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Part of a suite of support materials for the

BSB Business Services Training Package

Student Workbook

BSBFIA303 Process accounts

payable and receivable

1

st

_{Edition 2015}

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Copyright and Trade Mark Statement

All rights reserved. Apart from any use permitted under the Copyright Act 1968, no part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, or otherwise, without written permission from the publisher, Innovation and Business Industry Skills Council Ltd (‘IBSA’).

Use of this work for purposes other than those indicated above, requires the prior written permission of IBSA. Requests should be addressed to Products and Services Manager, IBSA, Level 11, 176 Wellington Parade, East Melbourne VIC 3002 or email [email protected].

‘Innovation and Business Skills Australia’_{, ‘IBSA}’_{and the IBSA logo are trademarks of IBSA.}

Disclaimer

Care has been taken in the preparation of the material in this document, but, to the extent permitted by law, IBSA and the original developer do not warrant that any licensing or registration requirements specified in this document are either complete or up-to-date for your State or Territory or that the information contained in this document is error-free or fit for any particular purpose. To the extent permitted by law, IBSA and the original developer do not accept any liability for any damage or loss (including loss of profits, loss of revenue, indirect and consequential loss) incurred by any person as a result of relying on the information contained in this document.

The information is provided on the basis that all persons accessing the information contained in this document undertake responsibility for assessing the relevance and accuracy of its content. If this information appears online, no responsibility is taken for any information or services which may appear on any linked websites, or other linked information sources, that are not controlled by IBSA. . Use of versions of this document made available online or in other electronic formats is subject to the applicable terms of use.

To the extent permitted by law, all implied terms are excluded from the arrangement under which this document is purchased from IBSA, and, if any term or condition that cannot lawfully be excluded is implied by law into, or deemed to apply to, that arrangement, then the liability of IBSA, and the purchaser’s sole remedy, for a breach of the term or condition is limited, at IBSA’s option, to any one of the following, as applicable:

(a) if the breach relates to goods: (i) repairing; (ii) replacing; or (iii) paying the cost of repairing or replacing, the goods; or

(b) if the breach relates to services: (i) re-supplying; or (ii) paying the cost of re-supplying, the services.

Published by: Innovation and Business Industry Skills Council Ltd

Level 11

176 Wellington Parade East Melbourne VIC 3002 Phone: +61 3 9815 7000 Fax: +61 3 9815 7001 Email: [email protected] www.ibsa.org.au

First published: July 2015 1st edition version: 1

Release date: July 2015

ISBN: 978-1-925379-06-8 Stock code: BSBFIA3031W

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BSBFIA303 Process accounts payable and receivable 1st_{edition version: 1}

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1st_{edition version: 1} _{BSBFIA303 Process accounts payable and receivable}

Section 3 – Preparing Bank Reconciliations ... 102

The importance of reconciling... 103

Bank reconciliations ... 103

Discrepancies ... 106

Bank reconciliation in MYOB ... 118

Section 4 – Maintaining Accounts Payable and Accounts Receivable ... 124

Subsidiary ledgers ... 125

The Accounts Receivable subsidiary ledger ... 127

Accounts Receivable subsidiary ledger in MYOB ... 135

The Accounts Payable subsidiary ledger ... 141

Reconciling accounts payable and receivable ... 145

Section 5 – Processing Payments for Accounts Payable ... 155

Checking documents for errors and discrepancies ... 156

Authorising payments to creditors ... 157

Aged payables schedule ... 158

Aged Payables in MYOB ... 160

Remitting the payment ... 160

Section 6 – Preparing Statements for Accounts Receivable... 164

Checking accounts receivable details ... 165

Receiving payments from debtors ... 166

Discrepancies ... 168

Producing receipts for debtors ... 169

Section summary ... 170 Further reading ... 170 Section checklist ... 170

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Section 7 – Follow up Outstanding Accounts ... 171

Aged receivables report ... 172

Aged receivables reports in MYOB ... 173

Collecting outstanding accounts receivable ... 177

Glossary ... 181

Appendices ... 184

Appendix 1: Answers to Introduction and Section 1 learning activities ... 184

Appendix 2: Answers to Section 2 learning activities ... 194

Appendix 7: Answers to MYOB activities ... 216

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Student Workbook Getting Started

Getting Started

About the unit

This unit is for learners who are currently employed or working towards employment in an administrative support role working with the accounts payable/receivable function. The skills and knowledge gained in this unit are useful for many industry sectors including business and administration; finance; small, medium and large enterprises; private and/or public sector. Learners may work as individuals providing administrative support within an enterprise, or may be other members of staff with delegated responsibilities relating to maintaining the accounts payable and receivable function.

