Category Archives for Bookkeeping Courses

Bookkeeping Business From Home And How To Set It Up

In this in depth article we look at all the basics you need to be aware of to set up your home based bookkeeping practice.

Setting Up Your Bookkeeping Business From Home

Part 1

Anyone can start a bookkeeping business from home. Amazingly, you don’t even need to be qualified, though it does help!
To give you an idea of what it involves once you are up and running, the average number of clients per bookkeeper is around 30. This makes it fairly easy to figure out how much you will need to charge for your services. In very simple terms, decide how much you want or need to make a year, then divide it by 30. You now have your cost per client.

The next important point to consider is the size of business you want to target. The larger the business the more work there will be. Larger businesses will want more analysis, and although that analysis may not be done by you, the bookkeeping will become far more involved and therefore time consuming. Accounting for items when they are actually consumed, rather than when they are paid for, means extra accounts and more transactions (insurance spread over 12 months but paid for in a single sum for the year is just one example).

So, if you are just starting out, target micro businesses. That is, those with a staff count of less than 5 including the owner(s). The turnover is not that important, it is the number of transactions and the nature of those transactions that matter.

You are not competing with accountants here. That is probably one of the main things to understand. Accountants are your friends. They can actually give you loads of work if you are struggling to find your own clients. Accountants do not like bookkeeping! Their work is in interpreting the books, advising about tax, and preparing statutory accounts for the Inland Revenue.

Another important thing to remember is to keep your overheads to the minimum. Setting up your bookkeeping business from home is the best and simplest answer to this. It also means you can claim expenses from your household costs. If you have 6 rooms in your house and you use one of them as your office, you can claim back 1/6th of many of your utility bills (eg. electricity and gas).

You could also claim back 1/6th of the interest on your mortgage if you have one, though be careful of capital gains tax if you should subsequently sell your house. Take advice from your own accountant in this case (if you take on freelance work from an accountant, you will find they will be more than willing to help you out with advice in this area).

In part 2 of this article, we will give you a step by step guide on how to start your own bookkeeping business.

Part 2

You can choose to be self-employed or set up a company. This is a simple decision. Self-employment is the way. The reason is that you will not have to pay tax until much later. That is really important when you are starting a new business. Cash is king as they say. Whilst you build up your client list, you need to conserve as much money as possible. If you were to form a company, any money you pay yourself in remuneration you will need to pay tax on there and then.

Another consideration is why you would want a limited company. If you were a retailer or someone supplying and selling other people’s goods, then a limited company is probably vital. You will be buying these goods on credit, hoping to sell them to make a profit. If, for some reason, the goods do not sell (maybe a competitor our prices you or a better product comes along) you may have to sell them at a loss. You could end up losing not just money, but your house! If you are self-employed, that is exactly the situation you do not want. Whereas selling a service such as bookkeeping, involves mostly your time.

The next thing you need to consider is your trading name. You have two choices here:

1. Use your real name

2. Make up a name

Both have pros and cons. Using your real name will invoke trust. You are displaying a degree of confidence in that you are happy to be exactly who you are. On the other hand, creating a trading name will let you advertise what you do. For example, ‘ABC Bookkeeping Services’. However, the best way is to combine both concepts. If your name was June Smith, then name your business June Smith Bookkeeping Services. Perfect. You are saying who you are and what you do in one go.

Do you need a logo. The simple answer is NO. Don’t waste your money. Your logo will be meaningless to most people unless you have a huge marketing budget, and even then you would be wiser to spend that budget on selling your services not your brand. Yes, so many marketing gurus talk about brand being everything, but it is a waste of time, effort and money for something as simple as a bookkeeping service.

So, your name IS your logo. Choose a classic font everytime you use it and people will remember you. Do not use any fancy fonts. It must be legible and clear. That is all you need to know about logos.

Now, what for most people, is the hardest part of all. Getting customers! It is the same problem for everyone. Where are your customers? Well I can tell you exactly where they are: everywhere! The fastest route is to contact all your local accountants. More and more businesses are starting. There is almost an exponential  growth going on. In these recessionary times, people (like yourself remember) are thinking about an alternative to the 9-5 job. And what is the first thing they need to do? Ask questions, get advice and maybe get some training. Part of the group of people supplying those services are, you guessed it, accountants.

