Mastering Bookkeeping - The Full Circle

A Step-by-Step Guide Through the Accounting Cycle: From Source Documents to Financial Statements and Year-End Reporting

What you'll learn
Understand the foundational concepts of bookkeeping and accounting
Record and report financial information in accordance with accounting standards
Record financial transactions in subsidiary journals
Total subsidiary journals
Transfer subsidiary journal totals to the general ledger and subsidiary ledgers
Draw up a trial balance
Prepare interim and annual financial statements
VAT calculations, registrations and reporting
Conduct monthly reconciliations, including the bank reconciliation
Understand financial year-end processes and how to complete them
Prepare the statement of financial position
Prepare the statement of profit or loss and other comprehensive income
Understand the various depreciation methods available, and calculate depreciation
Understand and apply double entry accounting
Understand and apply the accrual basis of accounting
Understand and apply the accounting equation
Balance general ledger accounts

Requirements
Basic math skills and a calculator

Description
This course offers a thorough, step-by-step exploration of the accounting cycle, providing students with a solid foundation in fundamental accounting processes and practices. Designed for learners at various levels, the course breaks down each phase of the accounting cycle—from the initial recording of transactions to the preparation of complete financial statements—ensuring a deep understanding of both theory and application.Students will learn how to identify and interpret source documents, record transactions in subsidiary journals, post to the general ledger, and prepare a trial balance. The course also covers key end-of-period procedures, including adjusting journal entries, closing entries, and the preparation of year-end financial statements. Special emphasis is placed on understanding the structure and purpose of each step in the bookkeeping cycle.Additionally, the course introduces the essential role of notes to the financial statements, providing clarity and context to financial reports. Real-world examples and practical exercises are included throughout to reinforce learning and support the development of applicable accounting skills.By the end of this course, students will be equipped with the knowledge and tools to confidently navigate the complete accounting cycle and produce accurate, meaningful financial reports.I trust that you will find this course both insightful and of great value!

Who this course is for
In this course, you will gain essential skills and knowledge to manage financial records efficiently and accurately. Whether you're an aspiring accountant, a small business owner, or simply looking to understand the basics of bookkeeping, this course is designed to guide you through the key concepts, such as tracking income and expenses, conducting monthly account reconciliations, and mastering the use of financial statements. By the end of the course, you will feel confident in maintaining clear, organized financial records that are crucial for making informed business decisions. Let's dive in and start building your financial literacy!