Course Content
Accounting Fundamentals #2
0/21
Recap – Accounting fundamental #1
Module objectives
What is a transaction?
When to record a transaction?
Transactions and the accounting equation
Analyzing transactions
How to record a transaction?
Journal Entry Example
Debits and credits
Debits and credits – journal entries
Debits and credits – assets
Debits and credits – liabilities
Debits and credits – revenues and expenses
The chart of accounts
The chart of accounts – example
The general ledger
The general ledger – example
The trial balance
The trial balance – example
Flow of a transaction
Module summary
Accounting Fundamentals #3
0/19
Recap
Module objectives
Cash vs. accrual accounting
Cash vs. accrual accounting – example
Why do we use accrual accounting?
Comparing cash vs. accrual accounting
Accounts receivable
Accounts receivable – example
Accounts payable
Accounts payable – example
Prepaid expenses
Prepaid expenses – example
Unearned revenue
Unearned revenue – example
Accrued liabilities
Accrued liabilities – example
Depreciation
Depreciation – example
Module summary
Effective communication
0/29
Module objectives
Communication basics
An effective communication model
Characteristics of communication
Barriers to effective communication
Overcoming barriers to effective communication
Planning your approach
Understanding your audience
Choosing your medium
The Golden Rule vs. the Platinum Rule
Writing vs. speaking
Verbal communication tactics
Written communication tactics
How do we spend our communication time?
Listening
Day-to-day communications
Emails
Emails – your productivity
Emails – recipients’ productivity
Emails – content
Emails – examples
Meetings…
Meetings – organizer
Meetings – attendees
Giving and receiving instructions
Avoiding misunderstandings
Having difficult conversations
Receiving feedback
Receiving feedback – dos and don’ts
Problem solving and critical thinking
0/15
Module objectives
What is problem solving?
Steps to solving a problem
Step 1: Identify the problem
Step 2: Analyze the problem
Analyze the problem – root cause
Root cause – example
Problem statements
Step 3: Map out potential solutions / options
Step 4: Determine optimal solution
Step 5: Implement the solution
Step 6: Review results
Developing problem solving skills
Critical thinking
Module summary
Excel & Data Entry
0/34
Recap – effective communication
Module objectives
Introduction to data entry
Data entry in Excel
Excel spreadsheet layout
Excel basics
1. Entering data
2. Formatting
3. Using shortcuts (commands)
4. Filtering
5. Other formatting functions
Common data entry errors
Other data entry errors
Basic formulas & functions
Formulas
Formulas – example
Basic functions
Terminology
SUM
COUNT
MAX and MIN
AVERAGE and MEDIAN
IF
Formula errors and what they mean
Advanced functions
Nested IFs
VLOOKUPs
VLOOKUPs – common mistakes
Locking formulas
Pivot tables
Charts
Data entry & Excel best practices
Available resources
Module summary
Understanding risks
0/16
Module objectives
What is risk?
Types of risk – business risk
Business risks – financial
Business risks – non-financial
Affects of uncontrolled risk
Types of risk – financial statement risk
Materiality
Financial statement risk
Other risks in the finance function
Understanding fraud
The basics of fraud
Fraud statistics
The fraud triangle
Types of fraud
Module summary
Understanding internal controls
0/37
Recap
Module objectives
What are internal controls?
The control environment
The objective of internal controls
Designing internal controls
Designing internal controls – example
Who is responsible for internal controls
Where can you find controls?
Two types of internal controls
Preventative controls
Detective controls
Important control activities
Documentation procedures
Establishment of responsibility
Segregation of duties
Physical and IT controls
Independent checks of performance
Human resource controls
IT and internal controls
Manual controls
Automated controls
IT-dependent manual controls
Routine processes and key internal controls
Cash receipts process
Cash receipts process – key controls
Cash disbursements process
Cash disbursements process – key controls
Payroll process
Payroll process – key controls
Journal entries
Journal entries – key controls
Reconciliations
Key success factors for internal controls
Threats to the internal control environment
The internal audit function
Module summary
The cash receipts process
0/16
Recap
Module objectives
What are cash receipts?
How do companies receive cash?
Cash receipts process
Process diagram
Example
Small revenue transactions
Example – small transactions
Risks and controls in the cash receipts process
Control Activities
Risks in the cash receipts process
Cash receipts process – key controls
Recording cash receipts transactions
Cash receipts process – journal entries
Module summary
The cash disbursements process
0/21
Recap
Module objectives
What are cash disbursements?
How do companies disburse cash?
Cash disbursements process
Petty cash transactions
Petty cash disbursements
Diagram
Petty cash transaction – example
Other cash disbursements
Control Activities
Risks in the cash disbursements process
Bank vs. cash transactions
Bank transactions
Bank transactions – key controls
Petty cash transactions – key controls
Monthly process
Posting transactions
Cash disbursements process – journal entries
Summary and Practice Problems
Module summary
Cash and Bank Controls
0/36
Recap
Module objectives
Introduction to cash controls
What is a cash transaction?
Cash accounts
What is petty cash?
Recording cash transactions
Bank reconciliations
Bank reconciliations – example
Common bank reconciliation adjustments
Bank charges – example
Bank interest – example
Bank transfers – example
Outstanding (unpresented) cheques – example
Outstanding (unpresented) deposits – example
Adjustments – quick recap
Errors – example
Unrecorded transactions – example
Bank reconciliation – summary
Performing a bank reconciliation
Method 1
Method 2
Performing a bank reconciliation – entries
Performing a bank reconciliation – final step
Bank controls
Petty Cash
Petty cash controls
Petty cash voucher
Example of the petty cash process
Petty cash process
Petty cash documentation
Petty cash tracking
Petty cash reconciliation
Petty cash reconciliation – example
Common petty cash reconciliation adjustments
Summary
Financial statement close process
0/11
Recap
Module objectives
The financial statement close process (FSCP)
Overview of the FSCP process
Month-end – cash
Month-end – fixed assets
Month-end – prepaid assets
Month-end – accruals
Month-end closing
Month-end reporting
Module summary
Management Reporting and Budgeting
0/15
Module objectives
What is management reporting?
Financial reporting vs. management reporting
Objectives of management reporting
Performance management
Management decision making
Management decision making – example
Budgeting
Why is budgeting important?
Your role in creating budgets
The budgeting process
Review budget-to-actuals (variance reporting)
Budget-to-actuals – example
Your role in budget-to-actual reporting
Module summary
Taxation in Rwanda
0/15
Module objectives
Taxes in Rwanda
1. Corporate income taxes
2. Value-added taxes
3. Withholding taxes
4. District taxes
4. District taxes – trading license
5. Payroll deductions
5. Payroll taxes
5. Payroll deductions
5. Payroll taxes
5. Payroll deductions
Summary of deadlines
Penalties and interests
Module summary
Accounting Fundamentals #1-org (Copy 1)

Adjust the trial balance with a journal entry:

1.Bank charges

2.Interest charges or income

3.Bank transfers

Adjust the bank statement balance in our reconciliation:

1.Unpresented cheques

2.Unpresented deposits

Qs: When do we adjust the trial balance, using a JE?

Qs: When do we adjust the bank balance? Using only the reconciliation, no journal entries?

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