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Updated in [June 30th, 2023]
This course provides an overview of effective bookkeeping and payroll. Students will learn about the generally accepted accounting principles (GAAP) and how to implement internal controls. They will also learn how to maintain subsidiary ledgers and special journals, reconcile accounts, correct wrong amounts and wrong accounts by reverse entries, perform sales tax calculations, setup a yearly budgeting plan, understand accounting for merchandising, perform accounting for cash, and manage payroll system.
[Applications]
After completing this course, participants should be able to apply the knowledge they have gained to their own bookkeeping and payroll systems. They should be able to set up a yearly budgeting plan, maintain subsidiary ledgers and special journals, reconcile accounts, and perform sales tax calculations. Additionally, they should be able to understand and implement internal controls, correct wrong amounts and wrong accounts by reverse entries, perform accounting for cash, and manage payroll systems.
[Career Path]
Bookkeeping and payroll is an important job position in the accounting and finance industry. It involves the recording, tracking, and reporting of financial transactions. Bookkeepers and payroll professionals are responsible for ensuring that all financial transactions are accurately recorded and reported in accordance with applicable laws and regulations. They also ensure that all taxes are paid on time and that all payroll records are up to date.
The development trend of bookkeeping and payroll is towards automation. With the advancement of technology, more and more companies are turning to automated systems to manage their financial transactions. Automated systems can help reduce errors and save time, allowing bookkeepers and payroll professionals to focus on more important tasks. Additionally, automation can help reduce costs associated with manual bookkeeping and payroll processes. As automation continues to become more prevalent, bookkeepers and payroll professionals will need to stay up to date on the latest technology and trends in order to remain competitive.
[Education Path]
The recommended educational path for learners interested in bookkeeping and payroll is to pursue a Bachelor's degree in Accounting. This degree will provide students with a comprehensive understanding of the principles of accounting, including the GAAP, internal controls, subsidiary ledgers, special journals, reconciliations, sales tax calculations, budgeting, merchandising, cash management, and payroll systems.
The development trend for this degree is to focus on the use of technology in accounting. This includes the use of software to automate processes, such as payroll, and the use of data analytics to identify trends and opportunities. Additionally, the degree will focus on the ethical implications of accounting decisions and the importance of maintaining accurate records.
