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JiduffKelv Digital World

JiduffKelv Digital World offers virtual accounting & bookkeeping services. Powered by QuickBooks, Zoho Books, Xero & FreshBooks. Clean books. Smart reports.

Remote support. My Journey into Virtual Accounting – Where Technology Meets Financial Strategy

I'm deeply passionate about the intersection of technology, business, and finance — a passion that has naturally led me into the world of Virtual Accounting. While I may not come from a traditional accounting background, I’ve invested time and effort in mastering bookkeeping and accounting tools, financial systems, and cloud-based platforms through hands-on practice and rigorous online learning. What sets me apart is my ability to blend IT expertise with financial insight. I understand not only the numbers but also the systems behind them — from using cloud accounting tools like Xero and QuickBooks to optimizing digital workflows that ensure accuracy, efficiency, and scalability for growing businesses. My approach as a Virtual Accountant goes beyond recording transactions. I strive to be a strategic partner to my clients — helping them make sense of their financial data, identify trends, and make informed decisions. Whether it's reconciling accounts, managing payroll, or delivering accurate financial reports, I focus on providing real value that drives business success. I’m also passionate about helping small businesses and startups leverage financial technology (FinTech) for smarter operations. From implementing cloud-based accounting solutions to automating routine tasks and ensuring compliance, I bring a tech-driven mindset to the core of every financial process. At the heart of my work is a commitment to continuous learning, innovation, and client success. I’m always exploring new tools and practices to stay ahead in the digital accounting space — ensuring I can offer the most relevant and reliable support to every business I work with. If you're seeking a Virtual Accountant who combines financial accuracy with technical know-how, and who’s genuinely invested in your growth — I’d love to connect and collaborate with you.

21/10/2025

Understanding Inventory Valuation — Lessons from My Intuit Academy Practice

In my bookkeeping training with Intuit Academy, I’ve been exploring how inventory valuation affects a business’s profit, tax, and overall financial accuracy.

Inventory might look simple — just goods on a shelf — but how you value it can completely change your financial statements.

During my mock practice this week, I learned how three key methods — FIFO, LIFO, and Weighted Average Cost (WAC) — affect both the Balance Sheet and Income Statement differently.

Here’s what stood out:

FIFO (First-In, First-Out)

The first goods purchased are the first sold. When prices rise, COGS is lower and profit looks higher.
It reflects a more current and realistic inventory value.

LIFO (Last-In, First-Out)

The last goods purchased are the first sold.
When prices rise, COGS is higher and profit is lower — meaning lower taxable income.
It’s a practical method under U.S. GAAP, though not allowed under IFRS.

Weighted Average Cost (WAC)

Every item is valued at an average cost per unit. This smooths out price fluctuations and keeps reporting consistent and simple.

I practiced recording these transactions for a mock candle-making business — calculating how wax and wicks move from raw materials to finished goods and finally to cost of goods sold.

It amazed me how the same inventory could produce three different profit outcomes, depending on the valuation method used.

My Takeaway:

Inventory valuation isn’t just about tracking what’s left in stock — it’s about telling the financial truth of a business. Each method reveals a different perspective, but the goal remains the same: accuracy, fairness, and consistency.

Every week with Intuit Academy strengthens my confidence and attention to detail.
Learning how these principles connect to real-world decision-making is what makes this journey truly rewarding.

18/10/2025

Notes, Loans, and Uncollectible Accounts — My Lesson on Real-World Bookkeeping

As I continue my training with Intuit Academy, I’m learning that bookkeeping isn’t just about tracking money coming in — it’s also about handling the money that might never arrive.

This week’s focus: Promissory notes, interest calculations, and uncollectible accounts.

I learned how to:
Record promissory notes — legal agreements showing money owed or loaned.

Calculate interest using the right formula (Principal × Rate × Time).

Differentiate between Notes Receivable (assets) and Notes Payable (liabilities).

Handle bad debts through proper write-offs, write-downs, or credit memos.

Here’s what stood out to me most:

“In bookkeeping, accuracy is not just about recording income, but also recognizing when income will never come.”