Learners will acquire the skills and knowledge required to maintain accounts payable and receivable records, including processing payments to creditors and handling overdue accounts receivable. An understanding of the relevance of compliance and legislative requirements as they relate to accounts payable and receivable and the timely provision of information will be included. Systems may include computerised or manual systems. This workbook utilises a manual system. The skills gained in this workbook will easily transfer to a computerised system.

The workbook has been designed to follow Tiger Enterprises and learners will throughout their studies, process the business’s accounts payable and receivable.

Structure of the training program

This training program introduces you to processing accounts payable and receivable within a business or enterprise. Specifically, you will develop the skills and knowledge in the following topic areas:

1. Introduction to the unit

2. Accounting system fundamentals 3. Maintaining financial journal systems 4. General ledger basics

5. Preparing bank reconciliations

6. Maintaining accounts payable and receivable

7. Processing payments for accounts payable and receivable 8. Follow up outstanding accounts.

Your facilitator may choose to combine or split sessions. For example, in some cases, this training program may be delivered in two or three sessions, or in others, as many as eight sessions.

As with all industries, accounting has its own language. The workbook uses this language to familiarise you with accounting terminology. Throughout the workbook, terms are explained to simplify this process for you. In addition, a glossary of terms at the back of the workbook has an area of space to encourage the inclusion of your own thoughts.

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Getting Started Student Workbook

Recommended software

In the course of completing this Workbook and the activities contained within, we will examine both the manual system of maintaining a General Ledger, as well as an electronic system through the use of MYOB. This will help ensure that you have the necessary knowledge of how the accounting process is applied to processing accounts payable and receivable, as well as the skills to use current software in order to maintain financial reports.

If you don’t have a current version of MYOB to work with, you can download a trial version of the software from the MYOB website at <http://www.myob.com.au>. These versions are fully featured, but create files that are only able to be edited for 90 days from the date the file was initially created. The trial package most suitable to the content of this unit is MYOB AccountRight Standard, AccountRight Plus, AccountRight Premier or AccountRight Enterprise.

Many of the MYOB activities in this Workbook will be modelled within the sample company Clearwater, provided within current versions of MYOB – if you are familiar with MYOB, you can create your own company file to edit and practice your skills.

About Tiger Enterprises

As previously mentioned, throughout the Student Workbook we will be examining a fictitious business called Tiger Enterprises.

Tiger Enterprises is a medium-sized mechanics business established in 1988 that has a range of clients from individual clients to other small businesses in the neighbourhood. Tiger Enterprises began as a family business with father (James) and son (Patrick) having worked together for over two decades.

They are excellent mechanics, but it is fair to say that they don’t enjoy paperwork. They have a part time office manager/financial controller, Michelle, who runs the administrative side of the business. She is flexible and adaptable and has been with the business for almost twenty years.

Her experience with the business gives her confidence with the ever-changing regulatory and administrative side of the business.

On the days Michelle is not in the office, the mechanics are taken away from their duties in order to cover hers. If the accounting system was not user friendly, correctly set up and regularly monitored, there would be chaos when she returned.

The business has an internal accountant and an external auditor who is provided with a copy of the accounting system file and all the relevant backup documentation to support her figures.

The accounting system is the key to support the business framework and accurate information provides the necessary evidence to inform decision-making by the owners.

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Student Workbook Getting Started

Your Business Success

Innovation & Business Skills Australia has licensed the use of over 200 video vignettes from the Channel 9 television program, Your Business Success. The videos have been carefully selected and embedded into relevant learning and assessment resources in order to assist education providers and students in the learning process.

Each video is accompanied by a learning activity. Videos can be found on IBSA’s YouTube channel at <http://www.youtube.com/ibsachannel>.

A note on websites

Please note that any URLs contained in the recommended reading, learning content and learning activities of this publication were checked for currency during the production process. Note, however, that IBSA cannot vouch for the ongoing currency of URLs. Every endeavour has been made to provide a full reference for all web links. Where URLs are not current we recommend using the reference information provided to search for the source in your chosen search engine.

