Financial Accountant Training

Bookkeeping, VAT Returns

Software: Sage 50 Accounts, Xero, QuickBooks, Excel

• Understanding overall purpose of bookkeeping
• Learning basic bookkeeping concepts such as debits, credits etc.
• Purpose of bookkeeping and what are the best practices in the work place as a bookkeeper
• Understand and maintaining purchase/sales ledger
• Setting up company on accounting software (Sage 50 Accounts, Xero, QuickBooks etc.)
• Update and choose the accounting period for the organisation as per UK Regulations. 
• Setting up chart of accounts based on the organisational needs
• Understanding nominal code and nominal /general ledger
• Customising the nominal /general ledger 
• Setting up Customer account in the accounting systems
• Generate and process customer invoices and credit notes
• Setting up Supplier account in the accounting systems
• Generate and process supplier invoices and credit notes
• Preparing reports for supplier / customer invoices
• Preparing aged debtors and aged creditors reports
• Understanding Construction Industry Scheme (CIS) deduction and calculations
• Domestic Reverse Charge in the Construction Industry 
• Dealing with cash payments and receipts
• Dealing with Bank payments & Bank Receipts 
• Performing Bank & Petty Cash Reconciliations 
• Dealing with VAT Reverse Charges and VAT implications
• Understanding general VAT Principles
• Introduction to Making Tax Digital (MTD) 
• Compliance with different VAT Schemes such as Standard VAT Scheme, Cash VAT Scheme, Flat Rate Scheme, Marginal VAT Scheme, Retail Industry Scheme. 
• Preparation, Reconciliation and HMRC Filing of VAT Return
• Administration and Record Keeping regarding VAT return
• European Community VAT Implications 
• Foreign VAT Implications regarding Imports and exports 

Payroll

Software: BrightPay

• Understanding Cyclical Payroll Run Procedure. (Monthly, Weekly)
• Setting up Salary Sacrifice Schemes 
• Setting up Holiday year in the software. 
• Setting up Pensions and Automatic Enrolment
• Setting up new starters and compliance with new starter checklist 
• Understanding different Tax codes
• Ascertaining monthly gross pay, assuring the correct apportionment into PAYE, National Insurance and Pension elements as per HMRC regulations.
• Processing different types of payments e.g. (Commissions, Bonuses) 
• Processing different types of Payment Streams (Monthly, Weekly, Hourly)
• Timesheet Record Keeping. 
• Calculating and understating Statutory Sick Pay (SSP), Statutory Maternity Pay (SMP), Statutory Adoption Pay (SAP), Statutory Paternity Pay (SPP).  
• Processing of various types of deductions such as Payroll giving, Student Loans, Child Care Vouchers etc.    
• Processing leaving employees and ensuring all leaver procedures are adhered to. 
• Filing / Submission Compliance RTI Documentation (Payslips FPS, EPS, P32 etc.)
• Compliance with “Year End Procedures”. (Declarations and submissions)

Control Accounts & Year End Adjustments 

• Understanding the Control Accounts Adjustments
• Preparation of Year End Journals from source documents 
• Posting Yearly Journal Entries
• Fixed Assets, Depreciation, Accruals, Prepayments Adjustments. 
• Reconciliation of Debtors & Creditors Control Accounts  with the Subsidiary Ledgers (Sales Ledger and Purchases Ledgers) 
• Cost of Sales and Stock Adjustments and Reconciliation  
• Reconciling Balance Sheet Adjustments such as Wages Control Account, PAYE Control Account, VAT Control Accounts, Director Loans Account, Cash and General Loans etc.
• Reconciliation and Clearing of the Suspense Accounts 
• Preparation of Bad Debt provision
• Dividends Provision 
• Maintaining Fixed Asset Register    
• Documenting Changes to the Fixed Asset Register e.g. Disposals , Additions and Depreciations and Accumulated Depreciation. 
• Data mapping and exporting procedures 
• Preparation of Initial Trial Balance
• Preparation of Financial Statements from the Final Trial Balance.
• Running the year end procedures in Sage 50 Accounts to close the financial year and start a new financial year
• CIS Schemes preparing necessary documentation, verification of subcontractors, subcontractor statements, CIS Returns and submission to HMRC, Managing Sub-Contractors Liabilities.

Management Reports

• Quarterly Management Accounts 
• Quarterly performance report (Profit & Loss) 
• Quarterly Position Reports  (Balance Sheet) 
• Performance of Ratio Analysis
• Report Writing Skills 
• Quarterly Journals Posting 
• Quarterly Management Pack 

Final Accounts

• Balance Sheet Reconciliations 
• Year End Final Review of the Profit and Loss Figures  
• Year End Final Review of the Balance Sheet Figures 
• Drawing up Initial Trail Balance
• Drafting, Finalisation and Documentation of the Year End Journals  
• Software navigation
• Preparation of Statutory Accounts as per UK GAAP (FRS 102 & FRS 105)
• Analysis and Interpretation of the Accounts as per UK GAAP (FRS 102 – FRS105)
• Drawing up of Working Papers also called as (Lead Schedules) to the Financial Statements 
• Reconciling and Agreeing of Working Papers to the Financial Statements 
• Drafting and the Review of the Notes and commentary to the Accounts 
• Preparation and the agreement of the comparative data. 
• Performing the Prior Period Adjustments. 
• Treatment of the Brought Forward Balances
• Accumulating of  Opening Balance, Initial Trial Balance, Journals and Final Trial Balance into a cohesive Extended Trial Balance  
• Inculcating Ratio Analysis and Commentary into Final Financial Statements    
• Assisting with the preparation of year-end accounts and audit process
• Submission of Final Accounts through Companies House IXBRL format. 

Corporation Tax: 

• Rules and Principles governing Corporation Tax
• Understanding Basis Periods 
• Long period of accounts
• Registration of Company for corporation tax purposes. 
• Rates applicable to Corporation Tax 
• Working out reliefs available to corporation entities. 
• Adjustment pertaining to Taxable Profits
• Ascertaining of PCTCT  for the application of Taxable Rates.  
• Concept of Allowable and disallowable expenses
• Treatment of qualifying charitable donations
• Capital Allowances: Understanding, Formats and computations 
  • Annual Investment Allowance 
  • First Year Allowance 
  • Writing Down Allowance 
  • Research & Development Allowance etc. 
• Effect of Losses on the Corporation Tax Workings. 
• Review, Finalisation and Submission /Filing CT600 form
• Compliance Regulations surrounding Deadline / Payment Of Corporation Tax 

Self-Assessments:

• Rules and Principles governing Personal Income and Self-Assessments (SA)
• Basis of Assessment/ Basis Periods governing Self-Assessments (SA) 
• Reliefs available to individuals under Self-Assessments (SA)
• Computation of Capital Gains Tax 
• Concept of Allowable and Disallowable Expenses. 
• Concept of Capital Allowances for Individuals. 
• Self-Assessment Payments On Account. 
• Understanding the use of  MS Excel in formulating Self-Assessments. 
• Understanding the use of Commercial Software to compute the Self-Assessment (SA) Liability and formulate Self-Assessment Return.
• Navigation of Commercial Self-Assessment (SA) Software
• National Insurance computations under Self-Assessments (SA)
• Calculation of Tax Liability and Tax Due
• Drafting and Finalisation of Self-Assessment Tax Returns (SA100)
• Drafting Supplementary Returns as per individual’s circumstances. 
  • Employment Income (SA102)
  • Self-Employment (SA103)
  • Property (SA105)