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Accounting Transactions: Further Considerations

Take your accounting knowledge further as you understand different transactions and how these appear in the financial statements.

  • Duration

    3 weeks
  • Weekly study

    3 hours
  • 100% online

    How it works
  • Included in an ExpertTrack

    Course 2 of 4
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Advance your bookkeeping knowledge

Many businesses sell and buy on credit but accounting for these transactions needs a deeper understanding of accounting principles and concepts.

On this three-week course, you’ll gain an in-depth understanding of accounting transactions and how to record them correctly. You’ll explore credit sales and credit purchases, dealing with sales and returns, discounts, and VAT/Sales Tax.

You’ll finish the course with an understanding of how non-cash sales and purchases are accounted for and will have developed the skills to accurately record them for your financial records.

Understand the implications of credit sales

As you delve into credit sales and purchases, you’ll explore the implications of these non-cash sales.

In particular, you’ll unpack the different discounts which can be applied to a transaction and how these are accounted for in financial statements.

Explore accounting for inventory

Your inventory is a valuable asset and it’s important you know its value and cost to keep your financial statements accurate.

On the course, you’ll develop an understanding of accounting for inventory before exploring how businesses account for stock as a trading expense.

Understand VAT and hone your basic accounting skills

VAT is a key tax that all businesses should be aware of. On this course, you’ll gain knowledge of what VAT/Sales Tax is, how it works, and how it appears in the accounting records of a business.

Learning from financial specialists at Kaplan, you’ll have the opportunity to take basic accounting knowledge further by looking at more complex transactions and how to account for them.


  • Week 1

    Credit sales, VAT, discounts and returns

    • Welcome

      This course looks at further considerations of basic transactions. This week will feature further detail on recording a credit sale, VAT, discounts and returns.

    • Credit sales

      In this activity, we will look at a credit sale in more detail.

    • VAT on sales

      This activity will go through how VAT on sales is calculated and how the double entry for the transaction, including VAT, is posted.

    • Discounts on sales

      Here, we'll have a look at the different types of discounts that can be offered as part of a sale.

    • Sales returns

      This activity runs through how a business would record a return on an item already sold.

  • Week 2

    Credit purchases, VAT, discounts and returns

    • Welcome

      This week we will look at the same considerations, only this time relating to credit purchases.

    • Credit purchases

      In this activity we will look at a credit purchase in more detail.

    • VAT on purchases

      This activity will go through how VAT on purchases is calculated and how the double entry for the transaction, including VAT, is posted.

    • Discounts on purchases

      In this activity we will have a look at the different types of discounts that can be offered and taken as part of a purchase.

    • Purchase returns

      This activity runs through how a business would record a return on an item already sold.

  • Week 3

    Accounting for inventory in stock

    • Welcome

      This activity welcomes you to a new week looking at inventory.

    • Accounting for inventory

      This activity explores inventory in a business to help you understand the concepts behind its accounting and control.

    • Inventory valuation

      This activity explores how closing inventory is valued in the financial statements.

    • Closing inventory, opening inventory and double entries

      Here we will look at the full make up of cost of sales and also how inventory is accounted for as a period end adjustment.

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Learning on this course

On every step of the course you can meet other learners, share your ideas and join in with active discussions in the comments.

What will you achieve?

By the end of the course, you‘ll be able to...

  • Investigate the different ways sales and purchases are made - on a cash and credit basis and discover the implications and accounting of each.
  • Evaluate VAT, how it works and who is subjected to it.
  • Discuss the implications of sales on credit with regards to different discounts which can be applied to a sale and its VAT implications.
  • Discuss how returns of goods are dealt with from both the seller and the buyer’s perspective.
  • Investigate why stock/inventory is not accounted for as part of the double entry process and how it is eventually accounted for in the profit or loss account.

Who is the course for?

This course is designed for anyone wanting to learn more about accounting and dealing with credit transactions, VAT/Sales Tax, returns, and discounts.

You may already work in an accounts department or raising invoices is part of your job role and you want to learn about more detailed transactions.

You might be currently studying at college or university and would like some extra help with these topics from a practical perspective.

This course would also be useful for those who maintain accounting records for a small business, and need knowledge of more detailed transactions and how to account for them. Or perhaps you would like a course to help you brush up on accounting knowledge gained many years ago.

Who developed the course?


Kaplan UK is a leading international provider of educational and career services. Building on a rich heritage of more than 50 years of training accountants and financial professionals, Kaplan UK serves more than 48,000 students a year, both based in the UK and from overseas, who train for AAT, CIMA, ACCA and ICAEW qualifications.

  • Established

  • Location

    London, UK

About this ExpertTrack

Gain vital bookkeeping know-how and skills to use in any business venture with this practical approach to managing finances.

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