Professional Bookkeeping and Accounting 1 - a comprehensive course for those that need to record and account for Sales and Purchase transactions.
In This Course You Will Learn How To Record And Account For Sales And Purchase transactions. You Will Also Learn The Process Behind These Transactions.
Do you need to understand and record sales or purchase 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 Sales Tax and Coding 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 Sales. We will look at preparing invoices and credits, with and without trade and settlement discounts. We will look at a statements and we will discuss the role of the AR department. After this we will look at the prime books of entry, cross totting and transferring information from invoices and credits to the sales and sales returns day books. 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 Purchases. We will look at the purchasing process and the documents involved and we will also look at checking purchase invoices for approval. After we have checked the invoices and credits we will also spend some time coding invoices for different analysis. We will then transfer the data from the purchase transactions into the purchase and purchase returns day books. Finally we will do some creditor reconciliations. 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 - (Section 3 Not yet available)
Activities to complete
Quiz - (Not yet available)
Certificate of Completion
******BONUS****** FREE Join a community of other learners where you can interact with each other and with the instructor.
REGISTER NOW and get started with Professional Bookkeeping and Accounting 1!
By the end of this course, you'll have the knowledge and confidence and understanding to record your sales and purchase transactions in your day books. You will also be confident in reading and preparing sales and purchase invoices, with and with out discount and sales tax.
Your purchase is 100% RISK FREE with a 30 day money-back guarantee. If you don't learn anything new from this course, simply request a refund within your 30 day period for your money back, no questions asked.
In this lesson we will discuss the principle of Sales Tax, also know as VAT. Sales tax is a tax that you will find on both sales and purchases and it is important that a bookkeeper and an accountant understands the principles of sales tax. In this lesson we will discuss what sales tax is.
Now that we know what sales tax is, we also need to know, as an accountant or bookkeeper, if we need to pay money to the authorities or if we can get a refund from the authorities and in this lesson we will look at how payable and refundable situations arrise
As a bookkeeper or an accountant you will need to know how to calculate sales tax. Sales tax is calculated as a percentage, so we will look at percentages and decimals, and then, by the use of examples we will calculate sales tax.
In the following activity, work out if the sales tax is payable to the tax authorities or refundable from the authorities
Both Accountants and Bookkeepers should be familiar with Codes and reasons for coding. Coding is used in sales and in purchases, and with all other financial transactions. So before we move into sales and purchases, you should ensure that you understand the reasons for coding
In the previous lesson we discussed coding. We have learned that coding financial documents is important for many reasons and I also introduced you to some types of coding, in this lesson we will look at these types in more detail.
This document contains details of the case study and activities that you will have to complete in this course. These activities provide an integral part of this course as they give you the opportunity to put into practice what you have learned.
You will find an Excel document to download in section 2 for sales and sales returns transactions. In this file you will find Sales invoices, credits, statements and the daybooks. We will walk through the prepared documents within this course, and then you will get the opportunity to prepare sales invoice and credits with and without discounts, prepare statements and transfer the data to the daybooks. It is important that you complete each activity as the output for each activity is needed for the next activity.
You will also find an Excel workbook to download in section 3 for purchase and purchase returns transactions. As with the sales, we will walk through a number of documents in this file before you get to check some invoices, codes invoices and credits for approval, reconcile supplier statements and also transfer the data to the daybooks. Again it is important that you complete each activity as the output for each activity is needed for the next activity.
At the end of the activities you will have a closed set of sales and sales returns, purchase and purchase returns daybooks.
Jake owns Jakes Palace, a hotel in a hot tourist district. The hotel is in operation 5 years and Jake has good business relationships with suppliers and with clients. Many clients are corporate clients and they operate on a credit basis and the rest of the clientele makes payment when they are checking out.
Jake has hired you as the company bookkeeper and is relying on you to record the financial transactions of the business. It is a busy role that involves preparing and issuing sales invoices and credit notes and statements to the customers. It also involves approving purchase invoices, and coding purchase invoices and credits and reconciling supplier statements. In addition to this, the roles also includes transferring sales and purchase transaction information to the Sales day books and Purchase day books of Jakes Palace and closing these books off a month end.
Good luck in your new role......
****IT IS IMPORTANT THAT YOU DOWNLOAD AND READ THE FILE CONTAINED IN THE RESOURCE SECTION FOR THIS LECTURE*******
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
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.