(MC) Book Keeping And Accounting Skills For Keeping Full Set Of Accounts

26-27 Sep, 2022, AC Hotel Kuala Lumpur by Marriott (Formerly known as Vistana Kuala Lumpur)

IPA Training is Registered with

Venue Details

AC Hotel Kuala Lumpur by Marriott (Formerly known as Vistana Kuala Lumpur)
9 JALAN LUMUT OFF JALAN IPOH,, KUALA LUMPUR, MALAYSIA, 50400,

https://www.marriott.com/en-us/hotels/kulka-ac-hotel-kuala-lumpur/overview/?scid=45f93f1b-bd77-45c9-8dab-83b6a417f6fe&y_source= 1_MTQ2NDU5MDEtNDgzLWxv Y2F0aW9uLndlYnNpdGU%3D


Fax : 0 3-40428000

Contact us

FOR COURSE DETAILS

Juliany,

Office: 03 2283 6109

Mobile: +60 122281247

juliany@ipa.com.my

Phoebe,

Office: 03 2283 6100

Mobile: +60 193637822

phoebe@ipa.com.my

Bee Teng,

Office: 03 2282 6112

Mobile: +60 172566121

beeteng@ipa.com.my

FOR CUSTOMISED IN-HOUSE TRAINING

Jane,

Office: 03 2283 6101

Mobile: +60 129418251

jane@ipa.com.my

Keith,

Office: 03 2283 0000

Mobile: +60 162272735

keith@ipa.com.my

ADDRESS

A-28-5, 28th Floor, Menara UOA Bangsar,
No.5, Jalan Bangsar Utama 1,
59000 Kuala Lumpur

FOCUSING ON
  • Understanding Book Keeping and Accounting
  • Understanding Key Accounting Terms
  • Matching Concept Processing of Transactions
  • Double Entry Book Keeping Systems
  • Month End Closing Adjustments and Final Accounts Preparation
  • Bank Reconciliation and Petty Cash Control System
  • Variance Analysis between Actual and Budget or Standards
INTRODUCTION

Accounting has always been a key function of any business organization as it provides the basis for financial information reports to be generated to help managers to make a more informed and effective decisions for their daily business decisions.

It is hence important that all personnel who join the accounts department be equipment with Practical Basic Accounting Skills and Knowledge in order to discharge its work efficiently and effectively.

With the introduction of SST after the GST, accounting transactions need to be treated with care to comply with their reporting to Customs.

Hence this Basic Accounting training course will provide all the necessary fundamental accounting skills and knowledge to enable all personnel who joined or aspire to join the Accounting Department to discharge their responsibilities efficiently and effectively.

COURSE LEARNING OUTCOMEs

After Attending This Course You Would Be Able To…

  1. Comprehend the Accounting fundamentals from the beginning of a business transactions to the preparation of Financial Statement.
  2. Respond to monthly Accounting Adjustments requirements in compliance of the Accounting Concepts, Standards and Policies requirements.
  3. Display Matching Concept in Transactions processing, Double Entry Accounting System and Reconciliation statements
  4. Measure and analyse the difference between actual results with that of the Budget and Standards.
  5. Share and explain the basic financial performance to peers and immediate supervisor/s.
WHO SHOULD ATTEND
  • Office Assistants and Clerks
  • Accounts Assistants and Clerks
  • Accounts Executives
  • Fresh Graduates entering into Accounting Functions
  • School and College leavers interested to join the Accounting Jobs.
  • All other persons who are interested to learn the Accounting Department’s work processes.
METHODOLOGY
  • Interactive Lectures
  • Individual Assignments
  • Quiz

As this is a training workshop, participants besides attending lectures are also required to work individually and/or together assignments and exercises to recap the learnings. Participants are also encouraged to bring their real working questions for discussions.

DAY 1
9:00

UNDERSTANDING BOOK KEEPING AND ACCOUNTING

  • Definition of Accounting, Book Keeping, Accounts and Transaction
  • Accounting concepts, cycles and equations
  • Matching concepts in timing and operational control.
  • Accounting standards in used.
  • Accounting Policies
  • Grouping of accounts
  • Users and benefits of accounting information.


