Digital accounting saves time and money, and increases accuracy. Learners will develop the skills to use digital accounting software to manage and process accounting data. They will learn how to interpret and process both routine and non-routine transactions, and produce accounting reports such as profit and loss accounts and balance sheets.
Be able to use digital accounting software to manage and process accounting data.
- Settlement terms, credit limits, contact details.
- By means of cash, cheques and credit cards, including VAT.
- Some software refers to: balance sheets, income statement, statement of financial position.
Create company records for nominal accounts, suppliers and customers.
Input invoices, credit notes and receipts and payments.
Create product records and record stock activity.
Write off balances and bad debts.
Create accounts in standard formats.
Be able to use digital accounting software to recognise and change account structures.
- Invoices, payment, batch totals.
- Control account examples, a sale on credit to a customer, a purchase on credit from a supplier
Create, delete and amend nominal codes.
Change control accounts to identify outstanding assets and liability, and record debit and credit.
Customise layouts for accounting data.
Be able to use digital accounting software to create accounting reports for management purposes.
Reports include: customer and supplier address lists, customer and supplier histories/activity, aged debtors and aged creditors analysis, tax liability, customer ledger reports, supplier ledger report, nominal ledger report, budget reports, audit trail, trial balance, profit and loss, balance sheet.
Output a variety of routine and non-routine reports.
Be able to backup and restore accounting data.
Locate, backup and restore accounting data in line with local guidelines.