Accounting and Bookkeeping

Accounting and bookkeeping training is available in Victoria BC, and provides people with versatile skill-sets which are in high demand. People who are trained in these fields can work for businesses across all industries. All businesses need to keep track of their finances, and just about any sizeable business needs to hire an accountant or bookkeeper. Sometimes one person will handle both of these tasks, and in other cases there will be people handling each one separately.

Accounting and bookkeeping are the primary practices that concern the tracking and reporting of a business’s finances. These are ideal fields to work in for people who enjoy paying attention to detail, and working with math.

Bookkeeping involves the recording of financial transactions, and the preparation of summarized reports. In this field, the individual will mainly be focused on working with single and double entry systems on paper, or with a computerized system. Bookkeepers will find themselves working with things like daybooks, petty cash, ledgers and journals.

Accounting focuses on the processing, measurement and communication regarding all financial aspects of a business. Accounting practices can include financial and management accounting, working with different information systems, auditing and tax accounting.

We offer courses in Basic Bookkeeping – Foundations, Basic Accounting – Foundation, Sage 50, QuickBooks, and Custom courses. Courses can be delivered in 3-hour blocks, flexible scheduling.

Basic Bookkeeping - Foundation

Who should attend:         This course is intended for anyone without any prior knowledge or experience in Bookkeeping.
Prerequisites:                     Basic computer skills and comfortable working with Windows Explorer.

Duration:                             24 Hours

Course Objectives:
Upon completion of the course, participants will be able to:

  • Understand both bookkeeping and accounting principles.
  • Apply knowledge and skills learned to complete the bookkeeping cycle.
  • Work with manual ledgers and journals.
  • Learn a computerized accounting program and applying the knowledge to spreadsheets.
  • Gain an understanding of payroll administration.

Course Content

Manual Bookkeeping:

  • Understanding the basics
  • Bookkeeping terminology and principles
  • “The Accounting Equation”
  • Assets verses expenses

Balance Sheet:

  • Debits and credits, the basic rules
  • Double-entry system
  • Analyzing transactions
  • Create a General Ledger

Ledger:

  • Ledger accounts and Chart of Accounts
  • Posting and the Trial Balance
  • Locating entry errors
  • Correcting error entries
  • Reversing entries

Canadian Taxes:

  • PST and GST/HST on sales and purchases
  • Recording sales and other expenses with PST
  • Calculating and remitting taxes

Additional Journals and Entry Information:

  • Discounts, credit notes, and refunds on sales and purchases
  • Purchase, cash payments, and receipts journals
  • Freight and delivery expenses information

 

Basic Accounting - Foundation

Who should attend:         This course is intended for anyone without any prior knowledge or experience in Accounting.
Prerequisites:                    Basic computer skills and comfortable working with Windows Explorer.

Duration:                            24 Hours

Course Objectives:
Upon completion of the course, participants will be able to:

  • Understand both bookkeeping and accounting principles.
  • Apply knowledge and skills learned to complete the accounting cycle.
  • Understand the accounting equation and double-entry bookkeeping.
  • Record transactions in the appropriate ledger accounts.
  • Prepare a trial balance, balance sheet and a profit and loss account.
  • Learn a computerized accounting program and applying the knowledge to spreadsheets.

Course Content

Manual Accounting:

  • Understanding the basics
  • Accounting terminology and principles
  • “The Accounting Equation”
  • Apply the accounting principles

Trial Balance:

  • Prepare a Trial Balance
  • Prepare entries for various expenses, revenues, depreciation, and accrued revenues and expenses
  • Create financial statements from an adjusted Trial Balance
  • Post closing entries and a post-closing Trial Balance

Inventory:

  • Understand costing and valuation
  • Compute ending inventory and cost of goods sold
  • Apply methods to estimate inventory

Transactions:

  • Prepare a bank reconciliation
  • Record petty cash transactions
  • Creation of financial statements for sole proprietorship

Payroll:

  • Prepare a payroll register
  • Prepare entries to record and pay payroll
  • Optimize content for PDF documents

 

Sage 50 - Overview:

Sage 50 is software used for managing a business’s accounting. It can integrate tasks to offer a simplified solution to a business’s management, financial and communication tracking needs. Someone who is proficient with Sage 50 software, is potentially more employable by the many businesses which have incorporated this system of accounting.

It is designed to be used in small to medium sized businesses, handling anywhere from simple individual tasks to complex layers of interconnected tasks. The range of abilities that Sage has helps with the management of accounts, sales, payroll and human resources.

This software can take a lot of the headaches out of traditional accounting, with its paperless ‘work from anywhere’ cloud based system. Sage 50 makes it easy to manage expenses and customer contacts, to creating quotes, sales orders and invoices. It enables us to efficiently build reports, manage inventory, and integrate banking directly into the software. Sage 50 also backs up our data, and makes it easy for us to keep up with the current rules and regulations of accounting.

 

Who should attend:         This course is intended for participants who are familiar with basic bookkeeping/accounting.
Prerequisites:                     Basic Bookkeeping – Foundations or Basic Accounting – Foundations or equivalent.

