Description
This unit is designed to equip students with a comprehensive understanding of the significance of maintaining accurate and up-to-date financial information in a workplace context. Students will gain insight into the pivotal responsibilities undertaken by bookkeepers, encompassing tasks such as data entry, bank statement reconciliation, managing accounts receivable and accounts payable. Emphasis will be placed on the utility of the data they prepare and the reports they generate for informing business decisions, highlighting the critical importance of timely and precise communication. Additionally, students will be educated on the ethical aspects of financial management, stressing the significance of confidentiality and data protection.
The unit will also delve into foundational theory, teaching students how to discern between various financial elements, including assets, liabilities, income, expenses, capital, and profit or loss. They will grasp the distinctions between cash-based and credit-based trading. Practical skills will be cultivated, enabling students to proficiently process customer and supplier transactions, record receipts and payments in the cash book, and reconcile bank statements by cross-checking amounts. Furthermore, students will be introduced to the fundamental concept of the dual effect of transactions, laying the groundwork for a deeper understanding of double-entry bookkeeping, which will be valuable for those advancing to Level 2 bookkeeping studies.
In addition to theory and practical skills, the unit will address the role of software in modern bookkeeping. Students will explore the advantages and risks associated with different types of accounting software, including cloud-based and traditional systems. The importance of software security will be emphasised, and students will learn proactive measures to safeguard sensitive financial data. Overall, this unit provides a holistic and practical education in bookkeeping, preparing students for the challenges and responsibilities of financial management in the workplace.
Learning outcomes
- Understand the role of the bookkeeper
- Understand financial transactions
- Process customer and supplier transactions
- Process receipts and payments
- Understand the benefits and risks of using accounting software to complete bookkeeping
tasks
Details
Publisher - BookVAULT Publishing
Language - English
Paperback
Author(s) - Accountext Publishing Ltd
Published Date - January 20 2025
ISBN - 9781836902805
Dimensions - 29.7 x 21 x 0.9 cm
Page Count - 156
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