HANDLING FULL SET ACCOUNTS & BUDGETING (WITH E-INVOICING ) COURSE

INTRODUCTION FOR ACCOUNTING PRINCIPLES AND PRACTICES WORKSHOP

Businesses are required to submit and ensure proper accounting records are kept. All accounting entries are required for external reporting to governmental and/or financial institutions, as well as to track internal profitability. With a solid understanding of basic accounting principles, terminology, and financial statements, bookkeepers and business owners can effectively communicate and interpret the financial results of an enterprise.

This programme will highlight the basic accounting cycle, the purpose and interpretation of financial statements, and the importance of record management in accounting for internal and external users of financial information. Do note that e-invoicing requirements in accounting documentation will be covered for Malaysian tax authorities.

WHO SHOULD ATTEND

Accounts Clerks, Accounts Assistants, Costing Clerks, New Accounting Personnel

Note: This course serves as a refresher or upskilling course for upper-level accounting and finance personnel who wish to deepen their understanding of accounting, budgeting, and finance.

LEARNING OBJECTIVES

1. Understand the purpose of accounting (communication, not confusion).
2. Understand the accounting process, the accounting equation, debits and credits double entries for assets, liabilities, revenue or gains, and expenses and losses.
3. Understand the steps performed in the accounting process via the accounting cycle for revenue, cost, expense, assets, and liabilities recording.
4. Understand the requirement of Inland Revenue Board Malaysia (IRBM) e-invoicing issuance for both sales and purchases transactions for documentation.
5. Know the source documents in the sales cycle and purchases cycle.
6. Ability to comprehend the purpose of financial statements and the methods that accounting events are recorded as transactions.
7. Understand the basics of how to analyze financial statements for decision-making purposes.
8. Understand and perform double entries for adjusting entries: depreciation, accruals, correction of entries, and prepayments.
9. Understand the basics of budgeting, budgeting cycle, and preparation of budgetary financial statements.

COURSE CONTENTS

Module 1: Mastering the Principles

• Understand the purpose of accounting.
• Understand the accounting process and the accounting equation.
• Understand essential accounting rules and debits and credits principles and their applications.
• Understand accrual accounting principles and cash accounting.
• Understand the format of trial balance, income statement (Statement of Profit or Loss) of various enterprises, and balance sheet (Statement of Financial Position).
• Understand and apply accounting principles such as going concern, matching concept, and consistency concept when recording transactions.

Module 2: Recording and Presenting Financial Data

• Overview of general journal and types of entries, cashbook, bank reconciliation, and petty cash record.
• Recording revenue/Sales via Billing and Accounts Receivables Customer module.
• Impact of Malaysia e-invoice required by LHDN.
• Steps in issuing sales e-invoice for various business transactions – B2B, B2C, and B2G.
• How to obtain company Taxpayer Identification Number (TIN) based on business registration for B2B customers in accounting software or myTax.
• How to assess company myTax dashboard for e-invoices issued via accounting software integration.
• Importance of generating Trade receivables (AR) aging analysis for year-end audit.
• Overview and understanding sales and purchases journals and reconciliations of debtors and creditors.
• Perform daily and monthly routines.
• What is Accounting for year-end adjustments?
• Extract a trial balance and draft a balance sheet and income statement.
• Inventory module in accounting transactions.
• What is inventory control and how does the control system work?
• How Inventory Works & how it interacts with General Ledger.
• Different Valuation Methods of Inventory: FIFO, LIFO & Weighted Average.
• Advantages & Disadvantages of Method of Valuation.
• Recording Cost of Sales/Services.
• Accounts payable module and suppliers maintenance.
• Importance of obtaining LHDN validated e-invoice from suppliers after 1 July 2025.
• AP balance report – Meaning and analysis.

Module 3: Understanding and Performing Common Adjusting Entries

• Account for non-routine transactions:
• Depreciation
• Acquisition and disposal of assets
• Bad and doubtful debts
• Provisions and accruals

Module 4: Year-End Procedures

• Understand year-end procedures for:
• Income Tax and SST tax
• Non-current (fixed) assets records update
• Other year-end entries

Module 5: Financial Statements and Financial Analysis

• Prepare and interpret the typical financial reports:
• Statement of Comprehensive Income (Profit and Loss Statement)
• Statement of Financial Position (Balance Sheet Statement)
• Statement of Cash Flow
• Receivables aging report.
• Perform basic ratio analysis.

Module 6: Budgeting Basics in Accounting

• Overview of Budgeting
• Sales and Collection Budget
• Material Purchases Budget
• Labour Budget
• Overhead Budget
• Cash Budget
• Budgeted Income Statement & Balance Sheet
• Case Study Learning Activity

TRAININGAPPROACH

Where appropriate, activities will include the following:

• Interactive Lecture & Video
• Facilitated Group Discussions
• Hands-on practical exercises, accounts analysis, and case studies
• Hands-on manual e-invoice issuance via company MyTax

Tools required: Participants will be required to bring laptops for sessions of accounting practices using Excel and accounting software.

DURATION

2 Days