10.45

 UNDERSTANDING KEY ACCOUNTING TERMS

  • Distinction with examples between:
    - Revenue and other income
    - Revenue expenditure and Capital expenditure
  • Distinction with examples between:
    - Non-Current, and Current Assets
  • Distinction with examples between:
    - Non-Current Liabilities and Current Liabilities
  • Meaning of Property, Plant and Equipment verses Investment properties
  • Major Component Costing method for PPE
  • Definition of Intangible assets and when can it arise
  • What are Biological assets
  • What is Right of use assets
  • What are contingent assets and contingent liabilities.
  • What is Assets Depreciation, Amortization, Impairment and Appreciation (capital reserve)

 

1:00 Lunch
2:00

MATCHING CONCEPT PROCESSING OF TRANSACTIONS

  • Transaction Processing Framework
  • Transactional documentation processing for sales, purchase, sales and purchase returns.
    - Document Matching,
    - What document to match?
    - Checking and approving,
    - Account coding, posting and following up trail
    - Chart of Accounts

 

3:45

DOUBLE ENTRY BOOK KEEPING 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 Concepts for Assets, Liabilities, Revenue, Expenditure and Capital.
  • Hands on Accounting double entries for:
    - Property Plant & Equipment disposals,
    - 2 methods of Correction of errors,
    - Selected Sales and Service Tax under:
  • -Payback of sales tax exemptions given earlier on raw materials
    ? -Provide Free goods and services
    ? -Service tax for Imported taxable services
    ? -Claiming service tax refund of digital tax incurred for resales.
    ? -Bad debt relief and its subsequent recovery
    ? -Upon deregistration of taxable service provider
    - Withholding tax:
    ? -Absorbed by payee
    ? -Absorbed by payer
  • Calculation and Accounting entries for Right of Use Assets for lessee and lessor.
  • Calculation of Single Effective Interest Rate and Accounting entries on Hire Purchase.

 

5:00 End of Day 1
DAY 2
9:00

MONTH END CLOSING ADJUSTMENTS AND FINAL ACCOUNTS PREPARATION.

  • General Journal – what is it, usage and how to write up including its narrations
  • General Journal Double entries for monthly adjustments for:
    - Prepayment adjustments,
    - Accruals and provisions for expenses,
    - Assets depreciation and amortizations.
    - Assets impairments
    - Assets appreciations
    - Increase and decrease of provisions – stock obsolesces and bad & doubtful debts.
  • Extraction of Trial Balance and Financial Statements for financial performance analysis:
    - Statement of Income (Profit and Loss Account)
    - Statement of Financial Position (Balance Sheet)
    - Statement of Cash flow.
  • Costing of goods and service calculation.


10.45

BANK RECONCILIATION AND PETTY CASH CONTROL SYSTEM

  • Accounts that need to reconcile:
    - Every Bank Account
    - Every intercompany and related companies’ account
    - Creditors and Customers account
  • Process of preparing the reconciliation statement
    - Identified the difference between your record of their accounts and their record of your accounts – their statement of account.
    - 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:
    - The 2 methods:
    ? -Adjusted Cash Balance method, that involved 2 steps.
  • -Direct method.
    - Starting point – can be from cash book balance or from bank statement balance.
    • Petty Cash Control:
    - Imprest System management
    - Payment policy and procedures
    - Record maintenance
    - Reimbursement management
    - Posting to General Ledger
    - Fraud and abuse control.

 

1:00 Lunch
2:00

VARIANCE ANALYSIS BETWEEN ACTUAL AND BUDGET OR STANDARDS.

  • Sales Variance analysis matrix
    - Price
    - Volume
    ? -Value mixed, and
    ? -Quantity mixed
    • Operating expenses analysis matrix
    • Manufacturing material variance analysis
    - Usage and Price
    - Mix and Yield
    • Production Labour Variance analysis
    - Rate
    - Efficiencies and Idle time
    • Overhead variance analysis
    - Direct overhead
    - Indirect overhead
    • Factors that give rise to variances
    • Accounting entries for variances
5:00 End of Course