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Introduction Student Workbook

Introduction

Fundamentals of the accounting system

To begin with, let’s have a look at a few key accounting terms that we will be using throughout this workbook. These terms will be mentioned frequently throughout the book and we will be covering these terms in greater detail as you progress further through this workbook.

For further definitions, see the glossary in the back of this workbook. Key accounting terms

Accounts See ‘Chart of Accounts’.

Assets Things of monetary value that a business owns, benefits from, or has use of and which have the potential to earn future income for the business. They may be physical items (like cash, equipment and property), a legal claim against others (like monies owed to the business from debtors) or certain intellectual property rights (like patents and trademarks).

See also ‘Current Assets’ and ‘Non-current Assets’. Chart of

Accounts

An index which lists all of the ledger accounts used by an organisation and their identification codes.

Creditors Entities a business owes money to for goods or services taken and not yet paid for (legally enforceable agreement to pay for goods at a later date).

Current Assets Cash or other assets that would be used in the normal course of business that can be converted into cash within the current or upcoming financial year.

Debtor’s Control The total amount of all debtor accounts owed to the business by debtors.

Debtors The parties that have received goods or services from your business and not yet paid for them (legally enforceable agreement to pay for goods at a later date).

Double-entry

Bookkeeping An accounting method to balance the business’ books. It is a method that records each transaction as both a debit and a credit in different accounts.

Equity Also known as owners’ equity or net worth, it is simply the owner’s right to the assets of the business. It is what would be left over if a business or organisation sold all their assets and paid off all their liabilities. Owners’ equity is made up of the investments made by the owners’ and is increased by profits from the business and decreased by owners withdrawing their equity via drawings (personal takings) or dividends (payments to shareholders).

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Student Workbook Introduction

of income or incurred in order to earn income. Examples include the cost of goods sold, supplies used, electricity, wages and rent. Financial

Statement An official record of the financial activities of a business, person, or other entity for a specific point in time (an indication of how a business is performing).

Financial Year An accounting period for budgeting and taxation purposes. In Australia the financial year runs from 1 July to 30 June. Many companies use the same period for their financial year, although this is not compulsory.

General Ledger The main book of accounts where transactions of a business are recorded in terms of debit and credit.

Journal Journals serve as financial records where all transactions are recorded and organised by date. Journals provide information on the nature of the transaction and the accounts that are affected by them.

Liabilities The legal obligations of a business in relation to the money it owes to others. These include monies owed to suppliers, loan funders and bills that have not yet been paid (e.g. Income Tax payable).

Non-current Assets (Fixed Assets)

Assets that a business owns and that are not expected to be converted to cash in the current or upcoming financial year. An example would be furniture or office equipment.

Reconciliation Reconciliation is a procedure conducted by the business to ensure that the business’ records (journals, General Ledger, accounts, balance sheet, etc.) are correct and that the bank’s records are also correct.

Revenue Payment from others (e.g. customers) for goods and services that have been provided by the business. Revenue is typically generated by the sale of merchandise or the provision of services.

Source

Documents Any piece of information that gives evidence that a transaction has occurred (a receipt, cheque stub, invoice, etc.). Stakeholder Somebody that has a direct or indirect interest in an organisation

because they can be affected by the organisation's actions, objectives, and policies. Stakeholders can include creditors, customers, directors, employees, government, owners

(shareholders), suppliers, unions, and even the wider community. Transaction The event between two parties where there is an exchange of items

of value, such as information, goods, services or money. Trial Balance A draft listing (trial run) of the position of all accounts from the

General Ledger that determines whether the total debits equal the total credits.

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Page 6 of 226 © 2015 Innovation and Business Industry Skills Council Ltd The concept of accounting is that any business needs to account for their transactions within that business. The way accounting information is put together based on those transactions will give information to stakeholders of that business.

There are so many procedures and processes that go into accounting for a business that, without policies and standard operating procedures, there would be no consistency. Many stakeholders have different motivations, yet all rely on the same set of information which must be accurate and compliant with legislation, regulation, standards, industry

guidelines and accepted business practice. As an assistant within an accounting environment, you will learn to appreciate the different hats you wear to juggle what can sometimes be conflicting requirements.

Double-entry bookkeeping

Double-entry bookkeeping is fundamental to recording and reporting on the financial affairs of an organisation. The basic principle of double-entry bookkeeping is that every transaction that an organisation records affects/changes a minimum of two accounts. The way that each transaction changes the accounts is classified as either a debit or a credit depending on the nature of the account and whether its value is increased or decreased by the transaction.

