Comprehensive Training on Automated Accounting Systems and Adjustments

Introduction:

This training course aims to provide a comprehensive understanding of essential accounting concepts and the flow of accounting data through automated accounting systems. Participants will gain practical skills in recording, posting, and adjusting accounting entries using computerized systems, preparing for the financial closing process, and generating financial reports.

Targeted Groups:

• Accounting professionals.
• Financial analysts.
• Auditors.
• Accounting managers.
• Business owners.
• Financial controllers.

Course Objectives:

At the end of this course the participants will be able to:

• Understand and apply basic accounting principles within automated systems.
• Record and post accounting entries accurately using accounting software.
• Perform end-of-period adjustments and closing entries.
• Prepare accurate and comprehensive financial statements.
• Analyze and evaluate the financial position of a business.
• Targeted Competencies:
• Proficiency in using accounting software.
• Knowledge of accounting principles and procedures.
• Ability to perform financial adjustments and closing entries.
• Skills in financial statement preparation and analysis.
• Attention to detail and accuracy in financial data management.
• Understand and apply fundamental accounting concepts.
• Prepare and process adjusting and closing entries.
• Evaluate the financial status of a company using adjusted financial statements.
• Utilize accounting software for efficient financial reporting and analysis.

Targeted Competencies:

• Proficiency in accounting software.
• Mastery of accounting principles and cycles.
• Skillful in preparing adjusting and closing entries.
• Ability to analyze and interpret financial statements.
• Competence in financial reporting and evaluation.

Course Content:
Unit 1:  Accounting Concepts and Automated Accounting Systems:

• Introduction to Basic Accounting Concepts
• Definition and purpose of accounting.
• Key accounting principles and standards.
• Overview of the accounting cycle.
• Flow of Accounting Data in Automated Systems
• How data flows through an automated accounting system
• Components of an automated accounting system
• Benefits of using automated systems over manual accounting
• Recording and Posting Accounting Entries
• Methods of recording accounting entries using software.
• Posting entries to ledgers and maintaining accurate records
• Common software used in automated accounting

Unit 2: Preparing and Recording Adjusting Entries:

• Purpose and Importance of Adjusting Entries
• Why adjusting entries are necessary
• Types of adjustments: accruals, deferrals, estimates, and inventory adjustments
• Steps to Prepare Adjusting Entries
• Identifying accounts that need adjustments.
• Calculating the amounts for adjustments.
• Recording adjusting entries in the accounting software.
• Impact of Adjusting Entries on Financial Statements
• How adjustments affect the financial position and performance.
• Ensuring accuracy and completeness of financial reports.

Unit 3: Preparing Closing Entries and Financial Statements:

• Closing Entries: Purpose and Process
• What are closing entries and why they are important.
• Steps to prepare closing entries
• Temporary vs. permanent accounts
• Preparing Financial Statements
• Types of financial statements: income statement, balance sheet, and cash flow statement
• Steps in preparing financial statements
• Using accounting software to generate financial reports.
• Analyzing Financial Statements
• Interpreting key financial ratios and metrics
• Evaluating the financial health of a business
• Identifying trends and making informed decisions based on financial data

Unit 4: Managing Prepaid and Accrued Expenses and Revenues:

• Understanding Prepaid and Accrued Items
• Definition and examples of prepaid expenses and accrued revenues.
• Recording and adjusting prepaid expenses
• Recognizing and adjusting accrued revenues
• Impact on Financial Statements
• How prepayments and accruals affect financial reporting
• Ensuring accurate representation of financial position
• Case Studies and Practical Exercises
• Real-life scenarios involving prepaid and accrued items
• Hands-on practice in recording and adjusting entries

Unit 5: Comprehensive Adjustments and Account Reconciliation:

• Comprehensive Adjustments
• Identifying all accounts requiring adjustments
• Detailed process of making comprehensive adjustments
• Ensuring no omissions in the adjustment process
• Account Reconciliation
• Purpose and importance of account reconciliation
• Steps to reconcile accounts using accounting software
• Ensuring accuracy and consistency in financial records
• Finalizing Financial Reports
• Reviewing and verifying all entries and adjustments
• Generating final financial statements
• Preparing for audits and external reviews

Unit 6: Fundamentals of Asset Accounting

• Definition and types of assets
• International standards (IFRS and GAAP)
• Asset Valuation and Depreciation
• Asset valuation techniques
• Depreciation methods
• Impairment and revaluation

Unit 7: Advanced Financial Analysis Using Excel

• Excel basics refresher
• Financial formulas and functions
• Creating financial models
• Asset Accounting in Excel
• Setting up an asset register
• Case study: Asset valuation and depreciation
• Advanced-Data Analysis Techniques
• Pivot tables and charts
• Advanced charting
• Introduction to macros and VBA
• Review of key concepts
• Open Q&A session
• Feedback and evaluations