This module is designed to prepare learners for the role of an Accounts Assistant, focusing on bookkeeping, financial record-keeping, and basic accounting tasks. The course will cover essential financial processes and provide hands-on experience with accounting software.
Course Overview
The Accounts Assistant module provides practical knowledge and skills necessary to perform entry-level accounting duties, such as maintaining financial records, processing invoices, assisting with payroll, and VAT return preparation.
Learning Objectives
By the end of the course, learners should be able to:
- Understand basic accounting principles and practices.
- Perform bookkeeping tasks like maintaining ledgers and managing accounts payable/receivable.
- Process invoices, payments, and receipts accurately.
- Reconcile bank accounts and prepare financial statements.
- Assist in payroll and VAT processing.
- Use accounting software for financial record-keeping.
- Ensure compliance with accounting standards and regulations.
Module Content
- Introduction to Accounting and Bookkeeping
- Overview of the accounting cycle
- The role of an accounts assistant in a business
- Key accounting terms (assets, liabilities, equity, income, and expenses)
- Recording Financial Transactions
- Double-entry bookkeeping principles
- Creating and maintaining general ledgers
- Posting transactions to the correct accounts
- Handling petty cash
- Accounts Payable and Receivable
- Processing supplier invoices and payments
- Managing customer invoices and receipts
- Credit control and handling overdue accounts
- Issuing credit notes and handling disputes
- Bank Reconciliation
- Understanding bank statements
- Matching financial records with bank transactions
- Identifying and correcting discrepancies
- Reconciliation of cash and credit card accounts
- Payroll Assistance
- Basic payroll tasks (entering timesheets, calculating wages)
- Statutory deductions and contributions
- Issuing payslips and managing payroll records
- VAT Processing
- Overview of VAT (Value Added Tax) principles
- Preparing VAT invoices and processing VAT payments
- Recording VAT in accounting records
- Assisting with VAT returns and submissions to HMRC
- Using Accounting Software
- Introduction to accounting software (e.g., Sage, Xero, QuickBooks)
- Setting up accounts and entering transactions
- Generating reports and maintaining accurate financial records
- Data security and compliance in accounting systems
- Financial Statements
- Assisting in the preparation of the profit and loss statement
- Understanding balance sheets and cash flow statements
- Preparing trial balances
- Assisting with month-end and year-end closing
- Compliance and Ethical Standards
- Importance of financial accuracy and compliance
- Ethical considerations in accounting
- Understanding regulations and tax laws
- Record-keeping and audits
- Final Assessment
- Scenario-based bookkeeping and accounting tasks
- Practical exercises using accounting software
- Multiple-choice quizzes on VAT, payroll, and financial recording
