Felly, fel ydych yn fawr, a fawr. Fawr i'r fawr o'r cyfnodion ymlaen yma o'r ddegyn nhw ar gyfer o'r amserau o gwneud o'r ddegyn nhw'n gwneud, yma o'r fawr i'r bach ymlaen yma o'r cyfnodau. Yn ymlaen, yma yma byddwn i'r prydyniadau a fyddwch yma yn ymlaen yma. Yn ymlaen, yna ymlaen yn ymlaen yma, yn ymlaen yma. But before we begin, let me introduce the speakers that we have here this morning. To my right, it's Yuka Vesala, Director General in DG Micro-Podential Supervision 3. We have Roberto Urrena, Deputy Director General of Legal Services, in the middle, Estave Maya, Advisor in DG Micro-Podential Supervision 3, and on the far-right Giovanni Bassani, Senior Legal Counsel in Legal Services. So, without further ado, I think we start with the presentation, and then we're looking forward to the questions you might have. Yuka. Thank you very much, Rolf, and good morning also from my side, and welcome to this public hearing of the options and national discussions applied to the less significant institutions. As you know, we started the public consultation on the 3rd of November, and now we have this public hearing, and there are not so many today here, but I still hope that there is a very active participation, and then also there will be active submission of comments during the consultation, and we are here to respond to your questions. But I will start with the presentation, which is quite brief, and first to recall, we have had the major project inside the SSM to harmonise those options and discussions that are to the supervisor to decide. We cannot, obviously, change the options that are for the national lawmakers to decide, and this we consider has been a major achievement already. We noticed when we started the SSM, especially in the comprehensive assessment, that the starting point is more heterogeneous that we could have maybe thought beforehand, and the exercise of these options and national discussions that are in the EU regulation differently by the national authorities resulted in big differences in the measurement of banks' capital ratios, mainly because of the fact that the definitions of own funds were different across the different countries. So we have counted the total of 128 options and discussions that have been subject to this harmonisation for, first of all, for significant institutions, and this project has been finalised, and we consider that this has been already a major achievement, and this has harmonised considerably the way that the capital regulation is applied, and therefore also made the banks' capital ratios consistent across countries, which is also very much needed for the markets and the ability of markets to compare institutions from different countries. So the topic of our current project is to extend this harmonisation of the application of the options and discussions to less significant institutions, and we consider that this is also very much needed because we should have the level playing field inside the banking sector, the basic rules how capital ratios are calculated should be the same for big banks and the smaller banks, and also the other important prudential requirements relating to large exposures and liquidity and so on and so forth should be the same for all banks irrespective of the size. And then we also have the general mandate in the SSM to ensure that there is a consistent application of high supervisory standards. This is our general mandate regarding LSI's. The SSM is responsible for the supervisory system as a whole, while the national authorities carry out the supervision on a daily basis of the less significant institutions, and we consider that these options and national discresants and the harmonisation how they are used is one important step towards this objective that we have. We have also other supervisory standards that have been issued already, and this is part of this overall project to have consistent and high supervisory standards also for the LSI's. And then the same objectives that I mentioned for the SSIs to have comparable capital ratios in the first place is also important for LSI's and we can also then foster integration by having comparability across all banks in the markets. What is important here is as in all work that we carry out regarding LSI's that we apply the principle of proportionality. We should maybe say that we apply the practice of proportionality because we put the principle in practice. And this means that we are not taking the approach that has been agreed for the significant institutions directly to the LSI's, but we consider what is the appropriate approach and take into account the fact that the banks are smaller and there are many specificities in their business models. And we follow this approach also here. We conducted with the national authorities a thorough review of all these options one by one and then considered whether this would be applied as such to the LSI's or whether we should have a specific different approach. And this discussion was then based on this question about whether it's proportionate to apply the same approach or not. And then we then came up with this proposal how to apply the harmonisation of the O&Ds for LSI's. And we have basically three categories of the options and national discresions that you will find in the documentation. We have first of all the category of the options where the same approach was considered as appropriate for also LSI's. These are sort of basic hard rules for capital and liquidity, etc. where there's no reason to deviate from the same rules that should be applied by all banks. And we have here 50 options that fall into this category. Then we have the second category of the options and national discresions where we considered that we should have indeed the different approach, LSI specific approach, and we have eight options in that category. And then we have the final third category where we considered that we don't need to, at this stage, anymore harmonise these options either because there have been further developments or there are transitional arrangements that result in the exploration of these options or that there is further work that is needed. And we have 25 options in the category where the harmonisation was not considered needed anymore. And then 17 options that are waiting for further future developments. If I go a little bit more in detail, and then I think it's best to leave this for the discussion, so I will not go through each of the options one by one. It would take quite a long time. But to give a little bit of flavour of the different categories. So the first category where we apply the same approach as for the SIs and we have the 50 options, what I mentioned. Here we have indeed the sort of, if we can say, hard rules such as the definition of default, which is now based on the 90-day past due criterion which should be also used for LSIs in order to have a uniform definition for default and also the non-performing loans. And then a second important rule that we have now considered for the LSIs as well is the phase in of the major elements in the CT1. For instance, deferred tax assets, so these deferred tax assets VTH should be faced in from the capital base in the same way as in the case of SIs. So this is one example, one significant example where we consider that we should apply the same approach as for the SIs. And then one other example of this category which is highly significant for LSIs is the decision not to apply the possibility of asking banks to report for potential purposes using IFRS. And the banks are still allowed to report under the national accounting rules. In Germany and Austria, for instance, the use of national accounting rules is very widespread and practically all of the LSIs are not reporting under IFRS. So we will not change this state of affairs in the LSIs and not also in SIs or for SIs, but here then the treatment is equalised for SIs and LSIs. Then the second category of the O&Ds where we have a specific LSI approach. These are not very many, these are eight, but this can be quite significant because these relate to issues where due to proportionality it's not appropriate or relevant to ask the same approach as for the SIs. For instance, we are allowing the LSIs not to have a separate risk and audit committee of the board, but they can have only one committee that is combining these functions. So this is an example of this category of the options. And then there are also some options that relate to the fact that the direct supervisory responsibility for LSIs is still with the NCA's, so therefore we need to have coordination between ECB and NCA's which is not present for significant institutions and this can result in a different application of the national option. And then finally the category where we consider that we don't have to at this stage to have a harmonisation to reach the objectives of the exercise to have consistent supervision and the level playing field. We have first of all the options which are subject to transitional arrangements in 2017 and we consider that given the time that is needed to finalise the approach, it doesn't make sense to do it in this case because these options will expire at the end of next year in any case. So we leave those unharmonised. And then there are some cases where the IBA has progressed in providing harmonisation and we don't have to include those options into our package. And then finally, what I mentioned already, we have 17 options that are waiting for further work inside the ECB or at the level of the IBA. Regarding the legal implementation of this work we have in the consultation two draft legal acts. First of all we have a guideline which is a binding legal instrument according to the SSM regulation which the ECB can use for the supervision of LSIs according to its mandates. And this is an instrument that then harmonises the approach by the NCA's. And in this guideline we have those options that represent the hard rules what I mentioned or the other term that we use for these options are general rules that are applied to all banks. They are sort of regulatory options that are immediately then applicable to all institutions. And then we have a recommendation which is another instrument at our disposal which is non-binding to NCA's but of course we expect that the NCA's are following the recommendations. And these recommendations also give some flexibility to the NCA's how to implement their approach while keeping the objective there of common approach. And we use this instrument for those options that require the case-by-case assessment by the supervisors. So this is the logic behind the use of the two different legal instruments.  So there is quite a lot of time for you to submit still comments after this hearing and other participants of the consultation. This is an open consultation and then after the ending of the consultation we will move forward to finalize the package taking into account the comments that have been received. And we have further details on how to submit the comments which can take place either by email or by traditional email. You have the further information in this website what is mentioned here. So I will stop here and open the floor for your possible comments. I hope you will have many comments and questions and I have the colleagues here to respond to your questions. So please, the floor is yours. Thank you. Martin Sutaskie with the German Savings Banks Association. Overall I'd say we appreciate the ECB's efforts to O&D's and to also harmonize the exercise of O&D's with regard to the SIs and now to the LSIs. With regard to the LSI O&D's we particularly support the draft on 76.3 CRD, the combination of the committees which is a practice that is often the case in German Savings Banks and also with regard to 24.1 the information that the ECB will not apply or request IFRS calculations from banks from LSIs. Let me say as a minor suggestion perhaps for future endeavors perhaps the ECB could consider to consult SIs and LSIs recommendations or rules in parallel to avoid having a situation where you are basically copying or applying the SIs exercise with regard to the LSIs. So perhaps that might be something to consider for future consultations depending on the topics depending on whether it's appropriate or not. Then I have a question with regard to O&D's where the ECB decided to leave the exercise to the discretion of the NCA. For example in the explanatory memorandum we noticed that for example on article 395.1 CRR the large exposure limit for very very small credit institution to have a higher visibility of the ECB's stance on this topic or was it a deliberate decision or is there any other reason behind this? Thank you. Okay so thank you Martin very much and also for the support. The point you raised about the process to have the SIs and LSIs consulted at the same time and until now we have been following in many of the topics, the sequence where we have first the discussion for the SIs in order to also to keep it more manageable and it has been of course the urgent task for the ECB to have a common approach for the supervision of the SIs that is conducted by the joint supervisor teams and we have a somewhat more relaxed timeline for the work on LSIs supervision and we have been following this plan here as well and also in other major projects like the work on the LSIs trip where we have then a longer timeline currently until 2018 to have this common system implemented and it also gives us the possibility to consider with some time the LSIs specific issues to be able to exercise the concept of proportionality and we need to then have this approach. So this is the way that we have been approaching the LSIs issues and I think it has worked quite well until now. Of course we take into account everything that has been said regarding the SIs when we then make the consultation and the proposals regarding LSIs issues. Regarding the large exposures I think here the flexibility that was left to the NCA relates first of all to the possibility to have a lower large exposure limit than 150 million because we have many very small LSIs and for them if the total balance sheet is not much larger than 150 