Learn bookkeeping in 7 days®
Table of Contents
Day 1: Introduction to bookkeeping and accounting
The main financial accounting statements
Transactions: debits and credits
The building blocks of business transactions: categorising and summarising
Chart of accounts — the uniform system of accounts
Computerised accounting: getting started
Day 2: Analysing and recording transactions
Computerised accounting and the GST
Day 3: Cash receipts and cash payments
Cash receipts and cash payments
Purchases of assets on deposit using part cash, part credit
Accounts payable and accounts receivable
Business rules regarding the cash book
Computerised accounting: spend money/receive money
Day 4: End-of-month reconciliations - proving our transactions
Day 5: The purchase and sale of inventory on credit terms
Credit purchases and credit sales under accrual accounting
Returns and allowances under accrual accounting
Computerised accounting under accrual accounting
Credit purchases and credit sales under cash accounting
Credit purchases accounted for under cash accounting
Credit sales accounted for on a cash basis under cash accounting
Returns and allowances under cash accounting
Computerised accounting under cash accounting
Day 6: Completing your quarterly BAS
The ‘accounts’ method of completing the BAS
Using the GST calculation worksheet for BAS
Computerised accounting and private-use calculations
Day 7: Some special rules for small business
Eligibility for small businesses
When is an outlay an expense and when is it an asset?
Accounting for credit card purchases
Accounting for loan repayments
Leased and hire purchase assets
When does my hobby become a business?
How does my accountant fit into all of this?
Computerised accounting — a final postscript