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Sponsored by Lorman Education
Product ID: 406667EAU
 
Credit & Course Provided by:

Understanding the Basics of Bookkeeping

OnDemand Webinar (88 minutes)

Join us to understand the how and why of bookkeeping and how management can use the end result to change the world.Many people in the financial world undervalue the importance of good bookkeeping. This information will provide a thorough review of basic bookkeeping techniques, tips and tricks. However, there is much more. We will take a deeper dive into the underlying purpose of bookkeeping and how bookkeeping is intended to reflect the reality of an organization's financial position and activities. We will explore how good bookkeeping provides management with the data they need to make good decisions. Finally, we will go beyond simply entering transactions into a computer system and explore how to review the end result for accuracy, including reconciling key accounts and reviewing core financial statements and reports. Understand the how and why of bookkeeping and how management can use the end result to change the world.

Authors

Bob Swetz, CPA, Tier One Services, LLC

Agenda

Start at the End, What Is the Purpose of Bookkeeping?

• Reflecting Reality of the Organization's Financial Position and Activities

• Creating a Complete and Accurate Set of Records

• End Users and Decision Making to Change the World

The Chart of Accounts and General Ledger

• The Chart of Accounts as the Foundation

• Set up and Organization of the Chart of Accounts

• Using an Appropriate Level of Detail

Recording Transactions in a Bookkeeping System

• Quick Overview of Double Entry Bookkeeping

• Quick Overview of Source Documents

- Vendor Bills

- Customer Invoices

- Cash Receipts

• Vendor Bills and Payments

- A Look at Purchase Orders

• Customer Invoices and Receipts

• Other Payments and Receipts

• When to Use Journal Entries

Reconciling Accounts

• Bank Accounts

• Accounts Receivable

• Accounts Payable

Reporting, the End Result

• Reviewing the Balance Sheet

• Reviewing the Profit and Loss Statement

• Other Reports

- Aged Receivables and Payables

- Inventory