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LinkedIn Learning

Advanced Bookkeeping Techniques

via LinkedIn Learning


Take your bookkeeping skills to the next level with these accounting-based strategies for managing financial entries.


  • Advancing your bookkeeping skills
1. Review of Debits and Credits
  • Two things to remember for debits and credits
  • Journal entries: Receiving financing from owners and lenders
  • Journal entries: Buying assets and repaying loans
  • Journal entries: Recording revenues and expenses
2. Adjusting Entries: Prepaid Expenses and Unearned Revenue
  • Accrual accounting: Net income vs. cash flow
  • Fix the balance sheet, then fix the income statement
  • Recording the paying for and then use of prepaid expenses
  • Recording the receipt of and earning of unearned revenue
3. Adjusting Entries: Unrecorded Liabilities, Unrecorded Assets, and End-of-Period Estimates
  • The matching principle
  • Recording expenses with liabilities that slowly build up
  • Recording revenue with assets that slowly build up
  • End-of-period estimates such as depreciation and bad debts
4. Closing Entries
  • What are retained earnings?
  • The difference between a real and a nominal account
  • Updating retained earnings and resetting nominal accounts
  • Practice with the debits and credits of closing entries
5. Posting, Trial Balance, and Financial Statements
  • The important raw data in the trial balance
  • Posting the journal entries to the ledger accounts
  • Creating a trial balance
  • Using a trial balance to prepare a balance sheet
6. Correction of Errors
  • Accounting restatements: The case of Groupon
  • Error correction: Recording something in the wrong account
  • Error correction: Increasing or decreasing the amount
  • Error correction: Fixing an error made last year
  • The role of external auditors in the accounting cycle

Taught by

Jim Stice and Earl Stice


4.8 rating at LinkedIn Learning based on 367 ratings

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