When a customer can’t pay, it’s not just a loss — it’s a moment for clear judgment and transparency.

I’ve now practiced both the direct write-off method and allowance method for bad debts — and learned how each affects the income statement differently.

It’s fascinating how every decision in bookkeeping connects to financial truth:
✔️ Assets decrease,
✔️ Expenses increase,
✔️ And accuracy remains intact.

These mock scenarios remind me that real bookkeeping is about balancing optimism with realism.
Some payments are delayed, some are doubtful, and some are gone — but each case teaches me how to keep the books clean and clients informed.

What I’m Learning:

Promissory notes keep trust formal.

Doubtful accounts test judgment.

Bad debt write-offs protect accuracy.

A professional bookkeeper must face financial reality — not hide from it.

18/10/2025

Tracking Merchandise Inventory – My Learning Journey with Intuit Academy

As part of my ongoing bookkeeping training with Intuit Academy, I’ve been learning how to manage and record merchandise inventory — one of the most vital areas in business accounting.

Inventory is the lifeblood of many businesses.
Whether it’s raw materials used in production or finished goods ready for sale, effective inventory tracking ensures financial accuracy and healthy cash flow.

Through my Intuit Academy mock practices, I’ve been simulating different business scenarios to strengthen my understanding of inventory management.

Here’s a look at what I’ve been learning:

Understanding Inventory
Inventory represents the goods a business holds for sale or uses in production — a major asset that drives revenue.

For example, in a computer store scenario from my mock training:

Finished goods – computers displayed for sale.

Work tools (non-inventory) – computers used by sales staff.

Raw materials – components like motherboards and processors.

Work-in-progress – computers being assembled.

Merchandise – accessories and peripherals purchased for resale.

Categories of Inventory:

From my Intuit Academy modules, I’ve learned that inventory falls into four main categories:
✅ Raw Materials – items used to create products (e.g., fabrics, buttons).
✅ Work-in-Progress – partially completed goods in production.
✅ Finished Goods – ready-to-sell items.
✅ Merchandise – products bought for resale.

Each category plays a crucial role in the cost of goods sold (COGS) and directly impacts the gross profit of a business.

Journey from Raw Materials to Finished Goods.

A simple manufacturing example:

A clothing company purchases fabrics, buttons, and zippers for production.

When received → Raw Materials Inventory

When in production → Work-in-Progress

When completed → Finished Goods Inventory

Understanding this flow helps me record transactions accurately and keep books balanced — skills I’ve developed through repeated Intuit Academy mock exercises.

Mock Practice: Transaction Journal Entry

A candle manufacturing business purchased $1,000 worth of raw materials (wax and wicks) for cash.

Journal Entry:

Debit: Raw Materials – $1,000
Credit: Cash – $1,000

This entry shows how assets increase while cash decreases — keeping the accounting equation balanced.

What I’m Learning Through Practice
✔ Accurate classification of inventory improves financial clarity.
✔ Understanding COGS helps analyze profitability.
✔ Managing inventory properly prevents stockouts and overstocking.
✔ Mock scenarios at Intuit Academy simulate real client experiences — and that’s where real confidence is built.

Key Takeaway:
In bookkeeping, inventory isn’t just numbers — it’s the story of how businesses create, move, and sell value..

16/10/2025

The Accounting Equation: Always Balanced, Not Always Both-Sided!

One of the biggest lessons I’ve learned during my bookkeeping journey with Intuit Academy is that balance doesn’t always mean both sides.

Recently, during one of my practice sessions, I came across this question:

“In terms of the accounting equation, can a transaction affect only one side?”

I thought, “No way! Every transaction must affect both sides!”
But that’s not entirely true.

Here’s what I’ve learned

The accounting equation — Assets = Liabilities + Equity — must always stay in balance, but that balance can be achieved in different ways.

Sometimes, a transaction affects only one side.
Example: Paying cash for equipment decreases one asset (Cash) and increases another (Equipment). The total assets stay the same.

