how to add and subtract (or can use a calculator!), you're ready to begin!

As a business owner, entrepreneur, employee or student you may be great in your field but that doesn't mean you're strong in every area of running a business...

  • A great chef may be incredible in the kitchen...
  • An award-winning body builder can help the most out of shape person...
  • A talented web designer or graphic artist may create unbelievable designs...

But when it's time to balance the checkbook or talk to the CPA at tax time, it feels like it's a completely different language you've never learned!

Using simple, easy-to-understand discussion, illustrations and note sheets, this 4.5 hour course with over 50 video lessons teaches you the basic building blocks of how money is tracked and what that means to your business or project.

Everyday examples using common phrases and terms you already know allows the instructor to teach that "other language" and for you to feel more confident in working with vendors, customers, employees, investors, instructors and more!

After completing the course, students will feel more confident and knowledgeable on topics such as...

  • What is Income and how do you track it?
  • Which types of Expenses can be claimed by your business
  • The difference between Assets, Liabilities and Equity
  • The Five W's of Bookkeeping
  • Transactions, The Fundamental Financial Equation and Charts of Accounts.
  • Accounts Receivables and Accounts Payables
  • Reading Financial Reports
  • Business Odds and Ends such as Mileage Tracking, Credit Terms, Shipping and Freight, Trade Discounts
  • The Top 10 Mistakes Small Businesses Make
  • The Top 6 Tips for Good Bookkeeping
Who is the target audience?
  • This course is designed for both new and established small business owners and managers who may be strong in their own fields but want a better understanding of the basic concepts of tracking their company finances as well as students beginning the journey of learning bookkeeping.
  • A stronger grasp of these basics concepts helps every area of business from communicating with their CPA's/tax advisors to making better decisions for the company and employees; to students learning to communicate with their instructors.
Compare to Other Bookkeeping Courses
Curriculum For This Course
48 Lectures
Introduction - Course Overview
2 Lectures 13:34

Take a quick look through the entire course and see what we have planned!

Preview 06:53

Learn about your instructor along with the additional resources we've developed to compliment the video lectures.

Introductions and Off-Course Resources
Money and Its Relationship To Business
4 Lectures 21:36

Understand the difference and the importance of tracking personal finances separately from business finances.

Preview 04:32

Learn why it's important to properly and accurately track your company's financial activity...  And it's NOT only about taxes!

Why Worry About The Money?

How is your company set up and what does that mean to both your bookkeeping but also your entire company's operation?

What Kind of Business Are YOU?

Which one is right for your company?  Sole proprietorship?  Partnership?  Corporation?  LLC?

The Four Business Types
Let's Understand What We're Talking About
4 Lectures 26:23

Exactly WHAT is bookkeeping and WHY do we do it?

What and Why...

There are a lot of options on WHO actually does your bookkeeping, but you can't just completely hand it off.  Find out why...


Every day?  Once a week?  What's right for your company for WHEN the work gets done?

Also, WHERE is not only the best place to do the work, but to store your records?

When and Where...

Consistency...  It makes your work easier and more accurate.  But how do you accomplish it?

Consistency Is THE Key
The Tools
5 Lectures 23:30

Understand exactly what a financial transaction is and how it effects your business.


Learn how Assets, Liabilities and Equity relate to each other and why they must ALWAYS stay in balance.

The Big Equation - A = L + E

Understand exactly what an account is and how to organize them into your personalized Chart of Accounts.

Accounts and the Chart of Accounts

Sample Charts of Accounts

Your First Quiz!
10 questions
Here Comes The Money - Income/Revenue
5 Lectures 23:33

Learn the difference between selling products, services and more.

How Are You Actually Making Money?

Realize the difference between issuing invoices, sales receipts and customer statements and when each one is the right choice.

Invoices, Receipts & Statements... Oh, my...

Examine the difference between different types of invoices as well as what information should be on each type.

If You ARE Invoicing...

Invoice Samples

Just because you have more money in your account than you did before, does not mean you've earned income.  Learn the difference.

Not All Money Coming In Is Income

Here Comes The Money The Money - Quiz on Income
10 questions
There Goes The Money - Expenses
4 Lectures 18:08

Not all expenditures by your business are expenses.  Take a look at what is and what isn't considered a company expense.

