Module 1

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Account

Australian Accounting and Bookkeeping Workshop

Overview of General Accounting from Bookkeeping to Tax

Bookkeeping Basics

Recording financial transactions.
Maintaining ledgers (Chart of Accounts)
Ensuring accuracy with the double-entry system.

Financial Statements

Balance Sheet: Show assets, liability, and equity.
Income Statement: Report Revenue, expenses, and profit.
Cash Flow Statement: Track inflows and outflows of cash.

Tax Compliance

Importance of accurate bookkeeping for Business Activity Statements (BAS) reporting and tax filing.
Preparing financial statements for tax submissions.

Case Study

The video provides a detailed guide to solving an accounting case study, covering journal entries, posting to ledger accounts, preparing a trial balance, and creating financial statements, including the Income Statement, Balance Sheet, and Cash Flow Statement. It offers a clear, practical walkthrough of key accounting processes for accurate financial reporting.

Module Problem

The video presents a module problem that involves making journal entries, posting to ledger accounts, preparing a trial balance, and creating financial statements. It also covers GST considerations and tax return preparation, with step-by-step demonstrations and clear explanations for each part of the process.

Bank Reconciliation

This video will cover essential topics for managing bank reconciliation:

Bank Feeds or importing?
Bank Rules
Cash Coding
Payment Application (Full or Part)
Bank Transfers
Personal transactions

Review of Accounting Application

This video will explore various accounting applications and their features:

Xero
MYOB
QuickBooks Online (QBO)

Key features of each application will be highlighted through step-by-step demonstrations.

Accounts Receivable

In this video, the focus is on verifying if Accounts Receivable is collectible or not. It explains the importance of assessing outstanding balances. The process helps determine the likelihood of payment and ensures accurate financial records.

Payroll

In this video, it tackles an overview of how to do payroll in Xero, including:

Setting up employees
Creating pay runs
Sending pay slips
Payment of salaries
Reporting to ATO via Single Touch Payroll
Superannuation payment processing
Annual processing

Module Activity

In this video, an activity is given that includes the following tasks:

Importing the CSV to the demo company
Raising Sales Invoices
Raising Bills
Reconciling Bank
Extracting the Balance Sheet and Profit and Loss