Effective Bookkeeping and Payroll

Course Overview

This course teaches students about principles, an overview of internal controls, subsidiary ledgers and special journals, reconciliations, correcting entries, sales tax, budgeting, accounting for merchandising, accounting for cash, payroll, partnerships and corporations, accounts receivable and bad debts, interim profit or loss, closing the books, and cash flow.

Course Introduction-2m

Chapter 01 – Principles 1h 10m
Introduction – GAAP
Transactions – The Accounting Equation
Transactions – Debit and Credit Rules
Transactions – Analysis
Demo – Full Disclosure Principle
Demo – Journal Process Practice
Chapter 01 Review

Chapter 02 – Overview of Internal Controls 55m
Overview of Internal Controls
The Need for Internal Controls
Overview of Internal Control
Principles of Internal Control
Control Concepts
Overview of Internal Control (Cont.)
Examples of Controls Across the Organization
Overview of Sarbanes Oxley Sections 302 and 404
Implications of SOX
Control Concepts (Cont.)
Audit Process and Conduct
Internal Controls – Bottom Line
Demo – Internal Control Reporting
Chapter 02 Review

Chapter 03 – Subsidiary Ledgers and Special Journals 1h 2m
Subsidiary Ledgers and Special Journals
Subsidiary Ledgers
Subsidiary Ledger
Subsidiary Ledgers (Cont.)
Accounts Receivable – Aging of Subledger
Using Special Journals
Special Journals – Sales Journal
Special Journals – Posting Sales Journal
Special Journals – Control Accounts
Special Journals – Cash Receipts
Special Journals – Posting Cash Receipts
Special Journals – Cash vs. Credit Card
Special Journals – Purchases
Special Journals – Cash Payments
Special Journals Summary
Demo – Cash Receipts Journal
Chapter 03 Review

Chapter 04 – Reconciliations 49m
Accounts To Be Reconciled
Ownership and Accountability For Reconciliations
A Reconciliation is a Critical Internal Control
What is a Reconciliation
“Reconciling Items” and Unreconciled Differences
Bank Reconciliation Example
Inventory Reconciliation Example
Who Should Perform the Reconciliation?
Exercise – Accounts Receivable Reconciliation
Who Can Review a Reconciliation?
A Roll-forward Analysis
Analytical Roll-forward
Analytical Roll-forward of a Trade A/R Account
Analytical Roll-forward of Cash
Other Verifications of Account Balances
Chapter 04 Review

Chapter 05 – Correcting Entries 13m
Correcting Entries
Corrections – The Wrong Amount
Corrections – The Wrong Account
Corrections – Reversing Entries
Chapter 05 Review

Chapter 06 – Sales Tax 26m
Sales Tax
Sales Tax – Calculations
Sales Tax – Recording Transactions
Sales Tax – Pay Collected Taxes
Sales Tax – Paying Collected Taxes
Sales Tax Rules and Filing
Sales Tax Rates
Sales Tax Rules and Filing
Audits and Out of State Taxes
Chapter 06 Review

Chapter 07 – Budgeting 49m
All Businesses Must Have a Strategic Plan
Yearly Target Setting (Budgeting)
Defining Objectives
Budgeting Defined
Budgeting for Smaller Companies
Types of Budgets
Budgeting Development and Assumptions
Bookkeeper Role in Budgeting
Example Budget Spreadsheet
Chapter 07 Review

Chapter 08 – Accounting for Merchandising 1h 3m
Accounting for Merchandising
Merchandising Income Statement
Manufacturing Income Statement
Merchandising Income Statement (Cont.)
Merchandising Revenue – Credits
Credit Notes
Merchandising Revenue – Credit Notes
Credit Notes
Sales Discounts
Calculating Sales Discounts
Recording Sales Discounts
Sales Discounts – Customer Account
Net Sales On the Income Statement
Purchasing Merchandise
Periodic Inventory System
Purchase Discounts
Discounts – Purchase Discounts
End of Period Income Statement
Net Sales On the Income Statement (Cont.)
Determine Cost of Goods On Hand
Compute COGS for Income Statement
Income Statement
Perpetual Inventory System
Discounts – Purchase Discounts (Cont.)
Cash on Delivery (COD)
Demo – Merchandising Income Statement
Chapter 08 Review