million then the large exposure limit of 150 million doesn't make sense so we need to have flexibility here because we have many LSIs that are quite small so it's not so uncommon to have banks that have balance sheet less than 500 million or even significantly smaller than that so we need to have flexibility here. But Esther or the others if you have something more on this. So I mean when we decided on which options to include in the different instruments we always had a look to which extent in the O&D guide or the regulation their further specifications for the assessment are provided and where there's really a policy guidance that should be also followed by the NCA's and in the case of article 395 on the large exposure limits for SIs the ECB decided not to make use of its option for this option because it's just not relevant for the large institutions but we did not provide further guidance on how the NCA's should decide to make use of this possibility and therefore we did not include it in the package but this is also why we mentioned it in the explanatory memorandum because it's rather important and should be noticed and clear to everyone that NCA's will have the possibility to make use of this option. Yes, Inas Bicula, Italian Creative Co-operative Banks. Thank you very much for this hearing and opportunity to interact with our supervisor. So I would like somehow to find a relationship between this initiative and others, mainly the ADIS file on the site, ADIS, European Deposit Insurance Game. So my question is as following. Do you consider this ECB initiative as one of those intent to reduce risk in the banking union trying to make more harmonisation between less significant institution and significant institution so that the overall risk in the banking system may come more harmonised and so institution at the European level can go forward for example with the ADIS file. Thank you. Yes, thank you. Certainly the objective here is also to make sure that the bank's capitalisation is strengthened and we have adequately conservative approach to this exercise of the options. And in this regard I think it's quite important that we harmonise the use of the transitional arrangements, what I mentioned about deferred tax assets so that we have the same time now until 2019 for all banks in the SSM to face out or to be facing, sorry, the DTAs from the common equity tier one capital that this is then strengthening also the quality of capital. So certainly we have this objective of risk reduction as well. The other objective that I emphasised is the level playing field to have the same definitions so that is of course also very important. We don't have inside this consultation anything that relates to deposit insurance. Deposit insurance is also not a task for the ECB or the SSM to supervise. We have however been working on the article 137 which are the criteria in the CRR when an institutional protection scheme can be recognised where there is an arrangement to protect the solvency and liquidity of the member institutions and we have already consulted and finalised the common approach to this IPS. This is not deposit insurance but in some cases the IPS arrangements and IPS funds can also act as deposit insurance funds. So the issues are closely related but there our perspective is to harmonise the approach inside the SSM so that when there are new applications to have IPS they assess according to the common criteria and then there can be this regulatory privileges inside the IPS and that we have consistent monitoring whether the IPS continuously meets the criteria that exist and here the perspective is the protection of individual members against the capital liquidity issues and not deposit insurance but the issues are linked. So I hope this clarifies the landscape vis-a-vis IPS and deposit insurance. Sebastian Stodolka, European Savings and Retail Banking Group. Thank you very much for organising this hearing also from my end. You mentioned before that there are 17 ONDs that wait for further work and in this regard you mentioned the ECB and the EBA and my question would be whether you also consider it necessary that adaptions or reforms are made at level one? So let's say that principle European decision makers make some amendments maybe in the upcoming reform of the CRR and CRD4, would you appreciate that? Would you expect something in this regard? Thank you. This question is a bit maybe difficult to answer directly. I mean these options that we have been leaving for further work they of course are options that are for the supervisor to decide for the competent authority in the current regulation and we are working in terms of the current regulation and there are these 17 options where we don't have an approach in the SSM not for significant, not for LSIs and these options are then waiting for the further work. The options cover issues like liquidity waivers in terms of pillar two requirements, some issues regarding consolidation, then credit risk issues regarding the standardized approach and the IRB approach, some details there. Also of course then based on the current regulation and the options that are there regarding some of the details and then also CVA adjustments and market risk. So these are I would say rather detailed issues that can be relevant for some institutions but they are not major issues regarding the regulatory framework as there are others like that. I mean these options that require a follow-up they were already mentioned also in the package for the significant institutions in the guide. I mean for some of those we are just waiting for cases to first get a feeling on how to assess these individual decisions and the applications and others for example are also related to structural separation. So at the moment it's too early to do anything on this topic and as Yoka already mentioned there's also work of EBA going on for example related to the consolidation. So therefore we need to wait. Do you want to add anything? Perhaps just in terms of future amendments of the single rule book as you also mentioned the possibility to what we would like to see in the future package to be presented by the commission. Well of course for us more harmonisation would be better for sure because it would make our life easier in the sense that we don't have to apply 19 different national legislation but just one coming from the revelation so this should be also welcome. And as regards completely the case of ONDs for us it's important to whenever ONDs are recognised to have the possibility for the competent authorities to exercise these ONDs because this also gives us the possibility to harmonise at least within the SSM the practice that has been followed so far by competent authorities. Anybody else with a question? That doesn't seem to be the case. So we answered everything that you wanted to know. We thank you all for coming and have a safe trip home. Thank you very much and we look forward to the comments during further comments during the consultation. Thank you very much. Who still has safety comments from the webcast?


so it's just it's just really interesting to see how some videos can go somewhere and some do not but this one went somewhere because of the title there's no other maybe the tags maybe the description but i really think it was probably the title not because it was really creative but just people i guess are searching for something like for chores and diapers i don't know all right into my i cruise into the office done with the meetings for the day which is nice but i couldn't resist pulling over i'm gonna attempt the cloud so it's supposed to get hailed today which means if you look to the west the clouds are building and i'm just intrigued so we're gonna get some clouds for you okay you want to take the lid off it's like a uh velodrome is that what they're called it's like a velodrome no where the motorcycles go in the cage do you want to watch a youtube video about it i'll show you in a little bit okay that's papa oh is i'm eating a pepper kind of like what you're doing velodrome racing oh boy motorcycles in the ball of you know what here we go ready is it like what you're doing good hiding spot tip of the day slip and slide up off your grass pretty much as soon as possible and yes your children will be sad because i found out the hard way i left it laying on the grass for i think it was probably two days last summer and it basically what happens is the sun goes through whatever the plastic or the yeah the plastic and it burns the grass it's like a magnifying glass on your grass and so it just burns it and then you have dead grass so tip of the day flip and slide when possible thank you brandon still working on the whiskey brandon brandon need more whiskey call it here it's friday night the sun is setting it didn't rain i was wrong i was wrong i listened to the weatherman and the microphone wasn't on can you hear me now can you hear me now all right as i was saying i was wrong uh did not rain did not hail anywho love you all seek beauty work hard love each other we will see you tomorrow and look who just walked in the door hey there she is next saturday if you need any items come to our garage sale next saturday all right see you tomorrow


Welcome to this episode of Door Hardware Nerds. I'm your host, Mia Merrill. Today I'm joined by Katie Flower. Katie, please introduce yourself and tell us about your role here. Hello, everyone. My name is Katie Flower, as Mia said, and I am a training specialist with Osa Abloy Academy. I am the developer of the Osa Abloy egress calculator and also the star of Code Corner with Katie that's on YouTube as part of the Door Hardware Nerds Network. Yeah, Katie's our code guru. So speaking of codes, code guru and the egress calculator, you recently made an update to the egress calculator with the IBC 2021 version. So how long does it take you to make an update like that? Well, I have all of the egress calculator from 2006 up to 2018 in individual Excel spreadsheets. So I just copy the most recent 2018 into a brand new spreadsheet and then I just modify anything that's different in that spreadsheet. So basically four hours, but then I had to give it to the developers and then they had to do their thing on the website and that took about a month, primarily because we had to go back and forth with IT, make sure security and everything was all perfect and good to go. So it took about a month to get it launched. All right. So how can somebody tell in the egress calculator if there is a new requirement from the 2021 version? So there's individual dropdowns for you can still choose the 2006 edition in some states it's still an active code. Just because a brand new code comes out doesn't mean it's automatically in your state it needs to be adopted by your local or state government. And if you use the 2021 dropdown and let's say you're in the assembly egress calculator portion of the 2021, once you do your calculations at the bottom there will be a list of all of your different code references that will direct you where in 2021 that you can go look up the requirements for delayed egress hardware or access controlled egress or whatever. If there is something new in this edition there will be two asterisks and it says it right at the very top so that it points it out if there's something new that is where it flags it for you. Oh, perfect. So it's very clear. Yes. All right. Besides adding the new IBC 2021 what did you make any other enhancements to the calculator? Yes. First of all, on the main page there's now a link to Code Corner with Katie so that people can very easily find it the one on where our exit device is required is linked on the main page but if you go to the menu you can go to the YouTube channel for door hardware nerds and then Code Corner with Katie from there. So you can find it in two different places on the calculator. Another enhancement I went back to the 2015 edition of IBC also the 2018 plus the 2021 and under the assembly calculator dropdown I added training rooms instead of making you go to the educational tab to calculate the occupant load for a training room it's now both under educational as well as assembly because oftentimes those are an assembly if you have more than 50 people and it's a training room so I figured why not? Even though the table in the IBC does not list training rooms specifically it's very similar to how a classroom is used and it's calculated at 20 square foot per person. Okay. We're gonna be starting up our virtual instructor led trainings or sometimes we call them built trainings again are we gonna be offering egress calculator classes? Absolutely. We'll be starting those again in February they will be monthly so just check Ossovoy Academy the virtual instructor led training page and it will list all of the different classes but calculating occupant load and egress width is the name of the class that talks about and how to use the egress calculator. Okay. And what other classes are upcoming that people can register for? We have monthly themes and so as a team we meet and it may be doors and frames in one particular month so we'll figure out which courses best meet that theme and then make those one month at a time. So we've had some on Windstorm we've had some on Deco hardware we've had others on codes so it just depends on what that monthly theme is you can always check the virtual instructor led training tab on the Academy site to find out what the upcoming classes are. All right, perfect. So for more information about the egress calculator you can visit egresscalc.ossovoy.com and I will put a link below. I will also include a link for the Ossovoy Academy where you can find out about the virtual instructor led trainings and get yourself registered. Thank you, Katie for joining me today. Thank you for having me. Yeah, I'm glad to be able to talk to you and not just watch your code videos although I do love them and our audience loves them so they are great for the channel. Thank you. Make sure you like this video hit subscribe to our channel to stay updated when our new videos come out. If you have any questions or comments leave them below and thanks for watching.


