Understanding Double Entry to Trial Balance

INTRODUCTION
Accounting is an integral part of all organisations. Producing financial reports are the fundamental of accounting and starts with the humble double entry system. These are transaction that forms the foundation of management accounts of the organisation. The key element of the training course is the focus on practical application of how double entry and other elements like the trial balance are used to create the management accounts and how these are adapted by directors to make decisions and further financial statements for the organisation.

OBJECTIVES
• Understanding the impact of transaction on the elements of accounting
• Learn how to Process transactions to their ledgers
• Analysing Accounts balance and statement of accounts
• Understanding the Credit system that businesses operates
• Extracting a Trial Balance from the respective ledgers

COURSE OUTLINE
DAY 1
• Introduction to the Accounting systems and Elements of Accounting
• Types of Accounting and their differences
• The roles of the Accounting Departments
• Discussion of the Elements of Accounting
• Introduction of the Financial Statements
• Transactions and their impact
• Systems of Accounting and their effects
DAY 2
• Processing Transactions to Ledgers
• Ledgers and Statement of Accounts
• Identifying Elements of Accounting from Transactions
• Effects of the Transactions
• Double Entry accounting systems
• Capital and Revenue Expenditure
• Recording transactions to their respective ledger
DAY 3
• Processing Transactions to Ledgers Continued..
• Injection of Capital by the Owner (s)
• Purchase of Inventory
• Purchase of Non-Current assets
• Sale of Inventory
• Purchase and Sale on Credit introduction
• Payment of Expenses
• Drawings by the Owners
• Refunds
DAY 4
• Extracting and Interpreting the Trial Balance
• Balancing a ledger
• Conversion of Ledger to Statement of Account
• Group Exercise with a real-life example
• Extracting the Trial Balance from Example
• Errors with the Trial Balance
• Trail Balance to Financial Statements
DAY 5
• Books of Prime Entries and Accounting for the Credit Systems
• Credit Risk Due Diligence for customers
• Granting Credit
• Books of Prime Entries and their effect
• Control Accounts
• Receivables and Payables Ledgers
• Posting Transactions from the Books of Prime Entry
• Reconciliation of Ledgers to Control Accounts