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Phoenix TS

Basic Finance

Due to Covid-19 safety restrictions PhoenixTS will temporarily be unable to provide food to our students who attend class at our Training Center; however, our Break Areas are currently open where students will find a constant supply of Coffee, Tea and Water. Students may bring their own lunch and snacks to eat in our breakrooms or at their seat in the classroom or eat out at one of the many nearby restaurants.

Course Overview

Phoenix TS’ Instructor-led Basic Finance course is designed to teach those inexperienced with numbers to effectively deal with financial statements, understand payroll and speak the basic terminology of bookkeeping within the Federal Workplace. This training will address: Basic terminology, Accounting methods, Accounts payable and receivable, Balance sheets, Planning, budgeting, and control

Schedule

Currently, there are no public classes scheduled. Please contact a Phoenix TS Training Consultant to discuss hosting a private class at 240-667-7757.

Course Outline

Module One: Getting Started

  • Icebreaker
  • Housekeeping Items
  • The Parking Lot
  • Workshop Objectives

Module Two: Basic Terminology (I)

  • Balance Sheet
  • Assets
  • Liabilities
  • Equity
  • Income Statement
  • Revenue
  • Cost of Goods Sold
  • Expenses
  • Accounting Period
  • Review

Module Three: Basic Terminology (II)

  • Accounts Receivable
  • Accounts Payable
  • Depreciation
  • General Ledger
  • Interest
  • Inventory
  • Journals
  • Payroll
  • Trial Balance
  • Review

Module Four: Accounting Methods

  • Cash Method
  • Accrual Method
  • Differences between Cash and Accrual
  • Module Four: Review Questions

Module Five: Keeping Track of Your Business

  • Accounts Payable
  • Accounts Receivable
  • The Journal
  • The General Ledger
  • Cash Management
  • Module Five: Review Questions

Module Six: Understanding the Balance Sheet

  • The Accounting Equation
  • Double-Entry Accounting
  • Types of Assets
  • Types of Liabilities
  • Equity
  • Module Six: Review Questions

Module Seven: Other Financial Statements

  • Income Statement
  • Cash Flow Statement
  • Capital Statement
  • Budget vs. Actual
  • Module Seven: Review Questions

Module Eight: Payroll Accounting / Terminology

  • Gross Wages
  • Net Wages
  • Employee Tax Withholding”s
  • Employer Tax Expenses
  • Salary Deferrals
  • Employee Payroll
  • Employee Benefits
  • Tracking Accrued Leave
  • Government Payroll Returns/Reports
  • Review

Module Nine: End of Period Procedures

  • Depreciating Your Assets
  • Reconciling Cash
  • Reconciling Investments
  • Working with the Trial Balance
  • Bad Debt
  • Posting Adjustments and Corrections
  • Module Nine: Review Questions

Module Ten: Financial Planning, Budgeting and Control

  • Reasons for Budgeting
  • Creating a Budget
  • Comparing Budget to Actual Expenses
  • Module Ten: Review Questions

Module Eleven: Auditing

  • What is an Audit?
  • When and Why Would You Audit?
  • Internal
  • External
  • Module Eleven: Review Questions

Module Twelve: Wrapping Up

  • Words from the Wise
  • Parking Lot
  • Action Plans and Evaluations

Due to Covid-19 safety restrictions PhoenixTS will temporarily be unable to provide food to our students who attend class at our Training Center; however, our Break Areas are currently open where students will find a constant supply of Coffee, Tea and Water. Students may bring their own lunch and snacks to eat in our breakrooms or at their seat in the classroom or eat out at one of the many nearby restaurants.

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