Bookkeeping Essentials

Course Details

• What you will learn
• Fundamentals of bookkeeping.
• How to calculate and paying payroll.
• Buying from suppliers and paying them.
• How to handle cash receipts.
• How to track inventory.
• How to create a budget.
• How to create financial statements such as balance sheet and Income Statement.
• Lesson 1 Bookkeeping Basics
• What is Bookkeeping?
• What is the Job Description of a Bookkeeper
• Basic Function, Principal Accountabilities
• What is the Income Statement? What is the Balance Sheet?
• What Is a Transaction?
• What Is the Accounting Cycle?
• What Is the Cash Method of Accounting?
• What Is the Accrual Method of Accounting?
• What Are Accounting Principles
• What Are Accounts Receivable and Accounts Payable?
• What is Depreciation, General Ledger, Trial Balance?
• Lesson 2 Chart of Accounts
• What Is a Chart of Accounts?
• What Are the Main Account Categories in the Chart of Accounts?
• Balance Sheet Asset Accounts
• Balance Sheet Liability Accounts
• Balance Sheet Equity Accounts
• Income Statement Accounts
• Account Number System
• Lesson 3 General Ledger and Subledgers
• What Is the General Ledger
• What Is a Journal Entry?
• How Do I Record a Sale?
• How Do I Record a Purchase?
• How Do I Record a Payment?
• How Do I Record a Cash Receipt?
• Lesson 4 Payroll
• What Is the Payroll Process Flow?
• Employee Advances
• Payroll Checks
• What Is the Difference between an Employee and a Contractor?
• How Do I Set Up a New Employee?
• What Is a W-4 Form?
• How Do I Record Employee Time Worked?
• How Do I Calculate a Workweek?
• How Many Payroll Cycles Should I Have?
• How Do I Calculate Pay Under the Hourly Rate Plan?
• What Is COBRA?
• How Do I Calculate Federal Income, Medicare, Federal Unemployment, State Unemployment Taxes?
• Lesson 5 Purchasing and Payments
• What Is the Purchasing Process Flow?
• Supplies Purchases
• Inventory Purchases
• Credit Card Purchases
• Which Purchasing and Payments Controls Do I Need?
• How Do I Handle an Expense Report?
• How Do I Account for a Supplies Purchase?
• How Do I Trac Use Taxes?
• How Do I know When to Pay Bills?
• What Is a Check Run and How Do I Process It?
• What is Petty Cash? How Do I Account for Petty Cash?
• How Do I Process 1099 Forms?
• Lesson 6 Billing and Collection
• How to Process a 1099 Form
• Billing, Collections and Credit Memos
• Create a Customer Invoice
• How does a Sales Receipt Vary from an Invoice
• How to Account for a Customer Invoice, Sales Receipt
• How to Account for Sales Taxes?
• How to Account for Credit Card Sales?
• How to Account for Sales Discounts?
• How to Account for Sales Returns
• What is a Statement and when to use.
• How to Remit Sales Taxes?
• Monitor Accounts Receivable and Collections
• Lesson 7 Cash Management
• What is the Cash Management Process Flow?
• How to Account for a Payment for an Account Receivable?
• What is a Remittance Advice?
• What Is a Deposit Transit?
• What Is a NSF Check?
• How Do I Monitor Cash Balances?
• How Do I Create a Bank Reconciliation?
• How Do I Forecast Cash?
• How to Measure the Sufficiency of Cash?
• How to Measure How Long a Company Can Survive with Existing Cash?
• Lesson 8 Inventory
• What is Inventory?
• What Is the Cost of Goods Sold?
• What Is the Periodic Inventory System?
• What is the Perpetual Inventory System?
• How to Estimate Ending Inventory with Retail Method?
• What Is Absorption Costing?
• What is Standard Costing?
• What Is the First In, First Out Method?
• What Is the Last In, First Out Method?
• How to Account for a Sales Return.
• How to Calculate Average Inventory.
• How to Calculate Inventory Turnover.
• Lesson 9 Fixed Assets
• What Is a Fixed Asset?