Other times, it affects both sides.
Example: Taking out a loan increases Assets (Cash) and Liabilities (Loan Payable).

The beauty of bookkeeping lies in this balance — no matter what happens, the equation holds steady.

Lesson learned:
In accounting, accuracy isn’t just about both sides of the equation — it’s about understanding how every transaction fits into the bigger picture.

Every debit and credit tells a story — and as I keep learning, I’m getting better at reading it.

In your new career as a bookkeeper, it's crucial to track all the sales and incoming money for a business. Understanding how these transactions impact the accounting equation will help you maintain accurate records and ensure the financial health of the business.

With these skills, you'll be well-prepared to excel as a bookkeeper and contribute to the financial success of the businesses you work with.

16/10/2025

Correcting Errors — Learning by Doing

Title: Mistakes Happen. Correction Is Where Growth Begins.

In my ongoing bookkeeping practice with Intuit Academy, I’ve learned that mistakes are not the end — they’re part of the process.

Just this morning, I picked up the wrong coffee order — someone else’s vanilla latte instead of my cappuccino.
Funny enough, it reminded me of what happened during my mock bookkeeping practice — I entered the wrong amount in my client’s Accounts Receivable.

I recorded a $1,000 payment instead of $100, overstating both cash and income. The numbers didn’t add up, but that’s when learning truly happens.

So, I paused, reviewed the original entry, and found the difference: $900.
Then I corrected it — debiting Cash for $900 and crediting Accounts Receivable for $900.
Just like that, my mock books were balanced again.

Key Takeaway:

Errors happen — but knowing how to fix them is the hallmark of a great bookkeeper.
Every mistake corrected becomes a new layer of understanding.

Lesson from Today’s Practice:

In bookkeeping, correcting errors is just as important as avoiding them.
Whether you reverse and re-enter or adjust the difference, understanding the why behind every debit and credit is what sharpens your skill.

What I’m Learning:

Mistakes don’t define your ability; how you fix them does.

Every correction strengthens your understanding of the accounting equation.

Patience and attention to detail are your best tools.

Every day with Intuit Academy gives me more confidence that I’m becoming not just a bookkeeper — but a careful and accurate one.
I’m grateful for these mock exercises that help me practice real-world problem solving in a safe space.

15/10/2025

Applying the Accounting Equation in Real Scenarios

In my ongoing bookkeeping practice sessions inspired by Intuit Academy, I’ve been working through mock business cases to strengthen my understanding of how each transaction impacts the accounting equation — Assets = Liabilities + Equity.

Let’s look at one of my practice examples.

Business Case: A small photography business, LensCraft Studios, starts operations with a $10,000 capital investment from the owner.

Since Cash is an asset, I record a debit to Cash ($10,000) and a credit to Owner’s Equity ($10,000).

Next, the business purchases a camera and lighting kit for $2,500.

Both are assets, so I debit Equipment ($2,500) and credit Cash ($2,500) — reducing available cash from $10,000 to $7,500.

Then, the studio buys $5,000 worth of photo props and backdrops on credit from a supplier.

The Props account (asset) is debited $5,000, and Accounts Payable (liability) is credited $5,000. The equation stays balanced.

Now, let’s look at how revenue affects the equation:

The studio earns $2,000 in cash from a wedding shoot.
I record a debit to Cash ($2,000) and credit to Service Revenue ($2,000).
This increases assets (cash) and equity (retained earnings) — no effect on liabilities.

The studio also completes a $500 photoshoot on credit for a client.
I debit Accounts Receivable ($500) and credit Service Revenue ($500) — increasing both assets and equity.

Finally, the business pays $3,000 of its supplier debt.
That’s a credit to Cash ($3,000) and a debit to Accounts Payable ($3,000) — reducing both an asset and a liability equally.

Every single transaction keeps the accounting equation in perfect balance — proving the foundation of double-entry bookkeeping in action.

This kind of hands-on practice has been an amazing way to turn what I learn from Intuit Academy into real-world bookkeeping confidence.