Open a spreadsheet (or a notebook) and start with the Yellow pages. Enter the contact details of all your local accountants. You could also include bookkeepers. They may be in competition with you, but if they are overstretched, it may just help you get started. You may have to accept slightly less money, but it will get you on the road to success.

First off, write an introductory letter. I have found in business one of the most powerful words is ‘introduce’. Your first sentence should say something like: ‘I would like to introduce myself to you. I am June Smith, and offer a local bookkeeping service to accountants’. For this marketing letter, the accountants are your target market, not their clients. You do not need to say too much, certainly do not mention pricing, but say you would be happy to arrange a visit to talk about the posisbility of working with them. End with a call to action, such as ‘I will telephone your office in a few days to arrange an appointment if that is OK with you’.

Now, there is one more vital thing. Experience. Do you have any. If you have years of experience, say so, eg. ‘I have 20 years bookkeeping experience to TB’ – feel free to use abbreviations like TB for Trial Balance, you are speaking your target markets’ langauge.

What if you have no experience. No problem, you will have taken some bookkeeping course and have a qualification right? (if not, do it, you will find it much harder otherwise). So now the line is ‘I am a fully qualified bookkeeper to level 3 and a registered member of <insert some bookkeeping association here>’. That should do the trick. If you have experience and qualifications shout about both of them. Anything that can add trust will win you clients – and it makes no difference even if you are running a bookkeeping business from home.

Send your letter. After a day or two (do not leave it too long) if you have heard nothing back, telephone your list. Persistence is everything. When you phone, ask them about their business. Don’t talk about your own unless they ask. Make them feel you care. Ask them what problems they have with bookkeeping. If they give you any indication of a problem, jump on it and say you can help them.

Follow these steps methodically and you will start to build your client list.

In part 3 we will talk about going direct to clients. Far more lucrative, but requires more effort, as you would expect of any business.

Part 3

By far the hardest way to get clients is to try to attract them directly. Having said that, it is really easy to find them! the hard part is getting them to give you business. and if you really want to set up a bookkeeping business from home and make it work, then you are going to get this aspect nailed!

Your first problem is convincing them that you are trustworthy. After all, you are going to be dealing directly with the finances of their business. Ask yourself this: would you trust someone you had never met before with looking after your money? No? well there you have it!

So, how do you overcome this. The simplest answer is in how long you have been established. If your sign says ‘Established 1980’ great. You must be bona-fide, the problem is, you haven’t even started yet! (that’s why you are reading this, right?). So, what to do.

Basic Marketing Checklist
1. A real postal address. Do not use box numbers.
2. A landline. Always have a landline.
3. Always use your real name for the business (see part 1)
4. Qualifications and member of bona-fide bookkeepers association
5. Professional stationery. Business card, letterhead and compliments slip
6. Always dress professionally

A real postal address lets your potential clients know you are permanent. A landline really adds credibility to this. So many service businesses start up using a mobile number. But for a business thinking about outsourcing its bookkeeping, a mobile is just too, well… mobile! Don’t use free or premium numbers either. You are aiming at a local market, so give them a local landline. Business owners want to know where you live. They want to be sure any paperwork they give to you is safe. Freephone numbers are terrific for established businesses, but for new businesses they are a hindrance. It suggests you are not local. And not local implies you are not really interested in local business.

Your business name is vital for establishing credibility. Would you use a firm called ‘ACME Bookkeeping’ or ‘James Smith Bookkeeping’. See part 1 for more on that.

Qualifications are also absolutely vital. It’s the same thing again. Put yourself in the shoes of your clients. If you mess up their VAT, it is they who suffer the consequences, not you. So would you entrust your bookkeeping to an unqualified person?

Become a member of an established bookkeepers association. Make sure they have a code of conduct. Advertise that fact on your stationery, website and advertising. Advertise it on any sales letters or handouts you produce. Use the associations logo and any other marketing material they can provide.

