Professional Bookkeeping and Accounting 2 - a comprehensive course for those that need to record and account for Petty Cash and Bank transactions.
In This Course You Will Learn How To Record And Account For Petty Cash And Banking transactions. You Will Also Learn The Process Behind These Transactions and the Relevant Reconciliations.
Do you need to understand and record petty cash or banking transactions for your business? Are you considering a career in Bookkeeping or Accounting? Are you studying for Professional Accounting or Bookkeeping exams? THEN REGISTER NOW
Section 1 of this course is an introduction section. After the course introduction we will begin this course by introducing you to both the prime books of entry and cross totting as you will need a working understanding of these through out this course. You will also be presented with the case study that we will use in the activities in section 2 and 3 of this course.
In section 2 we will move into Petty Cash. We will walk through each step of the petty cash process from raising petty cash vouchers, entering data to the daybook and reconciling and replenishing the petty cash. Through out this section you will have a number of activities using the case study presented in section 1 and these activities will give you the opportunity to:
Section 3 of this course is about Banking Transactions. Through out this section you will have a number of activities using the case study presented in section 1 and these activities will give you the opportunity to:
This course contains:
A case study that we will use through out this course
Workbooks to download
Activities to complete
Certificate of Completion
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Welcome to Professional Bookkeeping and Accounting 2. A course focused on Bookkeeping and Accounting for Petty Cash and the Bank transactions. This lesson will introduce you to the course and the learning objectives, the case study the you will use through out this course and the activities that you will encounter.
This course contains a number of files to download. In order to avoid confusion, this lesson will give clear guidlines as to where these resources are located
The prime books of entry as single entry records of business transactions and Cross casting or cross totting is a technique used by bookkeepers and accountants when closing the daybooks.
Activities are a very important part of this course, including this activity
Through out this course, we will work from a case study. Please make sure that you read this lecture Professional Bookkeeping and Accounting 2 - Case study (which is also available for download in the addational resources) The activies that you encounter will build on the case study and the results from activites feed into following activities. it is important therefore that you complete each activity before you move on to the next activity.
Welome to section 2 Petty Cash. In this lesson we will introduce you to the Petty cash concept. We will then look at the learning goals for this section and the activities that you will carry out through out this section to practice what we have covered.
Now that we understand Sales tax we can prepare some petty cash vouchers to record petty cash spend, with and with out sales tax, from the petty cash tin. Once we have looked at some examples together, you will need to apply this knowledge for the activity that follows
Mastering Bookkeeping and accounting requires practice. In this activity, you will practice preparing petty cash vouchers for our case study
In section 1 we looked at Daybooks and cross totting. In this lesson we will enter the petty cash transaction to the petty cash daybook. Entering petty cash transactions to the daybooks and closing the petty cash day books are tasks that every Professional Bookkeeper and Accountant should know and in the next lesson we will look at closing the petty cash day book
Entering transactions to the petty cash day book is a task every professional accountant or bookkeeper should be able to do with ease. use this activity to practice what we have covered in the previous lesson, entering transactions to the petty cash day book
Once all of the enteries for the period have been entered into the petty cash daybook by the accountant or bookkeeper, the day book must be closed. In this lesson we will look at closing the petty cash daybook, cross totting the entries and calculating the balance carried forward.
Now it is your turn to practice closing off the daybook and calculating the balance to be brought forward.
We have now entered transactions from the petty cash vouchers to the daybooks, but does the cash in the tin actually agree with what should be there? In this lesson we will look at counting the petty cash and agreeing the balance with the daybook.
Now that you have closed the petty cash daybooks, it is your role to ensure that the balances agree.
So far we have looked at spending petty cash and accounting for the spend. But how does the cash actually get into the tin and how much should you put in? In this lesson we will look at 2 methods for replensihing petty cash, the Imprest and non imprest system
It is common for the bookkeeper or accountant to look after petty cash so it is important that, when looking after this role, you understand what is expected and the policies in place. In this lesson we will look at both of these to wrap up on this section
Welome to section 2 Bank Transactions. In this lesson we will introduce you to Banking transactions, we will then look at the learning goals for this section and the activities that you will carry out through out this section.
Banks offer a number of services, such as current accounts and overdrafts. In this lesson we will look as some of the services offered by banks and explain some banking termonology
There are a number of ways that you can make payments, they can be cash payment, transfers, cheques and credit/debit card payments. In this lesson we will cover the differences between these payment
When customer make a payment to you, they will send you a Remittance. An a Professional Bookkeeper or Accountant you need to know how to check a remittance and what to do if there are descripances
In section 1 we looked at Day books and we also looked at the petty cash day book in section 2. In this lesson we will look at the 3 column cash book we will record some transactions together before you move on to an activity where you will have to record bank transactions for the case study
In addation to the 3 column cash book, banking transactions are commonly recorded into an analysed cash book. As a bookkeeper or accountant, this is a task you must be comftorable completing, so we will record some transactions into the analysed cash book
As with section 2, practicle application of what you have seen is essential to real understanding. In this activity, you will have a number of transactions to enter to the 3 column and analysis cash book
Now that we have looked at 2 types of cash books, we now need to cross tot and close off the cash books. We looked at cross totting in an earlier section, so you should already be familiar with this. Lets look at an example before you close of the cash books for the case study.
As a professional bookkeeper or accountant, it might be your role to prepare the totals and the balance to be carried forward as part of closing the cash books. In this activity you will get the opportunity to close a cash book and calculate the balance to be carried forward.
It is now your turn to carry out a bank reconciliation
We have now reached the end of this course and I hope that you now feel like you have mastered Bookkeeping and Accounting for Petty Cash and Daily Banking Transactions
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Paula is a Qualified CPA with over 15 years' experience in the fields of Accountancy, Business Management,Process improvement, Internal Audit, Group accountant, Operations management and Training. All across a broad range of industries and sectors. Paula has been Key Speaker at many Accounting Events where her talks on Excel are received very positively. Taken from her experiences in Accounting and business fields, Paula also has Udemy courses for those wishing to up skill, especially in the area of Spreadsheets, Bookkeeping and Accounting.
Now an E-learning Educator 5+ years, Paula also has a focus on E-learning and online teaching. Drawn from her online teaching experience,Paula has a number of courses available to online teachers to help bridge the skills gap for those that teach or wish to teach online.