Recording Financial Transactions (FA1)

The Recording Financial Transactions (FA1) Course provides a comprehensive introduction to the fundamentals of bookkeeping and financial record-keeping. It equips learners with the skills to accurately process transactions, maintain financial documentation, and ensure compliance with accounting standards.

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Dedicated 1-to-1 Tutor Support (30-min Weekly)
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Overview

The Recording Financial Transactions (FA1) Course is an excellent starting point for individuals new to accounting and finance. Designed for aspiring accounting professionals, it focuses on building the essential skills needed to accurately record, process, and manage financial transactions within an organisation. This course ensures learners are well-versed in accounting principles, contributing to compliance and operational efficiency.

This course offers a solid foundation in bookkeeping, journal entries, and ledger management, enabling learners to maintain accurate financial records and support business operations effectively. By developing these vital skills, delegates can confidently progress toward more advanced qualifications and career opportunities in the accounting and finance field.

Part of the foundational ACCA suite, this course equips learners with practical expertise to manage financial records, prepare essential financial documentation, and adhere to ethical and regulatory standards. It serves as a stepping stone for those aiming to establish themselves in the accounting profession.

Course Objectives

Understand the key principles of bookkeeping and financial transaction management
Develop the ability to process financial documents accurately and efficiently
Gain proficiency in preparing journal entries, ledger accounts, and trial balances
Learn techniques for identifying and rectifying errors in financial records
Build a foundation for preparing financial statements with accuracy
Apply ethical standards and ensure compliance in financial record-keeping
Enhance organisational efficiency by maintaining precise financial records

Upon completion, learners will possess the foundational skills required to manage financial transactions, support financial reporting processes, and advance their journey toward ACCA qualifications and a thriving career in accounting.

Average completion time

1 Month

with unlimited support

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Study At Your Own Pace

Blended Learning

Study At Your Own Pace

Course Includes

Expert-led Sessions
Digital Delegate Pack
24/7 Tutor Support
Downloadable Resources & Challenges
Interactive Learning
Exercise Files
Scenario-Based Learning

Course Details

Develop your understanding of essential financial, business and management accounting techniques with ACCA Applied Knowledge. You'll learn basic business and management principles and the skills required of an accountant working in business.

Entry Requirements

Educational Background: No prior accounting experience is required; however, a basic understanding of mathematics and business concepts is recommended for smoother progression.
Language Proficiency: Learners should have a good command of English, as all course materials, assessments, and discussions are conducted in English.
Interest in Accounting: This course is ideal for individuals with a keen interest in building foundational accounting knowledge and pursuing further ACCA qualifications.

Learning Outcomes

Master Financial Record-Keeping: Gain a comprehensive understanding of bookkeeping, journal entries, and ledger management to ensure accurate and compliant financial documentation.
Develop Transactional Accuracy: Learn to process financial transactions efficiently, identify and correct errors, and prepare trial balances with confidence.
Build Ethical Accounting Practices: Acquire the skills to adhere to ethical standards, maintain regulatory compliance, and support organisational financial efficiency.
Prepare for Advanced Accounting: Lay a strong foundation for further ACCA qualifications and advanced career opportunities in accounting and finance.

Target Audience

The Recording Financial Transactions (FA1) Course is ideal for individuals seeking to develop their foundational skills in accounting and finance. Below are the professionals and learners who can benefit from this course:

Junior Accountant
Accounts Assistant
Finance Administrator
Bookkeeper
Audit Trainee
Financial Data Entry Clerk
Payroll Administrator

Course content

Types of business transactions and documentation

Types of business transaction
- Types of business documentation
Process of recording business transactions within the accounting system

Duality of transactions and double entry bookkeeping

Double-entry bookkeeping
Journal entries
Elements of the financial statements

Banking system and transactions

The banking process
Documentation

Payroll

Processing payroll transactions within the accounting system

General ledger accounts

Prepare general ledger accounts

Cash and bank

Maintaining cash records
Maintaining a petty cash record

Sales and credit transactions

Recording sales, customer account balances and trade receivables

Purchases and credit transactions

Recording purchases, supplier account balances and trade payables

Reconciliation

Purpose of reconciliations
Reconcile the cash records
Reconcile individual supplier accounts

Preparing the trial balance

Prepare the trial balance
Correcting errors

MPES Support That Helps You Succeed

At MPES, we offer comprehensive support to help you succeed in your studies. With expert guidance and valuable resources, we help you stay on track throughout your course.

