Basic Bookkeeping Workshop

Course Duration 1 Day 

Numbers! Numbers! Numbers! Wherever you go, you are bound to see them. On addresses,
license plates, phones, prices, and of course, money! Numbers connect us all to each other in
many more ways than we might imagine. Essentially, our world revolves around numbers.

Some of us enjoy dealing with numbers while others may have a fear of them, or even a phobia. For those of you who have already recognized and appreciate the impact that numbers actually
have on just about everything, you deserve a cookie. Welcome to Basic Bookkeeping!

Course Objectives

At the end of the course participants will be able to :

  • Understand basic accounting terminology
  • Identify the differences between the cash and accrual accounting methods.
  • Keep track of your business by becoming familiar with accounts payable and accounts receivable.
  • Use a journal and general ledger to document business financials.
  • Utilize the balance sheet.
  • Identify different types of financial statements.
  • Uncover the reasons for and actually create a budget.
  • Be familiar with internal and external auditing.

Course Outline

Basic Terminology (I)

Balance Sheet

Assets

Liabilities

Equity

Income Statement

Revenue

Cost of Goods Sold

Expenses

Accounting Period

Basic Terminology (II)

Accounts Receivable

Accounts Payable

Depreciation

General Ledger

Interest

Inventory

Journals

Payroll

Trial Balance

Accounting Methods

Cash Method

Accrual Method

Differences between Cash and Accrual

Keeping Track of Your Business

Accounts Payable

Accounts Receivable

The Journal

The General Ledger

Cash Management

Understanding the Balance Sheet

The Accounting Equation

Double-Entry Accounting

Types of Assets

Types of Liabilities

Equity

Other Financial Statements

Income Statement

Cash Flow Statement

Capital Statement

Budget vs. Actual

Payroll Accounting/ Terminology

Gross Wages

Net Wages

Employee Tax Withholdings

Employer Tax Expenses

Salary Deferrals

Employee Payroll

Employee Benefits

Tracking Accrued Leave

Government Payroll Returns/Reports

End of Period Procedures

Depreciating Your Assets

Reconciling Cash

Reconciling Investments

Working with the Trial Balance

Bad Debt

Posting Adjustments and Corrections

Financial Planning, Budgeting and Control

Reasons for Budgeting

Creating a Budget

Comparing Budget to Actual Expenses

Auditing

What is an Audit

When and Why Would You Audit

Internal

External

Download this outline as a PDF.

Basic Bookkeeping Outline – Full Day