1 / 17

Basic Accounting 2

Basic Accounting 2. Please log on to: www.aatlevel2certificate.wikispaces.com. Objectives for today’s lesson. Introduction to Basic Accounting 2 Introduction to banking procedures Paying into the bank Making Payments. Important dates.

mahon
Download Presentation

Basic Accounting 2

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Basic Accounting 2 Please log on to: www.aatlevel2certificate.wikispaces.com

  2. Objectives for today’s lesson • Introduction to Basic Accounting 2 • Introduction to banking procedures • Paying into the bank • Making Payments

  3. Important dates • We will have a mock exam on Monday 14th February from 1pm until 3pm • The real exam will be the week after half term on Monday 28th February 1pm until 3pm • As you have now all received your text books and work books, please remember to bring them with you to each lesson as photocopies of the chapters won’t be available

  4. We will be looking at the following topics over the next few weeks • Banking procedures • Receiving and recording payments • Entering transactions into the cash book and petty cash book • Bank reconciliation statements • Control accounts in more detail • The trial balance and the correction of errors • The journal

  5. What are Banks and Building Societies? • A bank is a limited company, owned by stakeholders. For example Barclays, HSBC, RBS and Lloyds TSB • A building society is a ‘mutual’ organisation owned by its members (customer’s) For example Nationwide and the Yorkshire Building Society

  6. Banks and Building Societies in the UK • You now have fifteen minutes in pairs to research on the internet the following things: • What services do banks offer? • What services do building societies offer? • Can you see any differences between the services they offer?

  7. Cash - See page 7 of the text book • Cheques – turn to page 9 of the text book • In groups, you have five minutes to think of as many different payment types as can you think of.

  8. Incoming payments • Cash, cheques, credit and debit cards transactions and bank transfers (e.g. BACS) are all methods of payments

  9. In business, if someone pays you by cash you will need to know how much change to give. Sometimes the amount of change to be given is detailed on a receipt. Activity • Using the receipts I asked you to bring with you to the lesson today, you now have five minutes in your pairs to create a list of the information often shown on a receipt

  10. What is a float? • An amount of money you start off with in your till or cash box at the beginning of the day • For example if someone bought an item costing £1 but they only had a £20 note you would have plenty of change in your float to be able to give them the £19 change and not have to turn customers away due to lack of change

  11. When handling cash you need to think about security. • What action can you take to avoid becoming the victim of crime?

  12. Example of completed cheque When receiving a cheque what information on the cheque should you ensure is correct?

  13. Dishonoured cheques • Now lets have a look at pages 26 and 27 of the text book • We will then have a go at a practice question

  14. Card Payments • Chip and PIN • the payment is processed through EFTPOS (Electronic Funds at Point of Sale)

  15. Recording money received • Cash tills – Cash put in a till will be recorded either electronically or by some kind of till roll. The details of the days transactions will be reconciled against the physical cash in the till. • If there is a difference between the cash in the till and the end of day report, why might this be?

  16. Remittance advice lists • All payments or notification of payments that are received through the post are recorded on a remittance list (see page 33) • All remittance lists will be signed by the person opening the mail • Details from the remittance list we then be recorded in the cash book

  17. Now have a go at chapter 2 tutorial practice questions and then chapter 2 work book questions

More Related