Basic Bookkeeping For SMEs

Numbers! Numbers! Numbers! Wherever you go, you are bound to see them. On addresses, license plates, phones, prices, and of course, money! Numbers connect us all to each other in many more ways than we might imagine. Essentially, our world revolves around numbers.

Some of us enjoy dealing with numbers while others may have a fear of them, or even a phobia. For those of you who have already recognized and appreciate the impact that numbers actually have on just about everything, you deserve a cookie. Welcome to Basic Bookkeeping! 

Objectives:

• Understand the purpose of accounting.
• Comprehend the ways accounting events are measured, recorded and reported.
• Comprehend the rules of double entry system.
• Comprehend the propose and classification of accounts
• Understand the guidelines on how to prepare the full set of accounts

Outcomes:

• Learn to recognize and use basic accounting terminology
• Understand the differences between cash & accrual accounting methods
• Become familiar with accounts payable & receivable
• Learn how to use a journal and general ledger to document business financials
• Be comfortable reading and analyzing the balance sheet
• Learn to identify different types of financial statements
• Understand the reasons for a budget, and how to create one
• Gain a knowledge of internal & external auditing

Course Content:

• What Is Bookkeeping?
• • Accounting Process
• • Role in today’s business
• • The Accounting Equation
• • Transaction Analysis
• The Recording Process Using Double Entry System:
• • Assets | Liabilities | Capital | Revenue
• • Expenses | Extracting Trial Balance
• Preparation Of Financial Statements:
• • The Trading Account
• • The Profit & Loss Account
• • The Balance Sheet
• Books Of Original Entry / Journals:
• • Cash Book
• • Sales & Purchases Journal
• • Returns Journal
• • The General Journal
• Posting To Ledger:
• • The Creditors Ledger
• • The Debtors Ledger
• • The General Ledger
• Petty Cash, Bank Reconciliation Statements & Adjustments At Financial Year End:
• • Cash versus Accrual Accounting
• • Matching Principle / Accrued Expenses
• • Prepayments
• • Unearned Revenue
• • Bad Debts & Provision for Doubtful Debts
• • Recording in Ledger
• • Impact on Financial Statements
• Accounting For Tangible Fixed Assets:
• • Historical Cost Concept
• • Depreciation Calculation & Recording
• • Gain or Loss on Sale
• • Recording in Ledger
• • Impact on Financial Statements
• Preparation Of Financial Statements With Adjustments For Limited Company:
• • Limited Company Background
• • The Trading Account
• • The Profit & Loss Account