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Accounting Basics: Debits and Credits Explained
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If there’s one piece of accounting jargon that trips people up the most, it’s “debits and credits.”
What exactly does it mean to “debit” and “credit” an account? Why is it that debiting some accounts makes them go up, but debiting other accounts makes them go down? And why is any of this important for your business?
In this video, I explain how it all works.
⏰ Timestamps:
00:00 Intro
00:56 What are debits and credits?
05:17 How do debit and credit work when it comes to Liabilities?
06:48 How do debits and credits affect Profit and Loss?
07:17 A Cheat Sheet of how debit and credit work in double-entry bookkeeping.
🔗 Links:
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Our missing at Annette & Co is to support you to take more money home from your business for you and your family to enjoy.
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*Affiliate Disclaimer:
Note this description may contain affiliate links that allow you to find the items mentioned in this video and support the channel at no cost to you. While this channel may earn minimal sums when the viewer uses the links, the viewer is in no way obligated to use these links. Thank you for your support!
* GENERAL DISCLAIMER
#smallbusinessaccounting #accountingexplained #accounting
What exactly does it mean to “debit” and “credit” an account? Why is it that debiting some accounts makes them go up, but debiting other accounts makes them go down? And why is any of this important for your business?
In this video, I explain how it all works.
⏰ Timestamps:
00:00 Intro
00:56 What are debits and credits?
05:17 How do debit and credit work when it comes to Liabilities?
06:48 How do debits and credits affect Profit and Loss?
07:17 A Cheat Sheet of how debit and credit work in double-entry bookkeeping.
🔗 Links:
★☆★ OUR MISSION ★☆★
Our missing at Annette & Co is to support you to take more money home from your business for you and your family to enjoy.
🚶FOLLOW ME ON:
________________________
*Affiliate Disclaimer:
Note this description may contain affiliate links that allow you to find the items mentioned in this video and support the channel at no cost to you. While this channel may earn minimal sums when the viewer uses the links, the viewer is in no way obligated to use these links. Thank you for your support!
* GENERAL DISCLAIMER
#smallbusinessaccounting #accountingexplained #accounting
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