Bookkeeping and Accounts (City & Guilds Level 1)

This course provides candidates with an introduction to book-keeping practices and to process source documents that underpin accurate record keeping.

At the end of the course candidates should be able to do the following at level 1:

• Documentation: Complete and check the following documentation: invoices; statements; credit notes; cheques; cash requisition vouchers. Check invoices and credit notes calculating: (sales) tax; trade discount; settlement (cash) discount; prices and price extension.
• Day books and ledgers: Enter invoices and credit notes into the appropriate daybook: sales day book; purchases day book; sales returns day book; purchses returns day book. Transfer the total(s) of the day book(s) to the respective ledger account(s): sales; purchases; (sales) tax; sales returns; purchases returns. Post individual transactions from the day books to personal ledger accounts. Record cash book (two and three column) transactions and credit transactions using double entry book-keeping.
• Bank reconciliations: Update a cash book from details appearing on a bank statement and recalculate the closing balance. Prepare a bank reconciliation statement taking account of: unpresented cheques; returned cheques; outstanding lodgements; direct debits; standing orders; direct credits; other direct payment methods.
• Petty Cash: Using the imprest system, enter the opening balance and analyse petty cash vouchers to appropriate analysis columns, balance and cross tally, transferring the totals to ledger accounts as appropriate and restoring the imprest amount.
• Initial trial balance: Balance ledger accounts including the cash and bank accounts and bring down the balances to the following accounting period. Extract the trial balance from the ledger and cash book.