Bank Reconciliations & Cash Internal Controls

Mastering Internal Controls and Cash Management: Safeguarding Business Assets and Ensuring Financial Accuracy

4.46 (720 reviews)
Udemy
platform
English
language
Accounting & Bookkeeping
category
Bank Reconciliations & Cash Internal Controls
45,457
students
9.5 hours
content
Jul 2022
last update
$109.99
regular price

What you will learn

Analyze the significance of internal controls in accounting: components, segregation of duties, authorization procedures, and physical safeguards.

Evaluate the effectiveness of cash receipts internal controls by examining procedures for recording, documenting, and safeguarding cash inflows.

Assess cash disbursements internal controls in mitigating risks, including purchase order systems, approval processes, and vendor payment verification

Perform a comprehensive bank reconciliation to identify and resolve discrepancies between the bank statement and cash records.

Develop and implement procedures for efficient petty cash management, including reimbursement, documentation, and periodic reconciliation.

Explain the impact of the accounting cycle on cash management, including the interrelationships between cash transactions and other accounting processes.

Define key terms related to internal controls and cash management, such as internal audit, segregation of duties, cash equivalents, and float.

Interpret financial statements to assess the accuracy of cash balances and the effectiveness of internal controls over cash.

Demonstrate proficiency in utilizing software tools and technologies to enhance cash management and internal control processes.

Description

Welcome to our comprehensive course on Internal Controls and Cash Management. In today's business world, having robust internal controls is not merely an option, but a necessity. It is integral to the mitigation of risks, ensuring accuracy in record-keeping, and promoting operational efficiency. With an understanding of internal controls, you can better protect your organization's assets and maintain the integrity of your financial information.

This course takes a deep dive into the topic of internal controls, explaining what they are, their significance, and the objectives they serve. The course is structured to provide learners with a robust comprehension of the subject, starting with the fundamentals and gradually moving towards complex concepts.

We will then specifically focus on cash-related internal controls, a critical area that ensures accuracy and transparency in an organization's cash inflow and outflow. You will learn how these controls are vital in safeguarding your company's most liquid asset.

Bank reconciliations, an integral part of these controls, is another key focus of this course. This is a crucial process for businesses of all sizes and is one of the most significant internal controls. You'll learn how to compare your bank statement with your cash book balance at a specific point in time, identifying and rectifying any discrepancies. By mastering bank reconciliation, you will increase the accuracy of your cash account and gain better assurance over various other accounting processes that involve cash.

Additionally, we delve into setting up and recording a petty cash account - a process that often seems straightforward but can be quite complex. We will discuss the intricacies of managing petty cash and how to account for it correctly.

In addition to the instructional videos, the course offers numerous resources to enhance your learning, including downloadable PDF files, Excel practice files, multiple choice practice questions, short calculation practice questions, and discussion questions. These resources will allow you to apply the knowledge you gain and interact with your peers and instructor, further enriching your learning experience.

Learning from a professional with hands-on experience in accounting and software like QuickBooks, combined with teaching expertise and curriculum development skills, will help you grasp these technical topics effectively. The instructor, a Certified Public Accountant, Chartered Global Management Accountant, and Certified Post-Secondary Instructor with a Master of Science in Taxation, has spent years dealing with complex accounting issues and teaching a variety of accounting, business, and business applications classes.

Whether you are an accounting student, an aspiring professional, a business owner looking to get a grip on your finances, or a professional preparing for the CPA exam, this course offers the knowledge and skills you need to strengthen your understanding of internal controls and cash management. Enroll now and take your first step towards mastering these essential accounting principles.

Content

Introduction

Introduction

Internal Controls Overview and Cash Internal Controls Introduction

2 Internal Controls Overview and Cash Internal Controls Introduction Overview
PDF - 10 Internal Control Goals
10 Internal Controls
PDF - 20 Cash Internal Controls Overview
20 Cash Internal Controls Overview
Multiple Choice Questions 1 - Cash and Internal Controls
Accounting Comic Break

Cash Receipts Internal Controls

3 Cash Receipts Internal Controls
PDF - 30 Cash Receipts Internal Controls
30 Cash Receipts Internal Controls
Multiple Choice Questions 2 - Cash and Internal Controls
Accounting Comic Break

Cash Disbursements Internal Controls

4 Cash Disbursements Internal Controls
PDF - 40 Cash Dismemberment Internal Controls
40 Cash Disbursements Internal Controls
Multiple Choice Questions 3 - Cash and Internal Controls
Accounting Comic Break

