The course will help people who do not have a professional accounting qualification understand the controls that need to be applied to the accounting procedures of an organisation.  It uses a unique learning technique that helps people quickly understand the debit and credit convention of accounting. From this solid foundation the course then clearly explains how to control the creditors ledger and debtors ledger by applying simple accounting reconciliation techniques. It then progresses to illustrate how the various transactions are properly summarised for purposes of producing Journal Vouchers to update the Nominal Ledger.  It then considers the need to perform adjustments at an accounting period-end in respect of prepayments, accruals and provisions.  It then shows how the Journal Vouchers are posted to the account records within the Nominal Ledger and how a Trial Balance is produced. It then conclusively demonstrates how to properly review a Trial Balance to ensure it is complete and accurate before illustrating with immense clarity how straight forward it can be to produce a Profit and Loss Statement and Balance Sheet.

The course answers the following questions

• What is the basis of recording financial transactions?
• Why do we debit some account records and credit others?
• Why is it important to know what an asset record is? a liability record? an expense record? an income record?
• How do we control a Creditors Ledger? a Debtors Ledger?
• What is the purpose of a Purchase Day Book? Sales Day Book? Cash Book?
• Are accounts payable records the same as creditor records?
• Are accounts receivable records the same as debtor records?
• What is an Audit Trail?
• What is the purpose of adjustments in respect of Prepayments? Accruals? Depreciation Provisions? Stock Provisions? Bad Debt Provisions?
• How do we update the Nominal Ledger?
• Is the Nominal Ledger the same as the General Ledger?
• How do we ensure that the Nominal Ledger is error free?
• How do we produce a Trial Balance? why is it so important? how do we ensure it is complete and accurate?
• What are Sales? Cost of Sales? Operating Costs? Profit?
• Where do we show the Cost of Depreciation? Loan Interest? Tax? Dividends?
• What are Fixed Assets? Current Assets? Current Liabilities? Long-Term Liabilities?
• Where does Capital appear? The Profit and Loss Account? Debtors? Prepayments? Creditors? Accruals? Provisions?
• What is Shareholders Worth? Net Asset Value?
• How do we prove that the Financial Reports are complete and accurate?