Professional Bookkeeper: Practical Small Business Applications (Module 2)
Practical Application of Double Entry Accounting System for: Furniture Store Convenience Store with Gas Pumps and Service Bays Bakery Clothing Store
Module II - Practical Small Business Applications
Practical Application of Double Entry Accounting System for:
Succeed in Your Business Using Professionally Designed Industry-Specific Accounting Systems Module 1 - Accounting Made Easy, will have taught you to master the core building blocks of accounting and Bookkeeping. Module 2, Practical Small Business Applications, teaches you how to apply those principles to specific industries. You will learn to set up books from scratch, setting up all of the ledgers and journals needed to do full service Accounting for your paying clients. Your clients will learn that you are the only financial analyst that they will ever need because you can do it all!
Industry-Specific Knowledge Gives You a Competitive Advantage
When you have a leak that is flooding your home, would you call an electrician to take care of it? Of course not. You call a plumber because his specialty ensures that he can best solve your problem. Module 2 teaches you industry-specific accounting systems that make you the expert in the specialized Accounting and reporting procedures for many fields. This gives you a tremendous competitive advantage over bookkeepers that, for example, may have no clue where to start setting up accounts for a clothing retailer.
When you finish Module 2, you will have completed a set of books for that kind of business. When you approach a client, your talent and knowledge of their industry demonstrate that you are a specialist in supporting their business. In the same way that when your house floods you want a qualified plumber when a small-business owner needs help, they want someone with the hands-on experience to jump right in and get the financial leaks in their company under control. The Professional Bookkeeper™ designation demonstrates that you have the right tools and the mastery of required skills to come in and get the job done right, and done right now!
Session 1, Part 1 — Real-Life Data Entry
Most beginning Bookkeeping and Accounting positions assume that a system is already in place that you will just take the reigns on. Never make that assumption with a small-business. Their “system” may well be the box that the last pair of shoes they bought came in. When you get one of these boxes of receipts, deposits, and miscellaneous paperwork, count on the fact that you need to know how to get things started from scratch.
You will learn to understand how credit purchases affect your client’s cash flow and the overall financial health of their company. You will learn how to determine precisely where all of your client’s hard-earned dollars were spent. With the reporting skills in which you will become an expert, you will be able to present to clients the complete financial view of their business’ economic strengths and areas that need improvement. It may surprise you to know that a large percentage of businesses do not even know if they are profitable or not. They know that they are bringing in money, but often they do not know how their liabilities offset that income. YOU are the one that will bring these insights into the financial workings of their company to them. Your clients will come to rely on you and value your opinion as you lay out for them where they are really at and advise them as to what they can do to improve their bottom line.
Session 1, Part 2 — Completing the Accounting Model
You will learn how to prepare payroll in a manner that is easy to keep track of and ensures that employees are paid the right amount on time. You will learn a set of step-by-step procedures to correctly determine if a person is an employee or a contractor, and how to avoid costly IRS penalties that your client can incur if they are incorrect in their classification. Sometimes it is to your advantage to use an outside payroll service; learn when it makes sense to do so for you and your clients.
You will learn to breeze through creating quarterly reports with confidence and to understand concepts like the cost of goods sold, the relationship between markup and profit, and why your clients should care about any of these. As you educate your clients in the financial workings of their company, you prove your worth to them over and over, ensuring the clients that you have are the clients you keep so that your time is spent servicing profitable clients, not searching for new ones.
Session 2 — Practical Application in the Retail Industry
Small retail outlets can be some of your most profitable clients and a large sector of small businesses, so knowing how to service them well will add greatly to not only their bottom line but to yours. You will learn the three ways of calculating the cost of goods sold (COGS) in a real-world situation. You will experience the accounting system for three types of businesses (all under one roof): Grocery store, gas station, and auto repair shop. You will see how subsidiary ledgers tell it all and how to prepare them.
Practical Exercise: You will transform the first month of transactions for “Barry’s Gas & Groceries” into a complete set of financial statements. Since you probably visit gas stations weekly, these are easy clients to find, and some that often need your services most.
Sessions 3 – 4 — Practical Application in the Food Service & Apparel Industry
You will learn the right recipe for creating a full set of books for a bakery and catering business. You will learn to efficiently and accurately report the inventory adjustments and owner costs for the business. You will know how to highlight cash shortages and overages and to know when they are a problem.
