Good evening everyone, and welcome to the latest ASN FREE Q & A session on PBKT & CJBS with Sonya Clague Ashbarry from Eagle Education and Training. If you have any questions, please post as a comment below. Please be aware, if any questions are left unanswered, then they will be answered at a later time. And thank you all for participating…..now over to you, who has the first question?
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Yulia Taylor Hello.
Sonya Clague Ashbarry Good evening everyone! I’ll do my best to answer all of your questions tonight…..
Neil Arnott Hi Sonia – hope you have a great evening!
Sonya Clague Ashbarry Neil, good to know you’re around too smile emoticon
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Yulia Taylor Hi Sonya. Thank you for your help to us
Sonya Clague Ashbarry you’re most welcome. Are you studying level 2 Yulia? How are you finding it?
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Sonya Clague Ashbarry So who is studying level 2 here tonight? How are you finding double-entry bookkeeping?
Omphemetse Mathumo I am studying level 2,double entry bookkeeping I have been studying it for the past 2 weeks but mind still blank..home study I feel I need a studying buddy cs I can’t get my mind to store maybe discussion will help
Sonya Clague Ashbarry Welcome
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Marie Evans Good evening. I’m a level 2 and can’t get double-entry into my head
Yulia Taylor I am studying computerized accounting now and I am here to refresh my knowledge
Sonya Clague Ashbarry I always say double-entry is like learning a foriegn language, it takes practice, patience and persistence! You will get it eventually but it takes time.
Marie Evans Have you got some idiots tips on how to get it to sink in? Or is it as case of just keep doing it?
Sonya Clague Ashbarry Double entry is worth putting a lot of effort into understanding as it will help you in your career as well as you progress through the levels
Jenny King hello! im thinking of starting level 2- but not sure if to wait till new 2016 books are out or if to get the old 2013 so can make a start… hmm
Natasha Everard Is there anything other than PEARLS or DEADCLIC to remember double entry?
Kayleigh Taylor I was taught Clare.
Marie Evans Kayleigh what’s Clare?
Kayleigh Taylor If u do your T accounts put the vowels in the debits side and Consonants in the credit side. You just have to remember what falls under what like a car is an asset but if it is on HP it’s also a liability so C and L hope that makes sense. I’m rubbish at explaining.
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Shelley Brereton Hi. I have CJBS booked for 20th May and struggle getting my head around journals frown emoticon
Ania Cyl Hello I am level 2 just passed my 1st assignment double entry but it is hard to me to be honest
Yulia Taylor Yes, journals is very actual topic for me as well.
Sonya Clague Ashbarry We teach double-entry be helping students understand how transactions affect the financial statements – that’s the profit or loss or balance sheet/statement of financial position. If you look at the bigger picture then it can be easier to grasp. But you do have to keep trying and practicing. Rather than remembering why you debit this and that, ask yourself questions. What is the effect on that account if I debit it? What is the effect on that account if I credit it? How does it affect the financial statements.
Sonya Clague Ashbarry Jenny King Have you looked at the assessment structure of AQ2016? This may influence your decision.
Jenny King where can i find that- sorry xx
Sonya Clague Ashbarry I’ll try to help you later.
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Marie Evans I seem to be in the habit of a bank statement, debit leave, credit receive but its the other way around in accounting. Then I seem to think that if someone owes money how can it be a debit and a credit when the debt isn’t paid?
Sonya Clague Ashbarry Natasha Everard for me, it’s about understanding double-entry. PEARLS and DEADCLIC help you apply the rules, but we really need to be understanding what’s going on in accounts. For example, can you explain what the balance on SLCA means? We need to understand rather than remember.
Natasha Everard Correction of errors via Journals seems to be always a problem area. Can this be broke down to a simple way?
Kathryn Frimond As a banker, it took me a while to get used to debits and credits.
Kathryn Frimond I am struggling more with all the different books. SL, SLCA etc
Natasha Everard good point!!
Kathryn Frimond I am struggling with what they all mean (as they often sound the same!) and whether or not you record VAT
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Sonya Clague Ashbarry Journals and suspense – everybody loathes this topic area for sure. In business it’s easier, because you will look at the accounts and you will see where the transactions are and where they need to be moved to or recorded. Unfortunately with assessments sometimes the questions are a bit cryptic and you do have to make assumptions as you interpret what they’re trying to tell you!!! There’s no quick fix for that I’m afraid. But what I would say is that if you learn double-entry by trying to remember where your debits and credits go, rather than understand, then usually it will show in this topic area.
Yulia Taylor Also settlement discount calculation and posting
Kathryn Frimond With regards to settlement discount, I was wondering how the AAT exam expects you to calculate the VAT. My study books want me to calculate post discount, but I know the rules have now changed to calculation on the actual amount
Yulia Taylor My exam was in January and it was by old system.
