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Once you are familiar with basic bookkeeping terms like Chart of Accounts (accounts list) and the main accounting transaction categories you can start exploring how to perform these transactions and seeing the results in financial reports. The main accounting transactions categories are:
- Assets,
- Liabilities,
- Income,
- Expenses, and
- Owners Equity
The Basic Bookkeeping Course (Level 2) Training Manual goes deeper into these transaction types and how they affect the financial performance of a business.
This bookkeeping training manual covers a broad cross section of common tasks using the major accounting software programs and it includes:
- Information about business structures
- GST registration and
- PAYG withholding registration requirements for payroll
- PAYG and IAS
- Business taxation payment and lodgement dates for the year
- More detailed description of tax codes
- When to use Sales and Purchases vs Banking and Journal entries
- Introduction to credit control and credit reporting
- Cash Conversion Cycle
- Cash vs Accrual Accounting Methods
- Information about how to navigate the most popular accounting programs (MYOB AccountRight, Xero and Quickbooks Online QBO) to perform these steps:
- Navigating to the chart of accounts (or accounts list)
- Sales and purchase payments and receipts
- Accounts Receivable & Payment Receipt
- Profit and Lost, Balance Sheet & General Ledger Reports
- Introduction to Payroll
- Creating employee records
- Performing a Pay run