Crow and County Land Services is requesting public comment on the Emily to Blind Lake Recreation Trail proposal. If approved this new trail would be a multiple use recreational system located within and east of the city of Emily and Crow Wing and Aiken counties. The proposal would designate 14 miles of existing and two miles of new trail development. According to the Crow and County Comprehensive Plan, this trail would provide diverse recreational opportunities that are accessible to people of all ages and abilities. Written comments may be mailed to Crow and County Land Services. We've made changes based on the comments that we get. It helps the county board of commissioners make their decision when they when they see the different viewpoints and comments that people submit. So it's a great grassroots effort that we really want to encourage people who are interested. You can also email or fax those comments. They must be submitted no later than November 17th by 5 p.m. Contact details and more information on the trail proposal can be found at the Crow and County website you see on the screen. If you've enjoyed this segment of Lakeland News, please consider making a tax-deductible contribution to Lakeland Public Television.


Hello there everybody My name is Phil Lamar and I'd like to welcome you to NASA's ask the astronomers live The show where we have live astronomers Online live here to answer your questions about the universe. We do the live part you do the ask part and You can ask your questions of our scientists in the comments section at the universe unplugged website It's also where you can find out about upcoming shows and see lots of fun astronomy videos And that's as you can see on the bottom of the screen there universe unplugged.org and When you do submit your questions make sure to include your social media handle, which hopefully is Even your name along with your question so that we know who we're answering our question to all right today we are talking to two astronomers who Study seven planets that orbit one of our nearby stars. So that's two astronomers seven planets one nearby star and The first of our two astronomers is dr. Eric Eagle from the University of Washington. Hey, Eric. Hello Eric You'll you'll start by telling us a little bit about yourself and and the work you do Well, thanks for having us on the show I'm an astrophysicist and professor of astronomy at the University of Washington I spent my career studying black holes gravitational lenses and planets and in the last decade my work is focused on Transmitting of exoplanets like the ones we'll talk about today. I build models to detect these measure their properties I've discovered some new planets with the Kepler spacecraft and also use the Spitzer Space Telescope to create a map of an exoplanet Wow, who knew that I figured all the hard work was just finding them But you apparently do all the work after they're found exactly. Yeah Fortunately, you have some help and fortunately on the show today. We have some help We have dr. Victoria Meadows also at the University of Washington. Hi, Becky. Hello Hi, tell the audience why we're so impressed with you Okay, well, I'm a professor of astronomy and I'm director of the astrobiology program at the University of Washington So we're training scientists to search for life in the universe I study terrestrial planets, so that's rocky planets like the earth and Venus within our own solar system And I'm very interested in studying the smaller Possibly rocky planets that we're going to find around other stars and I work Looking at trying to understand what the planets atmospheres in particular alike and to figure out what they're made of So what the planet is like? Now you mentioned you're looking at rocky planets because I'm presuming those are the ones that are most Likely or probable to have some form of life. So is that is that one of the yeah That's a great going in assumption I mean at the moment where we're looking for life that we could at least recognize And so where we think that you know if a planet has an ocean on its surface Then it's more likely to be able to support life and that means it needs to have a surface So it needs to be rocky. So that's why we're very interested in rocky plants. Ah Got it. I love that now and audience. How many of us knew the term astrobiology? Vicki did All right today we are going to be talking about And this amazing group of seven planets that were discovered around the nearby star trappist one now Eric Vicki, can you guys tell us a little bit about their discovery and maybe even Why someone named a star trappist one? Eric Yeah, the story goes back Well 30 years to the first discovery of planets orbiting other stars, which we call exoplanets exo because they're outside the solar system and After the first ones were found they had very different properties to the planets on our solar system We found very large gaseous planets orbiting very close to their stars It was tough going to try to find rocky planets more similar to our earth And so about a decade ago 2010 or so there was a Belgian astronomer Mikael Guion who developed a robotic telescope to monitor Very small nearby stars any reason that if you could look at the smallest stars, you could find smaller planets He carried out a survey he did that trappist and that's a acronym. I mean it's an honor of Belgian beers made by trappist monks And he located this robotic telescope high in the mountains in Chile and get a better view of the southern sky And so by 2015 they had surveyed 50 stars looking for transiting planets a Transit is when a planet passes in front of a star And this is fairly improbable because most planets are going to orbit randomly on the sky And it's only occasionally that their orbits will pass edge on meaning the planet will go in front of the star And so we had to look at a lot of stars to have the chance of detecting planets And so by 2016 they had announced they had found their first star that they'd surveyed With the planet system of three planets and so that was called trappist one because of that first discovery I See and of course the reason you need it to be a Planet that passes between where we're looking and the star is because if it's going around the star that way We just won't be able to see it correct exactly Yeah, so you have to get lucky and therefore you have to look at a lot of stars Occasionally especially since planetary systems are fairly flat You'll get a lucky case where several planets will go in front of the star And you'll be able to measure their orbital periods and see the shadows as they pass in front of the star That's how we detect them We see the star get a little bit dimmer for a percent or so for about a half an hour or a little bit more And that's how we detect these planets Well, then there see now you've told me what our main goal in Creating spacecraft should be so we can see better Exactly We can get different angles but the fact is we've been able to find some exoplanets and Particularly these ones are trappist one now Vicky. Can you tell the folks what makes these planets so special? Yeah, sure. And actually if we could have image five that would be great Yeah, so this are the really important things for the first of all there are just so many of them So if you look at this image here, you can see the trappist one system and there's actually seven planets They're all roughly earth-sized and if you look down at the solar system You can see that the only roughly earth-sized planets in our solar system are Venus and Earth But in the trappers one system, we've got seven of these guys Potentially to study so we're very excited to see what you know other planets, you know the same size as the earth might look like Also, three of them are potentially at the right distance from their parents star to Support liquid water on their surface as I said, that's what we think makes a planet more likely to be habitable able to Support life. So there's this concept of the habitable zone Which is you know that that region around a star where if you place a planet with you know, roughly earth-like atmosphere You would expect it to be able to have an ocean on its surface So in in our solar system, we have earth and Mars within that habitable zone But in the trappers one system, we've got three planets e f and g That are all within that habitable zone So that's super exciting to be able to have planets that are roughly earth-sized and at the right distance to potentially support liquid water and potentially life That's so funny it just makes me feel like You know looking at how many Planets are in the habitable zone around trappers one versus our solar system. It's sort of like Being from Iowa and going to New York for the first time. There's so many here There's a lot and it gives us a so you know much better statistical chance of finding something really interesting interesting now the We titled this episode or some title was how do you weighing an exoplanet now? How how do you weigh and why do you weigh an exoplanet? Who wants to try this? That's a great question. Yeah, so we we do this with lots of telescope time If you want to show image six we used quite a few different telescopes to study this planet system So at first with the ground-based discovery I mentioned in Chile We then followed these planets followed the star with other telescopes on earth and we started to find indications of additional planets and eventually got very confusing and so then we just Applied to the Spitzer Space Telescope, which is the upper left telescope here To observe the star for 20 days straight and that's when we sorted everything out and found wow There's seven planets orbiting the star we see shadows of every single one of these planets The closest one orbits in a day and a half out to the other one that takes about 19 days to orbit the star and So with that 20-day discovery we knew the locations of these planets We knew when they would be going in front of the star and so over the next several years We continued to use the Spitzer Space Telescope the Kepler telescope in the lower left called K2 and its successor mission as well As several ground-based telescopes the speculose Telescope is depicted at the bottom, which is a successor to the trapezoid survey and then the lower right is Hubble Which also looked at the star so we had All these and more telescopes trained on these the star for several years Waiting until each of these transits occurred and timing when that transit occurred So with those measurements over several years we were able to look at the planet's interactions And so if you roll the animation This shows a Simulation of the system as you would see it if you're looking down in it So about 90 degrees from where we actually see it where we see the planet's going front of the star The size of the star and the planets are exaggerated and here you can see Animation of just what would be the two innermost planets in the system Every time they pass each other the gravitational pull of the two planets causes them to get a little bit closer And then they separate and so that causes the planets orbits to change slightly It's like a ticking clock, but it's not ticking precisely And so every orbit when the planet goes in front of the star We measure the time at which it goes in front of that star and if the planets just Interactive with it that planet then we might see it come a little bit earlier or a little bit later And it takes some time for these interactions to grow with time It takes They kind of do this dance that happens every 500 days or so kind of like the diagram I've drawn in the chalkboard behind me They pirouette around the star and they do it in a synchronized manner at least