In this course, you will learn primary bookkeeping functions through the exploration of basic terms, additional principles and practices, and real world examples.
The essential principles will include GAAP, the accounting equation, debit and cash rules, transaction analysis, and the journaling process. We will also discuss practices for sales tax, budgeting, payroll, accounts receivable, inventory and merchandising accounting, closing the books, interpreting cash flow, and other basic bookkeeping functions.*
You will gain an understanding of internal controls, which will be specific to cash, subledgers, and reconciliations. Depending on the size of your organization, bookkeeping can mean reporting transactions, journalizing, posting to ledger accounts, and preparing a trial balance. With new technology, bookkeepers are able to prepare reports and conduct analysis.
*Although the course will focus on a sole proprietorship, most of what you learn will be easily applied to a partnership or a corporation.