Accounting 101

 Basic Accounting Terminology

• Bookkeeping vs. Accounting
• Accounts vs. Ledgers
• Glossary of Accounting Terms

Financial Reporting

• Who Uses Financial Statements
• Accounting Periods and Cycles
• Accounting Methods

The Income Statement

• The Income Statement Equation
• The Contents of the Income Statement
• The Income Statement Presentation

The Balance Sheet

• The Income Statement Equation
• The Contents of the Income Statement
• The Income Statement Presentation
• The Equity Section
• The Balance Sheet Presentation

The Chart of Accounts

• Which Accounts Are Right for My Business
• Organization of the Accounts List
• Account Numbers /Contra Accounts
• Inactive and Non-Posting Accounts
• Temporary vs. Permanent Accounts

Double-Entry Accounting

• The Accounting Equation
• Defining Debits & Credits
• Normal Account Balances
• Increase vs. Decrease
• Recording Business Transactions
• Using T-Accounts

Cash Transactions & the General Ledger

• Cash Receipts Journal
• Cash Disbursements Journal

JOURNAL ENTRIES 

• Preparing a Journal Entry

• Adjusting Entries
• Reversing Entries
• Closing Entries

Keeping It Accurate – Checks & Balances

• The Trial Balance
• Bank Reconciliations

Financial Statements – The Big Picture

• Using Horizontal Analysis
• Using Vertical Analysis
• What DO the Financials Say About Today
• What DO the Financials Say About Tomorrow
• Other Analytical Measures

Automating the Process with QuickBooks

• Creating a Company Data File
• Defining a Chart of Accounts
• Customizing the Chart of Accounts
• Understanding Account Types
• Accounting Preferences
• Name Databases
• Items and Their Effects on Accounts
• Recording Transactions
• Reconciling Accounts
• Creating Reports
• Customizing Reports
• Printing, Emailing and Exporting Reports
• Adjusting Entries
• Year End Reports
• Closing the Books

 

$179.00 per person - Class size - Maximum 10


Each particpant will receive a manual that is very useful for attendee follow-up and practice.