Accrual basis of accounting

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Accrual basis of accounting발음듣기

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Let's now account for the same series of events, but instead of doing it on a cash basis, let's do it on an accrual basis.발음듣기

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And the whole idea with accrual accounting is to match your revenues and expenses to when you actually perform the service.발음듣기

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So it actually captures business activity, as opposed to just capturing when cash changes hands.발음듣기

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So let's see what that actually means.발음듣기

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So in month one, you cater an event where the cost to you was $100.발음듣기

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The customer pays you $200 for your services.발음듣기

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And what I'll do, I'll do the accrual accounting right here.발음듣기

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So this is kind of the cash income statement.발음듣기

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Let's do the accrual accounting income statement.발음듣기

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So you actually provided the service of catering, you got $200 for your services.발음듣기

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So I'll put $200 in for revenue.발음듣기

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And the expenses associated with that service that you provided in month one is $100.발음듣기

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And so your profit is $100.발음듣기

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So at least for month one, the cash basis and accrual basis of accounting look exactly the same.발음듣기

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And once again, you have $100 in cash.발음듣기

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Now let's go to month two.발음듣기

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You cater an event where the cost to you was $200.발음듣기

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You and the customer agree that they can pay you $400 the next month.발음듣기

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So now it gets interesting, because you performed the catering that month.발음듣기

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And the catering that you performed that month is worth $400.발음듣기

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So in the accrual basis of accounting, would say that you earned $400 of revenue, even though the customer did not pay you.발음듣기

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They did not give you the cash.발음듣기

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And the way that you account for that, is on your balance sheet you say that you are essentially owed $400.발음듣기

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So this accounts receivable, this is essentially stuff that other people owe you.발음듣기

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You need to receive this from other people.발음듣기

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But it's an asset.발음듣기

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Other people have an obligation to you.발음듣기

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So you have an accounts receivable of $400.발음듣기

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When they pay you the $400, it goes from accounts receivable to cash.발음듣기

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And then the cost to you was $200.발음듣기

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So here, all of a sudden, you performed the service, the revenues and expenses for that service are in that month.발음듣기

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And now your profit here shows $200.발음듣기

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So it is actually a better reflection of what you did it that month.발음듣기

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Now, the reality is that you didn't get the cash for it, and you had to spend $200 of cash out of your pocket.발음듣기

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So you're still, just like the cash accounting, you're still going to have negative $100 in cash.발음듣기

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Now, let's go to month three.발음듣기

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You get $400 from the customer the previous month.발음듣기

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Now with cash basis, you would have added that to your revenue.발음듣기

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But here we already accounted for it in the accounts receivable.발음듣기

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We already took that revenue, but because you got the $400 in cash, it's going to just disappear from receivables and then go into cash, because you actually got it.발음듣기

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You get $400 from the customer the previous month.발음듣기

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You also get $200 in advance from a customer that you have to cater for the next month.발음듣기

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So you did no catering in month three, and because you did no catering in month three, you have zero revenue in month three.발음듣기

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And then you also have zero expenses.발음듣기

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The way that you account for the $400 that you got, is that your accounts receivables goes to 0.발음듣기

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And that goes to cash.발음듣기

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So the negative $100, you add $400 to it, so it will become positive $300.발음듣기

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And the way that you account for this $200 in advance from a customer, is you call that deferred revenue.발음듣기

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You've got the cash there.발음듣기

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So we went from negative $100, added $400 to $300.발음듣기

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You get another $200 in cash, so that gives us $500 in cash again.발음듣기

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But we didn't earn any revenue.발음듣기

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That $200, that was a kind of a cash advance.발음듣기

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So we put that right over here in deferred revenue.발음듣기

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That's revenue that we're deferring to a future period.발음듣기

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In the future, we will earn it.발음듣기

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This is now a liability, because we are obligated to earn that revenue.발음듣기

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And then in month four, we actually earn the revenue.발음듣기

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So in month four, we can actually put it on our income statement at $200.발음듣기

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And then we had $100 of expenses.발음듣기

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So we have this $100 right over here.발음듣기

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And so in month four, we earned $100.발음듣기

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And once again, $100 went away from our cash balance.발음듣기

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So we still have $400.발음듣기

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So whether you do the cash basis or the accrual basis, you have the same exact amount of cash.발음듣기

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But what's more interesting is how the profit relates in each of the periods.발음듣기

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And I'll talk about that in a little bit more depth in the next video.발음듣기

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