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Sonya Clague Ashbarry With respect to bank account let me explain.
Sonya Clague Ashbarry An asset account means that somebody owes you (in simple terms) where as a liability account means you owe somebody. Let’s look at this from a bank account perspective….
Lorna Phelps Evening. I’ve just passed PBKT and have started CJBS.
Sonya Clague Ashbarry If you have lodged money with the bank (let’s say £500) then it shows as a credit in their accounts, as they owe you £500. You’ve given them it to look after so to speak! In your accounts it’s a debit because they owe you the money back, just like a debtor. So although it seems the opposite it’s not. It’s applying the double entry rules.
Marie Evans I’ve just finished the payroll chapter in my book, sometimes its on both sides of the same ledger, instead of 2 different ledgers?
Sonya Clague Ashbarry With respect to all the account names and ledger names. I can appreciate how this is confusing. Again, it’s about understanding what each account records. And it’s purpose. For example, the SLCA tells us how much our customers owe use. The sales account tells us what turnover (sales) we’ve achieved to date. The sales ledger contains customer accounts so that we know exactly who owes us. Some students find it useful to write the purpose of each account on a post it and then keep reviewing it over and over until eventually it sticks.
Kathryn Frimond Good idea for a post-it
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Sonya Clague Ashbarry Kathryn Frimond with respect to discounts, you are right the rules have changed. However, AAT will assess the “outdated” way until January 2017 (that was the last updated advice) The reason for this is AAT (and other awarding bodies) can’t assess in real time. For example, when you sit tax exams in May, AAT don’t have time to change the questions to reflect new financial acts.
Sonya Clague Ashbarry I could provide an explanation of what each account does (for the confusing ones) if that helps people.
Marie Evans Yes please
Sally-Ann Looker I would find that very helpful, I have not asked any questions but finding all the comments very beneficial. I am due to take CJBS end of May.
Sonya Clague Ashbarry Good luck!
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Sonya Clague Ashbarry Not now, but this week sometime Natasha Everardcould share it with you alll.
Natasha Everard Thank you smile emoticon
Carol Rothwell That would be very happy I think. Thank you smile emoticon
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Sonya Clague Ashbarry Have I missed any questions?
Carol Rothwell Can I ask when you were starting out what was the most useful bit of advice you were given in relation to helping you with double entry?
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Natasha Everard Marie Evans mentioned about payroll entries confusing her.
Marie Evans Is it worth buying a ‘dummies’ book, or accounting dictionary which might explain each of the terms in laymans terms?
Yulia Taylor It would be good to refresh memory about suspense account and journals with errors in TB
Sonya Clague Ashbarry My teacher was rubbish if I’m being honest! She taught us a way to remember rather than understand. I remember feeling like I was learning Russisian. I went to the library and got a Frank Woods GCSE accounts book, and it was like the light bulb was switched on. Sadly Frank has passed away so his books still exist, they’re ok, but not as good as he used to write. Other authors update them now. So once I was shown how to understand, then it clicked.
Natasha Everard I love my Frank Woods books smile emoticon
Carol Rothwell I think it’s beginning to sink in with me but I think I’ve been guilty of over thinking it if that makes sense. So I understand when you say remember rather than understand
Natasha Everard I overthink all the time when i have been studying…you are not on your own.
Sonya Clague Ashbarry Even I overthink! We all do it
Shelley Brereton Which edition would you recommend buying? I have been thinking about getting one but there are so many editions/titles
Sonya Clague Ashbarry Im not sure, it’s been a long time since I looked sorry. I have an old one. But he is the accounting guru!
Kathryn Frimond I have the accounting 1 with the red flower on. I got it on ebay!
Natasha Everard The Thirteen edition is the latest for book 1 which is good for level 2 & 3
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Sonya Clague Ashbarry Again, if I’m being honest, I don’t think there are many publishers books that teach DE well. Apart from Frank Woods – may be I should write one? lol
Marie Evans Ooh I’ll have a look for his books.
Carol Rothwell Me too!
Marie Evans I’ve just had a quick look on amazon.https://www.amazon.co.uk/…/ref…/280-0426227-8145100…
Amazon.co.uk: frank woods
AMAZON.CO.UK
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Sonya Clague Ashbarry Payroll postings – think as the wages control account as an account which literally check’s you’re doing the postings right. So on the credit side we record the total cost to the employer and pn the debit side we record who gets what.
Sonya Clague Ashbarry Then the opposite entries from the wages control account are:
Sonya Clague Ashbarry Debit the expense account for the profit or loss (this is the cost to the business) Credit the bank to record what the employees are paid (money out) and credit anybody we owe money too so HMRC, pension and so on.
Sonya Clague Ashbarry Have I missed any questions?