Make sure your stationery is designed by a professional designer. Do not make it fancy. You must be seen as a safe pair of hands. Do not design it yourself to save money (unless you happen to also be a designer of course). Your image must be professional and simple. Do not use tag lines. Eg. ‘Bookkeeping to die for’! Let your business name and stationery design speak for itself.

If you get an appointment to visit a client, always dress smartly. You are a professional. They are trusting you with a very sensitive part of their business. You will probably be the first to know if they have problems or are making a success of their business. Your confidentiality is vital to them. Show them you are professional by dressing appropriately.

If you are serious about your marketing, you may want to pop over to The Number One Club and find out what it takes to become a market leader.

In part 4 we will talk about getting new clients. If you haven’t signed up to our 12 week certified bookkeeping course yet, click here.

Part 4

By now you should have a good idea of how much to charge, how many clients you need in order to be completely independent, how partners can help you, and why your image, from your business name down to what you wear is absolutely vital. So, let’s put it all into practice and go win some clients and make your bookkeeping business from home really fly!

But first a note of encouragement. Once you get a few clients on board, you will find that they start recommending you to other business people they meet. So although you need to get on the first rung, after that it should be plain sailing providing you follow the advice in these guides.

Here’s a great question: How many cars do you see driving around in your local area with a sign on the side or back that says ‘Local Bookkeeping Service…’? None right? So go to a sign maker and get some magnetic car stickers made. That way you can remove them whenever you need to (eg. if you sell the vehicle).

The message on the sign must be absolutely clear and simple. Since you will be displaying the sign in your local area you can use your business name ‘Jill Smith Bookkeeping Service’. It is absolutely vital you put your landline number on there too. The STD code also tells people you are local. You will also need a simple selling slogan. Eg. ‘Best Rates in Town’. It sounds corny, but if someone is looking for your service, they need reassurance they are making the right decision, and ‘best rates’ works. So you will end up with a 3 line ad:

  • Line 1: Who you are
  • Line 2: Why they should use you
  • Line 3: Call to action

The text must be legible at a distance. Do not use fancy fonts. Simple is best and works. Make sure your landline forwards calls to your mobile when you are out (or your partner is aware they will get calls if they are in).

Advertise in your local newspaper. There is usually a section for local services. You may see competitors in there, so all you need to do is study their ads and look for their weakness. If they offer ‘Established 1899’, make yours ‘Modern Fast and Friendly Service’. Or you could counter it with ‘Fully Accredited’ if they do not mention that. Look for what they have missed off and highlight it in your ad. You will find that these people only advertise occasionally (as you will also do in time yourself) because most clients come from recommendations.

After you advertise, contact that paper’s editorial staff and offer to write a piece on small business and how to succeed. Make it relevant to the readership. Do not ask for money, offer it free. It should be helpful to small businesses, not about bookkeeping. You are gaining trust with peices like this and gaining credibility as an expert. If you can get a regular spot, in 6 months, you will not be able to stop the stampede.

Produce a hand out. Drop them in letterboxes. Ask if your local library would accept them in their local services section. They will display them if there is value in the leaflet. Eg. ‘How to do your bookkeeping’. Contact your local chamber of commerce. They may want you to join, but you do not have to. They are there to promote local businesses and you offer a service that will help local businesses. Explain that and they may help. Contact all local networking groups and attend their breakfast meetings. If you get the chance of a 5 minute speaking slot, grab it. All you need to say is that you are a local bookkeeping service, fully accredited and qualified and charge the best rates, come and see me afterwards. Once you have done that a few times, you will find it easy. It will also help with your confidence when meeting other business people in any context.

There are many more ways to promote yourself and your business, but follow the above as a starter and you should have no problem getting your business started and growing it rapidly.

In part 5 of this course we will look at how to keep your clients and meeting deadlines.

Part 5 – Final Part of your Bookkeeping Business From Home mini course

Getting clients is not too hard as you have already seen. Keeping them is actually very easy too. But you will lose them rapidly if you are not punctual. If they ask you for their VAT return and you do not return the call quickly, they will start to lose faith in your service, and then in you. So it is vital you set out your terms and conditions at the start and stick to them. Your clients will respect you even more if you have a set of terms and conditions. It is the professional thing to do. If you belong to a bookkeeping association, they will not only be able to provide you with guidelines, they will also have a strict code of conduct. Use that to your advantage. State it clearly on your marketing materials.

