Financial Accounting – Subsidiary Ledgers & Special Journals

We document transactions utilizing particular journals and monitor accounts receivable by buyer and accounts payable by vendor utilizing subsidiary ledger. 

We ought to have understanding of debits and credit earlier than this course and now we have programs overlaying debits and credit. We can assemble an accounting system the place we document each monetary transaction utilizing debits and credit in a common journal, posting every journal entry to the overall ledger, making the trial steadiness kind the overall ledger, and the monetary statements from the trial steadiness. The means of recording each transaction utilizing debits and credit is the method now we have used up to now. 

To scale back the quantity of knowledge enter when utilizing a handbook system, we will group transactions by transaction kind and create particular journals to document them. An accounting system utilizing particular journals can scale back knowledge enter by limiting the quantity knowledge wanted to be enter for every transaction because of the format of the particular journal. Special journals may get rid of the necessity to publish every transaction to the overall ledger. Rather than posting every transaction to the overall ledger particular journals are added up on the finish of the interval and one transaction is then posted for your entire interval.  

Special journals are sometimes utilized in a handbook system however understanding them helps any system as a result of it helps to see what parts of an accounting system are essential to all accounting methods, which parts might be modified, and when altering the format of the system could be useful. Automated methods additionally usually common helpful reviews in the same format because the particular journals. 

Subsidiary ledgers for accounts receivable and accounts payable are vital for any system the place we make gross sales on account and purchases on account. In different phrases, if we make gross sales and gather cash at a later date, we might want to monitor who owes us cash, and if we make purchases and pay at a later date, we might want to monitor who we owe cash to. 

In addition to educational video, this course will embrace downloadable

•    Downloadable PDF Files

•    Excel Practice Files

•    Multiple Choice Practice Questions

•    Short Calculation Practice Questions

•    Discussion Questions

The PDF information permit us to obtain reference data we will use offline and as a information to assist us work by means of the fabric.

Excel apply information can be preformatted in order that we will give attention to the adjusting course of and studying among the fundamentals of Excel, like addition, subtraction, and cell relationships.

Multiple selection instance query helps us enhance our test-taking abilities by lowering the data into the scale and format of a number of selection questions and discussing easy methods to strategy these questions.

Short calculation questions assist us scale back issues which have some calculation right down to a brief format that could possibly be utilized in a number of selection questions.

Discussion Question will present a possibility to debate these subjects with the trainer and different college students, a course of many college students discover very useful as a result of it permits us to see the subject from completely different viewpoints.

Who will we be studying from?

You can be studying from anyone who has technical expertise in accounting ideas and in accounting software program like QuickBooks, in addition to expertise educating and placing collectively curriculum.

You can be studying from anyone who’s a:

•    CPA – Certified Public Accountant

•    CGMA – Chartered Global Management Accountant

•    Master of Science in Taxation

•    CPS – Certifies Post-Secondary Instructor

•    Curriculum Development Export

As a training CPA the trainer has labored with many technical accounting points and helped work by means of them and focus on them with shoppers of all ranges.

As a CPS and professor, the trainer has taught many accounting courses and labored with many college students within the fields of accounting, enterprise, and enterprise purposes.

The teacher additionally has loads of expertise designing programs and studying how college students be taught finest and easy methods to assist college students obtain their aims. Experience designing technical programs has additionally profit in with the ability to design a course in a logical trend and take care of issues associated to technical subjects and the usage of software program like QuickBooks Pro. 

Content Includes: 

• Accounts receivable subsidiary ledger

• Accounts payable subsidiary ledger

• Special journals

• Sales journal 

• Purchases journal

• Cash receipts journal 

• Cash fee journal 

• Accounting Cycle

• Comprehensive downside

• Excel

• Definitions and key time period

CPE (Continuing Professional Education)

Learning Objectives

1. Explain what particular journals are and once they could be used.

2. Define the accounts receivable subsidiary ledger.

3. Discuss when and the way the accounts receivable subsidiary ledger could be used.

4. Define the accounts payable subsidiary ledger.

5. Explain when and the way the accounts payable subsidiary ledger could be used.

6. Explain what a gross sales journal is and when it will be used.

7. Discuss what a purchases journal is and when it will be used.

8. Define what a money receipts journal is and clarify when it will be used.

9. Describe what a money funds journal is and when it will be used.

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Who this course is for:

• Accounting college students
• Business proprietor
• Anyone who whats to be taught accounting