MPES Learning offers dedicated support to help you succeed in Accounting and Finance courses.
Get expert guidance from tutors available online to assist with your studies.
Check your eligibility for exemptions with the relevant professional body before starting.
Our supportive team is here to offer study advice and support throughout your course.
Access a range of materials to help enhance your learning experience. These resources include practice exercises and additional reading to support your progress.

ACCA Salary Growth

Career Growth Stories

Discover how MPES Learning transforms careers with real success stories.

Aaron Allcote

As a finance officer, MPES has been a huge help in understanding the process of recording and processing transactions from all different perspectives. The courses are very easy to follow, and the training they provide can be applied to real-life scenarios. The courses have been a huge help for me, and I would highly recommend them.

Aaron Allcote

Finance Officer

Bob Beaumont

I completed all of my ACA studies with MPES and I think you would struggle to find a better training provider anywhere in the British Isles. MPES' tutors are excellent both at delivering training and giving individualised feedback and coaching. the supporting materials and the out of class support are also great.

Bob Beaumont

Senior Accountant

Arvy Pasanting

As a qualified accountant, studying with MPES has been very rewarding experience. Its team of passionate and dedicated mentors gave me the confidence and knowledge I needed to not just at excel in my current role as an auditor, but also inspired me to expand my horizons.

Arvy Pasanting

Audit Senior

David Ford

I was recommended MPES after searching for a way to pursue a career in the accounting profession, I have studied with them throughout my journey utilising online learning opportunities that fit around the needs of my employer.

David Ford

Accountant

Aaron Allcote

Aaron Allcote

Finance Officer

Bob Beaumont

Bob Beaumont

Senior Accountant

Arvy Pasanting

Arvy Pasanting

Audit Senior

David Ford

David Ford

Accountant

ACCA Roadmap

Have Questions? We’ve Got You

If you have any questions, we’re here to help. Find the answers you need in the MPES detailed FAQ section.

Q. What topics are covered in this course?

The course covers double-entry bookkeeping, journal and ledger maintenance, bank reconciliations, and the preparation of trial balances.

Q. Who is this course suitable for?

It is designed for beginners in finance, those aspiring to accounting roles, or professionals seeking to solidify their knowledge of financial recording principles.

Q. Are study materials provided?

Yes, comprehensive study materials and resources are included to support your learning and exam preparation.

Q. How is the course assessed?

The course includes computer-based exams focused on practical accounting tasks and scenarios.

Q. What career opportunities can this course lead to?

Completing this course can lead to entry-level roles in finance and accounting, such as Accounts Assistant or Bookkeeper, and serve as a stepping stone to advanced ACCA qualifications.

Q. Who is this course best suited for?

This course is ideal for individuals at the beginning of their accounting career, including aspiring accountants, accounts assistants, bookkeepers, and finance professionals. It is also suitable for anyone seeking a strong foundation in financial record-keeping.

Q. What key skills will I develop by completing this course?

You will gain practical skills in bookkeeping, managing financial transactions, preparing trial balances, and maintaining ledgers. The course also emphasises ethical accounting practices and compliance with financial standards.

Q. Is this course part of the ACCA Qualification pathway?

Yes, this course is a foundational component of the ACCA qualification pathway. It helps learners build the necessary skills and knowledge to progress toward full ACCA certification.

Q. Can I take this course while working full-time?

Yes, the course is flexible and designed to fit around your work commitments. You can study at your own pace, making it convenient for working professionals to enhance their skills.

Q. Does the course focus on practical applications of accounting?

Absolutely! The course emphasises practical learning by teaching you how to handle transactions, reconcile accounts, prepare financial documents, and apply these skills in real-world scenarios.

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