Chapter 09 – Accounting for Cash 1h 9m
Accounting for Cash
Defining Petty Cash
Trend in Petty Cash
Accounting for Petty Cash – Establishing
Accounting for Petty Cash – Cash Sheet
Accounting For Petty Cash – Entries
Accounting – Petty Cash – Reimbursing
Petty Cash Entry
Accounting for Cash Over or Short
Accounting – Cash Over or Short
Good Cash Control in a Retail Business
Accounting For Cash Over or Short (Cont.)
Cash Controls – The Bank Reconciliation
Accounting – Bank Reconciliation
Accounting – Bank Statements
Bank Statements
Accounting – Bank Errors
Accounting – Cash Book Errors
Bank Reconciliation Process
Bank Account Reconciliation
Accounting – Bank Account Reconciling
Demo – Bank Reconciliation
Chapter 09 Review

Chapter 10 – Payroll 2h 17m
The Payroll Process
Payroll Process – Gross Pay
Payroll Process – Deductions
Payroll Process – Taxes
Payroll Process – Deduction Tables
Payroll Process – Deductions (Cont.)
State Taxes
Payroll Process – Deductions (Cont..)
Payroll Process – Voluntary Deductions
Payroll Process – Net Pay
Payroll Process – Recording
Payroll Process – Earnings Record
Payroll Process – Payroll Record
Payroll Process – Payroll Records
Payroll Process – Recording (Cont.)
Payroll Process – Recording Net Payroll
Payroll Process – Employer Expenses
Payroll Process – Recording (Cont.)
Payroll Process – Making Payments
Payroll Process – Vacation and Sick Pay
Payroll Process – Accruals
Payroll Process – Internal Controls
Demo – Payroll Calculations and Entries
Demo – Paycheck
Chapter 10 Review

Chapter 11 – Partnerships and Corporations 56m
Partnerships and Corporations
Partnership – The Partnership
Partnership – Partnership Accounting
Partnership – The Drawing Account
Admitting a New Partner
Entry to Admit New Partner
Death of a Partner
Partner Withdrawal – Example 1
Partner Withdrawal – Example 2
Corporations – Shareholder Value
Corporations – Share Ownership
Sale of Common Stock
Preferred Stock
Preferred Stock – Sale of Shares
Corporations – Authorized versus Issued
Corporations – Dividends
Shareholders Sale of Stock
Chapter 11 Review

Chapter 12 – Accounts Receivable and Bad Debts 1h 4m
Accounts Receivable and Bad Debts
Accounts Receivable – Aging
Accounts Receivable – Accounts
Accounts Receivable – Aging
Accounts Receivable – The Balance Sheet
Bad Debts – Writing Off
Bad Debts – Recovering
Bad Debts – Small Business
Sale of Receivables
Sale of Receivables – Entry
Accounts Receivable Turnover
Demo – Accounts Receivable Entries
Chapter 12 Review

Chapter 13 – Interim Profit or Loss 9m
Interim Profit or Loss
Interim – Interim Statement
Interim – Preparing Interim Statement
Chapter 13 Review

Chapter 14 – Year End – Preparing to Close the Books 41m
Year End – Preparing to Close the Books
Year End – Inventory
Year End – Adjusting Entries
Year End – Adjusting Entries Types
Inventory Obsolescence
Inventory Reserves – Entries
Inventory Write Offs – Entries
Year End – The Worksheet
The Spreadsheet
Chapter 14 Review

Chapter 15 – Year End – Closing the Books 44m
Year End – Closing the Books
Year End – Closing Journal Entries
Year End – Post Closing Trial Balance
Year End – Financial Statements
Year End – Income Statement
Year End – Balance Sheet
Accounting Information
Demo – Real World Financials
Chapter 15 Review

Chapter 16 – Cash Flow 55m
Cash Flow
What is Cash Flow?
Categories of Cash Flow
Cash From Operations
Why We Manage Cash Flow
Cash Flow – The Indirect Method
The Direct Method
Maximizing Cash Flow
Cash Cycle
Revenue and Receivables
Expenses and Payables
Capital / Investment
Quick Ratio
Cash Flow Adequacy Ratio
Chapter 16 Review

Course Closure

Total Duration: 13h 58m

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