Financial Skills: Accounting Principles 1 - Posting Basic Transactions

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Course Overview

This course will explore the mystery of double entry postings, and other basic accounting principles necessary for those involved in various book-keeping and finance related tasks. It will help illustrate how entries are posted in computerised accounting ledgers and will show how sales, purchases and other accounting transactions relate to each other.

Case studies and worked examples will be used to give detailed explanations of how the fundamental accounting concepts work, are updated and interact with each other. Delegates will be given the opportunity to work through examples that reflect realistic everyday transactions they would come across in practice.

Audience

Personnel working in an accounting or finance area eg sales and purchase ledgers. It will enable experienced staff to improve their basic understanding of accounting principles and will provide new recruits with useful grounding in key principles needed to operate in the accounting and finance world.

Course Outline

DAY 1

• Debits and credits -postingeach transaction
• Ledger accounting -the advantage of computerised systems
• The trial balance -preparing for final accounts
• The profit and loss account -calculating trading profit/loss
• The balance sheet -preparing the statement of financial position

DAY 2

• Sales ledger -the difference between cash and credit sales, how debtors are treated, accounted for and controlled
• Purchase ledger -differentiating between cash and credit purchases,effective control of the business's creditors
• Accruals and prepayments -the importance of such adjustments
• Other adjustments -relevant revisions of profit and loss and balance sheet amounts
• Fixed assets and depreciation -appropriate policies and how to calculate and account for such amounts

Financial Skills: Accounting Principles 1 - Posting Basic Transactions / CM025407