Introduction to Basic Bookkeeping

Workshop dates:

Durban North: For future dates email customerservice@norcazacademy.co.za

Course Fee: 

Single: R6,200.00 (R7,068.00 incl. VAT)

In-House Training sessions:  available on request – send an e-mail with specifications to admin@norcaz.biz

Introduction

The understanding of bookkeeping is a must in our modern business world. This introductory workshop will assist delegates to understand the fundamentals of tax and business reports resulting from bookkeeping data.

This practical in-depth workshop will give delegates an understanding of the nature and functions of bookkeeping, it will provide information and understanding of the bank reconciliation statement, reconciling the debtors listing with the debtors control account and reconciling the creditors listing with the creditors control account and the effect of transactions on the accounting equation.

This workshop is NQF aligned: Unit Standard: 13015

LEARNING OUTCOMES

The skills and knowledge that delegates will gain through this course will familiarise them with the following:

  • Understand the nature and function of bookkeeping
  • Understand the effect of transactions on the accounting equation
  • Understand basic VAT and apply it in practical situations
  • Process accounting data in subsidiary journals and ledgers
  • The petty cash book
  • Control accounts
  • Reconciliation of bank accounts
  • Debtors
  • Creditors
  • Trial Balance
  • Annual financial statements

Understand the difference between the perpetual inventory system and the periodic inventory system
Calculate the closing inventory when the FIFO, weighted average or retail method is used.

COURSE OUTLINE AND CONTENT

The course will cover the following bookkeeping terms and key concepts:

  1. Introduction
  2. Objectives
  3. Bookkeeping
  4. Double Entry System
  5. Main Accounting Terms
  6. Accounting Equation
  7. Advantages of Double Entry System.
  8. Journal Entries
  9. Accounts
  10. Rules Regarding Debit and Credit Entry
  11. Journal
  12. Ledger
  13. Trial Balance
  14. Methods of Preparing Trial Balance
  15. Objectives of preparing Trial Balance
  16. Limitations of Trial Balance
  17. Cash Book
  18. Types of Cash Book
  19. Simple Cash Book
  20. Petty Cash Book.
  21. Imprest System of Petty Cash Book.
  22. Advantages of Petty Cash Book
  23. Bank Reconciliation Statement
  24. Causes for difference in the Cash Book Balance
  25. Need and importance of Bank Reconciliation Statement
  26. Procedure for preparation of Bank Reconciliation Statement.
  27. Single Entry System
  28. Ascertainment of Profit under single entry system
  29. Defects of single entry system
  30. Ascertainment of Profit under double entry system
  31. Final Accounts
  32. Trading Account
  33. Profit and Loss Account
  34. Balance sheet
       
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