Nirman Aleem
Last Update: 1/7/2025
Nirman Aleem
Last Update: 1/7/2025
Introduction and Scope of Bookkeeping. What is Bookkeeping? Definition: Bookkeeping is the systematic process of recording, classifying, and organizing financial transactions within a business. Objectives of Bookkeeping: Maintaindetailedandorganizedfinancialrecords,tracktransactions,ensure financial transparency, and support effective decision-making. Basic Accounting Principles: Accrual basis(recording when earned/incurred) Matching principle(matching expenses with revenue) Consistency(uniformity in accounting methods) Navigating Xero: Learn how to setup and manage Xero account, navigate the dashboard, and utilizekeyfeatureslikeinvoicing,bankreconciliation,andreporting. Quick Books Desktop Overview: ExploretheinterfaceofQuick-booksDesktop,includingfilemanagement, creating and managing company files, and accessing essential tools. QuickBooks Online Features: Familiarize yourself with the functionalities of Quick-books Online, covering invoicing, expense tracking, and leveraging the mobile app for bookkeeping on the go. Navigating Xero: Learn how to set up and manage Xero account, navigate the dashboard, and utilize key features like invoicing, bank reconciliation, and reporting. Integrating Hub doc: Discover how to automate data entry using hub-doc, fetching receipts and invoices directly from emails and cloud storage for both Xero and Quick-books. Generating Financial Reports: Understand how to create and interpret essential financial reports, (e.g, profit and loss balance sheet) to access business performance. Expense Categorization and Management: Explore effective methods for accurately categorizing expenses in both platform to ensure proper tracking and reporting. Double-Entry System: Every transaction has equal and opposite effects on at least two accounts, ensuring the accounting equation remains balanced. Key Financial Terms: Assets (resources)-(what is owned) Liabilities (obligations)-(what is owed) Equity (owner's interest) Income (revenue) Expenses (costs) Common Terms: Debit Credit Ledger Profit and Loss Balance Sheet Scope of Bookkeeping In-Demand Skill Set: Bookkeeping skills are consistently in demand across various industries, as businesses of all sizes require accurate financial record-keeping. Entry-Level Positions: Bookkeeping offers accessible entry-level positions, making it an excellent starting point for those entering the field of finance and accounting. Small Business Opportunities: Career Progression: Many small businesses and startups seek bookkeepers to manage their finances, offering opportunities to work independently or in-house. Bookkeepers can advance their careers by gaining experience. Progression to roles such as accounting manager or controller is common. Flexibility and Remote Work: The nature of bookkeeping work often allows for flexibility, and remote work opportunities are common with the use of accounting software and online tools. Entrepreneurial Ventures: Skilled bookkeepers may choose to start their own bookkeeping or accounting services, providing services to multiple clients. You can start Freelancing or join public accounting firm and get highly paid jobs. Contribution to Decision-Making: A strong foundation in bookkeeping allows professionals to contribute to financial decision-making within organizations by providing accurate and timely financial information. Global Opportunities: Bookkeeping skills are transferable globally, offering opportunities for international work or collaborations. Adaptability to Technology: As technology evolves, bookkeepers need to adapt to new accounting software and tools, providing opportunities for continuous learning. Stability and Job Security: Onboarding Data Requisition Software & their Extensions Uncategorized Transactions Reconciliation Sale Taxes Audit Invoicing Communication Businesses will consistently require bookkeeping services, providing a stable career path with good job security. Workflow and Software: On-boarding: Nature of business Client Requirements Previous Workflow Suggestions Deadline Invoice Data Requisition: Newly Incorporated. Articles of Incorporation. (Name, Nature, Address & Shareholder Details) Business Number. Account Statements from Date of Incorporation (Bills and Invoices) HST Period. Software Access Previously incorporated Articles of Incorporation. (Name, Nature, Address & Shareholder Details) Business Number. Account Statements from Beginning of tax year (Bills and Invoices) HST Period. Last Filled Corporate Tax Return Software Access Software Software: Quick Books Desktop Quick Books Online Xero Microsoft Excel Abel2Extract Extensions: Dext Hub docs Float Avaza Dokka Uncategorized Transactions Reconciliation Sale Taxes Audit Invoicing: Number of Accounts Number of Transactions Complexity Deadline Nature Other Engagements Communication: Team Tone Simple
Category Financial record-keeping and Management
Cost Rs 30000
No. Of Sessions 15 Lectures
Instructor Nirman Aleem
Level Advanced
1. Introduction to Bookkeeping Principles
o Gain a solid understanding of fundamental bookkeeping concepts, including the
accounting cycle, double-entry bookkeeping, and the preparation of financial
statements.
2. Navigating Xero
o Learn how to set up and manage a Xero account, navigate the dashboard, and
utilize key features like invoicing, bank reconciliation, and reporting.
3. QuickBooks Desktop Overview
o Explore the interface of QuickBooks Desktop, including file management,
creating and managing company files, and accessing essential tools.
4. QuickBooks Online Features
o Familiarize yourself with the functionalities of QuickBooks Online, covering
invoicing, expense tracking, and leveraging the mobile app for bookkeeping on
the go.
5. Integrating Hubdoc
o Discover how to automate data entry using Hubdoc, fetching receipts and
invoices directly from emails and cloud storage for both Xero and QuickBooks.
6. Utilizing Dext for Expense Management
o Learn how to scan and upload receipts with Dext, ensuring accurate expense
tracking and enhancing your bookkeeping efficiency.
7. Bank Reconciliation Techniques
o Master the art of reconciling bank accounts in both Xero and QuickBooks to
ensure financial accuracy and detect discrepancies.
8. Generating Financial Reports
o Understand how to create and interpret essential financial reports (e.g., Profit &
Loss, Balance Sheet) to assess business performance.
9. Customizing Invoices and Templates
o Learn to create and personalize invoices in Xero and QuickBooks, aligning them
with your brand and enhancing client communication.
10. Expense Categorization and Management
o Explore effective methods for accurately categorizing expenses in both platforms
to ensure proper tracking and reporting.
11. Handling Multiple Currencies
o Understand how to manage transactions in multiple currencies, including setting
up foreign currency accounts and performing conversions.
12. User Roles and Permissions
o Learn how to establish user roles and permissions in both platforms to control
access and enhance data security.
13. Integrating Other Apps
o Discover how to connect Xero and QuickBooks with other business applications
(e.g., inventory management, CRM) to streamline operations.
14. Automating Recurring Transactions
o Learn how to set up and manage recurring invoices and transactions in both
Xero and QuickBooks, saving time and ensuring consistency
Audit Module
1. Purpose of Sales Tax Audits
o Learn about the objectives of sales tax audits, which aim to ensure compliance
with federal and provincial tax laws.
2. Who Conducts Audits
o Understand that audits are typically conducted by the Canada Revenue Agency
(CRA) for GST/HST and by provincial tax authorities for PST/QST.
3. Audit Triggers
o Explore common triggers for audits, including discrepancies in tax filings, large
fluctuations in sales, and significant refunds.
4. Audit Process
o Familiarize yourself with the audit process, including notification letters detailing
the audit scope, timelines, and required documentation, as well as the review of
financial records.
5. Types of Audits
o Differentiate between desk audits, conducted remotely, and field audits, which
involve a physical visit to the business premises.
6. Common Areas of Focus
o Understand the key areas auditors focus on, including sales tax collection,
exemptions, rebates, and remittance.
7. Outcomes of an Audit
o Learn about potential findings from an audit, including discrepancies,
underpayments, and the necessary adjustments that may arise.
8. Appeals Process
o Discover the process for disputing audit findings and the steps for filing an
appeal with the relevant tax authority.
9. Best Practices for Preparation
o Get tips on maintaining accurate records, conducting regular reconciliations, and
staying informed about sales tax regulations to ensure compliance.
ITT Pakistan is an institution aiming
to provide tax accounts and
corporate trainings for the students
and professionals