Final Accounts Training is the ultimate goal in your career as an accountant in the field of Accountancy. In this you keep track of a company's financial transactions using standard rules, the transactions are recorded, summarized, and presented in a financial report or financial statements such as an income statement or a balance sheet. You can reach this peak by having the accounting basics with our Bookkeeping & VAT Training & Bookkeeping & Payroll .
The Final Accounts training course combines all the training and courses at Future Connect and gives a high-end practical experience of the complete accounting cycle. You will be starting off with Bookkeeping and VAT Return at the initiation of this course. After you have proper Bookkeeping skills on various Industries, the trainees move on to an intermediate level of accountancy and learn to close the books for the year-end. At this stage, the initial Trial Balances are calculated and Trainees are given a chance to attend the academic classes focussing on CIS, Control Accounts, Advanced Excel and FRSSE.
The Final accounts training is done on Sage Accounts Production Advanced software, they could also use other software like XERO and QuickBooks with MS Excel. The trainee can now make a complete company file that includes calculation of Corporation Tax.
This course is suitable for both people new to accountancy and with work experience in the accounting sector and wants to enhance their skills for expert-level accounting. You will be coached by CPD Certified professionals who will help you throughout the entire learning process with hands-on practical experience that will put you in a launchpad your career in this fast-paced accounting environment.
Making Tax Digital (MTD) is one of the government’s current desired plans to make it easier for individuals & businesses to get their taxes right by making it more effective, efficient and user-friendly for taxpayers to be putting accurate taxes. Many VAT-registered businesses with a taxable turnover above the VAT threshold of £85,000 are now required to use the Making Tax Digital service to keep records digitally and use software compatible with MTD to submit their VAT Returns. For this concept to be implemented, companies are keeping digital records and providing updates to HMRC to prevent these errors from occurring regularly. The government has also mentioned that businesses will be ...
*Using sage as an example, the course structure is as follows:
(The course structure is same for all the other softwares)
Final accounts are the last stage of the financial system of an organization. It shows both the financial position of the company and profitability to the company and its owners and other interested parties. All the financial transactions are first recorded in journals then posted in a ledger and then they are balanced and final accounts summarises them all.
This is the first phase of the final accounts. At this step gross profit and loss is calculated. On the debit side i.e. left-hand side opening stock, purchases and all the direct expenses are shown.
If the debit side is greater than the credit side, the excess amount is called gross profit. It is moved to the credit side of profit and loss accounts.
Gross loss :
If the credit side is greater than the debit side; the excess credit amount is called gross loss. It is moved to the debit side of profit and loss account.
It the second step of final accounts. At this step net profit and the net loss is calculated by the business. It takes net profit and net loss from the trading accounts; transfer all the indirect expense accounts, such as salary and wages, utility expense and advertising expense, etc. to the debit side and transfers all the indirect incomes such as interest earned, dividends shared and profit on sales earned on the credit side.
It basically separates our earning and expenses so that we can further process with the final accounts with the least possible errors.
The balance sheet is the final step of final accounts; construct to find out the financial position of the business at a particular period fiscal or annual. Balance sheets consist of three building blocks of basic accounting i.e. assets, liability and owner’s equity/owner’s capital.
The balance sheet is not an account it is a statement. There are no debit or credit sides. The left-hand side of a balance sheet consists of all liabilities of the business and right-hand side consists of all the assets and owner’s equity/ owner’s capital. In the balance sheet of the final accounts, both sides must be equal.
This training course for Final Accounts is designed for those who want a bright career in the accountancy industry. With this training course, you will be able to run final accounts proficiently.
SAGE offers you one of the best platforms to learn accountancy like a pro. Future Connect Training will guide you and help you learn all the necessary things about final accounts. These courses and training can also be availed by people already in the industry.