Accounting and Bank Reconciliation

22 June to 3 July

Accounting is referred to as the language of business. Over the centuries accounting developed together with and as part of the economic system and it performs an extremely useful and important function in a society. This course introduces participants to the fundamental principles and procedures of accounting with emphasis on accounting procedures used in private and public-sector enterprises. It also explores the accounting cycle which demonstrates how transactions impact financial statements. The processes required to manage cash receipts, cash disbursements, and other transactions that affect general ledger cash balances are also explored. Participants will develop an understanding of the connections between financial analysis, control, and decision making in the management of a business, as well as the effects of technology and globalization on accounting procedures and the role of the accountant. Organisations will benefit by equipping their staff with proper accounting skills since accounting is a specialised method used to communicate financial information about an entity and its activities to those persons or entities that have an interest in the activities of the entity. 

Since bank transactions made by the entity are also recorded in its cash receipts and cash payments journals, the balance shown in the bank statement should agree with the balance in the bank account in the books of the entity. However, this is rarely the case. This course further demonstrates to participants how to perform the reconciliation process, ensuring accuracy of the organisation financial data and its relation to its financial institution. Reconciliation application provides the ability to reconcile the primary balance, checking account balance in the system with the monthly bank account statement. It allows the statement information to be recorded and warrants to be marked as cleared. A thorough understanding of these topics allows you to reconcile your cash book with your bank statements, keeping information consistent and accurate.

Target Audience: 

The course is designed for:

  • Accountants, Finance Officers, Middle management and Senior officers in charge of the Accounts Department responsible for the accounting, cash management and reconciliations function.
Course Outcomes: 

Upon completion of this workshop, the delegates should be able to:

  • Understand the role of accounting and the framework for financial reporting, including the fundamental principles, qualitative characteristics and assumptions underlying financial accounting.
  • Transform transactional data into useful accounting information, including adjusting entries and closing entries, leading to the preparation and presentation of financial statements.
  • Gather, process and record relevant information and prepare financial statements as per requirements of IFRS/IPSAS whilst familiarizing on updates on accounting standards, corporate regulations and other financial reporting and disclosure requirements.
  • Account for cash, receivables, inventory and non-current assets, liabilities and changes in equity.
  • Proper accounting for Property, Plant and Equipment in the financial statements
  • Keep proper records to ascertain the financial performance and financial position.
  • Comprehend petty cash administration, reporting and controls over petty cash.
  • Perform financial analysis from the financial statements, identifying key ratios.  
  • Reconcile the cash book items with bank statement items, identifying the appropriate supporting documents to be used for audit purposes, financial analysis, and to verify data entry.
  • Identifying key causes which lead to reconciliation problems, making appropriate adjustments to rectify reconciliation problem.
  • Understanding how each type of transaction posted in the system will update in the General Ledger and the balance in Bank Reconciliation
  • State the formats and uses of the bank reconciliation, as well as the types of differences that may arise.
  • Perform all Bank Reconciliation related data entry functions, including bank transactions, bank deposits, and bank transfers.
  • Perform the Bank Reconciliation Process.
  • Perform maintenance on Bank Reconciliation documents and records.