Things to include are:

  • How quickly you will respond to queries (eg. all enquiries will be answered within 2 business days)
  • When  and how often you expect to receive paperwork
  • When and how often you will deliver reports
  • The scope of work (eg. bookkeeping, VAT returns [Europe], Sales Tax [USA], debt collecting)
  • When you expect to be paid (eg. all accounts must be settled in full within 30 days of invoice date)
  • Surcharges for overdue invoices
  • A disclaimer stating that your figures can only be as good as the documents provided to you (you are not responsible for other people’s errors, although you will always point them out if you spot them)
  • Your business name and address and contact details

This list is not exclusive and you should contact a solicitor to make sure it is water tight and you have not missed anything out. Remember UK law is ‘case law’. That means each case has a possibility of changing the way law is interpreted. If you should ever be taken to a small claims (or larger) court, the judge will always look at things from a ‘fair’ point of view. For example, if your terms and conditions state that you are in no way responsible for anything, the judge will not view your case kindly!

Some countries impose regulations on money laundering (following the terrorist scares of the last decade). In the UK for example it is necessary to register with HMRC if you offer bookkeeping or accounting services to other people. There is a charge involved for this, so please check with your Inland Revenue service. Some bookkeeping associations cover this cost as part of their membership (which can often be cheaper than registering independently).

To ensure you keep everything up to date and you do not miss deadlines, open a spreadsheet and record your client details together with when you expect to receive and deliver paperwork, tax returns etc. Do one for each year. You could open new worksheets in the same spreadsheet, which will give you quick access to previous years.

Make sure you get all your client details including main contact, address, telephone numbers, who is responsible for delivering paperwork to you, who is responsible for paying you.

Add a date for each client to contact them on a regular basis so both you and they can discuss any issues that have come to light. Always do this. That call can really help your relationship. Your clients will know you care about their business. Of course, if your client runs the entire business on their own, then this wont be necessary as you will be in regular contact anyway.

OK. That completes this mini guide to setting up a bookkeeping business from home.

We have published a series of marketing articles to really get your business noticed online. It is much easier than you think, so whatever you do, do not spend a fortune on internet marketing or even starting a web site until you have read these articles. I can pretty much guarantee that if you follow them your site will get to page 1 of Google for a very relevant keyword in your target area, and the cost of doing that will be minimal. You can find everything you need on QuentinPain.com

Join Our Online Certified Bookkeeping Course

If you would like to join our 12 week certified bookkeeping course CLICK HERE.

And finally a little video on profit, gross profit, net profit and EBITDA:

A Bunch Of Bookkeeping Questions On Debits And Credits

I hope I will learn something from this having never been involved in anything like it before but hubby is setting up his own business and wants me to do the admin and book keeping and accounts so have to learn quick. So thank you for this, wish me luck think I’m going to need it.

Thank you so much for providing us such a wonderful platform for distance learning. I am so eager to attend for next session and I am so hungry to know where does the Equity group fit into.Thanks so much for this course, it has been so useful and engaging!!!

I completed the course a couple of months ago, and have just come back to get certified. I passed! Just a note that I’ve had real difficulties with the certificate – had to save the background image as a jpg then copy and paste the text and combine it all in Word. A pdf download would be so much easier!

Anyway, all sorted now, and thanks again. Thank you for this course I need it to brush up on my accounting skills. When you forget the basic you forget the most important part.Hi, I am currently working in a school as Acting Bursar and even though I have a strong finance background I do need to brush up my book keeping skills, I am so glad I came across this course as I feel this will help me immensely and also help boost my confidence in the long run.I’m really glad there is a course structure like this online – – I’m looking forward to learning and getting to work in the next 12 weeks. Will there be a certification given at the end of the 12 weeks?

Hi! I love this as it’s all coming back. Thank you for this free course as it’s a great refresher course. I wonder if you can help me understand and know where I go from here after the free 12 week course. I graduated with BS in Accountancy in the Philippines about 19 years ago. I never work in accounting in this country ever since I came here for family reasons and the thought that my qualification wasn’t recognized here. But at the moment, I’m really interested to work again while I’m helping my friend doing her bookkeeping. Is it really not recognized here? Do I have to study again to work in the accounting field?

