How did yall solidify in your brain that the Bank Account is an expense account? I get it's classified under "assets" but I keep getting it mixed up with Capital.
Is this just something I have to do the ole "not why, memorise" and it'll just click later on? 🤣
Hi! First post on this Reddit account 🥳
To get myself started, I thought I'd ask the people of this subreddit - what do you wish you did when you started? Are there any resources you wish you knew about?
Imma blab a bit about myself incase you wanna cater your reply, but you don't have to! Feel free to just blab about your journey 🙂↕️
Where I've been:
From 18-23 I had a sole proprietorship in the US and now I'm in a partnership here in the UK. Having always done my accounts independently, I have some practical knowledge of that side of things.
When I moved here, I kinda got thrown into the deep end. I'm required to file both UK and US returns. For my partnership, that means filling out complicated IRS forms without help from any software. It can be a lot of stress sometimes... but I've kinda found it addicting! As well, time passes so much quicker compared to when I'm doing my usual manual labor jobs.
Where I'm at:
I recently bought Accountext's Introduction to Bookkeeping textbook. While I wait for it to come in the mail, I've started watching YouTube videos on the concepts people seem to struggle with the most at first. (Like Double-Entry Bookkeeping and T-Accounts)
Where I want to be:
Ideally in a year - My main goal is to become a UK MAAT but a side goal is to become a US EA.
THEN I want to find a part time job and start working towards ACCA. (I've estimated that's 4-5 years on part-time hours.)
That might be a bit of an odd timeline. However, I work in the trades, and make enough to get by without much trouble. This is more of a switch for enjoyment reasons rather than necessity.