Practical Exercise: Stewart’s Bakery has hired you as their Accountant. You will complete a month’s books from beginning to end.
Practical Exercise: Prepare a well-fitted accounting system for a clothing store and prepare the first month’s financials for City Clothing Company.
The Professional Bookkeeper™ Program
The Professional Bookkeeper™ Program gives you the practical hands-on experience to service a wide range of clients and make $40 to $60 per hour. We give you the tools, skills, and support to make your Accounting and Bookkeeping service a success and to give you financial freedom at last.
Introduction (M2 S1 T0)
FREE PREVIEWPurchase the Downloadable PDF of Module 2
Table of Contents
Role of Journals (M2 S1 T1)
Role of Journals (M2 S1 T1)
Learning Activity: Artistic Furniture
Purchase Orders (M2 S1 T2)
Purchase Orders (M2 S1 T2)
Stock Cards (M2 S1 T3)
Total PJ columns (M2 S1 T4)
Balance Purchase Journal (M2 S1 T5)
Purchase Orders Answers (M2 S1 T2)
Cash Disbursements Checks (M2 S1 T6)
Journalize Cash Disbursements (M2 S1 T7)
Disbursements Journal (M2 S1 T4)
Balance Cash Disbursements Journal (M2 S1 T8)
Disbursements Journal Answers (M2 S1 T4)
Journalize Sales Invoices (M2 S1 T9)
Sales Journal (M2 S1 T5)
Balance Sales Journal (M2 S1 T10)
Sales Journal Answers (M2 S1 T5)
Record First Deposit (M2 S1 T11)
Cash Receipts Journal (M2 S1 T12)
Cash Receipts Journal (M2 S1 T6)
Balancing Cash Receipts (M2 S1 T13)
Cash Receipts Journal Answers (M2 S1 T6)
Posting to General Ledger (M2 S1 T14)
Posting to General Ledger (M2 S1 T7)
Employee vs Contractor (M2 S1 T15)
Payroll Journal (M2 S1 T16)
Payroll Journal (M2 S1 T16)
Balance Payroll Journal (M2 S1 T17)
Payroll Journal Answers (M2 S1 T16)
Intro to General Journal (M2 S1 T18)
General Journal (M2 S1 T18)
General Journal Entries A and B (M2 S1 T19)
Cash Disbursements Journal Payroll Account (M2 S1 T20)
Cash Disbursements Journal Payroll Account (M2 S1 T20)
Cash Disbursements Journal Payroll Account Answers (M2 S1 T20)
Finish General Journal (M2 S1 T21)
General Journal Answers (M2 S1 T21)
Standard Entries Journal (M2 S1 T22)
Standard Entries Journal (M2 S1 T22)
Standard Entries Journal Answers (M2 S1 T22)
Artistic Furniture Learning Activity Submition
Session 1 Review (M2 S1 T23)
Barry's Gas and Groceries - Chart of Accounts (M2 S2 T1)
Barry's Gas and Groceries - Chart of Accounts (M2 S2 T1)
Learning Activity: Barry's Gas and Grocery
Barry's Gas and Groceries - Z-Tapes (M2 S2 T2)
Z-Tapes (M2 S2 T2)
Z-Tapes Answers (M2 S2 T2)
Barry's Gas and Groceries - Parts and Service Invoices (M2 S2 T3)
Parts and Service Invoices (M2 S2 T3)
Parts and Service Invoices Answers (M2 S2 T3)
Barry's Gas and Groceries - Checks (M2 S2 T4)
Check Stubs and Purchase Order (M2 S2 T4)
Check Stubs and Purchase Order Answers (M2 S2 T4)
Barry's Gas and Groceries - Payroll Checks (M2 S2 T5)
Payroll Checks (M2 S2 T5)
Payroll Checks Answers (M2 S2 T5)
Barry's Gas and Groceries - Entering Adjustments and Corrections (M2 S2 T6)
Entering Adjustments and Corrections (M2 S2 T6)
General Journal Answers (M2 S2 T6)
Barry's Gas and Groceries - Calculating Cost of Goods Sold (M2 S2 T7)
Barry's Gas and Groceries - Posting to the General Ledger (M2 S2 T8)
Posting to the General Ledger (M2 S2 T8)
General Ledger Answers (M2 S2 T8)
Barry's Gas and Groceries -Totaling Accounts in the General Ledger (M2 S2 T9)
Barry's Gas and Groceries -Prepare the Trial Balance (M2 S2 T10)
Prepare the Trial Balance (M2 S2 T10)
Trial Balance Answers (M2 S2 T10)
Barry's Gas and Groceries -Prepare the Financial Statements (M2 S2 T11)
Prepare the Financial Statements (M2 S2 T11)
Financial Statements Answers (M2 S2 T11)
Barry's Gas and Groceries - Financial Statement Interpretation (M2 S2 T12)
Subsidiary Ledgers (M2 S2 T12)
