Learn how to enter transactions, & their impact on general ledger, subsidiary ledgers, trial balance, & financial stmts
β±οΈ Length: 5.3 total hours
β 4.38/5 rating
π₯ 41,064 students
π January 2022 update
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- Course Overview
- Dive deep into the practical application of accounting principles by navigating the foundational process of recording a business’s initial month of financial activity within Microsoft Excel.
- This hands-on module demystifies the step-by-step creation of an accounting journal and its subsequent posting to various ledgers, culminating in the generation of essential financial reports.
- Gain a comprehensive understanding of how individual transactions ripple through the accounting ecosystem, impacting core statements and providing a clear financial snapshot of a business’s early operations.
- Explore the nuances of translating diverse business events, from owner contributions to operational expenses, into a structured, digitally managed accounting framework.
- This course is designed to bridge the gap between theoretical accounting knowledge and its real-world implementation, empowering learners with a tangible skill set for financial record-keeping.
- You will move beyond conceptual understanding to actively constructing and manipulating financial data, building a robust foundation for future accounting endeavors.
- The January 2022 update ensures you are learning with contemporary best practices and a refined approach to Excel-based accounting.
- With a significant student base and a high satisfaction rating, this course offers a proven path to mastering fundamental accounting entry.
- Requirements / Prerequisites
- A foundational grasp of basic accounting concepts, such as debits, credits, and the accounting equation, is beneficial for optimal comprehension.
- Familiarity with the Microsoft Excel interface, including basic navigation and data entry, is assumed.
- Access to a functional version of Microsoft Excel is essential for hands-on practice and exercise completion.
- A willingness to engage actively with data manipulation and to meticulously follow sequential instruction sets is key.
- Skills Covered / Tools Used
- Excel Proficiency: Enhanced ability to leverage Excel for detailed financial tracking and reporting.
- Journal Entry Creation: Mastery in documenting financial transactions accurately and systematically.
- Ledger Management: Skill in maintaining and understanding the interconnectedness of general and subsidiary ledgers.
- Trial Balance Construction: Competency in preparing a trial balance to verify the equality of debits and credits.
- Financial Statement Generation: Practical experience in creating income statements, balance sheets, and statements of cash flows from raw transaction data.
- Strategic Data Entry: Developing an understanding of the optimal order and method for entering diverse transaction types.
- Undeposited Funds Concept: Grasping the practical application of this crucial intermediate account.
- Payroll Processing Mechanics: Understanding the components and accounting treatment of payroll entries, including taxes and withholdings.
- Expense Recording Best Practices: Learning efficient and accurate methods for logging recurring business expenses.
- Inventory Costing Fundamentals: Gaining insight into the accounting implications of inventory purchases and sales.
- Cash Flow Management Insights: Developing an appreciation for how transaction entries directly influence cash positions.
- Microsoft Excel: The primary software application used for all practical exercises and demonstrations.
- Benefits / Outcomes
- Achieve a tangible and demonstrable capability in managing fundamental accounting operations using Excel.
- Build confidence in your ability to accurately record and track a company’s financial transactions from inception.
- Develop a clear understanding of the direct impact of each financial decision on a company’s financial health and reporting.
- Enhance your problem-solving skills by learning to diagnose and rectify potential errors in financial data entry.
- Position yourself for entry-level accounting roles or to effectively manage the finances of a small business.
- Gain a competitive edge in the job market by acquiring a practical, in-demand skill set.
- Empower yourself with the knowledge to interpret and analyze basic financial statements generated from your entries.
- Develop a systematic and organized approach to financial record-keeping, a critical skill in any business environment.
- Acquire the foundational knowledge to transition smoothly into more complex accounting software and systems.
- Understand the practical implications of accounting principles learned in theoretical courses.
- PROS
- Highly Practical & Hands-On: Focuses entirely on applying concepts through real-time Excel data entry.
- Accessible Tool: Utilizes widely available and familiar software (Microsoft Excel).
- Comprehensive Scope: Covers a broad range of essential first-month transactions.
- Clear Learning Path: Structured to guide beginners through a complex process step-by-step.
- High Student Satisfaction: Proven effectiveness with a large and happy student base.
- CONS
- Excel Dependency: Exclusively focuses on Excel, potentially limiting exposure to specialized accounting software workflows.
Learning Tracks: English,Finance & Accounting,Accounting & Bookkeeping
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