Introduction

This course outline is designed, ahead of the proposed training, to give participants an idea of what they should expect:

Outcome of the training:

At the end of the course participant should be able to do the following below:

  • Create a company file.
  • Setup business parties with balances.
  • Setup a bank accounts in NGN and Multi currencies.
  • Create services render or list of inventories.
  • Create estimate and convert to invoice.
  • Receive payment from clients. Wholly or partial.
  • Record deposit and splitting to different bank account.
  • Raise purchase orders and receiving inventory with bills or without bills.
  • Enter bills and make payment to vendors.
  • Banking transfer from NGN to other currencies and otherwise.
  • Raise journal entries for correction of errors.
  • Monitoring audit trail and bank reconciliation.
  • Checking relevant reports for management decisions.

Course Outline:

  • Setting up your relevant parties:
  • Clients and receivable balances
  • Vendors and payable balances
  • Banks and balances
  • Multi-currencies (with Naira as home currency)

Requirement:

  • Participants are expected to come with a laptop for practical transactions and writing materials.
  • Laptop specification: Windows 10 4GB and 500HDD.

Create 3 Customers, 1 with receivable, 1 without receivable and 1 with an advance payment.

Setting up charts of accounts: Banks in NGN and Foreign Currencies, Income Head, Expense Head, Asset and liabilities if any.

  • Create estimate and convert to invoice
  • Create invoices and track VAT charges
  • Receive Payment & record cash/cheque deposit/bank transfers
  • Setup List of inventories with cost price, sales price and quantity on hand.
  • Setup list of services rendered.
    Create an estimate and convert to an invoice including tax element.
  • Receive payment and record deposit into 2 different banks.

 

Inventory
• Create a purchase order.
• Receive Inventory with bills and without bills.
• Enter bills against inventory
• Bill and payments

  • Create a purchase order and receive inventory with bills.
  • Create a purchase order and receive inventory without bills.
  • Enter bill against inventory.
    Pay bills.
  • Tracking your business expenses
  • Record outstanding bills
  • Record one-time expenses
  • Create a one-time expenses
  • Enter bills and pay bills.

 

Banking
• Transfer Funds to other banks
• Cheque payments
• Reconciliation.
• Foreign exchange transactions

Initiate a fund transfer from one bank to the other. NGN and Other currencies.
Reconcile a bank account.

•Company’s snapshot and other reports customization.
• Account receivable’s report
• Client’s payment report
• Customer statement.
• Vendors & payable Balances
• Expense Report
• Project Specific Report
• Statement of Financial Positions
• Cash Flow Statement, etc.
• User Management
• Add new users
• Assign roles to users.
• Audit log; monitor users’ activity on the system.
• Reporting.

How to check report for management decision like:

• Sales report
o Daily sales summary
o Sales Summary by customers
o Sales Summary by item
o Open invoices
• Customers & Receivables
o Customer balance summary
o Average days to pay
o Collections report
o A/R aging summary
• Vendors & Payables
o Vendors balances
o A/P aging summary
o Unpaid bills
o Transaction list by vendors
• Purchases
o Open purchase order
o Purchase summary
• Inventory
o Inventory valuation summary
o Physical stock worksheet
• Banking
o Deposit details
o Cheque details
o Reconciliation report
• Company & Financials
o Trial balance
o Profit or loss
o Profit or loss (Previous year comparison)
o Balance sheet
o Balance sheet (Previous year comparison)
o Cash flow statement
o Company’s snapshot
o Exchange rate gain/loss
o Unrealized gain/loss
• Accountant & Tax
o General ledger
o Audit trail
o Journal Entries
o Closing date
o Voided/Deleted transaction summaries

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