Subsidiary Ledgers Answers (M2 S2 T12)
Barry's Gas and Groceries Learning Activity Submission
Working Capital and Current Ratio (M2 S3 T1)
Stewarts Bakery - Introduction (M2 S3 T2)
Stewart's Bakery - Introduction (M2 S3 T2)
Stewarts Bakery - Cash Receipts and Sales (M2 S3 T3)
Stewart's Bakery - Cash Receipts and Sales Journal (M2 S3 T3)
Stewart's Bakery - Cash Receipts and Sales Journal Answers (M2 S3 T3)
Stewarts Bakery - Cash Disbursements (M2 S3 T4)
Learning Activity: Stewart's Bakery
Stewart's Bakery - Cash Disbursements Journal (M2 S3 T4)
Stewart's Bakery - Cash Disbursements Journal Answers (M2 S3 T4)
Stewarts Bakery - Payroll Journal (M2 S3 T5)
Stewart's Bakery - Payroll Journal (M2 S3 T5)
Stewart's Bakery - Payroll Journal Answers (M2 S3 T5)
Stewarts Bakery - General Journal (M2 S3 T6)
Stewart's Bakery - General Journal (M2 S3 T6)
Stewart's Bakery - General Journal Answers (M2 S3 T6)
Stewarts Bakery - General and Subsidiary Ledgers (M2 S3 T7)
Stewart's Bakery - General and Subsidiary Ledgers (M2 S3 T7)
Stewart's Bakery - General and Subsidiary Ledgers Answers (M2 S3 T7)
Stewart's Bakery Learning Activity Submission
City Clothing Center (M2 S4 T1)
Learning Activity: City Clothing Center
City Clothing Center (M2 S4 T1)
City Clothing Center Answers (M2 S4 T1)
City Clothing Center Learning Activity Submission
Professional Bookkeeper Module 2 Practice Exam
The Professional Bookkeeper course has been a truly wonderful experience. Throughout the program, I have gained a profound understanding of bookkeeping princ...
Read MoreThe Professional Bookkeeper course has been a truly wonderful experience. Throughout the program, I have gained a profound understanding of bookkeeping principles and practices essential for managing any business's finances. What stands out the most about this course is the versatility of its learning process, allowing students to absorb knowledge effectively and at their own pace. The course content is well-structured, covering a wide range of topics from basic concepts to advanced accounting techniques. This ensures not only a solid foundation in bookkeeping but also prepares students to tackle more complex accounting challenges. The final exam, though rigorous, is an excellent tool for consolidating and assessing the acquired knowledge. Going through this exam has given me great confidence in my abilities and prepared me to apply this knowledge in the real world. I highly recommend the Professional Bookkeeper course to anyone looking to enhance their accounting skills and advance their career. The quality of instruction and the flexibility of the learning process make this course a valuable investment in my education and professional development.
Read LessThis course takes all you learned in actual practice. Lots and lots of practice in different industries, with clear instructions from Allen.
This course takes all you learned in actual practice. Lots and lots of practice in different industries, with clear instructions from Allen.
Read LessSo far, I'm enjoying the course and it keeps me engaged. I like the step-by-step process, while following along with the material and the ability to replay t...
Read MoreSo far, I'm enjoying the course and it keeps me engaged. I like the step-by-step process, while following along with the material and the ability to replay the training if you miss something. The information is informative, with chart of accounts and the different journals. This process is new to me, but now that I'm on Module 3, it's all coming together. I'm looking forward to seeing what's ahead. Thank you :)
Read LessGreat pace, and lots of practice and information. I learned so much
Great pace, and lots of practice and information. I learned so much
Read Less