Bank Reconciliations

5 Bank Reconciliations
PDF - 50 Bank Reconciliation D & D
50 Bank Reconciliation-Accounting%2C Financial
Excel Download
9.10 Bank Reconciliation January
Excel Download
Worksheet - 9.12 Bank Reconciliation Adjusting Entries January
Excel Download
Worksheet - 9.15 Bank Reconciliation February
Excel Download
Worksheet - 9.20 Bank Reconciliation Feb. Adjusting Entries
Multiple Choice Questions 4 - Cash and Internal Controls
Short Calculation 1
Accounting Comic Break

Petty Cash

6 Petty Cash
PDF - 60 Petty Cash
60 Petty Cash
Excel Download
Worksheet - 800.10 Petty Cash Journal Entries Part 1-Accounting%2C Financial
Worksheet 800.20 Petty Cash Journal Entries Part 2-Accounting%2C Financial
Multiple Choice Questions 5 - Cash and Internal Controls
Short Calculation 2
Accounting Comic Break

Comprehensive Problem

7 Comprehensive Problem
Excel Download
1 Accounting%2C Financial - Comp Prob Service Co 1 Part 1
2 Accounting%2C Financial - Comp Prob Service Co 1 Part 2
3 Accounting%2C Financial - Comp Prob Service Co 1 Part 3
4 Accounting%2C Financial - Comp Prob Service Co 1 Part 4
5 Accounting%2C Financial - Comp Prob Service Co 1 Adjusting Entries part 5
6 Comp Prob Service Co 1 Adjusting Entries part 6
7 Accounting%2C Financial - Comp Prob Service Co 1 Financial Statements part 7
8 Accounting%2C Financial - Comp Prob Service Co 1 Financial Statements part 8
9 Accounting%2C Financial - Comp Prob Service Co 1 Closing Process Part 9
10 Comp Prob Service Co 1 Closing Process part 10
Multiple Choice Questions 6 - Cash and Internal Controls
Multiple Choice Questions 7 - Cash and Internal Controls
Accounting Comic Break

Definitions & Key Terms

8 Definitions & Key Terms
Bank Statement Definition - What is Bank Statement%3F
Canceled Checks Definitions - What are Canceled Checks%3F
Cash Definition - What is Cash%3F
Cash Equivalents Definition - What are Cash Equivalents%3F
Cash Over and Short - What is Cash Over and Short%3F
Check Definition - What is Check%3F
Check Register Definition - What is Check Register%3F (1)
Deposits in Transit - What are Deposits in Transit%3F
Gross Method Definition - What is Gross Method%3F
Invoice Definition - What is Invoice%3F (1)
Liquid Assets Definition - What are Liquid Assets%3F
Liquidity Definition - What is Liquidity%3F
Outstanding Check Definition - What are Outstanding Checks%3F
Petty Cash Definition - What is Petty Cash%3F
Purchase Order Definition - What is Purchase Order%3F
Purchase Requisition Definition - What is Purchase Requisition%3F (1)
Bank Reconciliation Definition - What is Bank Reconciliation
Vendee Definition - What is Vendee%3F
Vendor definition - What is vendor%3F
Accounting Comic Break

Screenshots

Bank Reconciliations & Cash Internal Controls - Screenshot_01Bank Reconciliations & Cash Internal Controls - Screenshot_02Bank Reconciliations & Cash Internal Controls - Screenshot_03Bank Reconciliations & Cash Internal Controls - Screenshot_04