Double-entry bookkeeping is a closed accounting system where the inflow and outflow of money can be accounted for internally. When successfully implemented, double-entry bookkeeping allows organisations to track the movement of financial assets because both sides of the transaction (the debit and the credit) have been recorded. The total amount debited (to one or more accounts) must equal the total amount credited (to one or more accounts). Every debit must have a corresponding credit and vice versa.

The most straightforward transaction that demonstrates debits and credits within a closed accounting system is the transfer of funds from one bank account to another. The account that contained the funds is debited and the account that the funds are destined for is credited. One increases in value by exactly the same amount that the other

decreases by.

Most transactions are more complicated than the example provided above and many involve several accounts. Despite the complexity of the transaction, every credit is balanced by and equal and opposite debit and vice versa.

The number and the type of accounts that an organisation uses will vary greatly from organisation to organisation, however all accounts fall into five broad account groups. These account groups are detailed in the table below.

Debits Credits

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Assets Things of monetary value that a business owns, benefits from, or has use of and which have the potential to earn future income for the business. They may be physical items (like cash, equipment and property), a legal claim against others (like monies owed to the business from debtors) or certain intellectual property rights (like patents and trademarks).

Liabilities The legal obligations of a business in relation to the money it owes to others. These include monies owed to suppliers, loan funders and bills that have not yet been paid (e.g. Income Tax payable). As a rule, if an account name includes the descriptor ‘payable’, then it contains liability.

Equity Also known as owners’ equity or net worth, it is simply the owner’s right to the assets of the business. It is what would be left over if a business or organisation sold all the assets and paid off all the liabilities. Owners’ equity is made up of the investments made by the owners’ and is increased by profits from the business and decreased by owners withdrawing their equity via drawings (personal takings) or dividends (payments to

shareholders).

Revenue The payment by others for goods and services that have been provided by the business. Revenue is typically generated by the sale of merchandise or the provision of services.

Expenses Those assets and supplies that have been consumed in the earning of income or incurred in order to earn income. Examples include the cost of goods sold, supplies used, electricity, wages and rent.

Learning activity: Five account groups

Based on the definitions provided of the five account groups, review the following list and identify which accounting elements belong to which account group.

Asset Liability Equity Revenue Expense Accounts payable Petty cash Dividends paid Capital investment Inventory/stock Cost of sales Telephone

Suggested answers for this learning activity can be found in Appendix 1.

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Page 8 of 226 © 2015 Innovation and Business Industry Skills Council Ltd The nature of each account group can be classified as either debit or credit. The way the account changes (whether it increases or decreases in value) when it is credited or debited will depend on its classification. This can be confusing at first because, depending on their classification, accounts do not behave in the same way.

This confusion is further complicated by the use of the terms ‘creditor’ and ‘debtor’. Creditors are people or businesses that an organisation owes money to. Typically,

creditors are suppliers who provide goods and services to the accounting entity. They are called creditors because we credit their account when we record the money owed to them. Because creditors are people or businesses that an organisation must pay, their records are referred to in the accounting process as the accounts payable.

Debtors are people or businesses that owe money to the organisation. Typically these are the customers who purchase goods and services from the organisation. They are called debtors because we debit their account when we record the money they owe. As debtors are people or businesses that an organisation expects to receive money from, their records are referred to in the accounting process as the accounts receivable.

Two tables explaining the behaviour of each account group have been included below. The tables contain the same information organised in different ways, in order to avoid confusion you should use whichever makes the most sense to you.

Account

group Nature of the account Increase in value Decrease in value

Assets Debit Debit Credit

Liabilities Credit Credit Debit

Owners’ equity Credit Credit Debit

Revenue Credit Credit Debit

Expenses Debit Debit Credit

Debit Credit

Increase in expense accounts Decrease in expense accounts Increase in asset accounts Decrease in asset accounts Decrease in equity accounts Increase in equity accounts Decrease in revenue accounts Increase in revenue accounts

Decrease in liability accounts Increase in liability accounts There are three important steps to take when analysing the nature of a transaction

1. Determine which accounts are affected by the transaction (there always at least two).

2. Determine which of the five account groups the accounts affected belong to. 3. Determine whether the accounts involved need to be debited or credited.

