Transform a Trial Balance into a Balance Sheet ⚖️

In this video we will take a Trial Balance and turn into a Balance Sheet.

Download the Excel file shown in the video:

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

[sadnessperson]

Thank you for explaining, this is what you call a real instructor it helps me understand clearly unlike my instructor..

[OscarGarcia-febu]

Thank you Bill, you’re a great mentor. I’m 2nd year in financial accounting as a GL Accountant and I only maintain our financial statements (not create it) and we have a similar numbering system. For the life of me I didn’t understand why the 1xxxx ≠ 2xxxx + 3xxxx. Realized the variance was the net income or retain earnings 🤯 I was too embarrassed to ask and I didn’t because it wasn’t affecting my daily tasks but it bugged me lol.

[harryvuong]

Thank you ! Hopefully you make more videos like these as well as data analytics in forms of financial work.
Thanks a bunch!

[keauntaedgrace]

This content is very relevant to my current and previous courses. Thanks for instructions on how we create balance sheets for my Business! I look forward to learning more from your videos!

[tw]

Will you please consider making a video on the career path you would recommend for those students who want to gain practical education and work experience to ultimately prepare themselves for starting and growing their own firm? I would really appreciate this kind of video since most accounting videos focus on becoming the best employee wo discussing a strategy for developing an end goal of preparing oneself to become self employed. Thankyou!

[MichelleDiaz-tj]

Love your content!! I'm a CPA as well but my focus has been on business processes, internal audit, and ERP admin/implementations. I'm finally getting into actual accounting and your videos have really helped!!

[alimohamedahmed]

Thank you so much
Still need more in this part
Where the FA (PROPERTY SECHDULE)

[mohammadkamran]

Very nice & Thank you for your support

[tanyarolle]

Awesome Info...Love, Love, Love...Thank you soo much!!!

[SD-lbfo]

Amazing content, many thanks from London!

[TRUCKERTV]

Good accounting principles refresher! 👍

[mariahussain]

please make a video or course on Hedge accounting.

[khaoulamahir]

Thanks again for sharing humbly your knowledge with us ... I would like to know how can I judge if the amount of retained earnings/ loss is logical compared to the amounts that I have on my BS

[lorrk]

Question: why not use QB’s Balance sheet?
I absolutely receive so much value and uh huh moments from your videos and online classes. Thank you!

[nelsongarzoncortes]

Good morning
Do you have a video with differences between USGAAP and IFRS? Thanks for sharing your knowledge
Greetings from Bogotá Col.

[Mohamed-kmjd]

I want to know
How to make a cash flow statement from balance sheet and income statement

[saoud]

Hello sir which one is more flexible accounting or finance please I’m confused ?

[akandemichael]

I love your contents. They are very educative. Please, I have the totals of both sales and COGS figures differ in balance sheet and trial balance in the QuickBooks. The figures in the Trial Balance only shows total figures for both sales and COGS for only November and December instead of January to December. What could be responsible for these differences and how do I correct them?

[Jesusislord]

Great video. Sorry can’t see the sumif formula for accounts receivable can you type it here? Thanks

[Chironex_Fleckeri]

This isn't necessarily related and maybe is personal to many accountants. Absolutely it is a rewarding career.

But Bill, how do you stop a revolving door department? What options are there? A consulting firm that can manage complex bottlenecks. Imagine a growing company that goes through a system conversion that isn't understood well by other departments. And they are perhaps behind by 2-3 accounting periods. They haven't closed those periods.

I think this topic is probably a lesson for controllers and I know you like to help those new to the profession. But it can be very complex while also being simple. It can sometimes be a matter of there not being enough hours in the day or resources in the department. You work for a midsized company. What do you think a hypothetical company that outgrew its accounting framework should do? This is so common in startups. The accounting function is very important to the success of any entity, needless to say.