Hi! The money will be under asset as cash in the bank, right! Then either way that is equity whatever kind of business but do you mean that if I have a limited company it will be shareholders account but a different account name if different kind of business? Thank you.

Hi! Looking forward to finish the whole 12 week course to hopefully refresh my knowledge in accounting and learn new or different terms e.g. From where I studied accounting, we used Capital instead of Equity. I really wanted to go back in this career but don’t know where to start. I suppose I have to start from the beginning as it was more than 19 years ago and from a different country. So, thank you for this free course.

Hello,I studied ACCA -Association of certified chartered accounting 6 years ago in Ireland and came to Canada after. couldn’t find same rate pay here so I left the career. I didn’t really study keepkeeping or payroll at all but I figure out it is not difficult to do it base on qualification,now I am bookkeeping my husband restaurant from last 2 and half years with excel sheet only without anybody help, except for search from google. I love the way you teach online and I will take few more weeks courses before I decide whether I will go for fast track. am I able to change by the end of course? do you have some payroll course too?

Enjoyed Lesson 1. It is so easy to follow. How do I register for the free week 2 .. Thanks

Ah, thank you for clarifying that… I was really scratching my head trying to work it out!

I’m really enjoying the course and am managing to follow all the explanations and tasks, but a small thing in this week’s lesson has confused me.

You said: ” The date will be the date you compiled this.” Wouldn’t the date for each transaction be the date it took place, rather than the date the accounts were written up? Hope you can clarify this for me, please.

Of course! Thank you for spelling it out for me! I’m enjoying the course so far, but am having trouble discerning Liabilities from Equity in some instances. Why is it that a mortgage is a Liability, but rent comes under PL and is therefore Equity? Surely repayments on a mortgage are part of PL too?

I’m able to understand working the problems and am getting them done without too much struggle. I’m having a terrible time understanding the instructions. When they say take last week’s P&L and add these two entries to it, I look for the P&L, look for the answers to see what it’s supposed to look like and it often doesn’t look like what we had (from what I’m finding, anyhow.) Then the new entries or last week’s data that we’re starting with will be above or below where I expect to see it. I know you can’t tell exactly what I’m talking about when I can’t tell you more precisely and I’m feeling so confused, I can’t explain it. I’m spending far more time trying to figure out the instructions than I am working the problems. The biggest problem seem to be when it refers to work already done. I find the use of the terms “Debtor” and “Creditor” extremely confusing because their use depends on which way the transaction is going.

Are we paying or receiving? I originally learned in my first classes in bookkeeping by using the terms “Accounts Receivable” and “Accounts Payable” and this was far easier to keep straight. If Debtors and Creditors are common industry use, we’ve got to use these terms. I’ve been looking for links or shortcuts to keep them straight but I’ve been wrestling with these terms for several days and still making as many errors in their use as when I started. Got any suggestions?

Many thanks for your reply, I can confirm I have now gone down the fast tract route and am now hooked, this course is great. thank you also for the link I shall have a look at that. I am really enjoying this course,

Can I confirm that I can switch to the fast tracked course if I wish. Also this is a new area for me and I was thinking , do you do other courses that continue on from this one to enable us to become fully qualified bookkeepers etc.Thanks for your encouragement and your answer.

Not following. I’ve been over the entries several times from where we balanced, let’s say the Sales Account. Balance was 2500. Then you added two additional entries, one for 100 and one for 40. But the original sales account had not had any additional entries made to it. But now it has a balance of 150. What changed the balance or is this a different account? Expense accounts had the same thing. I’m missing something.

Thank you for wanting to teach me about bookkeeping/accounting. I really do have a genuine love for accounting, and trying to seek a career in accounting. Right now I’m a college student majoring Business Administration starting out on my associates degree. As you can see, I’m moving in the right direction at this point. I do hope to get something out of your course.
Again, Thanks.

