Control Accounts Training

Control accounts are general ledger accounts that sum-ups’ a large number of businesses. As such they are part of the double-entry system. Control accounts are used to prove the correctness of the ledger bookkeeping system. They mainly use with concern to payables and receivables balances.

  • 6 Months
  • 12 Sessions
  • Advanced
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Course Overview

The prime objective of the control account is to keep the conventional ledger free of details and have the correct balance for the business statements. It can explain via an example that the financial records Receivable in the general ledger could be a control account. If its control account, the company would update the reports with a few amounts, complete collections for the day, such as total sales on account for the day, total grants and returns for the day.

The accounts particulars for each customer and each transaction would not record in the Accounts Receivable control account in the general ledger. Instead, these details of the financial records receivable activity will be in the Accounts Receivable Subsidiary Ledger. It works well because the employees functioning with the general ledger; do not need to see the details of every sale or every deal collection. However, the credit manager & sales manager will need to know detailed info of every customer, including whether a customer reduced their account balance. Any company can deliver these individuals with access to the accounts receivable subsidiary ledger & can keep the general ledger free of a remarkable amount of detail.

In control accounts, the level of activity is regularly. For example, all payables entered one day will be combined from the subsidiary ledger and posted as a single summary-level total into the accounts payable control account. Posting into all control accounts must be concluded before the books can close at the end of a reporting period; otherwise, businesses may feature in a subsidiary ledger.

If executives want to see detailed transactional info for accounts payable, they can analyse the detail located in the ledger. Large organisations most usually use control accounts since their transaction size is enormous. A small organisation can typically stock all of its transactions in the general ledger, and so does not need a subsidiary ledger that related to a control account.

Control Accounts Training:

  • Functioning with spreadsheets and journals
  • Preparation of monthly accounts
  • Improvement of management accounts
  • Computing, posting Journals like Accruals, Prepayments, lease of assets, Depreciation, wages, Loans, PAYE and more
  • Maintain bank accounts, cash postings
  • Processing various reports for management review.
  • Management of fixed assets records was ensuring devotion to capitalisation policy and Bookkeeping Standards.

What Is a Control Account?

A control account is a general ledger (GL) account that adds up the balances of subsidiary accounts. You can find Hundreds (often thousands) of accounts and sub-accounts in a General ledger. It would be impossible to incorporate all of these in the General ledger; hence a control account is utilised.

Hundreds of accounts, ranging from asset and liability accounts to revenue and cost accounts, may be found in the general ledger. In addition, each account type can contain hundreds of smaller versions known as subsidiary accounts.

The General ledger would be enormous, disorganised, and difficult to use if every account was included. Control accounts are used to summarise data from many associated reports.

How Does It Work?

It would not be the account data for each client and transaction in the general ledger's Accounts Receivable control account. Instead, the Accounts Receivable Subsidiary Ledger will include the specifics of the charges receivable activity. It works well because staff who deal with the general ledger are unlikely to need to examine every sale or transaction collection detail.

The credit manager and sales manager, on the other hand, will require precise information on each client, including whether or not they have lowered their account amount. Any corporation may provide these people access to the Accounts Receivable Subsidiary Ledger, which will keep the general ledger clear of a lot of information.

Objectives of Control accounts 

The control account's major goal is to keep the ledger free of details and ensure that the financial statements are balanced correctly. It can explain, for example, how the general ledger's Accounts Receivable account may be a control account. 

The corporation would update the reports with a few figures, such as total sales on record for the day, complete collections for the day, full credits and returns if it were its control account.

Learning Outcomes of this course

  1. Using spreadsheets and notebooks in the workplace
  2. Journals such as accruals, prepayments, depreciation, lease of assets, wages, PAYE, loans, and more are computed, posted, and reconciled.
  3. Maintain and reconcile bank accounts, cash postings, and other financial records.
  4. The fixed-asset registries management ensured that capitalisation policy and accounting standards were followed.
  5. Compilation of month-end financial statements
  6. Accounts for management development
  7. Processing and summarising numerous reports for evaluation by management.

Who needs Control Accounts Training?

Large businesses most typically use control accounts due to their high transaction volume. A small business may often maintain all of its transactions in the general ledger, eliminating the requirement for a control account-linked subsidiary ledger.

Why should you enrol in this training?

  1. Best Practice provides an outline of the controlling system's most important components.
  2. You will be given an overview of all important functions and approaches.
  3. You get knowledge of how the most important tools are organised and interact.
  4. Participants acquire practical advice on using the control in business practice through several group feedback sessions and receive implementation help.

Your Benefits:

  • You receive an overview of all relevant functions and techniques.
  • Best Practice, you get an overview of the most critical modules of the controlling system.
  • You gain insight into how vital predominant tools are structure
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