the outer five planets do so it took about Two pirouettes about a thousand days for several years to get enough data to be able to measure these gravitational interactions between the planets and From that we were able to get very precise measurements of the planets masses relative to the star We actually measure their mass not their weight weight is determined to find on earth But mass is something something has an outer space With those measurements, we are able to then use these data to try to understand something more about the interiors of these planets I see. Oh, that's fascinating. So the weight rather the mass of the planet Determines how much gravitational pull it has and you can measure its effect on the other planets By seeing how much it affects another planet you can figure out over time What their weights are in relation? Well, what their individual weights are by looking at how they react to each other exactly? Yeah, that's okay That's why you weigh them and how you weigh them. Okay, although I do have to say I want to ask Eric You said you had the was it Spitzer for 20 days straight. Yes Did how many other astronomers were calling you angrily? It's like, you know checking out the book that everybody needs for the exams like you can't keep it the whole time Eric Fortunately, we had a big team so there are about 30 astronomers from three continents at least that we're working on this And so we had a big enough group that we couldn't get pushed around too much But there's actually a time allocation committee that gave us the time So we were fortunate enough that they were willing to grant that because at that point we didn't know there were seven planets We just had some sufficient because things from the ground didn't make sense. We couldn't really disentangle what was going on interesting and and Vicki the You know the amount of data they were they were able to get from that What is this information tell us from your perspective about what the planets might be or look like or you know? Yeah, no that that data set is amazing because the incredibly precise measurements that Means that we're actually able to start to figure out what the planets might be like in their interiors so Because Eric and the team were able to measure the masses So precisely and we had the sizes because they transit and meant we could figure out the densities of the Bodies how dense how how dense are they are they fluffy things like gas or they dense things like rock and so if we look at Image number three here What we were able to do the amazing precision on the measurements meant that we were now able to start to think about Okay, what are these things like on the inside? And so the team came up with three hypotheses for what it would be like And they're really super interesting So so one of them so the bottom line is the densities that were measured were all sort of Uniformly a bit a little bit less dense than the earth right so so they're they're probably terrestrial planets But they're a little bit fluffier And then that's why is that right so the three the three theories we have are well Maybe they look just like the earth for the most part, but their iron cores are smaller So that would make them less dense overall if they had less of an iron core like you know Half or two-thirds of the the iron core that our own planet has or they have no core at all Which would be fascinating which would be that you know They have all the ingredients to make a terrestrial planet But there was so much water in there and it reacted that the iron so you ended up with basically rust through the planet That was coupled into the silicate in the mantle. So it's all mantle no core Or and I think the most fascinating theory is that they pretty much look like the earth But they have loads more water in there in there either in their interiors or in this case And we modeled The oceans on the surface of the planet. So they could be sort of more like water worlds And that might make the less dense overall just having way more water on the surface So either as a steam atmosphere for the hotter planets. So So with those precise measurements, we can start to actually try and figure out what these things are like I see that's right. That's that's one of the Three things I remember from high school science volume time mass Equals density and so and from that Those calculations you can come up with those amazing theories. I wow Can't wait to figure out it. Which one is right? but um, Eric You know Vicki was talking about how precise the measurements were How was your team able to achieve this level of precision? Well, it's quite a bit of time. So the the first the seven planets were announced in 2017 and because Interactions between the planets are really small As they interact over time their their tugs on one another can add coherently and grow in amplitude And so you get these sort of oscillations in the times at which the planets pass in front of the star That's have a period of about 500 days and so The other thing is that we actually have limited times when we can point these telescopes at this star It's only certain times of the year where we can actually Take a telescope and point it at The trappist one star if we're using a space telescope the limitation is that you don't want to point that telescope Too close to the sun and you don't want its Solar panels to not point at the sun If we're on earth then we have to wait for darkness and that only happens in certain times of the year And so it took a bit literally about four years worth of monitoring these planets to really precisely pin down The orbits of the planets around the star and the interactions between the planets We also had to do quite a bit of analysis. So this is all um, this analysis was carried out and Creative computers over nine days. I think we had 30 computers turning away So it was quite a bit of computational effort that took about half a year and then took about half a year to get published Uh, and it was published about a month ago. So it was uh, it's quite a long and arduous process to get to this point But if we can show image number eight This is actually the final result of our data set. Um, the plot shows the radius of each planet Versus its mass and everything is in units of the earth. So the earth is a little green dot at one one It's measured in earth units as itself You can see venus and mars fall on the dash curve which shows Composition similar to that of the solar system terrestrial planets And then the the colored regions are the probability distributions at each of these planet measurements that we made With those four years of data and as vicky said, you can see these all lie a little bit above this dash curve So that's what told us that these planets are slightly less dense than our solar system planets if they if these planets Had a solar system like composition We'd expect them to fall right along that dash curve But they all are offset and it's only with these very precise measurements that we could discern that offset previous data It weren't good enough to do that Wow, so the precision is Really a matter of taking the time Exactly. Yeah That's That's fascinating because you know, obviously we live in a world now where we have computers that are able to you know do You know the kind of work that would have taken you know humans alone so much time But observation still takes just as long Yes, and in the past speed that up with gigabytes Exactly in the past people it'll be a lot more patient with their solar system because the planets and outer solar system Take decades to orbit. So fortunately with these these short period planets are at trapezoid and we can do it in a few years instead of having to wait lifetimes But although that does explain why all of the you know the Ancient you know philosophers and astronomers that we hear have had incredibly long beards They had they were waiting a long time Exactly Decided not to say Now I love the the the chart that you had comparing the trapezoid one exoplanets to our plans But but vicki, can you tell us a little more in depth how Our small town planets complete compared to those big city exoplanets Yeah, I mean sort of a summary of what I've said before They the trapezoid planets are similar size, but less dense overall. Um, so you can kind of think of them as cousins to our planets It's very likely they have you know, they're terrestrial at some to some degree But they're a different kind of terrestrial they've either got much higher volatile content or very different core mantle structure And so I think I think that's super exciting That the one thing that that is probably quite different about them that you can't really tell from just measuring them Is that the kind of star they orbit that that trapezoid one is this teeny tiny little m dwarf star? That nonetheless might have been quite fierce when it was young So m dwarf stars have a lot of activity and brightness when they're young until they finally settle down onto the main sequence Which is where stars end up and to spend most of their lives And because of that these planets have probably undergone a very different History a very different life. They had a very different sort of experience that our planets have Because our sun didn't go through that wild or early phase And so so that's also truly truly fascinating. You have these we don't know from the masses alone How that has changed things. So maybe it's giving us a hint in the different density But I think the most exciting thing will be actually Looking at these planets to figure out what their atmospheres are like and then maybe trying to see if we can Tell that these planets had a different history to our own Interesting interesting So for anybody who's just joining us or missed our intro We are talking with victoria meadows and eric eggle about the latest results about the seven planets orbiting the nearby star trappist one So Right now. Let's see if we have a few questions To ask you astronomers Ah, here we go. Um, this one is Let's let's let's start personal What got you guys interested In studying exoplanets Vicki Um, well, I I've always been interested in planets in general. So, um, I did a really interesting PhD thesis where I observed a whole bunch of different things But my favorite thing that I observed was the planet venus, which is shown here in image nine Um, and so I got to know venus pretty well I actually searched for water vapor in its lower atmosphere and I looked at oxygen air glow in its upper atmosphere And I I joked that, you know, I became an astrobiologist But I started off by studying water and oxygen on the least habitable planet in the solar system Um And again, those those things are there not because that planet is is habitable But just because of sort of the different phenomena that we were looking at, you know The greenhouse effect in the surface and also the air glow and the the motions of the upper atmosphere So that's what we're looking at. So I've always been very interested in terrestrial planets I I've never made a terrestrial planet. I didn't like And so I've always been interested in seeing again, you know, whether we can compare planets in our solar system to other planets out there So, um, yeah, so learning about exoplanets, whether they're like our own terrestrial planets And whether or not they're potentially habitable and able to support life is kind of the trajectory that I took in my career I see I see eric. How about you? I got into it, uh, sort of by chance So when I was first a graduate student The first exoplanets were found around the pulsar, which is similar to black holes, which I was also interested in But I felt with a one planetary system orbiting this really exotic neutron