Skills required at basic diploma level.
1. Completeness Checks
1.1 Performing Completeness Checks for Income, Banking, Loan, Credit Card, and Wages Documents
2. Opening Balances and Reversals
2.1 Recording the Opening Balances Journal and posting to the General, Creditor’s, and Debtor’s Ledgers.
2.2 Reversing Closing Stock, Prepayments, and Advance Income at the start of the year
3. Recording Income and Receipts
3.1 Sales Receipts paid by Cash, Cheque, Debit Card, and Credit Card
3.2 Summarised Income Records
3.3 Debtor Receipt, Debit and Credit Notes
3.4 Fixed Asset Sales Receipt and Invoice
3.5 Sales and Income Reserve Invoice
3.6 Capital Introduced Receipt
3.7 Paid Purchases Refund, and Creditor Refund Receipt
3.8 Agency Collection Receipts
3.9. Drawings as a Sale, including Vat
3.10 Isolating Vat and Net Sales on Vat Inclusive amounts
3.11 Sales Vat on Receipts and Invoices
3.12 Preparing a Detailed Sales Vat Report
4. Recording Purchases and Payments
4.1 Re-numbering documents for Uniformity and Identity
4.2 Purchases Receipt paid by Cash, Cheque, Debit Card, & Credit Card
4.3 Fixed Asset Purchases Receipt and Invoice
4.4 Paid Sales Refund, and Debtor Refund Receipt
4.5 Cash / Cheque Drawings
4.6 Personal Money for Purchases and Payments
4.7 Agency Submissions eg National Lottery
4.8 Purchases, Accruals, and Drawings Invoices
4.9 Creditor Payment Receipt, Debit and Credit Note
4.10 Payment Voucher for Cash Wages
4.11 Purchases Vat on Receipts and Invoices
4.12 Preparing a Detailed Purchases Vat Report
4.13 Recording Vat Penalties
5. Pre-Vat Submission
5.1Temporary entry on Suspense account
5.2Clarify and Clear Suspense account
5.3Pre-Vat Balancing and Pre-Vat Trial Balance
5.4Trial Balance Difference and Investigation
5.5Suspense Account Cleared to Zero
5.6 Verify Vat Figures and Seek Approval
5.7 Vat Return and Submission
6. Post -Vat Tasks
6.1Transfer Sales and Purchases Vat
6.2 Recording Wage Computations and Wage Creditor Payments
6.3 Journals for Fixed Assets in Kind, Deducted Commission, Donations
and Bad Debts
6.4 Reconciling Loan and Credit Card Statements
6.5 4 Step Bank Reconciliation; identification; correction, double entry updates, and Reconciliation Statement
6.6 Revenue Authority Refund / Payment
6.7 Recording from a Bank Statement
6.8 Cash Reconciliation
6.9 Post-Vat Balancing and Post-Vat Trial Balance
6.10 Error Investigation and Correction
6.11 Period Balancing and Period Trial Balance
6.12 Period Trial Balance Comparison, Investigation and Correction
6.13 Cummulative (Combined) Trial Balance
7. Creditors and Debtors Ledger
7.1Post to Creditors Ledger
7.2 Reconcile Creditors Ledger against Control Account
7.3 Reconcile Supplier Statements
7.4 Post to Debtors Ledger
7.5 Reconcile Debtors Ledger against Control Account
8. Periodic Reports
8.1 Vat Return and Detailed Reports
8.2 Period and Cummulative Trial Balances
8.3 Summary Cash and Bank Accounts
8.4 Loan and Reconciliation Statements
8.5 Cash and Bank Reconciliation Statements
8.6 Creditors Outstanding and Ageing Report
8.7 Creditors Control Reconciliation
8.8 Debtors Outstanding and Ageing Report
8.9 Debtors Control Reconciliation
8.10 Notes and Periodic Profit and Loss Account
8.11 Gross and Net Profit Margins
8.12 Periodic Performance Comparison
8.13 Notes and Cummulative Balance Sheet
8.14 Periodic Tasks Checklist
8.15 Filing Periodic Reports
The ability to do all this manually, with Excel and Accounts software.