Understanding And Handling Full Set of Accounts In SST Environment

This "Understanding and Handling Full Set of Accounts in SST Environment" programme enables participants to understand the bookkeeping process and how to prepare full set of financial accounts leading to the preparations of financial statements.

Participants will also understand the accounting principles and standards governing the preparation of the accounts and its Financial Statements and the accounting treatment of Sales and Service Tax (SST).

Learning Outcomes:

• Understand why accounting is important, the glossary of accounting terms, the fundamental accounting concepts used in accounts preparation, financial statements, journal entries, etc…
• Explain the concept of double-entry (debit & credit) & able to perform the double-entry process
• Better understanding of the relationship between the ledger accounts & the financial statements
• Know how to provide for depreciation, bad debts & other entries, know how computerized accounting systems work
• Prepare Statement of Financial Position and Statement of Profit or Loss Accounts and Other Comprehensive Income
• Understanding the Impact of SST in the preparation of Full Sets of Accounts

Who Should Attend:

Accountants
Accounts & Finance Executives / Clerks
Bookkeepers
Administration Executives / Clerks
Payroll Executives / Clerks
Credit Control Executives
General Clerks
IT personnel who are involve in Accounting System

Course Content:

•  Day 1
• The Necessity Of Bookkeeping
• Origin and brief background of bookkeeping
• Why the Necessity of Bookkeeping
• Difference between financial accounting and management accounting
• Accounting Concepts And Equation
• The fundamental Concepts and Assumption in Accounting
• Accounting Equation
• Rules of Double Entry System – Debit and Credit
• The Accounting Cycle
• Recording And Analysing Business Transactions
• Understanding the Main Books of Accounting System
• Journal, Ledger and Source Documents
• Books of Original Entries – Types of Journals and Cash Book
• Ledger System – General Ledgers, Subsidiary Ledgers – Posting into Ledger
• Understanding How Accounts Receivable (AR) & Accounts Payable (AP) Work
• AR, AP Reconciliation
• Fixed Assets Accounting
• Differentiate between Revenue Expenditure and Capital Expenditure
• Depreciation Methods
• Disposal of Fixed Assets
• Inventory Accounting And Methods Of Valuation
• Reasons for keeping stock and the cost associated with the stock keeping
• Different Valuation Methods of Inventory: FIFO, LIFO & Weighted Average
• Advantages & Disadvantages of Each Method of Valuation
• Capital Structure
• Types of Share Capitals
• Share Premium
• How to record the Share Capitals including the Share Premium
• Effect of Company Act 2016
• How to record for IPO?
• Day 2
• Understanding The Cash Book And Petty Cash
• Understanding the layout of Cash book
• Posting Cash Book Transactions into Ledgers
• Preparing Bank Reconciliation Statements
• Petty Cash and the system of controlling petty cash
• Preparation Of Final Accounts
• Balancing Accounts and preparation of Trial Balance
• Detecting the errors or unbalance Trial Balance
• Preparation Statement of Profit or Loss and Other Comprehensive Income / Statement of Financial Position
• Final Adjustment - Bad Debts, Doubtful Debts, Provision of Taxation etc
• The closures of books and transfer of balances to next financial year
• Computerized Accounting
• Working in a Computerized Accounting Environment
• Difference Between Manual & Computerized Accounting
• Real Time vs Batch Processing
• SST Environment
• Sales Tax and Service Tax Legislations
• Accounting for SST
• Updates on SST