The essential financial accounting workshop is a 5 day intensive programme. The main scope of the workshop is to provide professionals with an in depth experience of how financial accounting is conducted in a working environment.
This essential workshop will comprise of a case study based on a real life scenario of a UK business. Students will learn how to manage a UK business from a financial accounting prospective. The 5 days have been broken down as follows:
DAY 1 – Introduction of the case study and Sales Ledger
Students will be given a full briefing as they would receive from a manager in a professional environment on the financial background of the client and its financial reporting requirements.
Each student will be provided with a laptop with SAGE LINE 50 and IRIS Accounts production installed. Client will be setup by Students themselves on SAGE and the clients sales ledger records will be prepared by posting the sales invoices.
DAY 2 – Purchase Ledger
The clients suppliers will be created on SAGE and purchase invoices will be posted on the system.
DAY 3 – Bank reconciliation
The Clients bank accounts will be set up on SAGE by students. Transactions will be posted on the system before moving on to preparing the bank reconciliation. This will also comprise of clearing supplier and customer balances, transfers between accounts and other transactions.
DAY 4 – Preparation of Quarterly VAT returns and introduction to IRIS Production
Sales and purchase ledger reports will be extracted from SAGE and students will prepare quarterly VAT returns and will have the opportunity to fill the VAT form for submission to HM Revenue and Customs.Students in the second half of the session will extract the trial balance from SAGE before coding and posting on IRIS Accounts Production.
DAY 5 – Accounts production and review of workStudents will prepare final accounts supported by lead schedules and will agree balances to the supporting documentation. This will involve posting accruals, prepayments and other journals.
TOP up workshop:
SAGE Payroll workshop – SP
Students will prepare payroll for a UK Business. This will involve setting up the client on SAGE, updating employee records and executing the payroll. All the tax requirements will also be explained this will comprise of preparing and completion of tax forms such as P60, P45 and annual P35 return.
IRIS Personal and Corporation tax- IPCT
This workshop will be a comprehensive practical experience for professionals into the process of preparing and filing tax returns. Students will prepare the personal and corporation tax returns on IRIS.
Microsoft Excel – Book Keeping
Microsoft excel is widely used tool in organizations. This workshop will comprise of preparing sales day book, purchase day book and bank reconciliation on Microsoft Excel.