In this episode of Debit, Credit, Done! we dive deep into the theory of suspense accounts and error correction for AAT Level 3 Financial Accounting: Preparing Financial Statements.

We cover:

• Why suspense accounts are created

• The difference between errors that affect the trial balance and those that don’t

• The two-step process for correcting errors

• Why suspense must always be cleared to nil

• The most common AAT exam pitfalls

Unlike previous episodes, this one is all about concepts and theory — no worked examples, just the core principles you need to understand for exams and real-world practice.

🎙️ Perfect for revision, refreshing your knowledge, and building exam confidence.

In this episode of Debit, Credit, Done! we break down Control Accounts, focusing on the Receivables Ledger Control Account (RLCA) and the Payables Ledger Control Account (PLCA).

We’ll cover:

• What control accounts are and why they’re important

• The structure of RLCA and PLCA

• Worked examples with credit sales, discounts, payments, and irrecoverable debts

• How to reconcile RLCA and PLCA with the lists of balances

• AAT exam tips to avoid the most common errors

By the end, you’ll understand how control accounts act as a vital internal check and how to approach them in your AAT Level 3 exam.

#AAT #Accounting #DebitCreditDone #ControlAccounts #RLCA #PLCA #AATLevel3

Thanks for bearing with me — after a short delay, we’re back! In this episode of Debit, Credit, Done! we’re combining two key AAT Level 3 topics: depreciation and disposals.

We’ll cover:

• A clear, 5-step method for handling disposal questions

• Worked example: straight-line depreciation with £9,500 cash sale

• How to record trade-ins with part-exchange proceeds

• Posting depreciation, disposal, and profit/loss entries correctly

• AAT exam tips to avoid common pitfalls and secure method marks

By the end of this episode, you’ll be able to confidently tackle multi-step disposal questions that bring depreciation and disposals together.

#AAT #Accounting #DebitCreditDone #Depreciation #Disposals #AATLevel3 #AccountingPodcast

In this episode of Debit, Credit, Done! we’re tackling inventory valuation — a key area of the AAT Level 3 Financial Accounting: Preparing Financial Statements module.

We’ll cover:

• Why accurate inventory valuation matters for profit and assets

• IAS 2 rules: lower of cost and net realisable value (NRV)

• FIFO (First-In, First-Out) explained with examples

• AVCO (Average Cost) worked through step by step

• How to apply NRV adjustments when values fall

• A full worked example combining purchases, sales, and NRV

You’ll also get AAT exam tips on spotting NRV adjustments, showing full workings, and avoiding common traps.

🎙 Challenge: Try the FIFO example at the end of the episode to check your understanding before Monday’s release!

In this episode of Debit, Credit, Done!, Dean Quartermaine explains how to adjust accounts so they reflect the correct period — covering accruals, prepayments, irrecoverable debts, and the provision for doubtful debts.

With step-by-step examples, journal entries, and insider AAT exam tips, you’ll learn how these adjustments affect both the Statement of Profit or Loss and the Statement of Financial Position.

🎯 Perfect for AAT Level 3 students preparing for the Financial Accounting: Preparing Financial Statements assessment.

#AAT #AccountingPodcast #DebitCreditDone #Accruals #Prepayments #BadDebts #AATLevel3

In this episode of Debit, Credit, Done!, Dean Quartermaine takes a deep dive into depreciation — what it is, why it’s used, and exactly how to calculate it using straight-line and reducing balance methods.

You’ll learn about residual value, why AAT often refers to carrying amount instead of net book value, and how to handle pro-rata depreciation when assets are bought or sold mid-year.

Includes:

• Clear explanations of straight-line and reducing balance methods

• How residual value affects your calculations

• Posting depreciation in the accounts

• A full worked example combining methods and pro-rata

• Dean’s top exam tips for avoiding common mistakes

Perfect for AAT Level 3 students preparing for Financial Accounting: Preparing Financial Statements, and anyone who wants to finally “get” depreciation.

🎯 Challenge task included at the end to test your skills.

🎧 Listen now and master one of the most tested topics in AAT accounting.

In this episode of Debit, Credit, Done!, we walk through the full life cycle of non-current assets — from acquisition and capital expenditure, through to disposal and part exchange.

Host Dean Quartermaine breaks down how to post detailed disposal entries using the disposals account, and explains exactly how to handle a part exchange — a common yet misunderstood area in AAT exams.

Includes step-by-step worked examples, journal entries, and a challenge task to test your understanding.

🎧 Perfect for AAT Level 3 learners preparing for the Financial Statements exam — and anyone who wants real-world clarity on fixed asset transactions.

💡 Topics covered:

• Capital vs revenue expenditure

• Disposal entries (cost, depreciation, proceeds, profit/loss)

• Part exchange explained

• Worked examples with disposal account journals

🔁 Don’t miss this one — especially if depreciation has ever confused you!

✅ Listen now and get confident with disposals before we tackle depreciation in Episode 4.

In this episode of Debit, Credit, Done!, we move from accounting principles into practical application by tackling the Trial Balance — your checkpoint before preparing financial statements.

