Professional Bookkeeping & Accounting 1: Sales & Purchases

A quick overview of what we will cover in this section. Please make sure that you download the workbook available in the resources as you will need to work through this for the examples and activities

Now that we understand sales tax and coding, we can now look at sales invoice. In this lesson we will look the the purpose of a sales invoice before we move on to creating invoices

Now that we have a better understanding of what a sales invoice is and what the purpose of the invoice is, we will have a look at preparing some invoices for our case study. In this lesson we will prepare invoices with and without trade discount. You will find these invoices in the workbook available in lecture 9. In an activity in lecture 13 you will apply this and prepare some more invoices

We have now prepared invoice with sales tax and with trade discounts. In this lesson we will first discuss settlement discount, we will then prepare a sales invoice that includes settlement discount. We will NOT include sales tax on invoices with settlement discount as the treament of this differs from country to country.

We have now prepared sales invoices with trade and settlement discounts. But sometimes it is necessary to produce a sales credit note. In this lesson we will look at sales credits and we will also prepare a credit note for our case study

In this lesson we will apply what we have learned and you will get the chance to prepare both invoices and credits in for the case study. Just copy a previous invoice as a template within the file. You will need these invoices in a later activity when you add the transaction details to the daybooks.

This is an optional activity to allow you get a better understanding of discount on invoices

Statements show transactions with a customer over a period of time, most often a month. An age analysis report shows how old the debt is for each customer. In this lesson we will look at statements and the AR department

This activity has been set to ensure you understand how a statement of account for a customer is prepared. We have already looked at an example, now it is your turn to ensure that you can apply this knowledge

Overview of the prime books of entry, also know as the day books. All financial transactions are recorded to a daybook, or prime book of entry, Including sales invoices and sales credits

before we can enter sales invoices and credits to the day books, we will first look at cross totting, or cross casting. this is a technique used to close off the prime books. After this has been explained we will then enter details to the day books and you will see how to cross tot and close them off.

Now it is your turn to enter data to the sales day book and returns day book. I would urge you to participate in this activity, as with out this practice, you will find it more difficult to retain the information and gain a working understanding of the principles

In this lesson we will recap the learning objectives, also included in this lesson is the completed sales workbook so that you can compare your answers.

A quick overview of what you can expect in section 3 of this course. Section 3 is about purchases and will build on the knowledge that you have already gained. This section also includes the workbook that you will need to complete the activities so don't forget to visit the resource section for this lecture and download the workbook

A bookkeeper or accountant should understand the purchasing process and the documents involved. They should also be able to check an invoice for accuracy. In this lesson we will discuss the purchasing process, the documents involved and look at checking invoice for approval.

Now that you know how to check a purchase invoice for approval, Jake has a little activity for you. You will need to complete this activity as the answer to this will impact the next two activities. You can find the relavent documents in the files that you downloaded in lecture 22

In the lesson we will discuss the use of codes in purchases and how you would go about coding the purchase invoice, both to identify the supplier and analyse the invoices.

Accurate coding of purchase invoices is an important task for bookkeepers and accounts, in this lesson we will look at coding some sample invoices and credits

It is now your turn to put into practice what you have learned about coding purchase invoices.

Once we to a quick recap on cross totting we will take our purchase invoices and enter them to the daybooks

It is so important when learning bookkeeping and accounting that you can apply your skills. The following activity will give you practice on entering purchase transactions to the purchase daybooks

A statement that you receive from a supplier, is the same as a statement that you send to a customer. When you receive a statement from a supplier, you should ensure that your records match the supplier records and this is achieved by a creditors reconciliation. In this lesson we will look at a sample creditors reconciliation from our case study.

Now that you have seen a creditors reconciliation, it is now your turn to try one out. Have a look at the activity and if you have any problems, drop a discussion to the discussion board

Finally, lets look back at what we have covered. Included in this lesson is the completed workbook for purchases. You can use this workbook to ensure that you have coded and entered transactions to the day books correctly and that you have also reconsiled the creditors statement correctly

To say thank you for selecting and completing this course