* An Integrated Approach to the Fundamentals of Accounting

An Integrated Approach to Accounting Fundamentals: From Source Documents to Trial Balance

Master the core principles of accounting with this comprehensive MOOC designed for aspiring bookkeepers and accounting professionals. Learn how to transform raw financial data into a balanced Trial Balance and gain a solid foundation in bookkeeping.

Who is this course for?

• Individuals seeking a career in bookkeeping or accounting.
• Anyone wanting to understand the fundamentals of accounting and bookkeeping.
• Those looking to improve their financial literacy.

Course Overview:

This course provides a step-by-step journey through essential accounting processes, utilizing a practical case study to reinforce learning.

Section 1: Introduction

• An overview of the accounting cycle.
• Understanding the roles of bookkeepers and accountants.
• Key accounting terms and essential financial documents.

Section 2: Sales Accounting

• Invoice and credit memo preparation (with and without discounts, including trade and settlement discounts).
• Understanding the role of the Accounts Receivable (AR) department.
• Prime Books of Entry, cross-totting, and transferring data to sales day books and sales returns day books.
• Activities: Prepare sales invoices and credits, enter sales transactions into day books, and close day books.

Section 3: Purchase Accounting

• The purchasing process and associated documents.
• Purchase invoice verification and approval.
• Invoice coding for financial analysis.
• Transferring data to purchase day books and purchase returns day books.
• Creditor reconciliation.
• Activities: Check and approve purchase invoices, code purchase invoices, enter purchase transactions, and reconcile creditor statements.

Section 4: Petty Cash Management

• The complete petty cash process: voucher creation, data entry, and reconciliation.
• Activities: Raise petty cash vouchers, enter petty cash transactions, close the petty cash daybook, reconcile petty cash, and replenish petty cash.

Section 5: Banking Transactions

• Processing banking transactions: remittance advice, payments, and receipts.
• Using the three-column cash book and analysis cash book.
• Cash book closure and balance reconciliation.
• Bank reconciliation.
• Activities: Enter payments and receipts, close the cash book, and reconcile the bank.

Section 6: Accounting Equation & Double-Entry Bookkeeping

• Understanding the accounting equation and double-entry bookkeeping.
• Preparing T-accounts.
• Recording transactions from sales day books and sales returns day books to the receivables control account, general ledger, and memorandum ledgers.
• Recording transactions from purchase day books and purchase returns day books to the payables control account, general ledger, and memorandum accounts.
• Recording transactions from bank and cash accounts.
• Closing control accounts.
• Activities: Prepare double-entry transactions, record transactions in T-accounts, and transfer transactions to the general ledger and control accounts.

Section 7: Journals & Payroll

• The importance of journals and their preparation.
• Payroll calculations: gross pay, net pay, and employer deductions.
• Preparing payroll journals and posting to the general ledger.
• Control accounts overview.
• Preparing an initial trial balance and troubleshooting imbalances.
• Activities: Prepare journals for adjustment and payroll, record them in the general ledger, calculate gross and net pay, and prepare an initial trial balance.

Course Features:

• Narrated storyboards for real-world context.
• Practical case study throughout the course.
• Downloadable workbooks with activities.
• Quizzes to assess understanding.
• Certificate of Completion.
• Bonus: Access to a community forum for interaction with fellow learners and the instructor.

Register Now and gain the skills to excel as a bookkeeper or assistant accountant!

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