Practical Bookkeeping

Practical Bookkeeping Course

Good bookkeeping is more than just a task; it’s an important tool that empowers you to understand your business, and work towards growth and success with the financial future. Bookkeeping is the process of recording, organizing, and maintaining financial transactions for a business or individual. Being one of the oldest known professions, it has its roots in ancient civilizations, where early record-keeping systems were developed to track trade, taxes, and commerce—laying the foundation for the modern financial practices we use today. A bookkeeper plays a vital role in the management of a company’s financial account. Without this management, a business may risk the loss of credibility, miss out on tax deductions, face potential fines for non-compliance, as well as many other challenges. 

The Practical Bookkeeping course will provide participants with the skills and knowledge to manage financial records accurately, ensure compliance with accounting standards, and support informed decision-making for their business or organization. Additionally, participants will gain confidence in handling day-to-day financial tasks, empowering them to contribute to the financial health and success of their business.

Objectives:

• Understand bookkeeping and its key terms
• Differentiate between bookkeeping and accounting
• Understand the types of financial transactions and the accounting equation
• Explore the categories and structure of the chart of accounts
• Practice recording sales, revenue, and purchases
• Determine how to handle accounts receivable and payable

Identify the purpose of the general ledger and financial statements