How To Do Bookkeeping For Beginners (Theory & Practical)

How to Record Financial Transactions in the Accounting System.

What you'll learn

Identify source documents necessary for making initial entries into the books of original (prime) entry.

Differentiate between cash and credit transactions and how to record them in the ledgers.

How to record in and maintain the cash book.

How to account for petty cash in the business.

Requirements

This course is a foundation course which requires no previous experience except an interest to become a bookkeeper, to pursue a career in Accounting or to secure a financial role. The tools required to engage with the course are: a simple calculator, pen/pencil and a note book.

Description

What is this Course About?Practical Bookkeeping is a comprehensive course designed to equip students with the foundational skills to understand the starting point of accounting systems. Acquiring the skills delivered in this course will enable students to manage financial records accurately and efficiently. It is purposefully created for small business owners, aspiring bookkeepers and students considering a career in Accounting or Finance. The course emphasises practical applications and hands-on experience through case scenarios.Students do not need prior experience in finance to participate in the course. It is a course for beginners.Why is this Course Relevant?Let's face it, most bookkeeping courses are filled with accounting jargon, and they often fail to incorporate real-world cases frequently encountered in a job or small business. In this course, every aspect is simplified with clear explanations and illustrations. Bookkeeping is a timeless, in-demand skill that remains in high demand. Every business organisation, from the local café near you to a tech company, needs a clean book. Skills acquired can be utilised to secure a steady job, as in a side hustle, or to gain financial control of your own business. This course provides you with the skills to achieve your goal.What You Will Learn:· The importance of the documents businesses issue to customers or receive from suppliers, such as till receipts, cheque book stubs, paying-in stubs, invoices, in recording.· How to extract information from financial transaction documents such as till receipts, invoices, bank statements, and so on, to record in the first books of the business (the books of original entry/prime entry).· The basics of Value Added Tax (VAT) as it relates to bookkeeping. This is essential due to the comprehensive nature of the course, implying that at the end of this course, you will know how to calculate VAT on products and services, who is allowed to charge VAT on their products or services, and whether to round up or round down. You will learn the difference between input (purchases) and output (sales) tax.· The difference between kinds of transactions, cash and credit and how to record each type of transaction.· Differentiate between bulk, prompt and trade discounts and how each type of discount is deducted from the list price of goods before arriving at the amount due to or from a business.· The stages in credit purchases and sales until payment is made or received, and the steps to prepare an invoice.· Differentiate between the general ledger and the subsidiary ledger. What they are and what kind of record goes into them. What are they for? Why are they relevant?· How to complete the initial trial balance. Where the figures are taken from to complete the trial balance. What happens with the digital system of accounting?· The principle of the Double-Entry Bookkeeping system- the basis of the digital system of accounting.· How to record in and maintain the cash book.· How to account for petty cash in a business.· The responsibilities of the petty cashier.· How to check the accuracy of business documents.· How to carry out reconciliations. For example, a statement of accounts from a credit supplier with the supplier’s account in the purchase ledger.Who is this Course For?· A student who has chosen a career path in Accounting or Finance.· An entrepreneur who wants to reduce the cost of accounting services and learn to do their recording accurately, manage their books confidently and make smarter business decisions.· A job seeker because the course is comprehensive and covers every aspect of bookkeeping. It can help you to obtain a job as a bookkeeper, finance administrator, or office manager. The course will help you stand out in your curriculum vitae (CV) and interview.What You Can Achieve After This Course:By the end of this course, you will be able to:· Set up and manage a complete accounting system, having acquired the skill to track transactions from how it started in the accounting system.· Categorise and record income, expenses, assets and liabilities.· Make informed business decisions on whether to use manual or digital accounting systems.· Work confidently with clients, even without extensive experience.· Identify errors and know how and where to begin looking for the likely origin of the error or discrepancy.What Is Included in the Course?· 8 + Hours On-Demand Video Lessons with Slides. A step-by-step tutorial created to guide beginners.· Downloadable Activities to practice and consolidate learning for each lesson.· Downloadable Answers to the activities for each lesson.About Me:Maureen Okwara-Amazu is an educator, accountant, and bookkeeper with a passion for equipping others with business skills. I had the opportunity to deliver both accounting and bookkeeping courses at a college in the UK. Over the years, I have supported many students who have gone on to become accountants and bookkeepers. Bookkeeping doesn’t have to be confusing. I have broken down every complex aspect using plain English.Due to years of facilitating learning and guiding students both physically and visually, I have made the practical bookkeeping course approachable and understandable.

Overview

Section 1: Introduction- Important Business Documents and Their Uses in the Recording

Lecture 1 Introduction

Lecture 2 Lecture 2: Where and How to Make the Initial Entries (The Books of Prime Entry)

Lecture 3 Lesson 3: ABOUT VALUE ADDED TAX (VAT) AND DISCOUNTS

Lecture 4 Lesson 4: HOW TO RECORD CREDIT SALES

Lecture 5 Lesson 5: RECORDING CREDIT PURCHASES

Lecture 6 Lesson 6: RECORDING CREDIT PURCHASES-PART 2

Lecture 7 Lesson 7: DOUBLE-ENTRY PART 1

Lecture 8 Lesson 8: DOUBLE-ENTRY PART 2

Lecture 9 Lesson 9: DOUBLE-ENTRY PART 3

Lecture 10 Lesson 10: DOUBLE-ENTRY ON SALES AND TRADE RECEIVABLES

Lecture 11 Lesson 11: DOUBLE-ENTRY ON PURCHASES AND TRADE PAYABLES PART 1

Lecture 12 Lesson 12: DOUBLE-ENTRY ON PURCHASES AND TRADE PAYABLE PART 2

Lecture 13 Lesson 13: How to Maintain the Cash Book Part 1

Lecture 14 Lesson 14: HOW TO MAINTAIN CASH BOOK PART 2

Lecture 15 Lesson 15: ACCOUNTING FOR PETTY CASH

This course is designed for a beginner who desire to pursue a career in accounting or finance or who want to be a bookkeeper.