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5 Accounting Adjustments From Easy to Insane šŸ˜µā€šŸ’« [Video]

5 Accounting Adjustments From Easy to Insane šŸ˜µā€šŸ’«

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Download the file used in the video:
https://thefincontroller.com/p/accounting-adjustments-easy-to-hard

PwC’s guide on Revenue from contracts with customers:
https://viewpoint.pwc.com/dt/us/en/pwc/accounting_guides/revenue_from_contrac/assets/pwcrevenueguide0324.pdf

Chapters:
00:00 Agenda
00:53 #1 Late Invoice for Inventory
02:44 #2 AR Write-off
05:09 #3 Deferred Rent
07:53 #4 Sales Commission (Incremental Cost)
11:46 #5 Buyout of Legacy Vendor Contract

What we cover in this video:
Accounting Adjustments are made at each month end to ensure compliance with US GAAP or IFRS, depending on the Accounting framework your company chooses to use

In this video, I will walk you through 5 examples of these accounting adjustments. We will go from an easy example such as a Late invoice on inventory purchase all the way to a very difficult example related to costs to acquire a new customer contract

We will look at both the Wrong Accounting treatment as well as the correct way to record each transaction

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All views expressed on my channel are mine alone. Not intended as financial or professional advice

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Resources for Accountants

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Resources for Accountants

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Resources for Accountants

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Starting a new business is both an exhilarating and challenging endeavor. The road to success is paved with more than just innovative ideas; it requires careful planning, strategic thinking, and diligent execution. In today's competitive landscape, entrepreneurs must equip themselves with the essential tools and knowledge to navigate the complexities of building a thriving enterprise. By focusing on key foundational elements, aspiring business owners can significantly increase their chances of long-term success. Here are ten essential building blocks for new business success, designed to guide you from inception to growth and sustainability.