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Understand the principles of processing financial transactions (Press the ticks on the left to mark your understanding)

Outline the purpose and content of these business documents:
* Petty cash voucher
* Invoice
* Credit note
* Remittance advice
* Statement of account
Explain the purpose and content of the books of prime entry
List the ways in which customers may pay an organisation and an organisation may pay its suppliers

Understand the double entry bookkeeping system

Explain the accounting equation and how it relates to a double entry bookkeeping system

Outline how the books of prime entry integrate with the double entry bookkeeping system

Describe the function of a coding system within a double entry bookkeeping system

Describe the processing of financial transactions from the books of prime entry into the double entry bookkeeping system

Define capital income and capital expenditure

Define revenue income and revenue expenditure

Understand discounts

Explain the difference between settlement, trade and bulk discount

Prepare and process financial documentation for customers

Develop skills and knowledge to meet personal and organisational needs

Use source documents to prepare invoices or credit notes

Calculate invoice or credit note amounts reflecting any:
* Trade discount
* Bulk discount
* Settlement discount
* Sales tax

Enter sales invoices and credit notes into books of prime entry using suitable codes

Check the accuracy of receipts from customers against relevant supporting documentation

Produce statements of account to send to credit customers

Process supplier invoices and credit notes and calculate payments

Check accuracy of supplier invoices and credit notes against these source documents:
* Purchase orders
* Goods received notes
* Delivery notes

Enter supplier invoices and credit notes into books of prime entry using suitable codes

Reconcile supplier statements to purchase ledger accounts

Calculate payments due to suppliers

Maintain the cash book

Enter receipts and payment details from relevant primary records into a three column analysed cashbook

Total and balance the cashbook

Maintain petty cash records

Enter petty cash transactions into an analysed petty cash book, accounting for tax where appropriate

Total and balance the petty cash book

Reconcile the petty cash book with the cash in hand

Enter the reimbursement of the petty cash expenditure in the petty cash book using the imprest system

Process ledger transactions and extract a trial balance

Transfer data from the books of prime entry to the ledgers

Total and balance ledger accounts, clearly showing balances carried down and brought down

Extract an initial trial balance

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