ELEV-FP 001: Basic Bookkeeping

ELEV-FP 001: Basic Bookkeeping

Course Number: ELEV-FP 001

Duration: One day

Course Description:

Numbers! Numbers! Numbers! Wherever you go, you are bound to see them, on addresses, license plates, phones, prices, and of course, money. Numbers connect us all in more ways than we might imagine, and our world revolves around them. While some people enjoy working with numbers, others may feel intimidated by them. This Basic Bookkeeping course is designed to make bookkeeping approachable and practical, giving learners a clear understanding of how financial information supports everyday business decisions.

By the end of this course, learners should be able to:

• Understand basic accounting terminology
• Identify the differences between the cash and accrual accounting methods
• Track business activity using accounts payable and accounts receivable
• Use journals and general ledgers to document financial transactions
• Utilize the balance sheet and other financial statements
• Create and manage a basic budget
• Understand the purpose of internal and external auditing

Course Modules:

Module One: Basic Terminology (I)

• Balance sheet
• Assets
• Liabilities
• Equity
• Income statement
• Revenue
• Cost of goods sold
• Expenses
• Accounting period

Module Two: Basic Terminology (II)

• Accounts receivable
• Accounts payable
• Depreciation
• General ledger
• Interest
• Inventory
• Journals
• Payroll
• Trial balance

Module Three: Accounting Methods

• Cash method
• Accrual method
• Differences between cash and accrual accounting

Module Four: Keeping Track of Your Business

• Accounts payable
• Accounts receivable
• The journal
• The general ledger
• Cash management

Module Five: Understanding the Balance Sheet

• The accounting equation
• Double-entry accounting
• Types of assets
• Types of liabilities
• Equity

Module Six: Other Financial Statements

• Income statement
• Cash flow statement
• Capital statement
• Budget vs. actual

Module Seven: Payroll Accounting and Terminology

• Gross wages
• Net wages
• Employee tax withholdings
• Employer tax expenses
• Salary deferrals
• Employee payroll
• Employee benefits
• Tracking accrued leave
• Government payroll returns and reports

Module Eight: End of Period Procedures

• Depreciating assets
• Reconciling cash
• Reconciling investments
• Working with the trial balance
• Bad debt
• Posting adjustments and corrections

Module Nine: Financial Planning, Budgeting, and Control

• Reasons for budgeting
• Creating a budget
• Comparing budget to actual expenses

Module Ten: Auditing

• What an audit is
• When and why audits are conducted
• Internal audits
• External audits

Basic Bookkeeping builds practical skills for organizing financial information and understanding core accounting concepts. Join now to strengthen your bookkeeping fundamentals and support smarter business decisions.