Course Duration, Method: 1 day (8:30 a.m. – 4:00 p.m.), Instructor Led Training
Course Overview:
The Bookkeeping course gives learners the necessary skills in recording a company’s or organization’s transactions, which cover tasks such as debit/credit, general ledger, accounts payable and receivable, fixed assets, equity, taxes, and more.
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Course Content:
Intro to Bookkeeping
• Theory and History
• Bookkeeping today
Accrual Method vs. Cash Method
Types of Accounts
• Asset Accounts
• Liability Accounts
• Equity Accounts
• General Ledger
• Chart Accounts
Basic Bookkeeping Concepts
• T-Accounts
• Debits and Credits
• Double Entry Bookkeeping
• The Bookkeeping Equation
Entering Data
• Organization and Timing
Recording Transactions
Financial Statement
• Income Statement
• Statement of Changes in Equity
• Balance Sheet
• Statement of Cash Flows
• Trial Balance
Bank Reconciliation
Adjusting Accounts
• Step to Adjust Entries
• Types of Adjusting Entries
• Reversing/Correcting Entries
Closing the Accounts
• Closing Process
• Identify Accounts for Closing
• Recording and Posting-Closing Trial Balance
CRA and Taxes
• Type of Taxes
• Handling GST/HST
• Handling PST
Keeping Records as per CRA
• Records you must keep
• Income records
Expense records
Property records
Your responsibilities associated with records you must keep
Requirements that all record must satisfy
Other requirements for electronic records
Information you must keep about Internet-based transactions
Retention of Records
• Electronic records
• Minimum retention period
• Third party service providers
• Exceptions
“Allowable” Expenses
Accountant or Bookkeeper?
• Professional Accountants
• Accounting Opportunities
Accountant’s Report
Choosing a Firm
