COURSE DESIGN

COURSE TITLE : BOOKKEEPING

NOMINAL DURATION : 144 hours

QUALIFICATION LEVEL : LGU Certificate

COURSE DESCRIPTION :

This course is designed to enhance the knowledge, skills and attitudes of

the students to Lead workplace communication ,Lead small teams, Develop
and practice negotiation skills, Solve workplace problem related to work
activities, Use mathematical concepts and techniques, Use relevant
technologies, Maintain an effective relationship with clients/customers,
Manage own performance, Apply quality standards, Perform computer
operations. It include core competencies such as; Journalize transactions,
Post transactions ,Prepare trial balance, Prepare financial reports, and
Review internal control system

ENTRY REQUIREMENTS

Candidate/trainee must posses the following qualification

 Must be able to communicate effectively both orally and in written form

 Must be physically, emotionally, psychologically and mentally fit
 Must be able to perform basic mathematical computation

What is bookkeeping ?

Bookkeeping is a process of recording and organizing all the business

transactions that have occurred in the course of the business

When you think of bookkeeping, you may think it’s all just numbers and
spreadsheets. That’s not exactly the case. Bookkeeping is the meticulous art
of recording all financial transactions a business makes. By doing so, you can
set your business up for success and have an accurate view of how it’s
performing.

3 key benefits of bookkeeping

.  Access to detailed records of all transactions

.  Ability to make informed decisions
.  Better tax preparation
2 types of bookkeeping for small businesses

 Single-entry bookkeeping
 Double-entry bookkeeping

1. Single-entry bookkeeping

The single-entry bookkeeping method is often preferred for sole proprietors,

small startups, and companies with unfussy or minimal transaction activity.
The single-entry system tracks cash sales and expenditures over a period of
time. 

With this bookkeeping process, you must maintain three pieces of

documentation:

 Cash sales journal: This is where the business records all revenue.

 Cash disbursements journal: This is where the business records all
expenses.
 Bank statements: All journal entries should align with the business’s
bank statements.

In these documents, transactions are recorded as a single entry rather than

two separate entries.

2. Double-entry bookkeeping

Double-entry bookkeeping is the practice of recording transactions in at least

two accounts, as a debit or credit. When following this method of
bookkeeping, the amounts of debits recorded must match the amounts of
credits recorded. This more advanced process is ideal for enterprises with
accrued expenses.

The following documents are required for double-entry bookkeeping:

 Journal entries
 General ledgers
 Inventory
 Cashbooks
 Accounts payable
 Accounts receivable
 Loans
 Payroll

The double-entry system of bookkeeping is common in accounting software

programs like QuickBooks. With this method, bookkeepers record
transactions under expense or income. Then they create a second entry to
classify the transaction on the appropriate account.

Bookkeeping best practices

 .  Consider a phased approach
.  Keep your general ledger current
.  Plan for taxes throughout the year
.  Keep your personal and business finances separate

Should I do my own bookkeeping? 2 questions to ask yourself first

.  Do you have the expertise?

.  Do you have the time?

Bookkeeping is the process of tracking and recording a business’s financial

transactions. These business activities are recorded based on the company’s
accounting principles and supporting documentation.

Examples of these documents include:

 Bills
 Receipts
 Invoices
 Purchase orders

Business transactions can be recorded by hand in a journal or an Excel

spreadsheet. To make things easier, many companies opt to use
bookkeeping software to keep track of their financial history.

 Bookkeeping is just one facet of doing business and keeping accurate

financial records. With well-managed bookkeeping, your business can closely
monitor its financial capabilities and journey toward heightened profits,
breakthrough growth,