Accounting Equation & Excel – Bank Reconciliation

Mastering Financial Accuracy: Excel-Based Accounting and Bank Reconciliation

What you’ll learn
Analyze financial transactions within a pre-prepared dataset using the accounting equation framework.
Organize and maintain accounting data in Microsoft Excel to ensure clarity and accessibility for financial analysis.
Identify discrepancies between General Ledger entries and a bank statement during the bank reconciliation process.
Evaluate potential causes of mismatches in financial records and determine appropriate corrective actions.
Apply Excel functions and formulas to adjust and reconcile financial records accurately.
Demonstrate proficiency in preparing reconciled financial statements for internal and external reporting.
Create comprehensive reconciliation reports that summarize findings and adjustments made during the process.
Critique the accuracy and reliability of financial data, emphasizing the importance of regular reconciliation in financial management.

Requirements
Basic computer literacy, including the ability to navigate file systems, open and save files, and use software applications.
Familiarity with Microsoft Excel, including editing spreadsheets, using basic functions and formulas, formatting cells, and creating simple tables.
A fundamental understanding of accounting concepts, such as the accounting equation (Assets = Liabilities + Equity), the role of General Ledger accounts, and the principles of double-entry bookkeeping (debits and credits).
Access to a computer with Microsoft Excel installed, preferably Excel 2016 or later, and a stable internet connection if required for online components.
A willingness to learn and engage actively with the material, including practicing problem-solving and applying new skills.

Description
This course is designed to provide students with a comprehensive understanding of accounting processes through the practical application of Microsoft Excel. At the outset, students are introduced to a detailed data file containing two months of financial transactions formatted in the accounting equation framework. This file serves as the foundation for the course, allowing students to explore the structure and logic of financial records while learning how to use Excel for organizing and managing accounting data efficiently.Building on this initial dataset, the course shifts its focus to the General Ledger of the cash account. Students will analyze and reconcile the cash account by comparing the General Ledger entries against a simulated bank statement for the first and second months. The reconciliation process will teach students how to identify and resolve common discrepancies, such as timing differences, data entry errors, and unrecorded transactions. Additionally, students will learn how to make appropriate adjustments in Excel to bring the cash account into alignment with the bank statement, ensuring accurate and balanced financial records.Throughout the course, students will gain an in-depth understanding of key accounting principles, including the double-entry system, transaction categorization, and the critical importance of reconciliation in maintaining financial accuracy. The course also emphasizes Excel skills tailored for accounting purposes, such as creating formulas, utilizing functions, managing large datasets, and producing clear financial summaries and reports.By the end of the course, students will have developed a robust skill set that combines theoretical accounting knowledge with practical, Excel-based applications. This course prepares learners to confidently handle real-world financial tasks, whether in professional accounting roles or personal financial management. It also lays the groundwork for more advanced accounting and financial analysis studies.

Who this course is for
Individuals looking to develop practical accounting skills using Microsoft Excel.
Beginners with a basic understanding of accounting concepts who want hands-on experience with financial data management and reconciliation.
Aspiring accountants seeking foundational skills to prepare for more advanced studies or roles in finance.
Small business owners who need to organize and reconcile their financial records effectively.
Administrative professionals responsible for managing financial data in workplace settings.
Administrative professionals responsible for managing financial data in workplace settings.
Professionals aiming to improve their efficiency in handling cash accounts and performing bank reconciliations.
Anyone eager to apply accounting principles in a practical, technology-driven environment.