• What Is an Intangible Asset?
• What Is a Capital Expenditure?
• What Is the Useful Life of an Asset?
• What Is a Capitalization Limit?
• Which Costs Can I Assign to a Fixed Asset?
• What Is Depreciation? What Is Accumulated Depreciation? How to Record Depreciation Expense.
• What Is Amortization?
• Which Is Accumulated Amortization?
• Which Fixed Assets Can I Not Depreciate?
• How to Calculate Straight-Line Depreciation?
• What Is MACRS?
• Lesson 10 Debt Accounting
• What Is Simple Interest?
• What Is Compound Interest?
• How Do I Separate Principal from Interest?
• When Is Debt Categorized as Short Term or Long Term?
• How to Record Debt.
• Lesson 11 Creating Financial Statements
• What Is a Trial Balance?
• How to Detect Errors in a Trial Balance?
• What Are Unadjusted and Adjusted Trial Balances?
• What Adjustments Should I Make to the Trial Balance?
• How to Calculate the Allowance for Doubtful Accounts?
• What Is a Post-Closing Trial Balance?
• How to create a Financial Statement Worksheet?
• Lesson 12 Closing the Books
• What Is Closing the Books?
• What is Included in a Closing Checklist?
• Closing Activities to Complete Prior to the End of the Period?
• What Closing Activities Shoud be Complete After the End of the Period?
• How to Prepare the Books for the Next Accounting Period?
• Lesson 13 Balance Sheet
• What Is a Balance Sheet?
• Which Line Items to Include in a Balance Sheet?
• What Are Current Assets?
• What Are Long-Term Assets?
• What Are Current Liabilities?
• What Are Long-Term Liabilities?
• What is Shareholder's Equity?
• What Does a Balance Sheet Look Like?
• How to Create a Balance Sheet?
• Where Do Accruals Appear on the Balance Sheet?
• How to Calculate the Current Ratio?
• How to Calculate the Debt to Equity Ratio?
• Lesson 14 Income Statement
• What Is an Income Statement?
• Which Line Items Should I Include in an Income Statement?
• What Does an Income Statement Look Like?
• What Is a Condensed Income Statement?
• How to Create an Income Statement?
• How to Calculate the Cost of Goods Sold?
• What Is a Discountinued Operation?
• How to Calculate the Gross Profit Percentage?
• How to Calculate the Net Income Percentage?
• Lesson 15 Budgeting
• Why Is Budgeting Important?
• The Systems of Budgets
• How Is the Revenue Budget Constructed?
• How Are the Production and Inventory Budges Constructed?
• How Is the Purchasing Budget Constructed?
• How Is the Direct Labor Budget Constructed?
• How Is the Overhead Budget Constructed?
• How Is the Cost of Goods Sold Budget Constructed?
• How is the Sales Department Budget Constructed?
• How Is the Marketing Budget Constructed?
• How Is the Staffing Budget Constructed?
• How Is the Facilities Budget Constructed?
• Lesson 16 Control Systems
• What Are the Controls for a Computerized Accounts Payable System?
• What Are the Controls for Procurement Cards?
• What Are the Controls for Order Entry, Credit, and Shipping?
• What Are the Controls for a Perpetual Inventory Tracking System?
• What Are the Controls for Billing?
• What ARe the Controls for Collections?
• What Are the Controls for Check Receipts?
• What ARe the Controls for Payroll?
• Lesson 17 Record Keeping
• What Filing System Should I Have?
• What Document Retention Policy Should I Have?
• What Storage Area Policy Should I Have?
• What Box Storage Procedures Should I Have?
• What Document Destruction Procedure Should I Use?
• How Should I Store Confidential Documents?
• What Tax Records Should I Maintain?
• Lesson 18 Cost Reduction Opportunities
• What Reports Are Used for Cost Reduction Projects?
• What Is Spend Analysis?
• How Does Supplier Consolication Work?
• How Does Parts Consolidation Work?
• What Is Spend Compliance?
• Which Reports Should Be Used for Spend Analysis?
• What Is the Analysis for a Workforce Reduction?