Cloud Accounting Course

This course will be useful if:
1. You are an Accountant, trying to learn Cloud Accounting to become a future ready, next-gen Accountant. 
2. If you have purchased Reach Accounting Software and wish to put it to use in your organization. 
3. If you are an Accounting or Tax Consultant, wanting to use Cloud Accounting Software for your Clients

Creating The Account

• Creating an Organisation
• Creating a Branch
• Creating a Financial year
• Downloading the desktop icon
• Downloading the mobile app

Setting Up The Account

• Templates
• E-mails and sms

Customisiation

• Menu
• Tabs
• Invoice design

Invoice is issued by a seller to the buyer quantifying the terms of purchase and becomes a legal document for the tax authorities. This section will teach you how to raise Invoices on your customer using Reach Software.

A receipt voucher is given when you receive money from a person. The money can be recieved as Cash, Cheque or as Bank Transfer. This voucher is the proof that payment has been received. Every receipt has to be recorded in the Accounting Software and has to be set-off against outstanding Invoices. This section is aimed at teaching how receipts can be recorded.

Credit notes are issued to record Sales Returns or to provide discounts which was not declared at the time of making an Invoice. This section will teach you how to record credit notes using reach software.

Supplier bills are issued by the Vendor requesting payments for the same. These bills are payable in a future date. For example bills for goods purchased, This section shows how these bills can be recorded in Reach Software

Payment Vouchers are made to record daily petty cash expenses or payments made against supplier bills. These vouchers can be recorded and printed from the software. In this section you will learn how these vouchers can be recorded.

Purchase returns are recorded using debit notes. Debit notes adjust the supplier ledgers and also adjust the inventory accordingly. These vouchers have to be recorded in Reach. This section will teach you how.

Recording Bank Deposits

In the normal course of business, you will be depositing Cash and Cheques collected from the customer into the Bank Account. This needs to be recorded into the Accounting Software.

This section will show you how a bank deposit is recorded in Reach Accounting Software.

Recording Bank Withdrawals

Often, Cash is withdrawn from the Bank account for Petty Cash Expenses or to make other payments in Cash. When Cash is withdrawn from the bank, It needs to be recorded into the Accounting Software. This section will show you how a Bank withdrawal is recorded in Reach Accounting Software.

Recording Cheque Returns

Since we record every cheque which is deposited into the bank, it is important to reverse it if the cheque issued by a customer returns from the bank. This means that the customer account has to be reversed and the Bank balance reduced. This section will show you how a Cheque return is recorded in Reach Accounting Software.

Reconciling Bank Transactions

The Balance shown in the Bank Ledger of the software and the Actual Balance in the Bank does not tally often. At the end of every month, it is habitual to do a Bank Reconciliation to ensure that these transaction are accounted and to ensure that the Bank Account shows a true and correct picture. This section shows you how reconciliation is made.

Staff Salary Advances

Advance are given to staff as a Loan or towards expenses to be made on the companies behalf. These advances are adjusted against salaries or on producing payment vouchers. This section will teach you how these transactions are entered into reach.

Salary And Wages

Every month the Salaries and Payments have to be recorded in reach. These have to be either journalised or entered as a payment voucher. This section will show you how Salaries can be recorded in Reach

PF And ESI

Employee benefits like Provident funds and Insurance dues have to be journalised and recorded in the software to make sure the financial statements show a true and fair view. This section teaches you how this can be recorded.

Payments Made To Owner/Partner/ Directors

Drawings or expenses made by owners have to be recorded appropriately in Reach. This section shows you how these payments can be recorded into reach.

1. Understand how Petty Cash can be managed using Reach.

Every business earmarks some cash for daily office expenses done in cash. The cashier is usually made responsible for this fund and day-to-day expenses are met out of this Imprest. This fund is refilled everyday or week once it is used. Let me show you how petty cash is accounted for.

2. Learn How to account for expenses spent by Boss

Many times, The boss uses his personal credit card or cash to buy stuffs for the business. It gets settled to the boss and also needs to be recorded as a Business Expense. Now let me show you how such expenses are accounted for in Reach Software

3. Learn How to account for advances given for expenses

When you give Advance Imp rest to Staffs for incurring some Cash expenses, it need to be accounted for. The cash holder might come back and provide bills for the same and return excess cash. This needs to be accounted too.

Recording Asset Purchase

When you buy a Fixed Asset, like machinery, furniture etc you incur ancillary expenses on it life transport, insurance, registration etc. All the expenses incurred till the point such asset is put to use is capitalised and added to the cost of the asset. This cost needs to be recorded in the Accounting Software.

In this section, we will explain how this needs to be recorded.

Recording Asset Sale

When an Asset is sold, the receipt needs to be recorded in the software and any profits arising thereof recorded. This section deals with how this needs to be recorded in the Accounting Software.

Recording Depreciation

Depreciation is recorded in the software while doing the year end processing. This needs to be recorded at a fair percentage calculated according to the wear and tear or according to the prescribed laws. This section will teach you how depreciation is recorded in Reach Accounting Software.

Recording A Loan

A Loan or a Debt is raised for a business to finance its trade or Investment. Loans can be recieved as Term Loans, Asset Loans or Over drafts. When a Loan is recieved it has to be recorded in Reach Accounting Software. This section will teach you how to record a Loan taken for the business.

Recording An EMI Payment

When a term loan or an Asset loan is repaid in Equated Monthly Instalments, The payment includes both Principal and Interest repayments. We will have to calculate the Interest component in the EMI and record it as an Expense. The loan account has to be reduced to the extent of the principal component. This section will teach you how this is done.

Recording Partners Capital

When the partner brings in Capital to fund the business, it needs to be recorded in the software. This transaction needs to be journalised and recorded to give effect in the Balance sheet.

This section shows you how partners capital is recorded in the Accounting Software.

Understand Methods Of Year End Closure

Once the financial year comes to a close, we have to enter the transactions in the new financial year either as a new data file or as a continuation to the existing file. The balances of customers and vendors have to be re-instated and reserves needs to be started fresh. These transactions need to be done in reach once the financial year ends.

Understand Accounting Entries To Be Passed At The End Of The Year

At the end of the year, the following accounting entries need to be passed.

1. Journals for Depreciation
2. Journals to transfer Revenue Reserves

This section discusses the Journal entries to be passed.

Learn How To Export Or Segment Previous Year Transactions

A new Financial year needs to be created in Reach carrying forward all the closing balances. This can be done automatically in Reach. Let me show you how this is done. Once this is done, it is recommended to freeze the transactions of that financial year.

This section shows you how this is done.

Declaration of supplies made in the prescribed format.

Importing and reconciling the purchase details of various supplies.

Final statement of taxes dues to the government after deducting input credits.

A standgap GST return to be filed till GSTR-3 becomes fully functional.