• To introduce learners to the principles of double-entry bookkeeping and the accounting equation
• To develop the ability to record financial transactions accurately in books of original entry
• To equip learners with skills in preparing ledger accounts and trial balances
• To provide understanding of VAT and its treatment in business transactions
• To prepare learners for roles in bookkeeping and financial data entry

Upon completion, learners will be able to: 

1. Apply the principles of double-entry bookkeeping to record business transactions
2. Prepare and process books of original entry including sales, purchases and cash books
3. Post transactions to the general ledger and produce a trial balance
4. Account for VAT and reconcile VAT returns
5. Identify and correct errors in financial records

Module 1: Introduction to Financial Transactions and Double-Entry Bookkeeping

• The accounting equation: Assets = Liabilities + Capital
• Types of business transactions: cash, credit, capital and revenue
• Principles of double-entry bookkeeping: debits and credits
• The chart of accounts and ledger structure
• Source documents: invoices, receipts, credit notes

Module 2: Books of Original Entry

• Sales day book and sales returns day book
• Purchases day book and purchases returns day book
• Cash book: two-column and three-column formats
• Petty cash book and the imprest system
• The journal and its uses

Module 3: Ledger Accounts and Trial Balance

• Posting from books of original entry to the general ledger
• The sales ledger and purchases ledger (control accounts)
• Balancing ledger accounts
• Preparing a trial balance
• Identifying errors revealed and not revealed by a trial balance

Module 4: VAT and Business Taxes

• Principles of Value Added Tax (VAT)
• VAT registration and rates (standard, reduced and zero-rated)
• Recording VAT in books of original entry
• Preparing and submitting a VAT return
• Input tax, output tax and VAT reconciliation

Module 5: Error Correction and Control

• Types of bookkeeping errors: omission, commission, principle, reversal
• Suspense accounts and journal corrections
• Bank reconciliation statements
• Control account reconciliation
• Introduction to computerised accounting systems (e.g. Sage, QuickBooks)

Project