Professional Bookkeeping and Accounting 4 - The Trial Balance and More
Free online course about Journal entries, Calculating Payroll, Taxes, Control Account and Preparing the Trial Balance
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In this course we are looking that the accounting steps needed to create a trial balance from the daily transactions. We will look at the need for journals and we will also produce and prepare the journals day books to record both incoming and outgoing monies.
Next, we address the preparation of the payroll. We will look at calculating gross pay and net pay and we will also look at the need for employers to deduct payroll journals. After this we will then prepare the payroll journals and enter the transactions to the general ledger
You will now be introduced to Control accounts: their function and how to use them. The final area we will cover is the preparation of the Trial Balance, which beings together a summary of all the transactions for a give period. And as it is crucial that the debits and credits balance, we will look at the steps you can take it if does not balanceStart Course Now
Having completed this course, you will be able to:
- Describe the process used to manage the journal day books
- Discuss the need to collect taxes
- Outline how to prepare a payroll journal from gross and net pay
- Explain what control accounts are used for
- Describe the process for creating and maintaining control accounts
- List the steps needed to prepare a trail balance
- Identify possible issues when the trial balance does not balance
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