Sneak Peek
Bookkeeping- 20hr Short Course- Understand the essentials of Bookkeeping
Get a good basic understanding of bookkeeping
The aim of this course is to examine the scope and nature of bookkeeping and understand why it is an essential business function.
Record keeping is essential in any bookkeeping practice. Keeping track of money that is coming into and out of a business by keeping a paper trail is essential to accurately track transactions.
COURSE STRUCTURE
LESSON 1 SCOPE & NATURE OF BOOKKEEPING
Introduction
What is bookkeeping?
Why is record keeping important in bookkeeping?
What are the books?
Terminology and the bookkeeper’s world
Financial information
Hints and tips for making bookkeeping stress free from day one
Case study: Sally’s hairdressing studio
Review what you have been learning
LESSON 2 ACCOUNTING NORMS
Accounting conventions
Business Entity Convention
Going Concern Convention
Accounting Period Convention
Monetary Entity Convention
Recognition of Law
Accounting Doctrines - consistency, relevance, materiality, verifiability
Accounting standards
International Standard Setting Process
Case study: A freelancing business
LESSON 3 THE BOOKKEEPING PROCESS
Understanding the flow of information in bookkeeping
How and when do you record transactions?
Case study: Carlo’s chiropractic
LESSON 4 DOUBLE ENTRY BOOKKEEPING
Ledgers
Opening up a general ledger
Ledger accounts and sub ledgers
General Ledger
Entries resulting from transactions
Recording transactions
Case study: A gardening services
LESSON 5 CHART OF ACCOUNTS – BALANCE AND INCOME STATEMENTS
About the chart of accounts
Case study: Rob the builder
LESSON 6 LEDGER ACCOUNTS -PROFIT AND LOSS STATEMENTS
Ledger accounts and double entry bookkeeping
Footing ledger accounts
The trial balance
Accounting for drawings
Case study: Jimmy loses everything
LESSON 7 CASH RECEIPTS AND PAYMENTS JOURNALS
Journals - Day books
Journals appropriate for a Service Business
Recording cash transactions in journals
Case study
LESSON 8 WHAT COMES NEXT?
Starting a Bookkeeping Business
Considering blockchain
Where to keep learning and developing skills
Final assessment