Petty cash reconciliation – example – ACR-Accounting Academy

Course Content

Accounting Fundamentals #2

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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

Accounting Fundamentals #3

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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 – example

Effective communication

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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?

Day-to-day communications

Emails – your productivity

Emails – recipients’ productivity

Emails – content

Emails – examples

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

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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

Excel & Data Entry

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Recap – effective communication

Module objectives

Introduction to data entry

Data entry in Excel

Excel spreadsheet layout

1. Entering data

3. Using shortcuts (commands)

5. Other formatting functions

Common data entry errors

Other data entry errors

Basic formulas & functions

Formulas – example

Basic functions

AVERAGE and MEDIAN

Formula errors and what they mean

Advanced functions

VLOOKUPs – common mistakes

Locking formulas

Data entry & Excel best practices

Available resources

Understanding risks

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Module objectives

Types of risk – business risk

Business risks – financial

Business risks – non-financial

Affects of uncontrolled risk

Types of risk – financial statement risk

Financial statement risk

Other risks in the finance function

Understanding fraud

The basics of fraud

Fraud statistics

The fraud triangle

Understanding internal controls

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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

The cash receipts process

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Module objectives

What are cash receipts?

How do companies receive cash?

Cash receipts process

Process diagram

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

The cash disbursements process

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Module objectives

What are cash disbursements?

How do companies disburse cash?

Cash disbursements process

Petty cash transactions

Petty cash disbursements

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

Cash and Bank Controls

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Module objectives

Introduction to cash controls

What is a cash transaction?

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

Performing a bank reconciliation – entries

Performing a bank reconciliation – final step

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

Financial statement close process

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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

Management Reporting and Budgeting

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Module objectives

What is management reporting?

Financial reporting vs. management reporting

Objectives of management reporting

Performance management

Management decision making

Management decision making – example

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

Taxation in Rwanda

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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

Accounting Fundamentals #1-org (Copy 1)

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