Practical Accounting Skills in Handling Full Set of Accounts

21-22 Apr, 2021, Webinar Classroom Training

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MR. TAN KOK TEE has over 40 years of experience in financial, strategic and general management. He has held a variety of leadership and senior management roles in various organizations, the last being Group Chief Executive Officer. More than half of this time were spent in the Manufacturing Marketing & Distribution and Services organization, including Inchcape Timuran Berhad, Metroplex Berhad, and Perdana Industries Berhad.

 

He is a Fellow member of the Association of International Accountants, UK; Member of the Institute of Public Accountants, Aust.; Member of the Chartered Tax Institute of Malaysia; Member of the Malaysia Associations of Company Secretaries, holds a MBA in Finance from Charles Sturt University, Australia and a Gold Mastery Holder in Reinventing Strategic Planning and Management from the Haines Centre for Strategic Management, sponsored by University of San Diego, USA.

 

He is also a Certified Trainer with PMSB’s Train The Trainer Certificate since 2009 and a life member with the Malaysian Institute of Directors.

 

Mr. Tan has been involved in training and facilitation since beginning 2009. To-date he had conducted more than 300 training workshops, of which more about 200 are on GST including GST Accounting for both in-house as well as public, including for Government Authorities, Chamber of Commerce, Government Link Companies, Banks, Malaysian Institute of Accountants, Chartered Institute of Management Accountants, Selangor state Human Resource Development Centre, Negeri Sembilan state Skills Development Centre, NGOs, political party as well as on behalf of various other training providers.

 

He also developed and delivered an Entrepreneurship program (training) especially for MBA students from GC University, Pakistan in collaboration with Sunway Education Group for period 2010 to 2014. He was also an assessor for the UTAR’s NGO strategic planning program and an invited speaker for the Asian Financial Controller’s Congress in 2009, 2010 and 2011.

Venue Details

Webinar Classroom Training

Contact us

Juliany,
M - 012 2281 247
juliany@ipa.com.my

Michelle,
M - 019 363 7822
michelle@ipa.com.my 

FOR CUSTOMISED IN-HOUSE TRAINING
Yvonne,
M - 012 201 1247
yvonne@ipa.com.my

ADDRESS 
A-28-5, 28th Floor, Menara UOA Bangsar, 
No.5, Jalan Bangsar Utama 1, 
59000 Kuala Lumpur
www.ipa.com.my

FOCUSING ON
  • Purpose of Accounting
  • Familiarization of daily key Accounting Terms
  • Daily Transactions Processing
  • Double Entry Accounting Systems
  • Month End Closing Adjustments
  • Bank and Petty Cash Control System
  • Preparation and Understanding of Financial Statements
  • Evaluation of Business Performance from Financial Statements
  • Budgetary Control – Variance Analysis between actual and budget

    CALCULATOR REQUIRED
COURSE OBJECTIVES

Accounting has always been recognized as a very key function in any organization. It provides the basis for information reports to be generated from these accounting records to help managers to make a more informed and effective decisions to increase their organizational performance.

 

Accounting will forever be an extreme asset and vital aspects to one’s career and organization success. It is a “NEED TO KNOW” subject matter.

 

With the introduction of SST after the GST, accounting transactions of Registered Manufacturers and Service Tax Registered Person has this SST element and need to be treated with care in their reporting to Customs.

 

ALL Non-SST register organization may also need to know that SST on imported services also applies to them and they also need to file returns to the customs.

 

Hence this Practical Accounting Skill training course incorporating Essential SST Accounting matters such as Coding and Mapping forms and important part ranging from their daily Accounting work to the filing of returns.

 

Hence this course will help all Accounting Personnel to increase their effectiveness in their daily Accounting Work.

AFTER ATTENDING THIS COURSE YOU WILL RETURN TO YOUR JOB…
  1. Increasing your understanding of the key concepts and importance of the day to day Accounting activities requirements in their work.
  2. Learning and understanding the SST Accounting treatment capability and the periodical filing of SST return more confidently.
  3. Learning the calculation and uses of ratio analysis and interpretation of financial statements.
  4. Merging the acquired Accounting skills to a more effective communication and collaboration with other disciplines
WHO SHOULD ATTEND
  • Accounts Supervisors, Officers & Clerks
  • Junior Accounts Executives
  • Secretaries, Administrators and Administrative Assistants
  • Book Keepers
  • New Executives
  • Fresh Accountants / Accounting Graduates
  • Related Supporting Staff
  • Non-Financial Executives & Staff
METHODOLOGY
  • Participative and active lectures, group discussions, hands-on exercises and free flow of questions.
  • Participants are also encouraged to bring their real working questions for discussions.
DAY 1
9:00

PURPOSE OF ACCOUNTING

  • What is Accounting, Book-Keeping, Transactions and an Account?
  • Accounting concepts, cycles and equations
  • Matching concepts in timing and operational control.
  • Accounting standards in used.
  • Main grouping of accounts
  • Users and benefits of accounting information.
10.45

