Introduction:

Bookkeeping is a critical function in any business, ensuring that financial transactions are accurately recorded and organized. This 5-day training course is designed specifically for office administrators who need to understand and manage basic bookkeeping tasks. Participants will gain foundational knowledge in recording financial transactions, managing ledgers, reconciling accounts, and producing basic financial reports. By the end of the course, participants will be equipped with the skills to support financial management in their office environment with confidence and accuracy.

Objectives:

By the end of this course, participants will be able to:

1. Understand the key principles of bookkeeping and its importance in business operations.
2. Accurately record financial transactions using journals and ledgers.
3. Manage accounts payable and receivable effectively.
4. Reconcile bank accounts and maintain accurate records.
5. Prepare basic financial reports, including income statements and balance sheets.
6. Understand basic accounting terminology and concepts.
7. Use bookkeeping software to streamline and automate basic bookkeeping tasks.

Who Should Attend?

This course is ideal for:

• Office administrators responsible for managing financial records
• Administrative assistants who support finance and accounting departments
• Small business owners and office managers
• Anyone interested in learning the basics of bookkeeping for office administration
• Professionals looking to gain a deeper understanding of financial management within their role

Day 1: Introduction to Bookkeeping

Morning Session:

• What is Bookkeeping?

  • Overview of bookkeeping and its importance in business operations
  • Key differences between bookkeeping and accounting
  • The role of the office administrator in bookkeeping

• Basic Accounting Concepts and Terminology

  • Understanding assets, liabilities, equity, revenue, and expenses
  • The accounting equation: Assets = Liabilities + Equity
  • Common bookkeeping terms and their definitions (e.g., general ledger, trial balance, chart of accounts)

Afternoon Session:

• The Bookkeeping Process

  • Introduction to double-entry bookkeeping
  • Debits and credits: How they work in financial transactions
  • Journals and ledgers: Recording transactions correctly

• Interactive Exercise:

  • Recording basic transactions in a journal and posting to a ledger

Day 2: Managing Financial Transactions

Morning Session:

• Recording Sales and Purchases

  • Understanding the process of recording sales transactions (sales invoices, receipts)
  • Recording purchases and accounts payable transactions
  • Managing cash receipts and cash disbursements

• Accounts Receivable and Accounts Payable

  • Tracking and managing customer payments and outstanding invoices
  • Recording supplier bills and managing payments to vendors
  • Basic procedures for managing overdue accounts

Afternoon Session:

• Bank Reconciliation Basics

  • What is a bank reconciliation and why it’s important
  • Comparing bank statements with book records
  • Identifying and correcting discrepancies in bank reconciliations

• Interactive Exercise:

  • Reconciling a bank statement with a ledger

Day 3: Maintaining and Managing Ledgers

Morning Session:

• The General Ledger

  • What is a general ledger and its role in bookkeeping
  • Organizing a chart of accounts: Assets, liabilities, equity, revenue, and expenses
  • Posting transactions to the general ledger and ensuring accuracy

• Subsidiary Ledgers

  • Introduction to subsidiary ledgers: Accounts receivable, accounts payable, inventory
  • How to maintain and update subsidiary ledgers
  • The relationship between subsidiary ledgers and the general ledger

Afternoon Session:

• Trial Balance and Error Detection

  • What is a trial balance and how to prepare one
  • Identifying and correcting errors in financial records
  • Understanding the concept of “balancing” accounts

• Interactive Exercise:

  • Preparing a trial balance and detecting errors in sample financial records

Day 4: Preparing Basic Financial Statements

Morning Session:

• Introduction to Financial Statements

  • The purpose and types of financial statements (balance sheet, income statement, cash flow statement)
  • Key elements of an income statement: Revenues, expenses, and profit or loss
  • Understanding a balance sheet: Assets, liabilities, and equity

• Preparing the Income Statement

  • How to prepare a basic income statement from ledger entries
  • Understanding the difference between operating and non-operating income
  • Calculating profit or loss

Afternoon Session:

• Preparing the Balance Sheet

  • How to prepare a balance sheet and what it represents
  • The role of assets, liabilities, and equity in the balance sheet
  • Understanding financial ratios and their significance

• Interactive Exercise:

  • Preparing a basic income statement and balance sheet using sample data

Day 5: Introduction to Bookkeeping Software and Efficiency Tools

Morning Session:

• Introduction to Bookkeeping Software

  • Overview of popular bookkeeping software (e.g., QuickBooks, Xero, Sage)
  • Key features of bookkeeping software: Automating processes, generating reports, managing transactions
  • Choosing the right bookkeeping software for your business needs

• Setting Up and Using Bookkeeping Software

  • How to set up accounts and categories in bookkeeping software
  • Recording transactions, creating invoices, and tracking expenses in software
  • Generating basic financial reports (e.g., profit and loss, balance sheet)

Afternoon Session:

• Improving Efficiency in Bookkeeping

  • Time-saving tips for managing daily bookkeeping tasks
  • Best practices for organizing financial records and reducing errors
  • Regular bookkeeping routines for maintaining accurate and up-to-date records

• Final Review and Practical Exercise

  • Recap of key concepts and skills learned throughout the course
  • Hands-on exercise in creating financial statements using bookkeeping software
  • Final Q&A and feedback session

Wrap-Up and Certification

• Certification of Completion:
  • Final assessment to test knowledge and skills.
  • Awarding of certificates for participants who pass the assessment.
  • Closing remarks and resources for continuing education in bookkeeping.