A truly hands on experience! This workshop is perfect for those who want a better understanding of what basic bookeeping entails. There will be real life bookeeping simulations and activities to ensure that participants have a fun, but educational real life bookkeeping experience!
By the end of this workshop, 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.
Module One: Introduction.
Workshop Objectives.
Module Two: Basic Terminology (I)
Balance Sheet
Assets.
Liabilities.
Equity.
Income Statement
Revenue.
Cost of Goods Sold.
Expenses.
Accounting Period.
Module Three: Basic Terminology (II)
Accounts Receivable.
Accounts Payable.
Depreciation.
General Ledger.
Interest
Inventory.
Journals.
Payroll
Trial Balance.
Module Four: Accounting Methods.
Cash Method.
Accrual Method.
Differences between Cash and Accrual
Module Five: Keeping Track of Your Business.
Accounts Payable.
Accounts Receivable.
The Journal
The General Ledger.
Cash Management
Module Six: Understanding the Balance Sheet.
The Accounting Equation.
Double-Entry Accounting.
Types of Assets.
Types of Liabilities.
Equity.
Module Seven: Other Financial Statements.
Income Statement
Cash Flow Statement
Capital Statement
Budget vs. Actual
Module Eight: Putting It All Together.
Hands on Application of Concepts learned. Participants will particpate in a real life bookkeeping simulation in which they will record transactions, and prepare financial statements for a business using actual source documents provided.
Module Nine: Wrapping Up.