star pulsar Didn't really make sense to pursue that as a career. And so I sent my TFT studying black holes Which was pretty fulfilling. I ended up working on an idea that led to the event horizon telescope Which uh image of black hole, which was announced a year plus ago but in The mid 90s other exoplanets were found around more sunlight stars And the numbers started to grow and became more interesting. And so, um, I by kind of a coincidence when I was working on Gravitational lensing the study black holes I realized some of the equations applied back to exoplanet systems And so that was my entry back on early 2000s into the exoplanet field And I think most different than bicky. I didn't have any much background in planetary science I was more interested in the thrill of a chase in the novelty of discovering something new And in addition, it didn't hurt that exoplanets were somewhat more interesting than black holes because we actually live on a planet So humans feel like they can maybe relate to planets a little better than black holes Are pretty fascinating as well Yeah, wow, that is fascinating Huh, so you went from pulsars to black holes to exoplanets. Yeah, exactly Interesting. Um, all right guys, let me ask you this What do you see as the next steps in studying trappist one? and Please tell me the next steps don't Include Elon Musk Maybe I'll leap into that one first. Um, yeah, I think that uh, again getting the spectra of the atmospheres and Having that potentially tell us about the history of these planets whether they've lost atmospheres or lost oceans Being able to tell whether we see hints that they're habitable or not habitable So whether they have an ocean or not And also looking for life and you might think well, that's like a really grand goal that we can't do for like decades But no with the james web space telescope, which is scheduled to launch this year. Hopefully the end of it I think that We are going to have the capability potentially to observe the atmospheres of these trappist planets And that is pretty exciting. So we're going to use the fact that they transit in front of their star to Get observations of the atmosphere and we do that by looking for wavelengths At which the planet appears to get bigger So so in some colors of light it'll be some one size and other colors will appear to get bigger And that's because the atmosphere around it is actually absorbing the light at those wavelengths So it tells us there's something in the atmosphere that's absorbing So that could be an oxygen molecule or a water molecule or a carbon dioxide molecule And so it gives us, you know a chance to figure out what's going on in their atmospheres So if we can do that And even if we detect only a few different types of molecules We can start to learn about the history of these planets again, whether they've lost an ocean And start to get at potentially maybe even just simple Simple pairs of gases that don't seem to want to coexist with each other that might potentially indicate life So that is potentially possible in the next five years or so given, you know, whenever jw is too long just Okay. Wow. Okay. So James Webb is gonna help us Get more data on exoplanets Eric, what do you see is is the next steps other than what I think he just said Yes, well, I am very excited about James Webb Space Telescope as well And in getting the spectra that Vicki mentioned It will actually be very difficult to do that experiment And so it's going to take many observations of many transits of each planet in front of the star to try to detect that very thin atmosphere that these potentially have and And so many transits means that we'll get many transit times And so we'll actually be able to probe with much more precision The masses and orbits of these planets So we're actually going to be able to even better characterize their bulk densities and pin down even better whether they Continue to show this really common Composition they all seem to have a very small scatter about a single composition, which is fascinating Especially that it's offset from the solar system And with that data, we can actually check to see that the assumptions in our analysis are correct And so we'll be able to Pin down their properties Bolt properties more precisely and in addition at the same time be able to measure their atmospheres So the James Webb Space Telescope we've applied to use. I think we put in something like 10 proposals And we'll see if we if the time allocation committee Is favorable to us and gives us some time to study these planets That's great. That's so it'll be Some a whole bunch of new data coming in We have one more question from Michael Harris Simowich Actually, thank you Michael because this is a question I had as well. How far away is the trappist one star system from us? It is 40 and a half light years away We use parsec so I had to pause for a second The center of the galaxy is about 25,000 light years away. So we've been saying trappist one is this close star Well, it's a relative. So 40 light years is very close relative to the size of the galaxy That's one of the great advantages of studying this particular planet system is the close proximity Of the star in addition to the fact the star is so small which makes the planets easier to study relative to the small size of the star I say, okay. So we didn't travel very far to get to that big city. So basically We didn't come from Ohio. We came from I don't know Irvington That's okay 40 and a half. It's funny because you know as a sci-fi reader I've rarely heard light a light year Measured in such a small number 25,000 light years 40 and a half A half a light year Oh, here's one more question Are there any other earth-sized planets? that have masses Like in trappist one, not sure who this question is from but I guess in studies of Other galaxies. Are there other earth-sized planets that have masses? Who wants to take that? Is that is that an astrobiology question for the mass? But I can talk about other sized planets, but for masses, I'll ask Eric Yeah, so for masses Trappist one right now is the best we can do. There are some other Similar earth-sized planets that have mass measurements that are very low precision We also have larger planets for which we have mass measurements that are fairly good precision but still None really quite compare the trappist one The best comparison actually is to our own solar system And so in some ways, uh, this These measurements are kind of taking planetary science to another Solar system, which is really exciting as far as the terrestrial planets are concerned And I will say there are other earth-sized planets that we know out of there Some of them very interesting because they're also in the habitable zones of their parent stars But there are others that are interesting that are not in their habitable zones They're much closer to the star than the habitable zone. We call these exovenuses And so these are what appears to be terrestrial planets very close to their star That might have some similarity with venus in our in our solar system And so we're very interested also to get spectra of those with the James Webb space telescope Um and potentially see if they have dense carbon dioxide atmospheres or no atmosphere or dense oxygen atmospheres Or, you know, what happened to these guys? What was their history like? How did they turn out? That's well and vicky. That's interesting that they are venus-like planets because obviously that's your sweet spot Yep Yeah, so even though I'm an astrobiologist and I'm my my first love is the habitable planets I'm so very interested in how planets lose their habitability You know and that evolution, you know, what happens to those planets over time and how how do they end up? You know, because that's that's a big question for us as humans as well as you know How do how do terrestrial planets, you know, how do their atmospheres and surfaces and interiors evolve and What are we going to end up like eventually? Right That's right Yes, that's using data to look into the future Um, now here's a question from Marissa Myers Do you see similarities between trappist one and jillies 180? Um Anybody feel like they uh Have a handle on that. Yeah, I can address that so the there's an interesting thing that So the Kepler spacecraft found a lot of small planets similar in size to earth But around very distant stars and those stars were too far away to use the Doppler technique to measure the masses of those planets And so we have sizes, but no masses so we couldn't compute the densities of those planets Um, there's other stellar systems like glissie 180 that Marissa is asking about Where the planets have been detected with the Doppler technique But the planets weren't edge on so we couldn't see the transit So we don't know the size of the planets because we don't know how big a shadow they cast across the star And so the trappist one system is kind of unique in that these planets are in their stars potential habitable zone Um, if they have the right atmospheres for liquid water to host liquid water on the surface But we also have both mass and radius measurements to compute the density and so that makes it kind of unique But otherwise it is somewhat similar to the glissie 180 system Although that has longer orbital period planets and we don't have the sizes because they don't transit in front of their star uh, I say That's Yeah, I just find it so fascinating that we're using shade and you know shape to You know get this Amazingly precise science. I I always say to my kids like no human beings classify things according to shape and shade And there's a reason because you can get a whole lot of information just based on the shape and shade of something Especially over time All right. Um, wow. Thank you guys for giving us so much fascinating fascinating information. Um before we wrap up Do you guys have any um You know final thoughts Deep thoughts that you'd like to share with uh with the audience They don't have to be deep. I think I don't know that one. Um, yeah I think what I really want to get across to the audience is just how exciting this system is because of um that the small star Uh, which means that we can you know Observe the atmospheres of these planets much more easily than any other system And because of the janitor space telescope Um, we are in the next five years going to start to learn about the atmospheres of planets like our own but outside Opening around other stars and we will have our very first chance to to look for life And I will say you know extra to rest of your life I will say that you know that the chances that we'll see anything are probably low We've only got three chances with those three planets, but still to start that search is really quite amazing Absolutely Eric Well, so that I mentioned at the beginning that the trappist survey surveyed 50 stars There's now My belgian colleagues are now doing a bigger survey called speculoas another backer name Spells the name of the belgian cookie That has bigger telescopes and more of them and they're surveying 500 stars So we're really excited about this speculoas survey that it might find other trappist one like systems The other thing is that a lot of the science being done has a huge amount of data that's taken And it's too much for astronomers to look through so it's possible For the general public for you to get involved in this search you can go to the zooniverse website And there are several projects that involve Exoplanets that you can actually look through data and potentially find something like we have done Really a non-professional can go to what was the site? zooniverse It's like universe but with zoo replacing the you Got it So you can go there and have a non-professional can have access to some of this information and help Sort through it Exactly because the data amounts are so large you can use a computer just to storm Down the data to some point But you eventually have to look at it by eye because it's really only you know Person's eye that can really see something that is that a plan or not? And so it it actually is very useful for astronomers to partner with the public and the search for exoplanets Excellent and It's nice to hear you guys won't be replaced by by robots anytime soon All right Thank you both for joining us here today and Thank you out there for watching And learning about the incredible trappist one star system Now you can see this video as well as all of our other universe unplugged videos at the website universe unplugged.org Or you can just click on the link in the comments that you should be able to see so please Subscribe on youtube and you'll be the first to know when our next Asti astronomers live comes out Follow us on facebook to catch the live show and until that next one i'm philamar here with eric aigle and vicki meadows and this has been Asti astronomers live. Thanks for watching. Thanks very much and go to