Duration:                             24 Hours

Course Objectives:
Upon completion of the course, participants will be able to:

  • Comfortably navigate Sage 50.
  • Create and set-up a new company.
  • Modify settings for automated features and functions.
  • Understand the Chart of Accounts.
  • Record daily business transactions in various journals such as the General Journal.
  • Work with sales taxes and banking transactions.
  • Complete a business’s month end financial statements and reporting.

Course Content

Company Set-up:

  • Set up a company for class use
  • Set up asset, liability, income, expense accounts, and sub-accounts
  • Edit accounts
  • Set preferences
  • Link accounts
  • Use GIFI codes

Products, Services and Sales Taxes:

  • Set up (lists of) products and services
  • Add sub-products and sub-services
  • Register for sales taxes
  • Set up and edit sales taxes
  • Track sales taxes

Customers and Sales:

  • Adding new customers and their preferences
  • Recording sales and methods of payment
  • Receiving payments and issuing receipts
  • Customizing invoices
  • Tracking receivables
  • Setting payment terms.

Suppliers and Expenses:

  • Adding new suppliers and importing suppliers from Excel
  • Creating supplier lists and preferences
  • Entering and paying bills
  • Handling returns and credits
  • Printing cheques and tracking payables
  • Issuing statements

Handling Money:

  • Banking
  • Use and accept credit cards and handle cash
  • Reconcile bank and credit card accounts
  • Record and make deposits
  • Handle petty cash
  • Use the “Funds To Be Deposited” account

Inventory & Purchase Orders:

  • Creating inventory
  • Adding inventory parts and sub-parts
  • Use purchase orders and preferences to make purchases and receive deliveries
  • Managing on-hand counts
  • Costing inventory

Period-Ending Activities:

  • Reconcile accounts
  • Remit sales taxes
  • Use the Trial Balance
  • Make adjustments and corrections, including General Journal entries

Tracking Business Activities:

  • Create financial statements and key management reports
  • Customize forms, reports and report contents
  • Export reports to excel
  • Apply deposits, credits and delayed charges

 

QuickBooks - Overview

QuickBooks is a popular accounting software for small to medium sized businesses. It comes either as a localized computer application, or a ‘work from anywhere’ cloud based service. It has many features bundled into it to help make business accounting easier, quicker and more organized. Some features include: direct banking, email functionality, and multiple users to name a few. It also provides many tools for generating and customizing reports, and managing estimates.

QuickBooks has the ability to integrate with online banking, which offers a wide range of convenient functionality. You can pay vendors, create cheques from anywhere – print ready, and set up recurring payments. Receiving business payments is made easy with the option to accept credit card payments directly in electronic invoices. Also, this software enables us to pay employees with free direct deposit. Managing finances is also made easy with QuickBooks. It allows you to track bill status, record payments and import transactions from several different types of financial institutions. Track and automatically add billable hours to invoices, and import them from many different sources including Google Calendar.

Stay on top of all your tax information with automatic calculation of your financial transactions as you go along.  

Who should attend:         This course is intended for participants who are familiar with basic bookkeeping/accounting.
Prerequisites:                     Basic Bookkeeping – Foundations or Basic Accounting – Foundations or equivalent.

Duration:                             12 Hours

Course Objectives:

Upon completion of the course, participants will be able to:

  • Comfortably navigate QuickBooks.
  • Create and set-up a new company.
  • Modify settings for automated features and functions.
  • Understand the Chart of Accounts.
  • Record daily business transactions in various journals such as the General Journal.
  • Work with sales taxes and banking transactions.
  • Complete a business’s month end financial statements and reporting.

Course Content

Company Set-up:

  • Set up a company for class use
  • Set up asset, liability, income, expense accounts, and sub-accounts
  • Edit accounts
  • Set preferences
  • Link accounts
  • Use GIFI codes

Products, Services and Sales Taxes:

  • Set up (lists of) products and services
  • Add sub-products and sub-services
  • Register for sales taxes
  • Set up and edit sales taxes
  • Track sales taxes

Customers and Sales:

  • Adding new customers and their preferences
  • Recording sales and methods of payment
  • Receiving payments and issuing receipts
  • Customizing invoices
  • Tracking receivables
  • Setting payment terms.

Suppliers and Expenses:

  • Adding new suppliers and importing suppliers from Excel
  • Creating supplier lists and preferences
  • Entering and paying bills
  • Handling returns and credits
  • Printing cheques and tracking payables
  • Issuing statements

Handling Money:

  • Banking
  • Use and accept credit cards and handle cash
  • Reconcile bank and credit card accounts
  • Record and make deposits
  • Handle petty cash
  • Use the “Funds To Be Deposited” account

Inventory & Purchase Orders:

  • Creating inventory
  • Adding inventory parts and sub-parts
  • Use purchase orders and preferences to make purchases and receive deliveries
  • Managing on-hand counts
  • Costing inventory

Period-Ending Activities:

  • Reconcile accounts
  • Remit sales taxes
  • Use the Trial Balance
  • Make adjustments and corrections, including General Journal entries

Tracking Business Activities:

  • Create financial statements and key management reports
  • Customize forms, reports and report contents
  • Export reports to excel
  • Apply deposits, credits and delayed charges