Bank Reconciliations & Cash Internal Controls
What you'll learn
- Analyze the significance of internal controls in accounting: components, segregation of duties, authorization procedures, and physical safeguards.
- Evaluate the effectiveness of cash receipts internal controls by examining procedures for recording, documenting, and safeguarding cash inflows.
- Assess cash disbursements internal controls in mitigating risks, including purchase order systems, approval processes, and vendor payment verification
- Perform a comprehensive bank reconciliation to identify and resolve discrepancies between the bank statement and cash records.
- Develop and implement procedures for efficient petty cash management, including reimbursement, documentation, and periodic reconciliation.
- Explain the impact of the accounting cycle on cash management, including the interrelationships between cash transactions and other accounting processes.
- Define key terms related to internal controls and cash management, such as internal audit, segregation of duties, cash equivalents, and float.
- Interpret financial statements to assess the accuracy of cash balances and the effectiveness of internal controls over cash.
- Demonstrate proficiency in utilizing software tools and technologies to enhance cash management and internal control processes.
- Basic understanding of accounting principles: Familiarity with concepts such as debits, credits, financial statements, and the general accounting process.
- Computer and internet access: Ability to use a computer or device with internet connection to access the course materials and participate in online activities.
- Math skills: Proficiency in basic arithmetic operations (addition, subtraction, multiplication, and division) to perform calculations related to cash management and internal controls.
- Willingness to learn: Openness and eagerness to acquire knowledge and skills in the areas of internal controls and cash management, regardless of prior experience or background.
Welcome to our comprehensive course on Internal Controls and Cash Management. In today's business world, having robust internal controls is not merely an option, but a necessity. It is integral to the mitigation of risks, ensuring accuracy in record-keeping, and promoting operational efficiency. With an understanding of internal controls, you can better protect your organization's assets and maintain the integrity of your financial information.
This course takes a deep dive into the topic of internal controls, explaining what they are, their significance, and the objectives they serve. The course is structured to provide learners with a robust comprehension of the subject, starting with the fundamentals and gradually moving towards complex concepts.
We will then specifically focus on cash-related internal controls, a critical area that ensures accuracy and transparency in an organization's cash inflow and outflow. You will learn how these controls are vital in safeguarding your company's most liquid asset.
Bank reconciliations, an integral part of these controls, is another key focus of this course. This is a crucial process for businesses of all sizes and is one of the most significant internal controls. You'll learn how to compare your bank statement with your cash book balance at a specific point in time, identifying and rectifying any discrepancies. By mastering bank reconciliation, you will increase the accuracy of your cash account and gain better assurance over various other accounting processes that involve cash.
Additionally, we delve into setting up and recording a petty cash account - a process that often seems straightforward but can be quite complex. We will discuss the intricacies of managing petty cash and how to account for it correctly.
In addition to the instructional videos, the course offers numerous resources to enhance your learning, including downloadable PDF files, Excel practice files, multiple choice practice questions, short calculation practice questions, and discussion questions. These resources will allow you to apply the knowledge you gain and interact with your peers and instructor, further enriching your learning experience.
Learning from a professional with hands-on experience in accounting and software like QuickBooks, combined with teaching expertise and curriculum development skills, will help you grasp these technical topics effectively. The instructor, a Certified Public Accountant, Chartered Global Management Accountant, and Certified Post-Secondary Instructor with a Master of Science in Taxation, has spent years dealing with complex accounting issues and teaching a variety of accounting, business, and business applications classes.
Whether you are an accounting student, an aspiring professional, a business owner looking to get a grip on your finances, or a professional preparing for the CPA exam, this course offers the knowledge and skills you need to strengthen your understanding of internal controls and cash management. Enroll now and take your first step towards mastering these essential accounting principles.
Who this course is for:
- Students: Accounting students who want to enhance their knowledge of internal controls and cash management concepts.
- Professionals: Working professionals in the accounting field who wish to strengthen their skills in internal controls and cash management.
- Entrepreneurs and Small Business Owners: Individuals who want to improve their understanding of cash management practices and internal controls to effectively manage their business finances.
- Anyone interested in Accounting: Those who have a general interest in accounting and want to expand their knowledge in the areas of internal controls and cash management.
Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.
Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).
Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.
In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.
Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.
Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.
Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.
Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.
The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.
Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge like Udemy.