Course Overview

This foundational course is designed to equip learners with essential bookkeeping and basic accounting skills. Over three months, learners will gain practical knowledge and hands-on experience in recording financial transactions, maintaining accurate financial records, and assisting with basic accounting processes.

Learning Objectives

By the end of the course, learners should be able to:

1. Understand the fundamentals of bookkeeping and basic accounting principles.
2. Record financial transactions using double-entry bookkeeping.
3. Maintain ledgers and financial records.
4. Process accounts payable and receivable efficiently.
5. Perform bank reconciliations.
6. Understand payroll basics and VAT processes.
7. Assist with the preparation of financial statements.
8. Use accounting software for maintaining records and generating reports.

Module Content

Month 1: Introduction to Bookkeeping and Basic Accounting

1. Introduction to Accounting and Bookkeeping
   • Overview of the accounting cycle.
   • Roles and responsibilities of a bookkeeper.
   • Key accounting terms (assets, liabilities, equity, income, and expenses).
   • Introduction to the double-entry system.
2. Recording Financial Transactions
   • Double-entry bookkeeping principles.
   • Creating and maintaining general ledgers.
   • Posting transactions to the correct accounts.
   • Handling petty cash.
3. Introduction to Accounts Payable and Receivable
   • Basics of processing supplier invoices and payments.
   • Managing customer invoices and receipts.
   • Recording accounts payable and receivable in ledgers.

Month 2: Financial Record-Keeping and Reconciliation

1. Accounts Payable and Receivable (Detailed)
   • Managing credit control and overdue accounts.
   • Issuing credit notes and handling disputes.
   • Processing customer payments and receipts.
2. Bank Reconciliation
   • Understanding bank statements and transactions.
   • Matching financial records with bank transactions.
   • Identifying and correcting discrepancies in financial records.
   • Reconciling cash and credit card accounts.
3. Payroll Basics
   • Introduction to payroll tasks (timesheets, wages).
   • Statutory deductions and contributions.
   • Managing payroll records and issuing payslips.

Month 3: VAT, Financial Statements, and Software Training

1. Introduction to VAT
   • Overview of VAT principles.
   • Preparing VAT invoices and processing VAT payments.
   • Recording VAT transactions in financial records.
   • Assisting with VAT returns and submissions to HMRC.
2. Using Accounting Software
   • Introduction to popular accounting software (e.g., Sage, QuickBooks, Xero).
   • Setting up accounts and entering financial transactions.
   • Generating financial reports and maintaining accurate records.
   • Data security and compliance in accounting systems.
3. Financial Statements Preparation
   • Assisting with the preparation of profit and loss statements.
   • Understanding balance sheets and cash flow statements.
   • Preparing trial balances.
   • Assisting with month-end and year-end closing procedures.

Final Assessment

1. Practical and Theory-Based Assessment

• Scenario-based exercises covering bookkeeping tasks.
• Practical exercises using accounting software.
• Multiple-choice quizzes on VAT, payroll, and financial record-keeping.