15/10/2025

Understanding “Natural” or “Normal” Account Balances

In my bookkeeping practice sessions, I’ve been exploring one of the core concepts every bookkeeper must understand — natural (or normal) balances of accounts.

Let’s use an example from one of my mock business cases — a small café called The Daily Brew.

When the café receives cash payments from customers for coffee and snacks, I record it as a debit to the Cash account. But when the owner uses some of that cash to restock milk and sugar, I record it as a credit to the Cash account.

Since Cash is an asset account, it naturally carries a debit balance — that’s its normal state.

Now, let’s look at Sales Revenue. That’s a revenue account, and it naturally has a credit balance. So, when the café makes $500 in daily sales, I credit the Sales account. But if a customer returns a product or gets a refund — say $10 for a defective pastry — I debit the Sales Returns and Allowances account, a contra revenue account that reduces total sales.

Why does this matter?
Because when a balance doesn’t match its “natural” side, it’s often a red flag that something may be recorded incorrectly.

Understanding each account’s natural balance helps maintain accuracy, transparency, and trust in the books — skills I’m constantly strengthening through my mock bookkeeping projects inspired by Intuit Academy training.

15/10/2025

Tracking Assets the Right Way

One of the key things I’ve learned (and now apply) in my bookkeeping journey through Intuit Academy is how important it is to track assets properly.

When a client acquires a new asset — whether it’s equipment, inventory, or a company vehicle — there’s a simple yet essential process to follow to keep the books accurate and organized:

Step 1: Identify the Asset Type
Determine what kind of asset it is — fixed, current, or intangible.

Step 2: Check the Chart of Accounts
Look for an existing account that matches the asset type.

Step 3: Add a New Account (if needed)
If the account doesn’t exist, create it in the chart of accounts for proper tracking.

Step 4: Record the Asset
Finally, record the transaction in the journal using the correct account.

Following this process keeps asset tracking smooth, organized, and compliant — and helps ensure your client’s financial statements reflect reality.

I’m enjoying every bit of learning through Intuit Academy, sharpening my skills to manage client books confidently and professionally.

14/10/2025

My Bookkeeping Journey with Intuit Academy: Learning the Accounting Cycle

As I continue learning bookkeeping through Intuit Academy, I had one “aha” moment that really brought the accounting cycle to life.

While working on analyzing transactions, I recorded a small client’s purchase of inventory on credit. At first, it seemed simple—but seeing how it impacted both inventory and accounts payable made me realize how every transaction tells a story about the business.

From there, I journalized the transaction, posted it to the ledger, and prepared a trial balance. Each step taught me accuracy, attention to detail, and the importance of keeping everything balanced.

The most satisfying part? After adjusting entries, closing temporary accounts, and preparing the post-closing trial balance, everything lined up perfectly. That sense of clarity is why I love learning bookkeeping—it’s like solving a financial puzzle!

Every step of the 8-step accounting cycle—from analyzing transactions to post-closing trial balances—reinforces my confidence in managing business finances.

If you’re learning bookkeeping too, take it step by step. Every entry you make is a building block for solid financial understanding.

14/10/2025

Applying What I Learn from Intuit Academy to Real Bookkeeping Scenarios

As I continue my learning journey with Intuit Academy, I’m not just studying bookkeeping — I’m practicing how to apply it to real-world business situations through mock business scenarios that mirror what bookkeepers handle every day.

For example, I recently created a case study about a small home décor business owned by “Frank.” In the scenario, he spent $850 on decorative materials to use for multiple client projects. As his bookkeeper, I recorded this properly — showing assets coming in (inventory) and cash going out from the business.

Assets like these appear on the Balance Sheet or in the Chart of Accounts under categories such as:

Inventory Assets: materials, décor items, or supplies kept for sale or project use.

Fixed Assets: tools or equipment like sewing machines, cameras, or delivery vehicles.

Accounts Receivable: payments pending from completed client jobs.

Key takeaway: Keeping assets well-documented and organized gives a business clarity, control, and confidence in its financial health.

