The course not only teaches you the fundamentals of financial accounting but also helps you to enhance your skills. Bookkeeping course aims to give students a solid understanding of each of the different bookkeeping functions. The bookkeeping course includes the accounting cycle from the issuing of source documents right through to the determination of the business' tax liability. The bookkeeping course will explore the following essential bookkeeping topics such as Cash and credit journals, VAT regulations and calculations, general ledger entries, trial balance, annual preparation of the business income statement and balance sheet, salaries and wages, year-end adjustments and business income tax calculations.
Insight into a business's performance can mean the difference between success and failure. For instance, a company can run into several difficulties if accounts not adequately managed. It could say that bills paid late or it could result in cash flow problems.
Financial literacy is essential when it comes to making strategic decisions for a business. This skill set allows you to be able to make strategic choices by looking at trends and then deciding where to save or where to expand.
Bookkeeping forms an integral part of a business's operations, and you should equip with the necessary skills.
These bookkeeping skills include but are not limited to
- Maintaining a set of accounts from source documentation and books of prime entry to trial balance;
- Recording cash transactions;
- Managing individual accounts for debtors and creditors; and
- Being able to do bank, supplier and general ledger reconciliation.
To further your career, to improve your salary prospects or to manage your accounts and financial statements, a basic bookkeeping course can benefit you by promoting your financial literacy.
Bookkeeping is a systematic process for organizing and storing the financial records of an organization. Financial records include ledgers, tax records, bank statements, journals and many other business documents. To handle bookkeeping tasks efficiently, you need a good understanding of bookkeeping processes and objectives. Many training providers offer bookkeeping courses in the UK.
Bookkeeping is essential to a business for the following reasons
- Any company can be audited, either internally or by HMRC. The audit is an inspection of the company's bookkeeping records and procedures. If your files managed effectively, and easy to check, an Audit will confirm that everything is in order. If the records are disorganized and not kept up to date, there is more likely to be a problem.
- When selling or buying a business, it is the accounts which indicate it's value and performance.
- The accurate bookkeeping enables the managers of the company to identify costs and profits, and thus run the business more effectively.
FUTURE CONNECT Training offers bookkeeping courses in the UK, developing their student's knowledge and skills so that they are familiar with bookkeeping processes and reporting, and can maintain financial records proficiently.
Our bookkeeping courses UK are run by our experienced training team, who deliver the training with practical exercises to support our students while they develop an understanding of bookkeeping using both traditional double ledgers and widely used bookkeeping software (Sage, Quickbooks, IRIS, TAS & VT).
Objectives of the course
Balance the bookkeeper
To balance your book, you need to be careful about these items and be sure about the transactions that deal with assets, equity, and liabilities equity is recorded correctly and in the right place. There is the role of the formula that you can use to make sure your books always balance. That formula is the accounting equation:
Assets = Liabilities + Equity
The accounting equation defines
"Everything that any business owns (assets) is balanced against claims and the business (liabilities and equity). Liabilities are also claims based on what you owe vendors and lenders. Owners of the business also need claims against the remaining assets called as(equity)".
Bookkeeping Terms Related to the Accounting Equation
There is a need to understand assets, liabilities, and equity, so you will need a complete understanding of what comprises each one.
- Assets: As you look at the format of a balance sheet, you will look that the asset, liability, and equity accounts. Asset accounts usually begin with the cash account and also with the marketable securities account. Then, inventory accounts receivable and fixed assets in which land, buildings, and plant and equipment included. Those are tangible assets. You can touch them. But these Firms also have intangible assets such as customer goodwill.
- Liabilities: The liability accounts on a balance sheet contain both current and long-term liabilities. An ongoing commitment mostly accounts payable and accruals. Accounts payable are generally what the business owes to its suppliers, credit cards, and bank loans. Accruals should consist of taxes owed, including sales tax owed and federal, state, social security, and Medicare tax on the employees, which generally paid quarterly.
- Equity: The equity accounts should include all the claims the owners have against the company. The business owner may have an investment, and it also may be the only investment in the firm. If the firm has taken on another stake, that will consider here also.
Income Statement fundamentals
Revenue, Expenses, Costs
The income statement includes revenue, expenses, and costs.
- Revenue: It can state as "All the income a business receives in selling its products or services. Costs also called as the cost of goods sold and all the money that aa business spends to buy or services it sells to its customers or manufacture the goods services it sells to its customers. The Purchases account tracks goods purchased".
- Expenses: It can define as "All money that is consumed to run the company and which is generally linked to a product service sold or product. as an example of an expense the account is Salaries and Wages". A bookkeeper is also responsible for recognizing the accounts in which transactions must record. Such as if the business will make a cash sale to a customer and your business uses double-entry bookkeeping, you will mark the Cash received in the asset account as Cash and the purchase will register in the revenue account as Sales.
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