Be trained about the essential numerical skills necessary for accounting and bookkeeping. This course explains the elementary rules of double-entry bookkeeping and how they are used to generate and maintain balance sheet and the profit and loss account.
What is bookkeeping?
In Bookkeeping, you have to keep a record of financial transactions, and is part of the procedure of accounting in business. Operations consist of purchases, sales, receipts, and payments by either a person or an organization.
Bookkeeping gives us information from which accounts are organized. It is a different process that occurs within the broader range of accounting.
Every transaction, whether it is a question of purchase or sale, must be recorded. There are typically set structures in place for bookkeeping that are called ‘quality controls’, which help make sure timely and accurate records.
Introduction to bookkeeping Courses
In bookkeeping course, you can learn how to balance your books and develop the skills to manage finances in a business environment. You might wonder why you need to understand the core concepts of bookkeeping and accounting. The Business Owners, Directors and Managers need to know the health of their business, and this show in the financial statements. To understand these reports, you need an understanding of basic bookkeeping, how to obtain accurate information, and what each section means.
What are different types of bookkeeping?
All type of business transactions passes through the Cash account, which is very significant that often bookkeepers primarily use two journals, Cash Receipts and Cash Disbursements, to follow the action.
- Accounts Receivable
If your organization sells goods or services and doesn’t collect payment instantly, you have “receivables,” or money due from customers. You must follow Accounts Receivable and keep it up to date so that you send timely and exact bills or invoices.
Unsold goods are like money sitting on a shelf and must be suspiciously accounted for and tracked. The numbers in your books should be occasionally tested by doing physical counts of inventory on hand.
- Accounts Payable
Nobody likes to send money out of business, but a clear vision of everything via your Accounts Payable makes it a bit throbbing. Summarizing bookkeeping helps guarantee timely payments and avoid paying someone double! Paying bills early can also meet the criteria for your business for discounts.
- Loans Payable
If you’ve rented money to buy equipment, vehicles, furniture or other objects for your business, this account tracks payments and due dates.
The Sales account tracks all received revenue from what you sell. Recording sales in a timely and perfect approach is serious to knowing where your business stand.
The Sales account tracks all received revenue from what you sell. Recording sales in a timely and perfect approach is serious in knowing where your business stand.
- Payroll Expenses
For many organizations, payroll operating cost can be the major cost of all. Keeping this account precise and up to date is necessary for meeting tax and other government coverage requirements. Avoidance of those everyday jobs will put you in serious hot water.
- Owners Equity
Essentially, it tracks the amount an owner (or owners) puts into the business. Also referred to as net assets, owners equity reflects the amount of money a vendor has once liabilities are subtracted from assets.
- Retained Earnings
The Retained Earnings account tracks any company earnings that are reinvested in the business and are not paid out to the owners. Retained earnings are increasing, that shows they appear as a running total of money that has been employed from the start date of the company. Managing this account doesn’t take too much time and is vital to investor and lenders who want to know how the company has performed over time.
Who is suitable for this course?
The basic bookkeeping course is for anyone who wants an introduction to financial accounting and bookkeeping. It might be of interest to small business owners, people who are self-employed or those wishing to manage their finance better. You don’t need any previous experience.
The bookkeeping courses include following topics:
- Basic bookkeeping language:
Our basic bookkeeping courses explain the terminology and definitions of accounting terms. It enables our students to understand the language used in the bookkeeping process and accounting statements.
- Accounting processes:
Our basic bookkeeping courses cover double-entry bookkeeping, accounting equations, how transactions recorded and how they impact the business.
- Debits and Credits:
How each transaction has a debit and credit entry in double-entry bookkeeping is an essential element of all basic bookkeeping courses. Understanding debits and credits will help you understand your financial statements and asses the health of any business.
- Data recording:
Our basic bookkeeping courses explain the importance of recording all the business transaction - this facilitates managing, analysing and summarising this information.
- Ledgers and journals:
How to record each transaction in double-entry bookkeeping system and widely used bookkeeping software (Sage, Quickbooks, IRIS, TAS & VT) are covered by our basic bookkeeping courses. The debit and credit details of each transaction recorded in ledgers. The different ledgers and when to use journals for unusual transactions also explained.
- Financial statements:
The Balance Sheet, profit and loss statement and trial balance are the primary financial statements used to show the health of a business during a year. Our basic bookkeeping courses explain how to prepare these statements and what they say about the company.
Having explained and demonstrated the essential bookkeeping elements, students of our basic bookkeeping courses also have access to online tests to help review their learning, an opportunity to discuss the concepts, definitions and processes with their tutors.
What we offer in this Course?
At Future Connect Training you can get practical financial skills to help you balance the books. With our bookkeeping courses, you can discover how money flows into personal and business environments and develop the skills required to manage your finances with this course introducing you to bookkeeping and accounting. You’ll master common terms, basic math’s and gain the ability to put your knowledge into practice. After this course, you’ll be able to perfectly balance your books and understand how concepts of profit and loss lead to revenue or debt. Future Connect Training offers basic bookkeeping courses which enable their students to understand the underlying concepts of bookkeeping. Our courses cover bookkeeping systems and accounting rules, types of financial activities, cash and accrual basis of accounting, etc.