Wages journals are as complicated as bookkeeping gets. If a business has employees, it is likely that they will have to account for any payment made to those employees, including the employees and employers tax contributions and payments. In this post, I will teach the basics of wages journals... https://www.youtube.com/watch?v=mJw_zeYGpYQ To help you identify what needs accounting for let's look an example of an employees payslip. The payslip should list the following information, as well as other details... Gross Pay Net Pay Income Tax Deduction National Insurance Contribution Other Deductio ..read more

When you become self-employed or start a business there is a lot to consider and do. To help with the accounting side of becoming self-employed, I have created a simple checklist. If you have any questions about any of the steps below, please feel free to contact me info@bpfs-online.com Self-Employed / Sole Trader Accounting Checklist 1. Register as self-employed My first suggestion is that you register as self-employed with your countries tax authority. You will need to do this for a couple of reasons... First, it is usually a legal requirement. Second, registering as self-employed will enabl ..read more

I recently uploaded a well-received video and blog post that gave my top 5 tips to becoming an outstanding bookkeeper, I thought best to also share my top 5 tips to becoming an outstanding credit controller.... Tip #1 - Keep Records of all Customer and Client Interactions Keeping accurate and well maintained credit control records is my number one tip for becoming an outstanding credit controller. Having a detailed credit control log is the best place to start. It should include updates and changes of customer contact details, the outcomes of telephone conversations, copies of email correspond ..read more

I have just uploaded my new video to my YouTube channel; a presentation cover the basics of limited companies. You can watch the video below... I have also made some notes about limited companies underneath the video presentation... Enjoy! https://www.youtube.com/watch?v=Qj8g6K3BRN0The difference between operating as a Sole Trader/Partnership and operating through a Limited Company is bigger than some may think When transitioning from a sole trader to a limited company, it is important that you are aware of the changes and extra responsibilities this will bring. Some of these changes include ..read more

Here are some more basic bookkeeping and accounting questions. The questions are great for exam prep. They cover financial statements, double entry bookkeeping and other basic accounting principles. The answers to the questions are at the bottom of this post. https://www.youtube.com/watch?v=yhorQwcCklEBasic Bookkeeping Questions Question #1 - A listing of all balances on the accounts is called what? Question #2 - Equity is shown on which financial statement? Question #3 - A listing of account names and account codes is called what? Question #4 - A double entry bookkeeping posting requires a mi ..read more

Below are the questions and answers to my recent 'Basic Bookkeeping Questions & Answers - Exam Prep #1' video. The questions are available in text and video formats, the answers are available in text at the bottom of this page. https://www.youtube.com/watch?v=oZfAC0Ta05cBasic Bookkeeping Questions Question 1 - What is a balance sheet? Question 2 - An asset is...? Question 3 - A liability is...? Question 4 - If an asset account is debited, is it increased or decreased? Question 5 - If an expense account is debited, is it increased or decreased? Question 6 - Debits and credits should always ..read more

When you become a company director or register a limited company there is a lot to consider and do. To help with the accounting side of starting a limited company, I have created a simple checklist. If you have any questions about any of the steps below, please feel free to contact me info@bpfs-online.com Limited Company Accounting Checklist 1. Register as a company director My first suggestion is that you register with your tax authority as a director. You will need to do this for a couple of reasons. First, it is usually a legal requirement. Second, registering as a director will enable you ..read more

Some of my subscribers find that watching my online bookkeeping and accounting tutorials are all they need to learn basic bookkeeping. Whereas some subscribers find that my accounting blog posts are the most efficient way to learn accounting basics. I created this post as I know some of you are interested in learning finance, bookkeeping, or accounting through books but are unsure which books you should read... Below are my Top Five Bookkeeping and Accounting Books. I have included links for each accounting book on Amazon UK and Amazon.com... #1 - Book-keeping and Accounts This is the ultimate ..read more

Some of my most popular bookkeeping and accounting tutorials are those that use excel and spreadsheets to demonstrate accounting techniques and principles. With this in mind The Bookkeeping Master decided to upload a new series to his bookkeeping and accounting YouTube channel; 'Creating Management Accounts using Excel'. The tutorial is a 5 part series and covers creating profit and loss statements, balance sheets and sales ledger reports. Creating Management Accounts using Excel #1 - An Introduction to Management Accounts Management accounts are an essential part of evaluating business perfor ..read more

The Bookkeeping Master believes it is time for another Excel tutorial; How to Create a Petty Cash Account using Excel. Petty cash refers to a small amount of physical/tangible cash that is kept by a business for small expenses. These expenses generally include purchases like refreshments, postage, subsistence and minor stationery expenses. The cash is generally kept on the business premises or in the owners pocket (if a tradesman). To learn how to create a petty cash spreadsheet, please watch the video below... The tutorial covers all you need to know but if you have any questions, please make ..read more