Bank Reconciliation Training Course
A BANK RECONCILIATION is performed once all of the day-to-day transactions have been entered into your software. The purpose of a bank reconciliation is to ensure that your software data matches the information in the real world (ie. your bank account). It is at this stage that you will enter:
- the direct debits that come out of your account automatically
- interest charges or payments
- merchant and bank charges
You’ll also find duplicates or omissions and need to correct the data that you have previously entered.
Bank Reconciliation Course — Loan Accounts
- Creating a loan account
- transfer loan funds
- transaction details and accounts payable
- setup accounts payable linked account
- editing or deleting a transaction entry
Bank Reconciliation Course — Entering Transactions
- Creating customer cards
- creating inventory items
- entering a sale and payment
- spend money
- receive money from a client
- reconcile your cheque account to your bank statement
Bank Reconciliation Course — International credit card payments
Often the services in overseas countries is cheaper or better or there simply isn’t an available comparative product in Australia so we pay for overseas services. When we do we don’t pay GST and we incur credit card charges. We’ll show you how to
- manage the journal entry point of view
- GST and tax coding
Handling Basic Payroll Transactions
If you are a small business you may pay yourself, your partners or even casual workers adhoc amounts each week or month. These transactions need to capture the right codes and also be included in your bank recs. As long the correct amount of tax is paid and the employers obligations are met then the business owner is doing everything right.
We’ll show you how some small companies manage these transactions using an Excel spreadsheet
Purchasing Assets — Company Vehicle
There will be times when larger equipment is purchased and it’s paid for from your operating cash flow. In this situation the asset isn’t written off as an immediate expense but depreciated every year for a certain number of years. You’ll learn how to code this type of transaction correctly.
Bank Reconciliation Courses in MYOB, Xero and QuickBooks
One of the biggest technological advancements in accounting software has been online bank feeds which enable your bank account transactions to connect directly with your accounting software and remove a significant component of the data entry component. The component that many bookkeepers and BAS Agents still need to do is ensure that each transaction is “coded” to the right GST code to ensure the correct amount of GST liability and asset is recorded to ensure your BAS lodgement is accurate.
Some of the major accounting software programs enable you to remember common transactions and automatically code them for you but it is the tricky transactions which need to be adjusted or coded correctly and these are typically where only partial or no GST is payable.
These are our Bank Reconciliation Training Courses:
- MYOB AccountRight Bank Reconciliation Training Course
- MYOB Essentials Bank Reconciliation Training Course
- Xero Bank Reconciliation Training Course
- Intuit QuickBooks Online (QBO) Bank Reconciliation Training Course
Become a Certified Bookkeeper
Many bookkeepers, BAS Agents and even Accountants use all the major accounting software programs as they adapt more to their clients needs rather than still to just one program. This has particularly been the case since the bookkeeping industry has become regulated and more of the procedures and information requirements have been standardised and managed by the Tax Practitioners Board.
Although many bookkeepers study a Cert IV in Bookkeeping or Accounting and follow the guidelines of the Tax Practitioners Board to become a BAS agent, you don’t need to become a BAS agent if you don’t want to. Rather, you can work with a BAS agent or accountant to provide bookkeeping services which are deemed to be BAS Services.
If you are looking to start your own bookkeeping business, or at least work as a contract bookkeeper, you’ll find it useful to become a “Certified Bookkeeper” and gain the skills and experience necessary to perform bookkeeping using cloud accounting programs.
Learn about becoming a Certified Bookkeeper
I found the EzyLearn Xero course great — a comprehensive step-by-step learning tool to add to my resume and a new tool to use in my Bookkeeping Practice.”
— Patricia Darby
Registered BAS Agent and Bookkeeper, High Quality Bookkeeping