Bookkepping level 1

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  • 1. Introduction Computerised Accounts Level 1 For further information please contact : satpals@hotmail.com Satpal Singh MAAT, MIFL, MInstLM, MBCS
  • 2. Course Objectives/Aims Be familiar with basic bookkeeping skills Be able to understand source documents and ledgers Be familiar with double entry bookkeeping Be familiar with VAT Be familiar with computerised bookkeeping Introduction to Bookkeeping
  • 3. Business Documents Buyer Flow of documents SellerThe order is placed Purchase Order The order is received and processed The receipt of goods Delivery Note The goods or services Is recorded are suppliedThe invoice is recorded The payment is INVOICE requestedin the booksA refund is requested A refund may be Credit Note agreed (if needed)( if needed)Information is noted Information to the Statement of Account buyer of balance dueThe payment is made The payment is Cheque or bank transfer received and recorded
  • 4. Suppliers CustomersPurchase Invoices Sales Invoices ABC Sales Credit NoteSupplier or Purchase BusinessCredit Note Ltd Sales Delivery NoteSupplier delivery note Statement of AccountSupplier Statementof Account
  • 5. Business Documents  Administrative tasks  Purchase Order  Delivery Note  Statement of Account  Source documents  Invoice  Credit Note  Cheque or Bank Transfer Introduction to Bookkeeping
  • 6. Invoice Must have these details:  Invoice number (serially numbered)  Name and address of the seller  Name and address of the buyer  Date of sale  Date the goods are supplied, including reference numbers, quantity supplied and unit price  Details of trade discount allowed (if any)  VAT number and amount (if VAT registered)  Total amount of money due  Terms of trade Introduction to Bookkeeping
  • 7. VAT ( Value Added Tax)  VAT was introduced into the UK in April 1973  It is a tax on consumer expenditure  Businesses which are VAT registered do not bear the final cost of VAT. Introduction to Bookkeeping
  • 8. VAT ( Value Added Tax) There are currently three typical rates of VAT:  Standard Rate 20% - charged on most goods and services  Zero Rate 0% - charged on items such as food, books, children’s clothing etc.  Reduced Rate - charged for domestic fuel (gas and electricity) Introduction to Bookkeeping
  • 9. VAT ( Value Added Tax) Taxable Supplies:  The supplies of any goods or services which are subject to VAT at any rate, including zero–rated, are called taxable supplies.  They are referred to as taxable supplies whether you are registered for VAT or not. Introduction to Bookkeeping
  • 10. VAT ( Value Added Tax) Registration is compulsory if any of the following apply:-  The value of your taxable supplies exceeds the annual registration threshold (currently £73000)  The value of imports from other EC Countries exceeds the annual registration threshold (£73000) Introduction to Bookkeeping
  • 11. VAT ( Value Added Tax) You may voluntary register for VAT if any of the following apply:-  The value of your taxable supplies is below £73000.  You intend to make taxable supplies but are not yet making them. Introduction to Bookkeeping
  • 12. Day Book / Journal Date Details Debit Credit Amount Amount01/01/07 Bank A/c 100001/01/07 Capital A/c 1000
  • 13. On going bookkeeping tasks recorded during the financial year Journal Source or NominalDocuments Day Book Ledgers Final Accounts are prepared once a year by an Accountant Trading Balance or Trial Balance Sheet Profit and Loss Accounts Prepared to check the arithmetical accuracy of the Nominal Ledger (often Monthly)
  • 14. Trial Balance A Trial Balance is list of the balances of every account forming the ledger, distinguishing between those accounts which have debit balances and those which have credit balances. Introduction to Bookkeeping
  • 15. The purpose of Trial Balance A Trial Balance is produced mainly for the two following purposes.  To check the arithmetical accuracy of manual bookkeeping.  To form a basis for preparing Final Accounts of the business. Introduction to Bookkeeping
  • 16. Accounting Areas (Modules) The program is broadly split into these categories  Customers (Sales Ledger)  Suppliers ( Purchase Ledger)  Nominal Ledger ( General Ledger)  Bank (Cash Book)  Products ( Stock Control)  Invoicing Introduction to Bookkeeping
  • 17. Accounting Areas (Modules)  Sales Order Processing  Purchase Order Processing  Financials  Fixed Assets  Report Generator Introduction to Bookkeeping
  • 18. Introduction to Sage Bookkeeping Sage Line 50 Accounts Integrated account package for small businesses Sage Line 50 is an industry standard software solution for finance and accounting management, leading to increased business efficiency. Introduction to Bookkeeping
  • 19. Introduction to Sage Bookkeeping Sage Line 50 is designed to streamline accounting routines, reduce data entry and save time. There are three models in the range Accountant Accountant Plus Financial Controller Introduction to Bookkeeping
  • 20. Key Features and Benefits  Sales ledger Makes it easy to maintain accurate customer records.  Purchase ledger Line 50 provides you with everything you need to keep track of your supplier records. Introduction to Bookkeeping
  • 21. Key Features and Benefits  Nominal ledger The nominal or general ledger combines data from all of your ledgers to give you an accurate balance of your accounts.  Bank ledger/cashbook Manage all of your bank receipts and payments, including direct debits and standing orders. Introduction to Bookkeeping
  • 22. Key Features and Benefits  Stock management Keep track of what you sell, whether it is a product or a service.  Sales order processing Know exactly which items your customers are ordering.  Purchase order processing Stay aware of all the orders that you generate. Introduction to Bookkeeping
  • 23. Key Features and Benefits  Invoicing - Automate the invoicing process to save time and improve the accuracy of your records.  Financials - Automatically create your management accounts and VAT Return and carry out budget analysis. Introduction to Bookkeeping
  • 24. Key Features and Benefits  Fixed assets Register- Keep track of the value and depreciation of all your fixed assets.  Task manager - Reminds you of actions you need to take and bills that you need to pay. Introduction to Bookkeeping
  • 25. Key Features and Benefits  e-Business options - Expand your business into e-trading and take full advantage of the Internet.  Passwords and security access - Set passwords and restrict which areas of the program individual users have access to. Introduction to Bookkeeping
  • 26. Key Features and Benefits  Multi-company capability - Run subsidiary company records independently and merge them into a parent company report. Introduction to Bookkeeping
  • 27. Key Features and Benefits  Multi-user capability - Allow a number of people to work on your accounts at the same time.  Multiple delivery addresses - Store multiple addresses for the same organisation. Introduction to Bookkeeping
  • 28. Key Features and Benefits  Reporting - A wide range of automatically produced and customisable reports are available, including profit and loss, balance sheet and budget reports.  Euro support - Built-in currency converters and full euro compatibility. Introduction to Bookkeeping
  • 29. Key Features and Benefits  Cheque printing - Save time and prevent mistakes by automatically producing your cheques.  Microsoft Office integration - Sage Line 50 links with Microsoft Word, Microsoft Excel and Microsoft Outlook. Introduction to Bookkeeping