Breaking Down Transactions and Mastering the Accounting Equation with Practical Tools
What you will learn
xplain the purpose and function of key accounting forms such as bills, checks, and expense entries, and their impact on the accounting equation.
Break down financial transactions and evaluate their effects on subledgers, including Accounts Receivable, Accounts Payable, and Inventory.
Use Excel to replicate and record financial transactions in the accounting equation format.
Design Excel templates that simulate the functionality of accounting software for transaction recording and reporting.
Assess the accuracy of financial records by reconciling subledgers and identifying discrepancies in transaction flows.
Integrate knowledge of transaction impacts to produce comprehensive financial summaries and reports for decision-making.
Identify common financial forms and their corresponding roles in the accounting cycle.
Why take this course?
This comprehensive course dives into the fundamentals of the accounting cycle, with a specialized focus on the real-world application of financial forms and transactions often entered into accounting software like QuickBooks. Participants will explore the purpose and function of key forms such as bills, checks, and expense entries, dissecting how each affects the accounting equation and core subledgers, including Accounts Receivable, Accounts Payable, and Inventory.
Through step-by-step instruction, learners will gain hands-on experience replicating and analyzing these transactions using Excel. You will learn how to post data in the accounting equation format, trace the flow of transactions through subledgers, and reconcile the effects on overall financial reporting. The course emphasizes not just the “how” but the “why,” enabling participants to connect software automation to foundational accounting principles.
Practical exercises include creating and customizing Excel templates to simulate key accounting processes, developing skills in error detection, automating routine calculations, and building summaries for management reporting. Whether youβre a small business owner, an aspiring accountant, or a professional looking to sharpen your financial skills, this course equips you with the knowledge and tools to confidently navigate and analyze the accounting cycle.
By the end of the course, participants will have the ability to independently manage transaction flows, understand their implications for financial reporting, and optimize their use of accounting software for accurate and efficient financial management.