Let me begin by saying that border security and enforcement is primarily the responsibility of the federal government and unfortunately for decades we have not had an effective strategy that is border-wide. We've not devoted the attention personnel and resources that have been required to cover the border all the way from Brownsville to San Diego. Now from day one the Obama administration has taken its responsibility here seriously and has developed and implemented a clear strategy to obtain that personnel those resources that equipment and technology and the strategy is showing real progress. We've deployed more U.S. immigration and customs enforcement personnel than ever before to work strategically on investigations intelligence and interagency task forces to combat smuggling and human trafficking. So while we've taken unprecedented actions to increase border security and improve interior enforcement we are not satisfied. And today I'd like to announce several new steps in our enforcement efforts. The first is a new partnership with the Major City Chiefs Association to create a southwest border law enforcement compact. We're also creating a system that will fully interlink the information systems of all state local and tribal law enforcement entities operating along the southwest border with those of DHS and of DOJ. We're also establishing a suspicious activities reporting or SARS program for the southwest border. This will help local officers recognize and track incidents related to criminal activity by drug traffickers and utilize this information for targeted law enforcement operations on both sides of the border. Next we're strengthening the analytic capability of the state and major urban area fusion centers along the southwest border so that they are better able to receive and share threat information improving our ability to recognize and mitigate emerging threats. Next we're partnering with the Office of National Drug Control Policy to implement Project Roadrunner, an automated license plate recognition system. Project Roadrunner was conceived to target both north and southbound drug trafficking and associated illegal activity along the southwest border. Now securing our border requires constant pressure and maximizing our efforts especially against traffickers and criminals will require more than just federal state and local resources. It will also require Congress working across party lines to enact changes to our immigration laws so that we have a comprehensive set of reforms that meet the needs of our country and this administration is committed to taking that step.


QuickBooks Desktop 2023. Add new accounts and opening balances. Let's do it! Within two weeks, QuickBooks Desktop 2023. Support Accounting Instruction by clicking the link below, giving you a free month membership to all of the content on our website, broken out by category, further broken out by course. Each course then organized in a logical, reasonable fashion, making it much more easy to find what you need than can be done on a YouTube page. We also include added resources such as Excel practice problems, PDF files and more like QuickBooks backup files when applicable. So once again, click the link below for a free month membership to our website and all the content on it. Here we are in QuickBooks Desktop. Get great guitars, practice file. We started up in a prior presentation going through the setup process. We do every time maximize in the home page to the gray area. Noting in the view drop down the hide icon bar and open windows lists checked off. Open windows open on the left hand side. Opening up the reports and the reports drop down company and financial. Let's look at the profit and loss, the P and the L range into the change in 010122 to 123122 January through December 2022. That is, let's customize the report with the fonts and the numbers. I'm going to bring the size of the font on up to 12. Okay. Yes, and okay. Let's open up the balance sheet to with the reports drop down company and financial. These are the major two financial statement reports, of course, and then we're going to do the changing of the range in here in the customization to 123122. I'm also going to go to the fonts and the numbers while I'm here changing it to 12. Okay. Yes, please. And okay. Let's also open the trial balance, which in essence is the balance sheet on top of the income statement without all the subtotals by going to the reports drop down accounting and taxes and then the trial balance. This is a useful report even if you're not totally familiar with debts and credits because you could just look at those ending balances change in the range in 010122 to 123122. And let's customize it as well with the fonts and the numbers change in the fonts and the numbers to 12. Okay. Yes. Okay. There we have it. That's our starting point. Now we've been adding the beginning balances from our prior system imagining that we started our new QuickBooks file. We had prior accounting system in the past. Instead of uploading all the data from the prior system, we're just taking the ending balances as of the last cutoff date from the prior system and putting them into the current system. We've been looking first at those accounts which are more complex because they have sub accounts needs. The accounts receivable as we saw needs to be supported by the customers that owe us the money. The inventory needs to be supported if we're tracking inventory in QuickBooks on a perpetual system by the items. The accounts payable needs to be supported by the vendors that we owe the money to in that case. Now we're going to go to the rest of the accounts, much of them being a little bit easier. So we've got the checking account. We're going to have to add the furniture and fixture and the accumulated depreciation and the visa, the loan that we'll have to add. And then the equity account will kind of fall out because everything else will be going to equity as we add the beginning balances for all other line items on our balance sheet. And then we'll just adjust the equity account. Okay, so we'll try to touch on some of the issues which each of these line items, they still have some issues. And so for example, the checking account, we've got 25,000 in the checking account. Now I'm just going to add that as one line item into our system, but realize that if we were doing bank reconciliation and there were outstanding checks and deposits, it's possible that that 25,000 doesn't match what's on the bank statement as of 1231 2 2 due to outstanding checks and deposits. That's often a problem when people start a new new accounting system. And we'll get into that when we do the bank reconciliation. So for now, I'm just going to enter that one balance. And I'm going to recognize that I might have to make some adjustments and we will make adjustments for outstanding checks and deposits to do a proper bank reconciliation and understand that process, the bank reconciliation being a reconciliation of our books to the banks books of vital internal control. We'll talk more about that later. Just keep that just be aware of that. Alright, so if I go back to the homepage, we could enter that in as a deposit. That's the form that would typically be used. But usually I only use this deposit form if I'm entering a receive payment or create sales receipt that went through undeposited funds, which we'll see in the future. If not, I usually go to the register, which I could go to here, or I usually get there by going to the banking drop down and use register. Now we've got the checking account set up. That's our main account. So we had to add the checking account. So remember in the past, the other way we can get there, by the way, lists chart of accounts, we added that checking account in the past by going to the account drop down or rise up new account. We added a bank type of account and just called it the checking account. Now let's go ahead and if I double click on this account, it will take me to the register. And so I'm going to enter this in a register style fashion here as of 1231 222. And I'm going to say this is going to be a deposit of what did we say 25,000? I believe it was was our beginning balance. And the other side, I'm just going to put the opening balance equity, opening balance equity. And you might just call it beginning balance for the memo that should do it. And that'll create a deposit. So let's go okay. And then close this out. I'll close this out. If I go back to my trial balance, there's the checking account with 25,000 in it. The other side went into opening balance equity. See how easy it is to see on the trial balance. We can also see that on the balance sheet, of course, we've got the checking account double clicking on it. It actually entered it with a transfer form. You would think it would have used a deposit form. So that's kind of a little weird, but that's okay. Transfer form 25,000. So that looks good. So I'm going to say, Okay, close that out and close that out. The other side went into opening balance equity right here. So there's the 25,000 right there. This particular transaction had no impact on the income statement, just the two balance sheet forms. Okay, so let's go back to the homepage. Remembering again, we will have to deal with any outstanding checks with the bank reconciliation receivables we already had inventory we already did. And then we've got these two which are kind of related, meaning you've got possibly property, plant and equipment, which you might call depreciable assets, fixed assets or different terms for the same thing. And usually we would think of it as the furniture and equipment first, because that's the actual thing that we purchased. And then what has depreciated or what we have already depreciated being the accumulated depreciation. Notice the reason that these are reversed or backwards upside down, or meaning the accounts, the accumulated depreciation is before the furniture and equipment is because we don't have account numbers set up and these two are in the same category as before f. That's one of the problems with with not having account numbers. We could adjust for that multiple ways. We could try to use sub accounts to adjust for that, for example, and fix that without account numbers, but just kind of be aware of that. Also note with the furniture and equipment that we're going to have to calculate depreciation and any kind of fixed asset or depreciable assets, we have to deal with that problem. Even if you're on a cash basis, you might say, Hey, look, I'm only going to