Marie Evans I’ve just had a quick look at my last assignment when looking at the HMRC account, both the PAYE, NI (for employee and employers) and on the same journal but on both sides,
Natasha Everard Is there any other resources that are available other than the AAT and training provider that can help with bookkeeping basics?
Marie Evans The Frank Woods books, is it worth buying the latest version or get an old edition, as the latest ones are quite pricey?
Sonya Clague Ashbarry Marie Evans When you do the payroll you calculate what is owed to HMRC and this is recorded as a liability. The liability is any deductions from the employees pay and the employer also has to pay NI for employign you (believe it or not). The liability (credit) will sit there until it is paid. We usually pay the liability a little while later. When it is paid we debit the HMRC account to clear the liability and credit the bank to show the money leaving the bank. Is that why you have postings on both sides?
Marie Evans That makes sense now!
Sonya Clague Ashbarry I am pleased – fab!!!
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Sonya Clague Ashbarry Frank Woods books are worth the investment in my experience.
Natasha Everard i totally agree….they have helped me with my fight with Variances lol
Sonya Clague Ashbarry Yes he’s excellent at teaching those too! He was my saviour wink emoticon
Sonya Clague Ashbarry He must have been the monk who invented the system lol
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Natasha Everard Free AAT tests from Osborne Books that may be of helphttp://www.osbornebooks.co.uk/aat_accounting_qcf
Osborne Books – AAT Accounting
Leading educational publisher of learning resources for business studies and accounting
OSBORNEBOOKS.CO.UK
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Andy Clover Brown i’m in the middle of one now!
Marie Evans I find the Osborne books quite good as there seems to be more images
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Sonya Clague Ashbarry With regards to other resources for studying, it is good to read around the subject if you can. The library was always a good place for me to visit, but I haven’t been in years so I don’t know what they stock now. We are all so different, different resources will work for different people. If you learn from one resource and find it confusing, it doesn’t mean it’s not great, it just might not be working for you. So it’s good to look for something else. To be honest, there’s so much on the internet now, and YouTube too! I’m sure you’ll find something that works for you.
Natasha Everard For those who are totally new to the subject what would your best advice be?
Sonya Clague Ashbarry Natasha Everard it would be – be kind to yourself and don’t give up! Although it’s level 2, it is complex. It’s not you, it’s the subject. Persevere and when you get there you will feel super proud of yourself. Remember, nobody was born an accountant! We all started at the bottom thinking double-entry was rocket science smile emoticon
Natasha Everard Does anyone have any further question?
Sonya Clague Ashbarry I hope you all found this useful! I was quite nervous about what I could achieve on Facebook. smile emoticon
Natasha Everard It is brilliant and your replies have been so informative to the whole group. Looking forward to next week!!
Marie Evans Quite alot! Thank you
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Sally-Ann Looker No questions but thank you for the support and encouraging comments.
Kathryn Frimond Agree. thank you : )
Sonya Clague Ashbarry You’re most welcome!
Andrea Mráz Thank you smile emoticon
Sonya Clague Ashbarry I’d like to thank Natasha Everard for inviting me. She’s doing an amazing job in this group isn’t she?
Marie Evans Absolutely brilliant, I would’ve given up months ago if it wasn’t for her setting up this – and all the members in this group for all my silly questions
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Ania Cyl Thank you smile emoticon
Sonya Clague Ashbarry OK later this week I’ll put a little something together to help you see the bigger picture with respect to double-entry. I hope it helps and doesn’t add to the confusion lol!
Natasha Everard I would like to thank Sonya for an amazing Q & A this evening. Very motivational and inspirational and just what this group is all about smile emoticon Thank you everyone who participated!! You are all AMAZING!!
Sonya Clague Ashbarry Can I go and cook tea yet? lol lol
Sonya Clague Ashbarry I’m having steak winky face Thought I’d need it after this lol
Natasha Everard Having something nice? Don’t forget next week, Sonya Clague Ashbarry has kindly agreed to return to answer your questions on Accounts Prep!! So get your questions ready!!
Marie Evans Thank you very much. Really enjoyed it
Yulia Taylor Thank you
Neil Arnott Great session – sorry I couldn’t chip in but I was helping a student with Level 4 Sage…now that’s headache-inducing!!
Sonya Clague Ashbarry Thank you Neil – I survived! wink emoticon
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Laura Cooper Thanks Sonya. I have been lurking as I have only just started my studies. But I have picked up a few useful tips and made some notes on things to come back to further through the course.
Sonya Clague Ashbarry That’s great Laura Cooper Enjoy your studies!
Paula Rutter u guys are so lucky to have this group. after personally struggling alone through the world of double entry when I started out. you have the best of the best to help you in here 😊
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Kelly Paton Oh my days, can’t believe I missed this!! Have read through comments and looks like a good session 👍🏻
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