INTRODUCTION FOR HANDLING FULL SET OF ACCOUNTS
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 basic accounting cycle, purpose and interpretation of financial statements and the importance of record management in accounting for internal and external users of financial information.
LEARNING OBJECTIVE
On completion of the programme, participants will be able to:
- Understand the purpose of accounting (communication, not confusion).
- Understand the accounting process, the accounting equation, debits and credits double entries for assets, liabilities, revenue or gains and expenses and losses.
- Understand the steps performed in the accounting process via the accounting cycle.
- Knowing the source documents in the sales cycle and purchases cycle
- Ability to comprehend the purpose of financial statement and the methods that accounting events are recorded as transaction.
- Understanding the basics on how to analyse financial statements for decision making purposes.
- Understanding and performing double entries for adjusting entries: depreciation, accruals, correction of entries and prepayments
WHO SHOULD ATTEND
Entrepreneurs, business managers and accounts personnel. This course serves as a refresher course for accounting and finance personnel and anyone with an interest in accounting and finance.
TRAININGAPPROACH
Where appropriate, activities will include the following:
- Interactive Lecture & Video
- Faciliated Group Discussions
- Hands on practical exercises and case studies
COURSE CONTENT
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 its 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)
Module 2: Recording and Presenting Financial Data
- Overview of general journal and types of entries, cashbook, bank reconciliation, and petty cash record
- 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
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
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