We cover:

• What the trial balance is and why it’s used

• How to structure it using DEAD CLIC

• Errors it can and can’t detect

• The role of the suspense account

This is essential knowledge for the AAT Level 3 Financial Accounting: Preparing Financial Statements unit and a crucial stepping stone to producing final accounts.

🎧 New episodes every Monday and Thursday.
🧾 Study smarter. Understand deeper. Debit. Credit. Done!

🎙️ Series 2, Episode 1 – Principles, Purpose, and the Power of Double Entry
Welcome to Series 2 of Debit, Credit, Done! – the podcast for AAT students who want clarity, confidence, and control over their accounting studies.

Following the success of our 8-part Series 1, we now dive into Level 3: Financial Accounting – Preparing Financial Statements.

In this episode, we:

• Set the scene for the unit and what it covers

• Revisit the accounting principles that guide financial statements

• Refresh the accounting equation

• Bring back DEAD CLIC with practical double-entry examples

This is your first step toward mastering accruals, depreciation, adjustments, and final accounts.

🎧 New episodes every Monday and Thursday.
🧾 Study smarter. Understand deeper. Debit. Credit. Done!

🎙️ Episode 8 – Statement of Financial Position: The Snapshot

In the final episode of this series of Debit, Credit, Done!, Dean explores the Statement of Financial Position and how it completes the financial reporting picture.

You’ll learn how to:
✅ Classify assets and liabilities
✅ Understand the accounting equation in practice
✅ Link retained profit into capital
✅ Prepare a complete and balanced Statement of Financial Position

Plus, Dean reviews the Statement of Profit or Loss challenge from Episode 7 and sets one final task to reinforce your learning.

📢 Coming soon: A brand-new 10-part podcast series covering the AAT Level 3 module Financial Accounting: Preparing Financial Statements, launching Monday 4th August with new episodes released every Monday and Thursday.

🎧 Follow now so you don’t miss it!

In this episode of Debit, Credit, Done!, Dean begins with a review of the trial balance exercise from Episode 6 before guiding you through the next big step—preparing the Statement of Profit or Loss.

You’ll learn how to:
✅ Identify income and expense accounts
✅ Calculate gross and net profit
✅ Avoid common mistakes students make
✅ Understand how this statement links to the Statement of Financial Position

Includes a practical task and real-life examples to help cement your understanding. Perfect for AAT Level 2 and 3 learners preparing for assessments or workplace applications.

📓 Next up: The Statement of Financial Position—what the business owns and owes.

In this episode of Debit, Credit, Done!, Dean explains the role of the trial balance in double-entry bookkeeping. Learn how to list ledger account balances, check that debits equal credits, and prepare your books for the next stage—producing the Statement of Profit or Loss and the Statement of Financial Position. Includes practical examples, common errors to avoid, and a practice task to help solidify your understanding.

📚 Designed for AAT Level 2 and Level 3 learners
🧾 Key skills: preparing a trial balance, spotting posting errors, understanding internal checks
📓 Next episode: Statement of Profit or Loss – did the business make a profit?

In this episode of Debit, Credit, Done!, Dean guides you through the next stage of the double-entry process—the ledger. Discover how journal entries are posted into individual T-accounts, how to organise ledger records accurately, and why this step is essential before preparing a trial balance. Using clear examples and practical advice, this episode helps AAT students build confidence in sorting and recording transactions in the general ledger.

📚 Suitable for AAT Level 2 and Level 3 learners
📒 Key skills: posting from journals to ledgers, using T-accounts, avoiding common posting errors
📓 Next episode: Trial Balance – checking the books before the big reveal

In this episode of Debit, Credit, Done!, Dean breaks down the backbone of all double-entry bookkeeping: the accounting equation. Whether you're new to accounting or need a refresher, this clear and practical walkthrough explains how every transaction affects a business’s financial position. Learn the difference between assets, liabilities and capital, and discover why this equation must always balance.

Featuring real-world examples and tips for AAT students, this episode builds directly on DEAD CLIC from Episode 2.

📚 Perfect for AAT Level 2 and Level 3 learners

🧮 Key concepts: assets, liabilities, capital, double entry, balancing transactions
📓 Next episode: Journals – where accounting stories begin

In this episode, Dean Quartermaine delves into the fundamentals of double entry bookkeeping, focusing on the DEAD CLIC theory, which serves as a mnemonic for remembering the rules of debits and credits. He explains how every transaction impacts at least two accounts and emphasizes the importance of understanding these principles for AAT assessments and real-world applications. The episode concludes with a call to practice and apply these concepts to build confidence in accounting.

Summary

In this inaugural episode, Dean Quartermaine introduces his new podcast aimed at accounting students, highlighting the lack of targeted content in the industry. He shares his experiences from the AccountX conference, where he met inspiring figures like Rachel Harris who is making significant impacts in the accounting and bookkeeping fields. Dean emphasises the importance of building a community for students to discuss their challenges and aspirations in the accounting profession.