Bookkeeping (ICB Level 1 & 2) Course

Course Structure

Level 1 Book Keeping

• The importance of keeping accurate financial records
• The layout of a bank account and its entries
• Balancing the account

• Types of income and expenditure
• The analysed bank account

• Basic double entry accounts for bank transactions
• Further account balancing
• The trial balance
• The cash account
• The capital account
• Accounting for payroll transactions

• Credit transactions
• Developing accounts for customers and suppliers
• Splitting the Ledger
• Entering credit transactions into the accounts

• The concept of VAT and VAT registered businesses
• Calculating VAT
• The production of business documents containing VAT
• Dealing with trade and cash discounts

• The posting of cash and credit items to the ledger for a VAT registered business
• VAT Input and VAT Output accounts
• The single Vat Account
• How to calculate VAT exclusive and VAT inclusive amounts

• Explanation of day books
• Making entries into the various books
• Posting day book entries to the relevant accounts in the correct ledger

• Two column cash books
• Revision of cash discount
• Three column cash book
• The Petty Cash Book

• Types of errors
• Correcting the ledgers
• The suspense account

• Bank reconciliation
• Control Accounts – reconciling customer and supplier balances
• The VAT Return

• The nature of profit
• Calculating gross and net profit
• The Trading, Profit and Loss Account
• The Balance Sheet

• Accruals and prepayments
• Depreciation
• Bad debts and the Provision for Bad Debts
• Further corrections and adjustments to profits

• Closing of the ledger accounts at the year end

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