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balance has increased or decreased as a result of the financial transaction. As you start out, you will find the account classification tables above very useful. As you gain

experience and become more confident, you will begin to know instinctively whether accounts are being debited or credited.

An important element of the accounting system is the relationship between assets, liabilities and capital/owners’ equity. This relationship is represented in the accounting equation as follows.

What we own (assets) is a measure of what we owe (liabilities), and the owners’ equity is whatever is left over.

YouTube videos: Debits and credits

Watch the following two video clips hosted on YouTube that explain debits and credits.

● bigbeancounter, ‘lecture 3:debits and credits’, YouTube, viewed July 2015, <http://www.youtube.com/watch?v=99LTqkxzBpA>

● StudentsKnow, ‘Trick to remember debits and credits’, YouTube, viewed July 2015, <http://www.youtube.com/watch?v=onq8AfjxjRo&feature=related> Make note of any information that you think may assist you in the future.

Learning activity: Matching transactions

From the list of account activity below, circle whether they correspond to debits or credits.

Increase in bank account Debit Credit

Increase in loan taken out Debit Credit

Decrease in computers held Debit Credit

Increase in interest revenue Debit Credit

Increase in trading stock Debit Credit

Decrease in owners’ equity Debit Credit

Increase in accounts payable/creditors Debit Credit

Decrease in accounts receivable Debit Credit

Liabilities Owners' equity Assets

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The accounting roadmap

The concept of accounting dictates that all businesses, regardless of their size and function, need to account for their transactions and are accountable for whether or not those transactions balance. The accounting process serves many purposes, depending on the way the organisation is structured. It is an internal control for the distribution and movement of funds between accounts, the payment of employees and creditors, and the accurate and timely reporting of accounting information to stakeholders.

The process also exists to meet the requirements of external stakeholders including government agencies, regulators and shareholders. An organisation’s financial activity is communicated through routine reporting, both internal and external. The way accounting data is compiled will largely dictate the efficacy, efficiency and relevance of the financial reports produced. The process of routine reporting is illustrated by the accounting roadmap below.

In a computerised system the minute the transaction is entered in the software, all related accounts are immediately updated. In a manual system, the accounting process involves observing routine actions where the information from one ledger or journal is posted to the next in order to produce financial reports. This routine is illustrated in the accounting cycle diagram above and broken down in the steps below.

● If we start at the transaction phase of the accounting roadmap above, we can see that completing a transaction results in a source document being created (such as a receipt or invoice).

● The information from the source document is then entered into the relevant accounting journal. A journal captures details of financial transactions in date and time order.

● Ledgers break/distribute all the details in the journal entries into their account types, as determined by the chart of accounts.

● Reconciling journal entries involves comparing journal balances and individual journal entries with other financial records, most commonly bank statements. This process ensures that the journals are a true and accurate reflection of the monies that were actually received or paid.

1a.

Transaction Documents1b. Source 2. Journal Entries 3. Posting to Ledger

4. Reconciliation 5. Maintain Accounts Payable and Receivable 6. Process Accounts Payable and Receivable 7. Follow-up Outstanding Accounts

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accounts are updated to reflect current activity/transactions.

● Processing accounts payable and receivable involves processing outgoing payments of creditor accounts and incoming payments of debtor accounts.

● Following-up outstanding accounts involves monitoring accounts payable and receivable to ensure that they are paid on according to the credit terms on which they were established.

This process is repeated for each reporting period and this is why it is known as the accounting cycle.

In double-entry bookkeeping, a credit is an entry on the right hand side of the accounting record and a debit is an entry on the left-hand side of an account record. An accounting record is the physical/material evidence of the presence of a transaction (an invoice, a journal entry, a ledger posting, a bank statement, a Trial Balance etc.). Each of these accounting records will be examined in great length throughout this unit. They form the accounting cycle where financial data is monitored and maintained by systematically posting from one to the next and so on.

Cash and accrual accounting

There are two approaches that a business in Australia can adopt when recording transactions and producing financial reports. These are called ‘cash’ and ‘accrual’ accounting.

Cash accounting only recognises, records and processes a financial transaction when cash is actually received or paid. Accrual accounting recognises, records and processes a financial transaction when the transaction actually occurs regardless of when it is to be paid.

A simple example of this difference would be a plumber doing work on a project that finishes in the last week of the July. The plumber issues the client with the invoice for $1,000 in July but does not receive payment until August. Under the cash accounting system, the money becomes income for the plumber in August, whereas under the accrual accounting system the income was really earned in July because that is when the client became legally responsible for payment for the work.

