Incomplete Records

Course outline

Although the use of computerised accounting systems is increasing, due to things like Making Tax Digital and increased computer literacy in the general public, many small businesses still do not keep accounting records prepared under double entry principles.

Often the accounting records of these businesses are held manually or on spreadsheets, providing only single-entry records through most likely just a cashbook. We call such records incomplete as both sides of an accounting transaction have not been recorded to double-entry principles.

Incomplete records can be difficult to navigate and pose the problem of ensuring the accuracy of the accounts for businesses. However, financial statements for these businesses can still be prepared by using double-entry knowledge and various techniques to find missing figures.

In this course, we will take you through some of the techniques that can be used to prepare the figures needed, both on paper in the classroom (day 1) and using a spreadsheet in our
IT Suite (day 2).

By the end of the course, you will leave with a clear understanding of how to prepare a bank reconciliation statement, how to prepare final accounts and how to prepare an automated ETB.

Course Content

Techniques used to prepare missing figures will include:

• Net Assets Approach using Double Entry Principles
• Reconstructing the Cash Book
• Using the Cash Book to complete Sales or Purchase Ledger Control Accounts
• Journals and Correction of Errors