Bookkeeping Basics Bundle

Every tax preparer and accountant somewhere along the lines needs to have a fundamental basic understanding of bookkeeping in order to ensure they are using the correct numbers when preparing a tax return or otherwise presenting financial information to their client. Unfortunately, clients are often underprepared and unable to complete this task successfully on their own due to the inherent complexities. This 6-part course will take you through 6 main elements of bookkeeping and accounting basics so you can have the confidence that the information is properly assembled and accurate. This is also a great course to have anyone assisting you in this capacity attend, in order to have the best chance of providing accurate financial information.



Learning Objectives  

            Part One – Introduction and Terminology

  • Understand who a bookkeeper is and what their role is
  • Learn about the Chart of Accounts, and what Debit and Credit entries are
  • Discover what T accounts are, and see them used in various examples
  • Understand what different accounting methods can be used and their differences
  • Review different Financial statements and learn about their key elements

            Part Two – Transactions – Receipts, Expenditures, and Coding

  • Understand the basics about coding receipts
  • Discover examples in coding various sale types using T accounts, and see their differences
  • Learn basics about disbursements, and discover how to code these transactions
  • Understand what Timing and Capitalization are, and the importance of having one
  • Understand the importance of policy documentation as it relates to transactions

            Part Three – Sales and Use Tax

  • Learn the basics about what Sales Tax and Use tax is, and the legal precedent that causes it to exist
  • Discover what Nexus is and the differences in the different types of Nexus, and what a Home Rule location is
  • Understand the difference between taxable and nontaxable items for sales and use tax considerations
  • Learn basics about recording sales tax transactions using T account examples
  • Learn some ways sales tax is reported to different taxing agencies

            Part Four – Payroll

  • Review the basics of payroll and learn about the overall payroll process
  • Learn new employee considerations in the hiring process as it relates to the required paperwork
  • Discover how to account for wages, Tips, and Garnishments
  • Understand the reporting (tax filing) and payment requirements for payroll
  • Learn how to code payroll transactions using examples from the course

            Part Five – Inventory

  • Learn the basics of Inventory through a basic overview
  • Discover methods of valuing inventory
  • Understand the differences between Periodic and Perpetual (or Dynamic) inventory methods
  • Learn how to code Inventory transactions using examples of FIFO, LIFO, and AVCO methods
  • Understand how a computerized inventory system handles these same transactions

            Part Six – Financial Statements

  • Learn the basics of financial statements through a basic overview
  • Learn how the Chart of Accounts is set up to work seamlessly with Financial Statement reporting
  • Understand the Income Statement (or P&L) and Balance Sheet in its construction and layout, and what information it presents
  • Understand the Statement of Cash Flows and see the way it ties the other two financial statements together
  • Discover how understanding financial statements can help in meeting overall financial goals as well as indicating where changes may need to be made
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