record expenses when I actually pay the cash. I'm on a cash basis. That's the easiest thing to do. However, if you go to taxes, the taxes will force you to deviate from a cash basis, even if you're on a tax basis for purchases of large items, like furniture, equipment, buildings and whatnot, because the distortion is so great from an accrual to a cash basis, meaning when you buy a building, for example, you're going to use that for a long period into the future. So the timing difference of just expensing it in this period is so great that we still have to basically use an accrual concept, even when you're generally using a cash basis. So we have to basically deal with this. Now, the other problem is that how are we going to do our depreciation calculation? We have different methods to do that. We have courses on it. If you want to look at it in more detail, straight line method, double declining method, some units method, but we also have the tax code method that we're going to have to deal with, because when we do the tax return, the taxes are going to calculate the depreciation on whatever the tax code says. So the fact that we already have to use tax depreciation means that we might want to use the tax software. This is quite common, especially for small to midsize companies to rely on their tax software on their CPA firm, if they have one, or the tax software, if they don't, if they're doing their own taxes, to actually run the depreciation schedules, calculating depreciation on a tax basis, which you might keep your books on a tax basis as well to keep it easy. Or you can use the tax software to also calculate a book basis. So you might be having a tax basis depreciation schedule as well as a book basis on like a straight line method or something like that for the book basis. But the sub ledger instead of being within QuickBooks, because it would be too redundant to keep it in QuickBooks often is done with the third party software, the tax software, and then you can run reports to do the periodic adjustments in the QuickBooks system, like monthly or yearly. So we'll talk more about how to do that in the adjusting entries process, but just realize we're not going to have a sub ledger calculating the depreciation schedules, you could track the different categories of depreciation, but we're just going to add the amounts here. Okay, so we're going to go Okay, let's go back on over and say that we're going to say that if I go into my let's go into my lists again, the chart of accounts, and we've got the furniture and equipment right there. If we didn't have it, or there's some other one that we wanted to add, we can write, we can add a new account. If we chose to do that, which would be the account type would be a fixed asset type of account, which is right here fixed asset type of account. I'm going to close that though, because we already have one. If you wanted to edit or change this account, you can right click on it and edit the account. So here we have the editing of the account. And what we would like to do is enter an opening balance for it. So I'm going to click on the opening balance. And we're going to say that this one was for I believe it was 75,000 75,000 as of, we're going to say the end of 2022, because we're starting our books in January 2023. So this is the last date of the prior year. What will QuickBooks do when I enter this? What form will it use to enter the transaction? Probably a journal entry, because there is no standard form for the purchase of of equipment, because we don't do it all the time. So so it's probably not going to use, you would think maybe it would use a check form, but probably not because sometimes we finance the purchase of equipment. So it's probably just going to be a journal entry instead of an invoice or bill or something like that. Okay, so we're going to say, okay, save it. So there's the 75,000 here. Also note that you could support that with the list drop down in the fixed asset item list. This is kind of like a place where you can track your sub ledger account. But it's a little again, a little bit redundant to do it here, because you would be tracking it, you would think in the tax software and notice equipment is something that you don't really purchase all the time. It's not a day by day purchase. So we would expect the transactions of large pieces of equipment to be somewhat periodic or rare, not a daily occurrence. So we can we can and same with the disposal. So all we have to do in the current year or current period is track the equipment that we increased or decrease and give that to our tax software so that they can record the date of purchase and so on at that point in time and then give us the calculations for the periodic adjustments for depreciation. And so that's the method that we're going to imagine we are using here. So there's the 75,000. If I go to the balance sheet and check out what happens, there's the 75,000 double clicking on it. It made a journal entry as expected. That's the format used. If I double click on it, it goes to a ledger. But if I double click on that, it goes to the journal entry. So there's the journal entry that has been put in place and closing this back out, closing this back out the other side, I believe it put to opening balance equity. And so there's the journal entry there. No impact on the income statement. If you look at it in the form of a trial balance, here it is in trial balance form nice and nice and tidy to see. Okay, let's go back on over again and say now we've got the accumulated depreciation related to it. So there's kind of a whole lot of things we can think about with the format of this accumulated depreciation. We might get into later. But notice that you could have like an accumulated depreciation that would be for each different category of property plant and equipment account. So for example, I might have buildings, I might have equipment, I might have furniture that are separate, right? And then I might have an accumulated depreciation as a sub account to each one of those accounts. That's one way that you can enter the data into the system. Or it might be easier to say I'm just going to put my furniture and equipment in the multiple accounts and then just have one accumulated depreciation account for all categories of the fixed asset. That's another method that you can use. We'll talk about those methods more when we get into future presentations and when we do the adjusting entries. But I just want to kind of touch on them now. The best practices oftentimes if you're depending on a tax software to calculate and support your sub ledgers would be to ask your CPA or your tax preparer or look yourself at the categories in the tax software to see how the tax software categorizes. And it's usually going to be equipment and then furniture broken out and then building. And so and then make your fixed asset accounts the same categorization as what will be on the software because that's how the sub ledger will be calculated. And then I typically would create another accumulated depreciation account for each of those categories as possibly a sub account, which we'll talk about later. And because the accumulated depreciation will be calculated by category oftentimes. So that's my recommendation for it. If you're thinking about how to set up your fixed assets, you want to kind of tie it out to the sub ledger, which might be done by the tax software, which is might be outside of the quick book system. So you want to get in in communication with them. But we're just going to tie it out to what is on our trial balance for now and get into that in more detail later. So I could go to the to the ledger and enter this, but instead I'm going to right click and edit the account. Now the funny thing about the accumulated depreciation, it's still a fixed asset type of account. But it's it's a contra asset, meaning it actually brings the assets down, it's a credit, it brings the assets down. So QuickBooks is often trying to make us enter things as plus and minus amounts. So the question here is, do I enter this as a positive or a negative number? Because because of that, right? So I think it's a negative. So seven negative seven thousand five hundred. If that was wrong, I can always go back into the into the register and change it. It will most likely default to a journal entry form to enter this transaction in a journal entry form, which is the reason we use debits and credits, it's more clear because it's a credit. There's no question. But here it's like it's okay, it's an increase to the to the accumulated depreciation, or is it a decrease because it's an asset account and it's a negative asset account, right? So okay, so I'm going to bring this to the end 1231 22. Okay. Save it and close it. And let's go to the balance sheet and see what it did. So now we've got the accumulated depreciation. So there it is. It did it correctly because we can see it took the difference. It should be decreasing the asset. So we put it on the books for 75,000. And we've depreciated already 7,500. Therefore, the book value is 67,500.  Here's the debits and credits for the actual journal entry. Close it out, close it out, close it out. The other side went to the opening balance equity. So there it is. No income statement impact profit and loss. In other words, trial balance here it is on the trial balance. Look how nice and easy it is to see there. Okay, I think we got one more that we can add which is the visa. And then we'll check that the equity account. Well, no, we got two more visa and the loan. And then we'll check that the equity accounts have played out as we would expect. Now the visa account is like the checking account in some ways, even though it's a liability because you could set up bank feeds with a credit card account. And because you might want to do what you should do like a reconciliation process with the the credit card accounts, although that usually is much easier because oftentimes people enter transactions that they make with a visa card with electronic transfers and possibly with the use of the bank feed. So they're kind of tracking it real time. So we're going to we're going to add that and say, Okay, let's go to the chart of accounts again. And let's see if we have any credit card accounts that they gave us. So it would be a liability assets, liabilities, I don't see any credit card type of account. So I'm going to make a new one. So I'm going to say accounts drop down rise up. And then we're going to go to new. And this is going to be a credit card account. And we'll say continue. And this I'm just going to call it visa visa account, I might call it credit card visa. Now, as you add these accounts, remember, you could try to organize these multiple ways. For example, I might call it a visa account, I might make a parent account. If I have multiple credit cards, and then make the visa and whatever other credit cards subsidiary accounts to it, so that I have a sub account, we'll talk about those kind of subsidiary accounts later. Right now, I'm just matching it out to the trial balance. I'm just going to add one account, I'm just going to call it visa, because that's what we called it in our trial balance, and then add the beginning balance, which was $1,000. And the statement date, which is the end of December 1231 22, it'll probably enter this with a journal entry form or possibly a credit card payment form. Let's see. So it'll be a credit card payment form, I'm guessing that QuickBooks will use. So let's check it out. It says, Do you want to set up bank feeds on paraphrasing? No, we're not going to do that yet. We've got a whole nother course or section on bank feeds, if you want to look at that, we first want to understand the accounting