Thanks for getting back to me so soon. I started this course on Monday and have already finished task for week 6. I find it really easy to understand but I’m now struggling to remember everything I have learnt so have to keep going through my notes. I got the last task correct but I think I need To go through this chapter once more to get my head round P&L and to practice a little more. Thanks again for your support and I am sure I will be asking some more questions in the next few days.

Could you please explain me the reasons behind transaction 5 on the task for last week? I did it the other way around: stationery a credit and accounts payable a debit. I understood it as coming from the stationery to accounts payable/creditors (credit – debit).

I got the final answer correct (4400 on both columns) but there was obviously a mistake. Is there a way I could pick this error when doing it for my business?First of all, thanks for introducing this System. I did Accounting far back in 1975 in which I took RSA (Royal Society of Arts) Stages 1 & 2 Bookkeeping and Accounting, but unfortunately never work with it. I’m at the moment a Truck Driver which involve a lot of physical. And due my age I wonder how long I’m going to hang in there, and therefore, need something to backup in case I’ve a change of profession. Once again I say thanks.

I looked for the answer and didn’t see it. May have missed. What is the difference between the b/d (brought down) and c/d (carried down)? I’m having a very hard time finding things: probably spend an hour looking for stuff for every 5 minutes I spend studying. Right now I’m looking for the workbook. I’ve already been in it several times but can’t find it now. Is there a map or some way to find things?I’m spending an hour looking for things for every 5 minutes I spend studying. Right now I’m looking for the workbook. I’ve been in it several times in the past, but now I’ve lost it again.

Is there a map or some structure to how these are arranged? OK, got it,

Thanks. I had not gotten to the workbook.I’m having a hard time getting the picture on this assignment. What is the data we are to work with? You say it’s at the beginning of this lesson and there are 5 answers.

Where are they? Where is the ledger we post to? We draw up a table. What does a table look like? This doesn’t look like what I’ve seen before? Please comment. Thanks.I do not reside in the UK, and my tax authority is US. I like your class it is very straight forward and precise. I am presently thinking about full time bookkeeping and wondered if the class is recognized by US jurisdictions?I just wanted to say how great this course was and how easy it was to learn with your explanations. However i have just paid for the test but it wont appear on my account for me to take it?

I’ve just started this course I’m a stay at home mum with 3 boys 3 and under and want to get a career under my belt before the youngest (23weeks) is in school (so I have a while yet) this is going to sound like a dumb question but I want to make sure I have the correct understand for task 1, I have the understanding that everything that either costs or pays is an account ie: groceries, nursery fees, rent, electric, work(wages) am I on the right line of understanding?

I seem to progress along through a task fine until it includes figures from the previous weeks then it all goes a bit pear shaped. I think the main problem is the continuation of the totals added to the P&L account, back to the drawing board!

I have been working as a bookkeeper for the last 6 years; I am taking your course now because I just want to make sure I’m not missing something, somewhere. I suppose I’m doing it more as an edification that I DO actually know what I’m doing and because I’m tired of losing jobs because I’m not a CPA (yet.)

In short, I’m doing this because #1) I want to go step by step, #2) I want to use it as a ‘refresher’ course, and #3) I want to learn! Thank you for offering this course. What happens if I want to go from free to option #3? Can I change horses in the middle of the stream easily? Please let me know.

Having looked at other books in an attempt to self teach myself this field, I’ve noticed that most textbooks tend to be intimidating by throwing all sorts of technical jargon at you (like “contra-accounts). without explaining their meaning or the reasoning behind it. Here in some very simple lessons you’ve managed to explain what 100?s of pages of reading only seemed to make even more confusing. I’m very glad that I’ve stumbled across your course and even if some of the rules might be slightly different here in the US, at the very least, you’ve given me a much clearer understanding of the principles and philosophies involved. Thank You.

