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Understanding Bookkeeping and Accounting Systems
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Course Overview
This comprehensive 40-hour course is designed to equip beginners and intermediate learners with the foundational knowledge and practical skills required for effective bookkeeping. The course blends theoretical concepts with hands-on exercises to ensure learners can apply bookkeeping principles in real-world settings.
Course Modules
Module 1
2 hours
Introduction to Bookkeeping
Definition and Purpose of Bookkeeping - Bookkeeping vs. Accounting - Users of Financial Information - Key Accounting Principles & Concepts
Objectives: Understand the role and importance of bookkeeping in business.
Assessment: Quiz on bookkeeping fundamentals.
Module 2
3 hours
The Accounting Equation & Double-Entry System
Assets, Liabilities, Equity - Accounting Equation: Assets = Liabilities + Equity - Introduction to Debits and Credits - Impact of Transactions
Objectives: Apply the double-entry system accurately.
Assessment: Transaction analysis exercises.
Module 3
3 hours
Source Documents and Recording Transactions
Types of Source Documents - Importance of Documentation - Recording in Journals - Introduction to the General Ledger
Objectives: Record transactions using appropriate documents.
Assessment: Document identification and journal entry tasks.
Module 4
3 hours
Chart of Accounts & Ledger Accounts
Chart of Accounts Setup - Customizing Accounts - Posting to Ledgers - Balancing Accounts
Objectives: Create and manage a chart of accounts.
Assessment: Chart of accounts and ledger posting exercise.
Module 5
2 hours
The Trial Balance
Purpose of a Trial Balance - Preparing a Trial Balance - Identifying Errors
Objectives: Prepare and interpret a trial balance.
Assessment: Trial balance preparation task.
Module 6
3 hours
Adjusting Entries
Types of Adjusting Entries (Accruals, Prepayments, Depreciation, Bad Debts) - Posting Adjustments
Objectives: Execute necessary period-end adjustments.
Assessment: Journal adjustments practice.
Module 7
4 hours
Financial Statements Preparation
Income Statement (Profit & Loss) - Balance Sheet - Cash Flow Statement Overview - Preparing Statements from Trial Balance
Objectives: Compile basic financial statements.
Assessment: Financial statement preparation case study.
Module 8
3 hours
Bank Reconciliation
Purpose and Importance - Reconciliation Process - Common Discrepancies
Objectives: Perform bank reconciliations.
Assessment: Bank reconciliation exercise.
Module 9
3 hours
Payroll Basics
Gross Pay, Deductions, Net Pay - Recording Payroll - Statutory Requirements
Objectives: Record and manage payroll accurately.
Assessment: Payroll journal exercises.
Module 10
3 hours
Managing Accounts Receivable & Payable
Customer Invoices and Payments - Supplier Invoices and Payments - Credit Control Techniques
Objectives: Track and manage receivables/payables.
Assessment: Accounts aging report task.
Module 11
3 hours
Introduction to Bookkeeping Software
Overview of QuickBooks, Xero, Sage - Benefits of Software Tools - Demonstration & Hands-on Practice
Objectives: Navigate and utilize basic bookkeeping software.
Assessment: Software-based data entry assignment.
Module 12
2 hours
VAT/GST and Sales Tax Accounting
VAT/GST Basics - Recording VAT Transactions - VAT Returns and Deadlines
Objectives: Accurately handle VAT/GST transactions.
Assessment: VAT accounting exercise.
Module 13
2 hours
Ethics and Best Practices in Bookkeeping
Ethical Standards - Confidentiality and Data Protection - Record Retention
Objectives: Uphold ethical standards and best practices.
Assessment: Reflective quiz on ethics.
Module 14
4 hours
Final Review and Practical Exercise
Comprehensive Case Study - End-to-End Bookkeeping Process - Mock Exam or Assessment - Feedback and Q&A
Objectives: Apply all concepts learned in a comprehensive scenario.
Assessment: Final exam and case study submission.