process. There it is visa on the trial balance. If I double click on it, it made a credit card charge, of course. So if I double click on it, there's the credit card charge, the other side went to opening balance equity, right, it went to an opening. So it still went to opening balance equity instead of to the income statement. So that's good. So if I go to opening balance equity, there's the 1000 there, I can see that as well on the balance sheet, where I've got a liability of the credit card, there's the credit card visa, other side is an opening balance equity, we've got one more, that's going to be the loan. Well, imagine this is an installment loan, for example, that we're making installment payments on it, we would tie it out or the sub ledger related to it would typically be outside of this, it would be the amortization schedule that we would be tying to when we make payments. So this is a pretty straightforward one to enter into the system. So I'm going to go back on over to the trial balance and go to the chart of accounts and see if we have any loans we can add. So this would be a liability type of account. So if I look by type, did they give me a loan account? I don't have any liability account. Now the problem with loans is that sometimes we got to think, well, is it a short term or long term liability? If I go to the balance sheet, notice the short term liabilities are those that are going to be doing a year, long term liabilities are going to be those that are due in over a year. It's important to break those two things out, because you want to see if you can pay off your short term liabilities with the cash you have on hand, and your current assets. So we're matching up our current assets and the current liabilities. The problem with a loan, especially a long term installment loan, is that there is a short term component to it and long term component, meaning you're going to be paying 12 months out is short term. Everything you're paying beyond that is going to be the long term component. So how do you deal with that when you do the data input into the accounting system? Normally, it's easiest to just have one account per loan, because you can tie that account then out to the amortization table as you make your payments. But then we might break out the short term and long term portion periodically at the end of the month or the end of the year using adjusting entries. So that's the method that I would basically recommend. So and then the question is, well, should I put my one account on a short term loan or the long term loan? I'm typically going to make it a short term loan because we're going to be making the payments out of the current, the current asset account, and then I'll break out the long term portion at the end of each period using adjusting entries, which we'll talk about later. But that's the general idea with the loans. If I go into my chart of accounts, I'm going to make another short term loan account, even though I think there's a long term component to this loan, because one, I'm just mirroring what's on the trial balance. And two, that's my thought process in terms of how I'm going to be dealing with the short term and long term portion, I'll break out the long term periodically using adjusting entries. Okay, so it's going to be a loan account, we're going to say continue. And I'm just going to call it generic loan account loan payable, because that's what it was on the trial balance. But there's a couple of methods you might enter the loans in practice. Remember, you might have like multiple loans, depending on the business you're in. So you might set up a parent account called loan payable, possibly short term and a long term loan payable. But and then you're going to have the actual loans underneath it, where you might indicate which loan it is by having the last four digits of the loan number, so that you can tie out which loan ties to what and you can tie each of the loan balances out to the amortization table. And you can then minimize if there's sub accounts of a loan account, so that you can have external reporting with one loan account number. That's what that would be the general gist of it, we'll talk more about that when we get to the adjusting entries. But here, we're just going to add the opening balance, which we said was 22,000. As of 1231 22 boom. And what's it what's QuickBooks going to do? What's the form it's going to use? Probably a journal entry, because because there aren't any normal forms for us taking out a loan. It might use it like a deposit form, not but no, usually it's going to be a journal entry form. So we'll say okay, close. Let's check it out. Let's check it out in the balance sheet. We got the loan payable down here. And loan payable 22,000 double clicking on it, it entered it in the system with a journal entry, double clicking on it. There's the register double clicking on the journal entry. There's the debits and credits the other side they put to opening balance equity, close it out, close it out, close it out, opening balance equity down here. There's the 22,000 closing this out. That looks good. And so that looks good. This is what we have thus far. There's no impact on the income statement from that particular transaction. So we've got the two main things on the income statement, I believe only the entering of the receivables and the payables which resulted in invoices and bills are impacting the income statement, but that's for the prior period. Let's look at the trial balance now. And let's see if we can do kind of a comparison between our trial balance that we're comparing to, and the QuickBooks trial balance here. So if I say let's see if I can bring this down a bit, bring this over here. Let's close this and we'll bring this over here. So I can see a side by side. So we'll go back on over and say trial balance. Boom. And so now we can do our side by side comparison comparison. So we got the checking account 25,000 accounts receivable 20,000 five inventory assets 289675 for the accumulated depreciation 75,000 for the furniture and equipment 15,000 for the accounts payable visa on the 1000 loan payable 22,000. And then we have this mess for the owner's equity. But if I pull up the trustee calculator calculator to do some trustee calculation, we've got then we're just going to add together these balances 72396 plus 25 minus the 15,000. That gives us the 77896. It has to tie out in total equity to what we have here, because of the double entry accounting system, everything else is correct and in balance. Therefore, equity washes out and is correct. But it's broken out between these three categories. Now these three categories are opening balance equity, which is a made up account. So we're going to get rid of that. We're going to make a journal and should to take it out of opening balance equity. Then we've got the uncategorized income and expenses, which are income statement accounts, which I'm not worried about, because they're going to roll into the equity account in the next year, the first year that we're going to be doing business on meaning if I take this from 010123 to 123123, the income statement washes out. And now we've just got this amount in equity, and we just got to remove the opening balance equity. Let's look at it in the format of a balance sheet. I'm going to say show me the open windows again, balance sheet. So down here, total equity is correct, right? Total equity ties out to here. So that looks good. And then we're just going to need to break out. And if I bring this up one day to 1123, now it's an owner's equity. Now, remember that the next step would be to do whatever you need to do to the equity section to make it correct. And that would be if it's a sole proprietorship, we'll just take the money out of or the amount out of opening balance equity and put it into the one equity account for one owner. If there was multiple owners in a partnership, then in our beginning balances, we would have multiple partner accounts, most likely, and we would have to break out each capital account for the partnership accounts in accordance with their whatever the balances are there. And then if it was a corporation, we can break it out into retained earnings and possibly a common stock account, because the retained earnings would still be pretty straightforward and easy, usually for a corporation, because the corporate interests are not broken out by individual capital accounts per partner, but rather by the fact that they own different amounts of shares, the shares being equal units in the corporation. So that's what we'll do next time. We'll just do a journal entry, closing out the opening balance to the equity account, and then we should have our opening balances in place.


Hey everybody back at IRF 2019. I'm with Joel the 3d printing nerd. How you doing Joel doing great, man? I've been checking you out. You've been doing tons of interviews walking around. There's people swarming you here And it's awesome. It's pretty crazy We're doing our best to get around because I never want to say no to a photo or handshake or obviously a high-five and I still want to I Still want to meet everyone, but I want to I want to see all the really cool stuff And so it's just it's just a matter of managing everything and so far I got my crew with me this year, so I'm able to actually accomplish more than before It's pretty good. I love it. Well, and and there's just a ton here to see this is Sunday This is day two and yesterday was packed in here and did you guys just do any filming yesterday? Yeah, we did some some b-roll acquisition yesterday some filming stuff It was a little bit difficult just because of how packed it was But this event the management of this event is amazing and the way that they're able to do Crowd mitigation Wonderful it is. It is awesome. Murph take note probably cut that out, but I had to say it Murph you know Murph next year that was great because they're gonna learn from this they're in the bigger building next year I think Murph is gonna be an entirely new and better experience than ever before Well, I don't want to take too much of your time. I appreciate the time, but I got to do this for one You got a sticker. Oh Oh Choices all right. We've got with me Joel bot Joel bot and safety Joel. It's the safety Joel I'll leave it up to my wife. Which one Joel bot or safety Joel Joel bot or safety Joel Joe, but it is honestly you're donating to the kids. So haha, I'm gonna give you all all right. Thank you so much Oh, thank you that. Thank you and I have a maker coin for you. Is that work? We could put it in the the jar It's a pretty one too. There we go Okay, you did 3d print this and so it is grand tradition that you tell me about this. What did you print this in? I printed it in blue PLA from coax filament coax I haven't heard of that brand before. Yeah, the layers look decent. It looks like I mean, it's not perfect But we're not going for perfect here. Exactly. There's some small details that really came out Well, your top layers look a little rough, but that's okay.  That's the first and only thing I've ever designed and it was a tinker CAD I put a circle it took my logo made a hole and I was like, let's try to print it sure well now Okay, the gauntlet has been thrown. So now now at the next event if it's Murph Murph, okay Here's the challenge remake this make the circle smoother Okay, add a Z feature so rather than it just being flat make a depression or a wave And then I want you to add a decoration around the outside whether that's a cutout or a bulb circle Something I mean if we're gonna go sprinkles. We're gonna get cupcakes. I'm just gonna love you even more. I Love it. I'll do it challenge accepted. Yes. High five. Thanks, Joe. Thank you