Reviews

Samson
May 5, 2023
The training was very elaborate and the usage of diagrams for illustration made it easier to understand
Alena
March 8, 2023
This is a very good and interactive course! The instructor goes over everything in great detail to really allow you to harness your understanding.
Joanna
January 1, 2023
I'm enjoying the course so far - 5 stars! But, maybe go easy on the animations, I sometimes get distracted especially by the guy with the guitar, haha! Other than that, I'm loving this course and how it is being presented.
Nadzeya
April 28, 2021
I'm greatful for all the detailed lessons with practical presentations of all financial processes. The course helped me put in order all I learnt earlier and received during the course information. Great course! Valuable lessons! Highly suggest to take this course!
Huldah
September 28, 2020
Thank you very much for the knowledge, the course just fit in my career path and present job, now I have a clear understanding on internal control system.
Anwan
September 1, 2020
Excellent course. I really learned a lot from this course. Each and every part of this course was truly awesome
Pooja
July 21, 2020
This course can add value in career from this course I can learn lot of things that's helpful me. I should very thankful for this course
Debbie
July 19, 2020
Good information, however alittle fast on the excel, and also the videos cut out alot !, so this is very frustrating
Kinjal
May 17, 2020
I m happy to gain knowledge through udemy.. best online courses are Available for each and everything
Kaela
May 12, 2020
I just started taking this course but so far it is amazing! It has exceeded my expectations and I can't wait to take more courses from this instructor
David
March 26, 2020
This course has been a good refresher for me. The step by step explanation of the bank reconciliation, I found to be very helpful, as were the practice examples (work along examples). I find the way Bob presents the information is conducive to my learning style, each subject is clearly explained and presented. This is the sort of course you can come back to, again and again.
Bryan
December 19, 2019
Well presented course that covered all general facets of bookkeeping leading up to financial statements.
Ivana
October 17, 2018
Another great course by Bob! Above all, it's down-to-earth and applicable to real life business situations. The explanations are simple and clear and easy to follow along. Although I do have previous accounting experience, I learnt a lot of new things about the "background mechanism" of accounting processes, such as what steps are required to take place before a transaction can be recorded, what accompanying documents are needed and what the principles and methods of cash controls are. Additionally, Bob is very responsive and always willing to help with detailed explanations.

Coupons

DateDiscountStatus
4/1/2020100% OFF
expired
4/28/2020100% OFF
expired
5/23/2020100% OFF
expired
6/23/2020100% OFF
expired
7/18/2020100% OFF
expired
8/14/2020100% OFF
expired
8/31/2020100% OFF
expired
11/25/2020100% OFF
expired
12/20/2020100% OFF
expired
1/20/2021100% OFF
expired
3/1/2021100% OFF
expired
4/29/2021100% OFF
expired
1/31/2022100% OFF
expired
2/10/2022100% OFF
expired
2/17/2022100% OFF
expired
2/26/2022100% OFF
expired
3/14/2022100% OFF
expired
3/26/2022100% OFF
expired
4/1/2022100% OFF
expired
4/10/2022100% OFF
expired
5/7/2022100% OFF
expired
5/14/2022100% OFF
expired
5/23/2022100% OFF
expired
6/8/2022100% OFF
expired
6/16/2022100% OFF
expired
7/11/2022100% OFF
expired
7/18/2022100% OFF
expired
7/28/2022100% OFF
expired
8/7/2022100% OFF
expired
8/14/2022100% OFF
expired
8/19/2022100% OFF
expired
9/7/2022100% OFF
expired
9/11/2022100% OFF
expired
9/19/2022100% OFF
expired
10/6/2022100% OFF
expired
10/13/2022100% OFF
expired
10/20/2022100% OFF
expired
11/7/2022100% OFF
expired
11/14/2022100% OFF
expired
11/21/2022100% OFF
expired
12/6/2022100% OFF
expired
12/16/2022100% OFF
expired
12/26/2022100% OFF
expired
1/18/2023100% OFF
expired
1/27/2023100% OFF
expired
2/11/2023100% OFF
expired
2/27/2023100% OFF
expired
3/28/2023100% OFF
expired
4/3/2023100% OFF
expired
4/18/2023100% OFF
expired
5/5/2023100% OFF
expired
6/11/2023100% OFF
expired
6/17/2023100% OFF
expired
7/4/2023100% OFF
expired
7/10/2023100% OFF
expired
7/23/2023100% OFF
expired
8/11/2023100% OFF
expired
8/22/2023100% OFF
expired
9/5/2023100% OFF
expired
9/18/2023100% OFF
expired
10/10/2023100% OFF
expired
10/17/2023100% OFF
expired
10/24/2023100% OFF
expired
11/7/2023100% OFF
expired
11/14/2023100% OFF
expired
11/22/2023100% OFF
expired
12/22/2023100% OFF
expired
1/8/2024100% OFF
expired
1/25/2024100% OFF
expired

Charts

Price

Bank Reconciliations & Cash Internal Controls - Price chart

Rating

Bank Reconciliations & Cash Internal Controls - Ratings chart

Enrollment distribution

Bank Reconciliations & Cash Internal Controls - Distribution chart
1635660
udemy ID
4/7/2018
course created date
4/1/2020
course indexed date
Lee Jia Cheng
course submited by