FAMILIARIZATION OF DAILY KEY ACCOUNTING TERMS

  • Grouping of Accounts
  • Distinction with examples between:
    i. Revenue, and
    ii. Capital expenditure
  • Distinction with examples between:
    i. Non-Current, and
    ii. Current Assets
  • Distinction with examples between:
    i. Non-Current Liabilities
    ii. Current Liabilities
  • Know the real meaning of Property, Plant and Equipment
  • Definition of Intangible assets and when can it arise
  • What is Biological assets
  • What is Right of use assets
  • Depreciation, Amortization non-current (fixed) and intangible assets.
  • Asset impairment.
12.00

DAILY TRANSACTIONS PROCESSING

  • Transaction Processing Framework
  • Transactional documentation processing for sales, purchase, sales and purchase returns.
    i. Document Matching,
    ii. What document to match?
    iii. Checking and approving,
    iv. Account coding, posting and following up trail
1:00 Lunch
2:00

DOUBLE ENTRY ACCOUNTING SYSTEMS

  • Roles and rules of double entry accounting system
  • Chart of Accounts – Mother rule of all postings
  • Various Books of Account – Gen. Ledger, Purchase Ledger, Sales Ledger, Journals, Cash Books, Petty Cash Book, Fixed Assets Register, etc.
  • Accounting double entries for Assets, Liabilities, Revenue, Expenditure and Capital.
  • Double entries for non-current (fixed) assets disposals
  • Journal entries for correction of errors.
  • Double entries for deemed supply treatment for Sales and Service Tax under:
    i. Payback of sales tax exemptions given earlier
    ii. Free goods and services
    iii. Service tax for Imported taxable services
    iv. Claiming service tax refund of digital tax incurred for resales.
    v. Bad debt recovery
    vi. Upon deregistration of taxable service provider
    vii. Withholding tax payment
  • Calculation and double entries for Right of Use Assets and its double entries
  • Double entries on Hire Purchase and its interest calculation under Rule 78 (Sum of Digit Method)
3:45

MONTH END CLOSING ADJUSTMENTS

  • Journal Double entries for monthly adjustments such as prepayments, accruals and provisions for expenses and assets depreciation and amortizations
  • Provisions for bad and doubtful debts, provision for stock obsolesces and provision (impairments).
  • Extraction of Trial Balance and Financial Statements for financial performance analysis:
    i. Statement of Income (Profit and Loss Account)
    ii. Statement of Financial Position (Balance Sheet)
    iii. Statement of Cash flow.
  • Cost of Sales calculation
5:00

End of Day 1

DAY 2
9:00

BANK AND PETTY CASH CONTROL SYSTEM

  • Accounts that need to reconcile:
    i. Every Bank Account
    ii. Every intercompany and related companies account
    iii. Major Creditors account
  • Process of preparing the reconciliation statement
    i. Identified the difference between your record of their accounts and their record of your accounts – their statement of account.
    ii. Investigate the cause of the difference and then:
    -- Adjust your records (books of account)
    -- Inform the other party to correct their account if it is their mistake.
  • Bank Reconciliation:
    i. Work out the adjusted cash book balance first
    ii. Then reconcile the difference.
    iii. Starting point – can be from your adjusted cash book balance or from bank statement balance.
  • Petty Cash Control:
    i. Imprest System management
    ii. Payment policy and procedures
    iii. Record maintenance
    iv. Reimbursement management
    v. Posting to General Ledger
    vi. Fraud and abuse control.
10.45

PREPARATION AND UNDERSTANDING OF FINANCIAL STATEMENTS

  • Minimum information to be shown in the Financial Statement:
    i. Statement of Profit and Loss
    -- Expense classification – by function or by nature
    -- How to identify by a layman
    ii. Other Comprehensive Income
    iii. Statement of Financial Position
    -- Presentation – Current & Non-Current
    -- Treatment of major repair or part change
    -- Understand Biological Assets
    -- Understand what is Right of Use Assets (RUA) from operating lease
    -- Understand what is Deferred Tax
    iv. Statement of Cash Flow
    -- Presentation – Direct or Indirect
    -- How to identify.
    -- Breakdown into from Operating, Investing and Financing Activities
    v. Statement of Change in Equity.
  • Various Qualitative information that needs to be shown in the Financial Statement
  • Understand the different Audit Opinions
1:00 Lunch
2:00

EVALUATION OF BUSINESS PERFORMANCE FROM FINANCIAL STATEMENTS

  • Application of Accounting ratios:
    i. Profitability (returns on Sales, Assets Invested, Equity, Investments).
    ii. Liquidity
    iii. Actual meaning of over trading and its calculation
    iv. Efficiencies
    v. Stability
  • Application of various cash ratios
  • Limitation on the usage or ratios
3.45

BUDGETARY CONTROL – VARIANCE ANALYSIS BETWEEN ACTUAL AND BUDGET

  • Detail Sales Variance analysis matrix
    i. Price
    ii. Volume – mixed and quantity
  • Detail operating expenses analysis matrix
  • Manufacturing material variance analysis
    i. Usage and Price
    ii. Mix and Yield
  • Production Labour Variance analysis
    i. Hour usage
    ii. Rate
    iii. Idle time
  • Overhead variance analysis
    i. Usage
    ii. Absorption
  • Variance analysis contribution to business performance.
  • Factors that give rise to variances
5:00

End of Course