Handling Full Set of Accounts for Accounting Personnel (Online Training)

Course Modules

• Session 1: Purpose of Accounting and Transaction Processing 
  – Types of Companies – Sole Proprietor, PLTs, Private Company, Public company, Listed and Not Listed.
  – What is Holding company, Ultimate Holding company, subsidiary company, sub-subsidiary company, Associate Company and Related Company
  – What is Accounting, Book-Keeping, Transactions and an Account?
  – Accounting concepts, cycles and equations
  – Matching concepts in timing and operational control.
  – What Accounting standards to used – MFRS or MPERS.
  – Main grouping of accounts
  – Users and benefits of accounting information.
  – Transaction Processing Framework
  – Transactional documentation processing for sales, purchase, sales and purchase returns.
    – Document Matching,
    – What document to match?
    – Checking and approving,
    – Account coding, posting and following up trail
• Session 2: Familiarization of daily key accounting terms 
  – Grouping of Accounts
  – Distinction with examples between:
    – Revenue and Cost
    – Operating and Capital expenditure
  – Distinction with examples between:
    – Non-Current, and
    – Current Assets
  – Distinction with examples between:
    – Non-Current Liabilities
    – Current Liabilities
  – Know the real meaning of Property, Plant and Equipment
  – Definition of Intangible assets and when can it arise
  – What is Biological assets
  – What is Right of use assets
  – Depreciation, Amortization non-current (fixed) and intangible assets
  – Asset impairment.
• Session 3: Double Entry Accounting Systems 
  – Roles and rules of double entry accounting system
  – Chart of Accounts – Mother rule of all postings
  – Various Books of Account – Gen. Ledger, Purchase Ledger, Sales Ledger, Journals, Cash books, Petty Cash Book, Fixed Assets Register, etc.
  – Accounting double entries for Assets, Liabilities, Revenue, Expenditure and Capital.
  – Double entries for non-current (fixed) assets disposals
  – Journal entries for correction of errors.
  – Double entries for deemed supply treatment for Sales and Service Tax under:
    – Payback of sales tax exemptions given earlier
    – Free goods and services
    – Service tax for Imported taxable services
    – Claiming service tax refund of digital tax incurred for resales.
    – Bad debt recovery
    – Upon deregistration of taxable service provider
    – Withholding tax payment
  
  
• Session 4: Cost Accounting Concept and Month End Closing Adjustments
  – What is direct and indirect cost?
  – What is fixed and variable cost?
  – Meaning of cost driver.
  – Different type of costings in practice – process, batch, job, projects
  – Difference between absorption and marginal costing
  – Breakeven Analysis.
  – Journal Double entries for monthly adjustments such as prepayments, accruals and provisions including provision for assets depreciation and amortizations
  – Where necessary – provisions for bad and doubtful debts, provision for stock obsolesces and provision for impairments.
  – Extraction of Trial Balance and Financial Statements for financial performance analysis:
    – Statement of Income (Profit and Loss Account)
    – Statement of Financial Position (Balance Sheet)
    – Statement of Cash flow.
  – Cost of Sales calculation
    – Goods and Materials costing
    – Labour cost
    – Overhead cost.
  
• Session 5a: Bank and other Reconciliation Statements AND Petty Cash Management
  – Accounts that need to reconcile:
    – Every Bank Account
    – Every intercompany and related companies account
    – Major Creditors account
  – Process of preparing the reconciliation statement
  – Identified the difference between your record of their accounts and their record of your accounts – their statement of account.
   – Investigate the cause of the difference and then:
     – Adjust your records (books of account)
     – Inform the other party to correct their account if it is their mistake.
  – Bank Reconciliation:
  – Work out the adjusted cash book balance first
    – Then reconcile the difference.
    – Starting point – can be from your adjusted cash book balance or from bank statement balance.
• Session 5b: Petty Cash Management
  – Difference between Cash Book and Petty Cash Book.
  – Imprest system of petty cash management
  – Petty cash record maintenance and payment policy and procedures
  – Petty cash transaction processing
  – Petty Cash reimbursement – when and how?
  – Posting of petty cash records to general ledger
  – Petty cash control and monitoring against abuse and fraud.
  
  
• Session 6: Reading and Understanding of Financial Statements
  – Minimum information to be shown in the Financial Statement:
    – Statement of Profit and Loss
     – Expense classification – by function or by nature
     – How to identify by a layman
   – Other Comprehensive Income
   – Statement of Financial Position
     – Presentation – Current & Non-Current
     – Treatment of major repair or part change
     – Understand Biological Assets
     – Understand what is Right of Use Assets (RUA) from operating lease
     – Understand what is Deferred Tax.
   – Statement of Cash Flow
     – Presentation – Direct or Indirect 
     – How to identify.
     – Breakdown into from Operating, Investing and Financing Activities
    – Statement of Change in Equity.
  – Various Qualitative information that needs to be shown in the Financial Statement
  – Understand the different Audit Opinions
• Session 7: Financial Statement Analysis for managing performance
  – Horizontal and vertical analysis
  – Application of Accounting ratios to determine:
    – Profitability (returns on Sales, Assets Invested, Equity, Investments).
    – Liquidity and Solvency
    – Overtrading – interpretation and its effect on Liquidity and Solvency
    – Statutory Requirement for solvency determination under CA2016
    – Operation Efficiencies
    – Company Stability
  – Cash Flow statement Analysis for various cash ratios on cash generating performance.
  – Limitation on the usage or ratios
  
  
• Session 8: Budgetary Control – Variance Analysis between actual and budget
  – Detail Sales Variance analysis matrix
    – Price
    – Volume – mixed and quantity
  – Detail operating expenses analysis matrix
  – Manufacturing material variance analysis
  – Usage and Price
    – Mix and Yield
  – Production Labour Variance analysis
    – Hour usage
    – Rate
    – Idle time
  – Overhead variance analysis
    – Usage
    – Absorption
  – Variance analysis contribution to business performance.