INTRODUCTION FOR FINANCE FOR NON FINANCE
This program designed for employee who do not have formal financial discipline background. The module discusses common financial term, identify key elements in financial statement such as the income statement, balance sheet, budgeting and cash flow. This program helps the participants to understand the concept of accounting and the IFRS requirements in financial statement. Also able to understand and read the financial statement.
HOW WILL YOU BENEFIT:
At the end of the program, participants will be able to:
- Understand the fundamental of accounting, accounting terms, the accounting concepts, financial statements, and journal
- Understand the concept of double-entry (debits & credits) & get good knowledge of what is meant by ‘books must be balanced’.
- Understand the concept between all accounts & the financial statements (how and which category they fall into)
- Understand how to provide for the depreciation, bad debts & other entries andunderstand how computerized accounting systems
- Prepare Balance Sheet & Income
- Prepare Final accounts and maintain record
WHO MUST ATTEND FINANCE FOR NON FINANCE
- Senior Accounts Clerks
- Accounts Executives
- Managers
- Basic Leaners
- Supervisors
- Higher Level Management Team
COURSE CONTENT
Topic 1- Accounting Policies
- Policies from a broad range of operational and financial areas, including cash, receivables, intangible assets, asset impairment, inventory valuation, types of liabilities, revenue recognition, and capitalized costs.
- Differences between Management Account and Financial Accounting base on International Financial Reporting Standard (IFRS).
Topic 2 – Analyst The Accounting Transaction & Recording
- What is accounting entries and how does the record should capture in the book?
- How do we record the journal entries?
- What are the eight steps in the accounting cycle?
- Ledger System – General Ledgers, Subsidiary Ledgers – Posting into Ledgers.
- Classification of the expenses base on the Tax Authorities.
Topic 3 – Fixed Assets
- What is fixed assets – Tangible assets, Property Plant & Equipment (PP&E).
- Types of Fixed Assets.
- Components of fixed assets.
- Formula and calculation of fixed assets.
- Differences between revenue expenditure & capital expenditure.
- Disposal of fixed assets.
- How does the fixed assets list help to calculate the depreciation.
Topic 4 – Cash Book Transaction ( Bank & Cash )
- How does the petty cash systemworks?
- Is petty cash defined as expenses or income?
- What transactions are recorded in cashbook?
- Posting Cash Book Transactions into Ledgers.
- How do we reconcile the bank transaction?
- Preparing Bank Reconciliation Statements.
Topic 5 – Account Receivable (AR) & Account Payable (AP)
- What is an Account Receivable & Account Payable statement?
- The role of Account Receivable & Account Payable.
- The formula of Account receivable & Account Payable.
- How do we figure out the Account Receivable & Account Payable?
- The process of Account Receivable & Account
- The examples of AR & AP.
Topic 6 – Inventory
- What is inventory in Accounting?
- What is inventory control and how does the control system works?
- How Inventory Works & how it interacts with General Ledger
- Different Valuation Methods of Inventory: FIFO, LIFO & Weighted Average
- Advantages & Disadvantages of Method of Valuation.
Topic 7 – Preparation Of Final Account
- Preparation of Profit And Loss Account with adjustments.
- Balancing the Trial Balance with journal entries.
- Write off the bad debt.
- The closures of books and transfer the balances to next financial year.
- Identify the provision/accrual entries before close the account.
- Crosscheck the entries with supporting documents and filing system.
Topic 8 – Current Liabilities & Long Term Liabilities
- Term Loan entries.
- Hire Purchase entries.
- Overdraft entries.
- Provision for Contingent Liabilities.
Topic 9 – Deposits / Prepayment
- Type of deposits.
- What is prepayment in Balance Sheet?
- Differences between prepayment and accrual. Is prepayment defined as an expenses?
Topic 10 – Salaries / EPF / SOCSO / Staff Allowance
- Calculation of salary, and Staff Allowances.
- EPF & Socso contribution
- Deadline of payment for EPF & Socso.
Topic 11 – Salaries / EPF / SOCSO / Staff Allowance
- Calculation of salary, and Staff Allowances.
- EPF & Socso contribution formula.
- Deadline of payment for EPF & Socso.
Topic – 12 – Sales Recognition And Invoice Issuance
- When sales invoices should be issued?
- What are the documents should be combined together with sales invoices?
- Sales recognition base on completion of project (percentage basis).
Topic – 13 Provision For Taxation
- Submission of CP204.
- Estimation of tax payable base on P&L.
- Deadline for the CP 204 submission to IRBM
Topic 14 – FD interest Receivable & Payable, and Chargeable Interest
- How to calculate the FD interest?
- The journal entries.
Topic 15 – Preparation For Audit
- Audit adjustments and journal entries.
- Preparation of supporting documents.
- Submission of account for audit before the deadline.
- Submission of audit report within the deadline.
Q & A Section
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