Is there an easy way to remember which way the transaction goes when its ‘a sale on credit of 1500?? It’s these ones I keep getting the wrong way round Just what I needed all this years. Very Interesting. I am enjoying starting to learn about this but im not sure about how to do the task.. I dont suppose there is someone who can point me in the right direction? Do we just need the names of the accounts, or the actual lists. for example: for ‘Bank’ would the account be the bank statements? or everything that appears on the statements? Can you tell i have NEVER done this before haha

I have done some sort of bookkeeping for years at the various jobs I have held, and have used a few different software programs. It has been a long, long time since I took a basic accounting class in school, and I really want to have a working knowledge of what current bookkeeping software is doing, so that I can really be able to confirm the reports. All the calculations are no longer with paper and pencil, yet I do not like to just assume that the program is correct. Although, this is not a software class, per se, I will learn things that I have either forgotten or never really knew. And I will be able to understand what the reports are saying, and correct any errors. Thanks so much for this information.

I’ve just started working from home and I’m struggling to get my head around the bookkeeping I need to do. I’ve a young son so not a lot of time each week to spend learning a new skill on top of trying to keep the business going. I thought I had it worked out but then realised half the information I’d need for a tax return was missing from my files. I’m really hoping this course helps.

Thank you for this free information. I have actually done bookkeeping in an accountants office a few years ago, but I moved. I am now at a point in my life where I need to supplement my single income and have decided to do Freelance Bookkeeping in the evenings and on weekends. I am over half way through the Accounting/Bookkeeping Course with ICS Learning (on line/at home). I just need a little more confidence to get started. I am currently an Administrative Assistant (doing mainly accounts receivables and posting accounts payables. I think this is the just boost to give me more confidence as I know once I get that first job I will feel great. I know I can do the work. Right now I am only comfortable doing the A/R, A/P, Bank Recs and GST here in Alberta. I am able to print out and read the reports from Simply/Sage Accounting also. Thank you again. I know I will benefit. Trish

Is it only me that is still confused? Thank very much. your course is easy to understand and I am very glad that i have started.

No problem, i don’t think it was because I was clever, just that it confused me, and up to then, your course had been very understandable!

As the accounts mentioned were ‘Sales’ and Cash’ (which i used in my answer), your answer used ‘Sales’ and ‘Bank’.

I expect I haven’t fully got it, but as all the other answers, 2-5 (which i got right 🙂 used the same accounts as the question, I thought Task 1 should? Thank you for your quick replay.
I’m studying for an exam at the end of a bookkeeping module as part of an accountancy training (so this is only the beginning for me). Your course is very good, and I thank you very muck for it! I wanted some more information about the imprest system because I need to write about it (and my book doesn’t explain it very well) I was surprised I couldn’t find any mention of it. Another thing that I thought would be part of this is bank reconciliation … would be nice to have, even a short reference would do… or did I miss it? many thanks again!

Bookkeeping Certificate Online Classes

If you are new to bookkeeping and accounting then you should optin to the Accounting for Everyone 12 week online course.

Put together by Quentin Pain in 1998 the course has been available for many years and has recently been updated, although the principles of double-entry have not changed in 600 years.

But what has changed is the way you can think about the logic behind double-entry.

And that is what makes Accounting for Everyone so unique in the world of accounting and bookkeeping courses.

Here’s some fundamentals you will want to remember if you ever get stuck either in day to day bookkeeping or if you find yourself taking an accounting exam.

  1. Credit = From
  2. Debit = To

Next time you try to figure out which is the credit and which the debit apply the From/To principle and you will get it.

For example, entering an expense of 100 for travel paid for in cash.

  1. The money came FROM Cash so that is the Credit.
  2. The money went TO Travel Expenses so that is the Debit.

And let’s look at the other side. Recording a sale  of 500 paid into the bank.

  1. The money came FROM Sales so that is the Credit.
  2. The money went TO the Bank so that is the Debit.

The course has many brilliant snippets like this, so choose an option below and get started.

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Bookkeeping Course

If you have not signed up to my 12 week bookkeeping course yet, it will give you the grounding for your bookkeeping career in a way you will not have seen anywhere else.

For the first time you will be able to really understand debits and credits by learning a wonderfully simple concept that ensures you get them the correct way round! (and for those new to bookkeeping, I can tell you right now, everyone gets them the wrong way round at first).

Once you have completed the course, or even after you have finished the first few weeks, if you want to become professionally qualified with a recognised global institute, I highly recommend the International Association of Bookkeepers. You can find more details on them over on their website here.