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Finance & Accounting Accounting & Bookkeeping Bookkeeping

Bookkeeping Basics #1: Understand the Fundamentals

Learn bookkeeping terms and concepts to make owners, employees & students more confident and successful!
Bestseller
Rating: 4.6 out of 54.6 (3,062 ratings)
14,085 students
Created by Ron Trucks
Last updated 1/2021
English
English [Auto], French [Auto]
30-Day Money-Back Guarantee

What you'll learn

  • Understand the basics of bookkeeping helping business owners and managers feel more confident
Curated for the Udemy for Business collection

Requirements

  • As long as you know how to add and subtract (or can use a calculator!), you're ready to begin!

Description

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 this course is for:

  • 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.

Featured review

Rod Christopher L. Barit
Rod Christopher L. Barit
5 courses
4 reviews
Rating: 5.0 out of 59 months ago
This course helped me a lot in understanding the basics of bookkeeping. I can implement a lot of the lessons here right away. This course is very practical and a must-learn course for all small business owners.

Course content

11 sections • 48 lectures • 4h 31m total length

  • Preview06:53
  • Introductions and Off-Course Resources
    06:41

  • Preview04:32
  • Why Worry About The Money?
    05:59
  • What Kind of Business Are YOU?
    09:58
  • The Four Business Types
    01:07

  • What and Why...
    07:23
  • Who...
    08:26
  • When and Where...
    06:59
  • Consistency Is THE Key
    03:35

  • Preview04:54
  • Transactions
    06:35
  • The Big Equation... A = L + E
    06:05
  • Accounts and the Chart of Accounts
    05:04
  • Sample Charts of Accounts
    00:52
  • Your First Quiz!
    10 questions

  • How Are You Actually Making Money?
    06:54
  • Invoices, Receipts & Statements... Oh, my!
    06:28
  • If You ARE Invoicing...
    05:48
  • Invoice Samples
    00:55
  • Not All Money Coming In Is Income
    03:28
  • Here Comes The Money The Money - Quiz on Income
    10 questions

  • What Are Expenses?
    06:49
  • What Does It Cost To Make (or Acquire) The Product? - COGS
    06:41
  • Organizing The Expenses
    03:38
  • The Stamp
    01:00
  • There Goes The Money - Quiz on Expenses
    10 questions

  • Section Intro
    01:51
  • It's Just "Stuff" - Assets
    08:36
  • Can You Break A $100 Bill? - Asset Shift
    04:28
  • The Company Owes WHAT? - Liabilities
    05:27
  • But What's Really MINE? - Equity
    08:28
  • The "Other Big Three" Quiz
    10 questions

  • Put It On My Tab - Accounts Payable
    07:56
  • You Want To Pay When? - Accounts Receivable
    08:49
  • What If They Don't Pay?
    13:36

  • How Are You Doing and How Do You Know?
    05:32
  • Cash Reporting versus Accrual Reporting
    07:30
  • Am I Making Any Money? - P&L Report
    04:19
  • Where Do I Stand Right Now? - The Balance Sheet
    04:40
  • Am I Worth Anything? - The Owner's Equity Reports
    04:40
  • What's Owed To Me and By Me - The A/P and A/R Reports
    08:03
  • "For the Record Books" Quiz
    10 questions

  • Section Intro
    01:46
  • Mileage Tracking
    03:21
  • Terms / Cash Discounts
    06:34
  • Trade Discounts
    04:22
  • Shipping & Freight
    03:38
  • Good Record Keeping
    07:57
  • Top 10 Mistakes Small Businesses Make
    07:45
  • Top 6 Tips For Good Bookkeeping
    05:14

Instructor

Ron Trucks
Small Business Coach and College Instructor
Ron Trucks
  • 4.6 Instructor Rating
  • 3,844 Reviews
  • 16,226 Students
  • 4 Courses

Over 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 15 years.

Over those two-plus 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 $500 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.

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