While the upside of the cash accounting process is simplicity, the down side is that the financial statements would not give a true picture of the financial position or performance of the business at a particular point in time. Accrual accounting is an accounting process designed to more accurately reflect the true nature of a business’ position and

performance. In accrual accounting a financial transaction is created and recorded as it happens and is not dependant on whether the cash was received or paid.

Learning activity: Cash or accrual?

Look at the following treatments of transactions in the last month of an accounting period (June) and determine if it is being recorded on a cash or accrual basis. Suggested answers for this learning activity can be found in Appendix 1.

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Transaction history Cash or accrual?

It was discovered that a payment was made in June for an advertising campaign that ran for three months. The accountant only recorded one month’s value in the financial statements ended June.

Money was paid by a client in June for work that was not going to start until August. The accountant recorded the money as sales in the financial statements ended June.

The accounting period ends in June but the quarterly electricity is for the three months, from 1 June to 31 August. The accountant included one month’s worth of electricity charges in the financial statements ended June.

Benefits of accrual accounting

After centuries of accounting practice, accrual accounting has become the standard for reporting a ‘true and fair’ view of a business’ financial performance and position. So adopting the accrual accounting method aligns with the accounting standards and with larger corporations. Other benefits for adopting the accrual accounting method include:

● more accurately reporting the profit of a business for a given period

● providing a better method for planning expenses, as well as preparing monthly and yearly budgets

● provides the true value of a business

● being suited to tracking large volumes of transactions

● giving a more accurate picture of the organisation's overall financial performance and financial position

● allowing external stakeholders like banks and creditors to be better informed about the business prospects

● being more comprehensive and focusing on total resources, not just cash

● accrual accounting methods allowing for a seamless transition from small to large as the business grows and expands

● the focus on total resources providing a better and more comprehensive measure of financial performance and facilitates resource allocation.

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Introducing MYOB

MYOB provides products and services for businesses in areas of accounting and bookkeeping. The products range from entry level accounting software through to multi-user enterprise software. Other products offered by MYOB include retail point of sale (POS) software, asset management, payroll, payment services, practice and tax software and e-commerce solutions. The MYOB software supports Microsoft Windows and Apple Mac OS X operating systems.

For accounting practices, MYOB offers system-wide operations systems incorporating client management, document and workflow management and tax and compliance processing systems.

Current versions of MYOB, when installed, have a sample company set up that you can explore to learn about some of the functions and capabilities of MYOB. This company is called Clearwater. You can use the Clearwater file to experiment or practice financial data management because it doesn’t affect a real-world ‘client’ if something is accidentally deleted or incorrectly accounted for.

When you open your MYOB software you will be presented with options in the Welcome Screen.

As you can see, you are presented with options to:

1. Open an existing company file (i.e. the file for your business or your case study business if it already exists).

2. Create a new company file.

3. Explore the sample company, called Clearwater, provided by MYOB. 4. Find out what’s newin your current version of MYOB.

5. Exit the program.

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Opening a company file or exploring the sample company

If you choose to Open a company file or Explore the sample company file, you will be presented with a security screen.

Many organisations secure and restrict access to their financial and MYOB files, since they contain significant personal (individual) and private (business) information. You should make sure you understand the security requirements of the organisation you work for – often this information is contained in policy and procedure documents for your business.

In MYOB, multiple user IDs can be set up, so that individuals other than the Administrator (who has full access to everything) can be granted partial access – e.g. an accounts receivable clerk may have access to debtors and creditors, and respective journals, but not access to payments, employee or payroll sections.

Tip: For the purposes of enforcing good accounting practices in MYOB, once you open your company file, click on the Setup menu, select Preferences and then choose the Security tab. Tick the option Transactions CAN’T be Changed; They Must be Reversed [System-wide].

SAMPLE. Not for training purposes. Student Workbook. BSBFIA303 Process accounts payable and receivable. 1 st Edition 2015

BSB Business Services Training Package

Student Workbook

BSBFIA303 Process accounts

payable and receivable

1

Edition 2015

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Table of Contents

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Getting Started

About the unit

Structure of the training program

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Recommended software

About Tiger Enterprises

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Your Business Success

A note on websites

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Introduction

Fundamentals of the accounting system

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Double-entry bookkeeping

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_{Edition 2015}