I’m proud of this learning journey. Having already earned the Intuit Academy Bookkeeping Professional Certificate on Coursera, I’m now working toward my Intuit Bookkeeping Certification and the Official Intuit Academy Bookkeeping Badge — building the confidence to serve future clients with precision and excellence.

12/10/2025

Strengthening My Bookkeeping Skills & Building Greater Confidence!

I’m excited to share my ongoing journey of professional growth in bookkeeping and accounting.

Recently, I earned the Intuit Academy Bookkeeping Professional Certificate on Coursera — a major milestone that helped me strengthen my foundation and sharpen my bookkeeping skills.

Now, I’m taking things a step further by pursuing the Intuit Bookkeeping Certification Course through Intuit Academy — a key move to deepen my knowledge, refine my accuracy, and boost my confidence in managing clients’ financial records with excellence.

My goal is simple but powerful:
✅ Master every bookkeeping concept
✅ Ensure accuracy in every transaction
✅ Deliver top-quality virtual bookkeeping services that help businesses stay financially organized and make informed decisions

I’m truly excited about this learning journey and looking forward to earning the Official Intuit Academy Bookkeeping Certificate and Credly Badge soon!

Here’s to continuous learning, financial excellence, and professional growth!

05/10/2025

What’s the Difference Between Bookkeeping and Accounting?

Understanding this difference is crucial for every business owner — yet, these terms are often used interchangeably. While both are key parts of your financial process, they serve different purposes.

Bookkeeping is about keeping track of daily money movements — recording sales, purchases, bills, and payrolls.
Accounting, on the other hand, uses that data to analyze your business’s financial health, create reports, file taxes, and plan for growth.

Let’s break it down:

What Is Bookkeeping?

Bookkeeping is the process of recording daily transactions — sales, expenses, receipts, and payments.
It’s the foundation of all accounting work and ensures your records are clean and up to date.

Why it matters:
✅ Keeps records organized
✅ Tracks cash flow
✅ Makes tax filing easier
✅ Prevents costly mistakes

What Is Accounting?

Accounting goes beyond recording — it’s about analyzing, summarizing, and reporting those numbers.

Why it matters:
Helps make smarter financial decisions
Shows profit and loss
Builds trust with investors and banks
Supports tax planning and compliance

How They Work Together

Bookkeeping feeds accounting — it’s the base that supports everything else.
Without accurate books, accountants can’t create reliable financial reports.

In short:
Bookkeepers record the data.
Accountants interpret and use it.

Similarities:

Both bookkeeping and accounting:

Deal with financial data

Aim to improve business performance

Require strong attention to detail

Follow financial standards (GAAP/IFRS)

Support better decision-making

Types of Bookkeeping

Single-Entry Bookkeeping: Simple, one-entry per transaction — best for small shops.
Double-Entry Bookkeeping: Every transaction affects two accounts — the gold standard for accuracy.

Types of Accounting:

Financial Accounting – For external reporting and investors.

Managerial Accounting – For internal planning and budgeting.

Tax Accounting – For compliance and savings.

Forensic Accounting – For fraud detection and legal cases.

Tools You Can Use:

For Bookkeeping: QuickBooks | Zoho Books | Wave | Excel
For Accounting: Xero | FreshBooks | Sage | Tally

These tools save time, reduce errors, and automate routine work.

Common Mistakes to Avoid:

Mixing personal and business finances
Forgetting to keep receipts
Not updating records regularly
Trying to do everything alone
Confusing bookkeeping with accounting

The Future of Bookkeeping & Accounting

Technology is transforming both fields:
More automation and AI
Bookkeepers now manage data systems
Accountants act as business advisors
But human insight and ethics still matter most

Key Takeaway:
Bookkeeping captures every transaction.
Accounting turns that information into strategy.

Together, they build the financial backbone of every successful business.

Question for You:
Are you currently handling your own books, or do you work with a bookkeeper/accountant?

Address

239 Nnebisi Road
Asaba
320232

Telephone

+2349028243946

Website

https://about.me/Jideoforokwudiliodiegwu, https://jiduffkelvdigitalworld.my.canva.site/portfolio-website

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