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Introduction to Creating The Ledger and Trial Balance

OnDemand Webinar (89 minutes)

Join us for a comprehensive overview of essential principles and practical applications of financial reports, spot errors, save money, avoid pitfalls, and enhance your career.Many business people and professionals do not understand the complexities of accounting records; they must, however, be familiar with the accounting equation and have a thorough understanding of accounting and bookkeeping principles in order to make informed and accurate decisions and stay ahead of the competition. In addition, those who want to pursue ledger, trial balance, and recordkeeping proficiency, must obtain a solid, practical basis from a professional, otherwise records are meaningless or, even worse, can contain inaccurate information. This topic offers a comprehensive overview of essential principles and practical applications. The information will allow you to more effectively be able to evaluate financial reports, spot errors, save money, avoid pitfalls, and enhance your career. Information is the lifeblood of businesses and nonprofits.

Authors

Brian D. Levine, M.B.A., CPA, Brian D. Levine, MBA, CPA Jersey Tax & Accounting, LLC

Agenda

Overview of Accounting Basics

• Why Is Accounting and Creating the Records Important?

Start at the End

• The Ultimate Goal

• What Are the Statements Trying to Tell Us?

• Understand the Concept and It Is Easier to Create the General Ledger and Trial Balance

Recording Transactions

• The Accounting Model

• Manual and Computerized Systems

• Ledgers and T-Accounts

• Journals

• Trial Balance

• Case Study

Special Areas

• Payroll

• Depreciation

• Inventory

• Tax

Getting Closure

• Month-End and Year-End Closings

• Summary of Closing Procedures

• Sequence of Accounting Procedures

Understanding It All as a Whole

• Interrelationship of Financial Information

• Book vs. Tax - Can There Be Two Sets of Books?