The financial accounting function is a key and well-defined finance function in all business entities. This is an important function as it serves to provide financial information both for statutory compliance purpose and to inform the many stake holders of the business of its financial performance and condition or position at regular intervals of a year or shorter for PLC.
This function covers the basic of the collection, recording, and classification of financial transactions to the analyzing of accounts or statements and the eventual preparation of financial statements in compliance with legislations. The processes within this function are wide and varied, and personnel are generally tasked to handle a specific process or task with adequate check and balance. Anyone aspiring to head this function eventually must be conversant with most if not all the processes to be able to perform his duties and to contribute effectively to the company.
This 2-day program intends to provide the participant with a big picture, thorough and sound understanding of the basics of financial accounting and their applications in the workplace. Participants will also get to know the various key aspects of this function and to learn what are the best practices.
By the end of this program, participants will be able to: -
• To provide participants with the skills to “write a full set of books” from accounting transactions to preparation of the financial statements.
• Get an overview of the entire accounting system and understand the interaction and relationship between the various parts or segments of the system.
• Get an understanding of how transactions are sorted, classified, and categorized into meaningful financial information for incorporation into the system.
• Learn how to prepare the final accounts – Balance Sheet and Income Statement.
• To understand and be able to utilize accounting information in their works and to improve effectiveness and efficiency.
• To enable participants to better interact with the finance (accounts) department, enhance cooperation and to secure their support in achieving departmental objectives.
• Understand how various legislations like Companies Act, Income Tax Act and MPERS / MFRS, etc., govern the accounting function.
• Know the common mistakes/errors made and problems faced and learn the best practices to perform the task or process.
• Learn the functionalities and features of cloud accounting to better perform the accounting function without having to be location specific.
(C) TARGETED GROUP
• Accounting personnel who need a throughout understanding of the mechanics of accounting and to assume other roles in or to progress within the accounts department.
• Accounting personnel who are or intend to be self-employed.
• Managers, executives, and staff of non-finance departments
• Anyone who uses financial numbers and need to understand how such numbers are derived from.
• Anyone who wish to obtain a good working knowledge of business accounting to enhance their relationship with the Finance department.
• Managers and executives involved in investigative work and for which an understanding of what goes behind the numbers would enhance their performance.
Laptops with access to the internet is required for case studies and exercises.
(E) DATE & VENUE
Date: 10 - 11 September 2020 (Thu - Fri)
Time: 9am - 5pm
Venue: The Light Hotel, Prai
Early Bird (before 11 Aug 2020) - RM950
Special Offer (before 25 Aug 2020) - RM1050
Normal Fee - RM 1150
- Fee includes course Notes, Lunch, Refreshments/ Tea Breaks, Certificate of Completion & 6% Government Service Tax
** DISCOUNT **
- SST2u Loyalty Card member - 15% discount
(G) COURSE CONTENTS
Introduction to Financial Accounting
• Understanding Accounting and Bookkeeping
• The needs and uses of accounting
• Accounting convention, concepts and principles
• Decision making and accounting
• An overview of the financial accounting system
• The Accounting Equation – Debit & Credit
• Accounting documentation and records keeping
• Accounts, classification
• System of check and balance
Writing the Books (modules) of Accounts
• Chart of Accounts, Legal Entities and Business Nature
• Cash & Petty Cash Book (Receipts and Payments)
• Sales Ledger (Accounts Receivable)
• Purchases Ledger (Accounts Payable)
• Journal Entries
• General Ledger
(Participants are required to do the “writing up” to appreciate the working of the Ledgers’ System and to draw up the Trial Balance and preparation of the final accounts – Income Statement and Balance Sheet.)
Finalizing the accounts at year-end
• Balancing accounts and Trial Balance
• Provisioning and writing off expenses – depreciation, bad debts, etc.
• Using suspense, clearing and control accounts.
• Correction of errors and adjustments
• Closing the GL accounts
Legislations and impact on accounting
• Companies Act, 2016
• Income Tax Act, 1967 and Public Rulings
• MPERS or MFRS
• Introduction to Cloud Accounting
• Cloud vs. Traditional Software – A comparison
• Government’s Digital Drive and Future Trend
• A comprehensive exercise in doing up a full set of accounts using cloud accounting software.
(Participants will be given full access to the use of a cloud accounting software for a period of 60 days to understand and appreciate the features and functionalities).
(H) SPEAKER PROFILE
Chartered Accountant, Consultant, HRDF Certified Trainer
CA (M) CA (ANZ) B COM
Winson is a Chartered Accountant by profession and has over 30 years of experience having served in various roles as practicing accountant, company secretary, financial controller and management consultant.
He presently consults and advises companies to better manage their businesses through an integrated process covering strategic planning; tactical design, planning (financial and otherwise) and implementation; and monitoring, review and analysis. A key focus of his consultancy is to help clients to better manage and utilize their cash resources and to restore a financially sickened company to good health.
Besides consulting, Mr. Han is also actively involved in conducting public and in-house seminars targeting the non-financial audience in financial management and analysis, financial planning & budgeting, cost management, SST/GST and credit and cash flow management. He is a PSMB (HRDF) certified trainer and holds a degree in commerce from New Zealand and is a member of the newly merged institute known as “Chartered Accountants Australia and New Zealand” and Malaysian Institute of Accountants.
(I) REGISTRATION & ENQUIRY
General (03 - 5888 7357)
Teo (011 - 3178 9203)
Logesh (012 - 503 0346)
Siti (012 - 383 8603)
Han (019 - 323 0507)