Welp, so you need help with accounting. It doesn’t matter if you are a noobish accounting student, a fledgling business owner or just a regular fella trying to make sense of their finances – I’ve compiled the best guides here to get you started off on your personal accounting journey!
First of all, you will want to learn about the Absolute Basics of accounting. I like to call this group of articles the ALEIEx group (that’s Assets, Liabilities, Equity, Income, Expenses – pronounced ayh-lee-ehks, and no, please don’t name your kids that):
Once you understand what the basics are – you can move on to debits and credits – which will explain to you how accounting transactions work and what happens when you punch in transactions into your accounting software:
If you know your ALEIEx’s and your debits and credits, update your accounting knowledge with the following:
Cash isn’t the same as profit. Cash is waaaaay more important than profit. Read on to find out why.
Money loses value of time. A dollar today is worth more than a dollar tomorrow. Read on to learn why it’s a bad idea to not invest your cash and getting it to work for you.
Why does your accountant ask for bills/invoices dated before your year end but paid for after year end? Because of the Accrual concept!
Assets, Assets and more Assets.
Do you think you know your assets? Read on to learn more about the difference between current assets and fixed assets.
Interest rates are associated with loans – which are a type of liability. But they can also represent the gain you make on your investments – which are assets. So what are they exactly?
You think you’re pretty hot by now eh? Seeing as how you know so much about accounting! Well, do you know anything about depreciation? Find out how you can claim depreciation on any fixed assets in your business!
