Bookkeeping for Canadians

Name: Bookkeeping for Canadians
Rating: 4.2 (295 reviews)

A Guide to Performing Basic Bookkeeping Functions in Canada

Created byCharriz Millan

Last updated 7/2021

English

What you'll learn

Bookkeeping, Basic Accounting

Course content

8 sections • 19 lectures • 1h 56m total length

About the Course & Author1:53
Meet Charriz Millan, a Canadian bookkeeping expert, as this course guides you through basic Canadian bookkeeping for small business and the full bookkeeping cycle.
Table of Content1:45
Outline fundamentals of bookkeeping, bookkeeper vs accountant, and roles, responsibilities, and business structures. Examine accounting cycle, including double entry, accrual and cash basis, ledgers, journals, trial balance, and financial statements.

What is Bookkeeping?0:48
Bookkeeper vs Accountant3:30
Discover the differences between a bookkeeper and an accountant, and how they complement each other, with bookkeepers recording transactions and preparing reports, while accountants analyze data and guide tax planning.
Roles and Responsibilities10:11
Explore the roles and responsibilities of bookkeepers, including recording transactions, invoicing and collecting payments, processing payroll, reconciling accounts, maintaining the general ledger and chart of accounts, and generating financial statements.
Types of Business Structures5:28
Explore sole proprietorship, partnership, and corporation, comparing unlimited versus limited liability, tax implications, capital raising, and how incorporation creates a separate legal entity with continuity.
Accounting Periods2:52
Learn how accounting periods define time frames for financial reporting, including calendar year, fiscal year, and interim periods. Understand why consistency is crucial for investors evaluating a company's performance.

The Double Entry System & The Accounting Equation1:57
Understand the accounting equation, assets equal liabilities plus equity, and the double-entry system where debits and credits balance every transaction, illustrated by cash debited and sales revenue credited.
The Account Types and Chart of Accounts23:51
The Two Accounting Methods11:50
Note: On the last part of this lecture, specifically at 11:02, please disregard the last two lines of the example. This is the amended example:

The $1,000 janitorial expense will be recognized the date the payment was made, which is on the 1st of March, 2020.

The $1,000 will be debited to the Janitorial Expense (Expense) account, and credited to the Cash (Asset) account.

General Ledger3:44
Explains the general ledger as the official record of all transactions by accounts, showing debits, credits, dates, references, and ending balances for assets, revenue, and expenses.
Subsidiary Ledger4:11
Explore subsidiary ledgers, or subledgers, that detail individual accounts and sum to the general ledger balance, providing details behind entries in accounts receivable and accounts payable.
Accounting Journals19:32
Explore the five accounting journals, cash receipts, cash payments, sales, purchases, and general journal, and learn how entries flow to the general ledger and subsidiary ledgers for accurate bookkeeping.

Documentation, Filing, Record-keeping2:36
Master file maintenance in bookkeeping by applying permanent and temporary retention rules for bank statements, client files, invoices, and payroll to ensure solid financial health and compliant records.
Basic Bookkeeping Checklist3:17
Master a basic bookkeeping checklist for daily to yearly tasks, including recording expenses and bills, payroll, invoicing, reconciliations, quarterly tax payments, and year-end closing.

Requirements

None.

Description

In this course we will be tackling all the concepts that you will need to learn to be able to perform all the basic bookkeeping tasks and cycle for a small business. If you’re someone who is completely new to this, congratulations on making your first step towards your career development, I can assure you that once you are done with this course, you will be transformed into a knowledgeable bookkeeper. If you’re someone who’s taking the course and already know these things, I hope that this will at least give you a refresher because we will be tackling bookkeeping cycle from start to end.

We will discuss the different concepts of bookkeeping:

What is Bookkeeping? We will explore the definition and how bookkeeping works
Bookkeeper vs Accountant. What the differences are between them.
Roles and Responsibilities. What is your role as a bookkeeper and the responsibilities that comes with being a bookkeeper.
Types of Business Structures. Know the different business types out there
Accounting periods. We’ll talk about calendar year, fiscal year, and the interim period.
The Double-Entry Accounting System and the Accounting Equation
Account Types and the Chart of Accounts
Accounting Methods. We’ll talk about two accounting methods, the accrual basis and the cash basis accounting.
General Ledger
Subsidiary Ledgers
Accounting Journals
Trial Balance
The financial statements
The Accounting Cycle
File maintenance. How to properly store and document files.
And then on the last section you will be provided with a basic example of bookkeeping checklist. Daily, weekly, monthly, quarterly and yearly procedures.

Who this course is for:

For those who want to learn the entire bookkeeping cycle.

Bookkeeping for Canadians

What you'll learn

Explore related topics

Course content

Introduction2 lectures • 4min

The Basics5 lectures • 23min

The Accounting System3 lectures • 38min

Ledgers and Journals3 lectures • 27min

Worksheets and Financial Statement2 lectures • 11min

The Accounting Cycle1 lecture • 8min

Supplementary Materials2 lectures • 6min

Appreciation1 lecture • 1min

Requirements

Description

Who this course is for: