Accounting   

Gain a marketable new skill by learning the basics of double-entry bookkeeping, financial reporting, and more.

In this comprehensive course, you will learn the basics of double-entry bookkeeping, as well as how to analyze and record financial transactions. You will get hands-on experience with handling accounts receivable, accounts payable, payroll procedures, sales taxes, and various common banking activities.

Accounting Fundamentals covers all the bases, from writing checks to preparing an income statement and closing out accounts at the end of each fiscal period. Whether you're a sole proprietor looking to manage your business finances or you simply want to gain an understanding of accounting basics for career advancement or for personal use, this course will give you a solid foundation in financial matters.

Requirements:

Hardware Requirements:

• This course can be taken on either a PC, Mac, or Chromebook.

Software Requirements:

• PC: Windows 8 or later.
• Mac: macOS 12 or later.
• Browser: The latest version of Google Chrome or Mozilla Firefox are preferred. Microsoft Edge and Safari are also compatible.
• Adobe Acrobat Reader.
• Software must be installed and fully operational before the course begins.

Other:

• Email capabilities and access to a personal email account.
• A calculator and a printer.

Instructional Material Requirements:

The instructional materials required for this course are included in enrollment and will be available online.

Account Classifications, Account Titles, T Accounts, and the Accounting Equation

Welcome to Accounting Fundamentals! In this first lesson, you will learn all about account classifications, debits, credits, and T accounts. You will learn the difference between a liability and an asset and find out how to determine an owner's equity.

General Ledger Accounts and the Balance Sheet

Here's where you will begin your hands-on accounting practice: You will start by creating an imaginary company for which you will be the accountant. You will learn how to analyze your company's transactions to determine which amounts go into which accounts, then you will create your company's own General Ledger forms and post a few transactions into those accounts.

Journalizing Transactions and Posting to the General Ledger

Now that you understand the functions of the General Ledger, you're ready to move on to the next phase of recording transactions: the Journal. In this lesson, you will learn how to enter transactions into an 11-column journal and then post or transfer those amounts into appropriate General Ledger accounts.

Journalizing and Posting Cash and Charge Purchases and Payments on Account

In this lesson, you will learn all about Accounts Payable, which is money that you owe your vendors and suppliers. You will practice journalizing cash purchases and purchases on account, and you will get hands-on practice transferring those purchases to their corresponding Accounts Payable Ledger accounts.

Journalizing and Posting Cash and Charge Sales and Cash Received on Account

In this lesson, you will learn about Accounts Receivable, which is another name for money owed to your company by its customers. You will learn how to journalize and post those sales on account, how to enter charge sales into the journal, and how to transfer the information into an Accounts Receivable Ledger.

Payroll and Various Deductions

It's payday! This lesson will teach you how to determine gross pay, deductions, and net pay. You will learn how to prepare a payroll, write payroll checks, and how to prepare and maintain accurate payroll records.

Banking Services and Reports

In this lesson, you will learn all about banks and banking services: You will learn the proper way to write checks, make out deposit tickets, and reconcile your company's checking account with the bank statement. These are skills you will find valuable in both your business and personal life!

Posting Journal Totals to the General Ledger and Schedule of Accounts Payable and Schedule of Accounts Receivable

This lesson will teach you how to prepare a Schedule of Accounts Payable and a Schedule of Accounts Receivable. These reports can be used to compare the amount of money your business owes its creditors with the amount of money your customers owe your business.

End-Of-Year Worksheet

In this lesson, you will prepare a worksheet showing the net income or net loss for the fiscal period. The worksheet will show all income and expenses for the fiscal period as well as the assets, liabilities, and owner's equity account balances.

End-Of-Year Financial Reports

In this lesson, you will learn how to prepare various reports that are vital to the well-being of your company. You will learn how these reports can be used to make sound financial decisions in the next fiscal period. You will discover how to put together an Owner's Equity Statement, an Income Statement, and a Distribution of Net Income.

Journalizing and Posting Adjusting Entries

In this lesson, you will prepare for the end of the fiscal period by adjusting your asset account balances to accurately reflect the assets remaining at the end of the year. You will also find out how to journalize and post adjusting and closing entries to bring your company's General Ledger up to date.

Journalizing and Posting Closing Entries and Preparing a Post Closing Trial Balance

In the final lesson, you will prepare a Post Closing Trial Balance report to ensure that all of your debits and credits in the General Ledger balance out in preparation for the new fiscal period.

What you will learn

• Learn the basics of double-entry bookkeeping, as well as how to analyze and record financial transactions
• Get hands-on experience with handing accounts receivable, accounts payable, payroll procedures, sales taxes, and various common banking activities
• Learn about writing checks, preparing an income statement, and closing out accounts at the end of a fiscal period

How you will benefit

• Learn everything you need to know to better manage your finances
• Gain a solid understanding of accounting basics to be able to manage business finances or advance your career
• Open the door to more career opportunities in the in-demand field of accounting and finance

Nancy Koenig

Nancy Koenig is an experienced industry professional with over 40 years in the workforce, including decades in finance. Nancy has worked in various finance roles in banking, insurance, and a hospital billing office. For the last 27 years of her career, she was an administrative assistant at a technical school, which involved running and overseeing the entire budget, amongst other duties. Nancy has also held part-time jobs as a bookkeeper for an auto parts store and a cable company, where she used QuickBooks computerized software. Over the past several years, she has also co-taught the Accounting Fundamentals and Accounting Fundamentals II courses with Charlene Messier.