What Are Expenses?

Determine which of your company's expenses are considered the "Cost of Goods Sold" for your particular product or service.

What Does It Cost To Make (or Acquire) The Product? - COGS

Be able to organize all of your different expenses into a system that makes analysis easier.

Organizing The Expenses

Learn about a simple tool that makes organizing your bookkeeping much easier.

The Stamp

There Goes The Money - Quiz on Expenses
10 questions
The Other Big Three
5 Lectures 28:50
Section Intro

Learn exactly what an Asset is as well as the different types your company may own.

It's Just "Stuff" - Assets

Understand the difference between spending money on an expense and just switching one type of asset for another.

Can You Break A $100 Bill? - Asset Shift

Determine what happens when your company owes both short-term and long-term debts to others.

The Company Owes WHAT? - Liabilities

Understand how the owner(s)'s value of their ownership in the company is calculated and determined.

But What's Really MINE? - Equity

The "Other Big Three" Quiz
10 questions
Who Owes Whom?
3 Lectures 30:21

Investigate what happens when your company uses credit to keep its operation going.

Put It On My Tab - Accounts Payable

Understand what's involved with letting your customers pay on credit.

You Want To Pay When? - Accounts Receivable

Sometimes your customers take too long to pay or don't pay at all.  Learn how you should handle the situation and what steps are involved.

What If They Don't Pay?
For The Record Books
6 Lectures 34:44

Take a quick look at what Financial Statements are and how they are used by both your company and outsiders.

How Are You Doing and How Do You Know?

Examine the difference between the two basic formats of financial reporting and their impact on your business operations.

Cash Reporting versus Accrual Reporting

Examine the parts of an Income Statement (or Profit & Loss Report) and learn to read them.

Am I Making Profit? - P&L Report

Understand the Balance Sheet and what it illustrates about your company's financial health.

Where Do I Stand Right Now? - The Balance Sheet

Look at the reports used to track the owner's value of their investment.

Am I Worth Anything? - The Owner's Equity Reports

Understand the basic methods for tracking what's owed to your company as well as what it owes to others when it uses short-term credit.

What's Owed To Me and By Me - The A/P and A/R Reports

"For the Record Books" Quiz
10 questions
Odds and Ends
10 Lectures 51:12
Section Intro

Examine what is required to be reimbursed for mileage on personal or company vehicles along with what is and isn't allowed.

Mileage Tracking

Understand what credit terms mean on invoices and statements along with when you can receive small discounts for paying early.

Terms / Cash Discounts

Look at discounts your vendors may give you for a wide variety of reasons when you purchase their products.

Trade Discounts

Understand not only who is responsible for paying for shipping but who is responsible for the actual freight until it arrives at your location.

Shipping & Freight

Examine some factors in maintaining good, accurate financial records.

Good Record Keeping

Top 10 Mistakes Small Businesses Make

Top 6 Tips For Good Bookkeeping

Take a look at how you can receive help not only with the course but with applying the knowledge to your actually settings.  Also, a recap of what's been covered throughout the lessons.

Can I Get Some Help? and Our Course Recap

Now that you have a basic understanding of bookkeeping, take a look at other opportunities to learn more and how to receive special gifts and discounts.

BONUS: What Comes Next?
About the Instructor
Ron Trucks
4.5 Average rating
89 Reviews
1,100 Students
1 Course
Small Business Coach and College Instructor

Almost 25 years ago, after building his experience in the hospitality industry and working with many business start-ups, Ron Trucks founded his privately owned firm guiding and coaching small businesses and non-profit organizations in a wide variety of fields and industries both in his home town of St. Louis, MO and across the country.

In addition to his professional work in small-business support, Ron has also been an Business Management adjunct instructor at Jefferson College in Hillsboro, MO for over 10 years.

Over those two decades of both teaching and coaching small businesses and non-profit organizations, Ron has served on various boards and in many volunteer positions including the Board of Directors of a $300 million dollar credit union, developing leadership skills with members of national fraternities and sororities, and working with troubled youth dealing with identity and self-confidence issues.