NON-IT COURSES

SPREADSHEET ACCOUNTING

DESCRIPTION
At the end of the three-day Workshop, the participants are expected to be able to use MS Excel in: Recording the financial transactions of its business, (with a minimum of data inputting), Preparing financial statements direct from the financial records ( compliant with IFRS for SMEs ), Preparing semi-monthly time-based payroll, (with inputs for bonus computation and individual pay annualization), Preparing tax forms (with inputs direct from financial records). More importantly, you will be ready to do your spreadsheet recording and reporting.
COURSE CONTENT

Duration: (24 hours)

MODULE 1: INTRODUCTION

  • Leveling of Expectations 
    • Activity: Participants’ expectations

Write on a piece of paper the following:

  • Background – education and experience, especially those related to accounting, basic duties and responsibilities
  • Expected benefits from the seminar relevant to personal knowledge and duties and responsibilities in the office
  • Lecturette
  • Workshop objectives [compare with participants’ expectations and rationalize the exclusions of expected topics]
  • Workshop format and methodology

 

  • The Workshop Coverage in Perspective
  • Lecturette:
    • Nature of business (professional practice, service, trading, and other SME types of business operation, but not manufacturing or assembly type or restaurant type)
    • Type of organization (single proprietorship, partnership or corporate setup that can be classified as SME)
    • Nature of transactions (setting up business, purchasing, sales, collection, disbursement, period end adjustments)
    • Accounting records (General Ledger, General Journal, Purchase Book, Sales Book, Cash Receipts Book, Cash Disbursements Book, Subsidiary Ledgers)
    • Financial statements (Balance Sheet, Income Statement, Cash Flow Statement)
    • Payroll records (Payroll Summary, Pay Slip, Individual Pay Summaries, Pay Annualization computation, 1604-CF)
    • Tax forms (1601-C, 1602-E, 2550-M and 2550-Q, 2551-M, 1701-Q or 1702-Q, 2307, 1604-E)

MODULE 2:  ACCOUNTING OVERVIEW

 

Lecturette

  • Regular Business Cycle
  • Planning and budgeting cycle
  • Revenue and collection cycle
  • Purchase and disbursement cycle
  • Other business cycle
    • The Accounting Cycle
  • Input – analyzing and documenting
  • Processing – journalizing and posting to ledgers [general ledger and subsidiary ledgers]
  • Output – preparing the trial balance, adjusting and closing; preparing reports
  • Subsidiary accounts
  • Types of organizations
  • Single proprietorship
  • Partnership
  • Corporation
    • Activity – On your laptop, list the various types of financial transactions that you can think of about the business you represent and the source document that you use. Use those two items as your columnar headings

MODULE 3:  RECORDING TRANSACTIONS

  • Lecturette:
  • Rules in Preparing the Chart of Accounts
    • Groups of accounts
    • Detailed list of accounts per group
    • Commonly-used account titles and nature of entries into each [Make a class list of accounts at this point]
  • Rules in Preparing the Books of Accounts
    • Types of books – when to use, type/s of transactions covered [Make a list of the books]
    • Columnar headings and rationalization for each heading (linkage to financial statements, facilitate preparation of relevant tax and remittances forms) [Show sample account headings for each book of account]
  • Registration of Books of Accounts (when, where, how much)
  • Activity (Group on the basis of the nature of business; maximum of 3 participants per group)
    • Given the list of financial transactions in your business that you listed earlier and the list of accounts from class,  draw up the relevant chart of accounts for your particular business on your laptop
    • Prepare the headings for your books of accounts on your laptop on the basis of your chart of accounts

Lecturette:

      Rules in Recording Financial Transactions

  • Basic accounting equation [equation, debit, credit)
  • Recording transactions in the special journals (PB, CDB, SB, CRB)
  • Posting to the general ledger [No inputting, sequential posting]
  • Recording adjustments in the general journal [errors in entries, depreciation]
  • Posting to the subsidiary ledger [bank accounts, receivables, fixed assets, payables]
  • Show how the transactions can be posted to the general ledger and the trial balance

      Activity

  • Post the financial transactions you have to the appropriate books of accounts, using the chart of accounts you have.
  • Wrap up of Module 3 and Q&A

MODULE 4: PREPARING AND RECORDING THE PAYROLL

Lecturette:

       Rules in Preparing a Time-Based Payroll

  • Confidentiality of the payroll
  • Bank advise for direct credit
  • Preparing the required payroll forms [Payroll Summary, Individual Pay Slips, Individual Pay Summary]
  • Overtime Pay, Errors in Pay Computation
  • Computation of payroll deductions [withholding tax, SSS, Pag-Ibig, PhilHealth, other authorized deductions]
  • Pay Annualization and Bonus Computation

 Lecturette:

       Preparing the Payroll Worksheet

  • Payroll Summary [show columnar headings]
  • Individual Pay Slip [show columnar headings]
  • Summary of Individual Payroll [show columnar headings and additional data to include]
  • Show how to compute the payroll, move to the next period, and post accounts to the CDB

Activity

  • Prepare the Payroll Worksheet for your company using MS Excel
  • Post an assumed payroll of five employees for one payroll period
  • Enter the same payroll summary as above, assuming that the second half month’s pay is the same as the first
  • Post the accounting entry for each payroll period to the Cash Disbursement Book

Wrap up of Module 4 and Q&A

MODULE 5:  PREPARING THE FINANCIAL STATEMENTS

Lecturette:

Closing at month end the books of accounts

  • Summarize the transactions for the month per book of account
  • Post the transaction summary per above to the quarterly trial balance
  • Post the transaction summaries to the general ledger
  • Automatic checking of posting activities [horizontal and vertical checks]

Allowance for slippage, Q&A

  • Activity
  • Summarize the transactions for the month that you have posted to each book of account
  • Post the transaction summary per above to the quarterly trial balance
  • Post the transaction summaries to the general ledger

Lecturette:

Rules in Preparing the Financial Statements

  • Basic financial statements [(Balance Sheet, Income Statement, Cash Flow Statement)
  • Compliance with IFRS for SMEs and taxation requirements
  • Linkages of data from one financial statement to another
  • Activity
  • Prepare format of basic financial statements applicable to your business
  • Forward data in the Trial balance to the financial statement format above

Wrap up of Module 4 and Q&A

 

MODULE 6: PREPARING PERIODIC REMITTANCES

Lecturette

Government Forms to prepare [Data to provide, where to get the data from the records)

  • Withholding taxes [(1601-C, 1602-E, 2307, 1604-E)
  • Value-added taxes (2550-M and 2550-Q, 2551-M)
  • Income taxes (1701-Q, 1702-Q)
  • Social Security System
  • Pag-Ibig
  • PhilHealth

Activity

  • Fill up 1601-C, 2551-M, 1701-Q)

Wrap up of Module 5 and Q&A

Written evaluation of Seminar

Closing Ceremonies; Awarding of Certificates of Attendance; Picture taking