Give yourself skills that are in high demand by exploring corporate accounting.

While it is true that accounting professionals are scarce, those with corporate accounting experience are even scarcer. This course will provide you with a solid understanding of corporate accounting practices.

In Accounting Fundamentals II, you will explore such topics as special journals, uncollectible accounts receivable, plant assets, depreciation, notes and interest, accrued revenue and expenses, dividends, retained earnings, and various financial reports for corporations.

If you're interested in increasing your financial awareness and accountability while also gaining a marketable skill, this is the course for you.

Requirements:

Hardware Requirements:

• This course can be taken on either a PC, Mac, or Chromebook.

Software Requirements:

• PC: Windows 8 or later.
• Mac: macOS 12 or later.
• Browser: The latest version of Google Chrome or Mozilla Firefox are preferred. Microsoft Edge and Safari are also compatible.
• Adobe Acrobat Reader.
• Software must be installed and fully operational before the course begins.

Other:

• Email capabilities and access to a personal email account.
• A calculator and a printer.

Instructional Material Requirements:

The instructional materials required for this course are included in enrollment and will be available online.

Accounts Payable

In this lesson, you will learn all about accounts payable. You will be journalizing and posting your company's purchases and preparing a Schedule of Accounts Payable. This lesson will give you the tools you need to successfully track those accounts.

Accounts Receivable

In this lesson you will take a close look at accounts receivable. After completing this lesson, you will know how to enter charge sales into your Sales Journal and then post them to your General Ledger. You will have also learned how to journalize payments on account received from your charge customers.

Uncollectible Accounts Receivable

In this lesson you will learn about uncollectible accounts receivable. While many believe customers will always pay what they owe, that is not always the case. You will learn how to account for long overdue receivables that probably won't ever be paid.

Plant Assets and Depreciation

In this lesson, you will learn about plant assets and depreciation. Just like your car, business assets depreciate over time, so you will need to know how to account for that expense in your records. You will also need to record these assets and calculate their depreciation in a timely manner.

Notes Payable and Notes Receivable

This lesson is all about notes payable and notes receivable. You will learn all you need to know about accounting for these situations as you learn how to record the issuance and payment of these notes payables and notes receivables.

Accrued Income and Accrued Expenses

In this lesson, you will learn how to deal with accrued income and accrued expenses. Accrued income is money that the company earns in one fiscal period but doesn't receive until after another fiscal period begins.

Dividends and Starting the Year-End Worksheet

In this lesson, you will be dealing with dividends, which is money paid to the company's stockholders on their investment. You will learn how the business accounts for the dividends it pays to its stockholders. You will also look at retained earnings, or the amount of profit the corporation retains for future use.

Complete Year-End Worksheet With Adjustments

In this lesson, you will determine whether your business has a net income or a net loss by completing the worksheet started in the previous lesson. Because many General Ledger accounts change throughout the fiscal period, you will also need to bring these accounts up to date.

End-Of-Fiscal-Period Financial Reports

It's time to begin wrapping up your books for the end of the fiscal period. In this lesson, you will learn how to compile most of the various financial reports a corporation needs to complete at the end of the fiscal period.

Adjusting and Closing Entries and Post Closing Trial Balance

In this lesson, you will get the books all caught up and ready for the next fiscal period. You will go back and journalize those adjusting entries you entered into your worksheet, then you will enter closing entries into your journal.

Preparing a Payroll

This lesson covers every employee's favorite subject: Payroll. You will learn about various mandatory and voluntary deductions from employees' pay, as well as how to journalize and post an entire payroll. As an added bonus, after this lesson, you will be able to check the accuracy of your own paycheck.

Preparing Federal Tax Deposits and Year-End Tax Reports

The final lesson focuses on preparing a variety of end-of-year tax reports. Here's your chance to go step-by-step through a multitude of IRS forms with instructions that are much easier to understand. You will fill out the federal Form 941, then learn how to make federal income tax deposits.

What you will learn

• Learn about accounts payable and receivable
• Understand how to represent uncollectible accounts in reports
• Learn about plant assets and timely depreciation of these assets
• Learn how to deal with accrued income and accrued expenses
• Understand stock dividends and retained earnings
• Learn how to prepare year-end financial documents including tax forms

How you will benefit

• Become more indispensable to any organization as you develop higher level accounting skills
• Learn everything you need to know to accurately keep the books for any type of business
• Become more aware of the accuracy of your own personal pay stubs and tax documents
• Open the door to more career opportunities in accounting

Nancy Koenig

Nancy Koenig is an experienced industry professional with over 40 years in the workforce, including decades in finance. Nancy has worked in various finance roles in banking, insurance, and a hospital billing office. For the last 27 years of her career, she was an administrative assistant at a technical school, which involved running and overseeing the entire budget, amongst other duties. Nancy has also held part-time jobs as a bookkeeper for an auto parts store and a cable company, where she used QuickBooks computerized software. Over the past several years, she has also co-taught the Accounting Fundamentals and Accounting Fundamentals II courses with Charlene Messier.