Course Code: 20353

Bookkeeping Essentials

Class Dates:
1/1/0001
Length:
3 Days
Cost:
$859.00
Class Time:
Technology:
Business
Delivery:
Instructor-Led Training, Virtual Instructor-Led Training

Overview

  • Course Overview
  • In this 3-day, class you will learn the multitude of areas that a bookkeeper may address during the working day. How to handle payroll, purchases, billings, cash, fixed assets, and inventory, as well as how to create financial statements.
  • Audience
  • Bookkeeper, Financial, Accounting, Budget, Payroll

Prerequisites

  • The bookkeeper candidate should have an associate's degree in accounting or business administration, or equivalent business experience, as well as knowledge of bookkeeping and general accepted accounting principles.

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?