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Course Title Basic Accounting for Salvation Army Thrift Store Managers.

COURSE OVERVIEW. This is an introductory course designed to equip Salvation Army thrift store managers with fundamental accounting skills necessary for managing store finances, tracking donations, and ensuring accurate financial reporting to their headquarters. The course will be conducted online and will utilize google sheet for practical exercises and real-world applications..

At the end of the course, students who pass the final test with a grade of 70 or above will receive a certificate of completion..

Table of Contents:. Introduction Module 1: Basic Accounting Terms Chapter 1: Accounting vs Bookkeeping Chapter 2: Assets, Liabilities, Equity, Revenue, Expenses, Income Statement Module 2: Basic Accounting Principles/Standards Chapter 1: Single/Separate Entity Principle Chapter 2: Monetary Unit Principle Chapter 3: Specific Time Period Principle Chapter 4: Segregation of Duties Principle.

Module 3: Recording of Donations & Introduction to Google Sheets Chapter 1: Introduction to Google Sheets Chapter 2: Exercise Assignment Module 4: Preparation of Cash Book, Income Statement, and Monthly Financial Report Chapter 1: Introduction to the Salvation Army Cash Book & Monthly Financial Report Sheet Chapter 2: Bank Reconciliation Chapter 3: Income Statement Chapter 4: Practical Assignment Final Assessment.

The Salvation Army receives donations from the public, such as clothes, furniture, money, etc. Depending on the frequency and quantity of donations, they may hold jumble sales or run a thrift store. The revenue generated from sold items goes back to the public in the form of social services, including food assistance, rehab and health centers, disaster relief, and services for children, youth, women, and senior citizens..

Module 1: Basic Accounting Terms. Easy Learning Nahomie Pierre.

Introduction to Fundamental Concepts and Terms in Accounting.

Chapter 2: Key Concepts in Accounting. ASSETS: What a business owns. In this case, it will be what the thrift store owns, such as money the thrift store has in store or in the bank, the inventory, which is goods the thrift store has on sale; the shelves in the thrift store, tables, laptops, the building, etc. Liabilities: What a business owes. In this case, this is every obligation that the thrift store owes. For instance, if there are bills that are accrued- meaning not being paid yet- salaries, bonds, loans, etc..

Equity: What is left over after the settlement of all the debts of a company. Relating this to your thrift store, it will be the money that your thrift store retains after settling all its debts. Revenue: The money brought into the company through the sale of goods and services. In your thrift store case: goods, such as clothes and furniture you received, including donations received in money, whatever special effort, such as fundraising. Basically, items you have in Salvation Army Cash book income side..

Expense: the cost of operations that a firm incurs to acquire its revenues. This would include, in the case of a thrift store, money paid for bills, cleaning the place, salaries, bills, rent, and incentives to Headquarters or the Corps that is attached to the thrift store-money used to operate the social services the thrift store is supporting; basically, they are the items you have in the Salvation Army Cash book expenditure side. Income Statement: This is that financial statement which represents revenues and expenses of a business for a certain period. This statement summarizes how a company derives its revenues and expenses through operating and non-operating activities..

Module 2: Basic Accounting Principles/Standards. It refers to the rules and guidelines that companies and other bodies have to use when reporting financial data. It aims to ensure that the financial statements are consistent, complete, and comparable. For the use of this course, we will refer to the Generally Accepted Accounting Principles (GAAP)..

Single/Separate Entity Principle: The single entity concept of the business states that all the financial records of the business need to be separated from the owners or any other businesses. Application: The corps, the officer, are separated from the thrift store. The thrift store is supposed to have its separated cash book, receipt book, check book, bank account, etc..

Specific Time Period Principle : A specific time period should be determined before preparation of financial statements. In the Salvation Army, reports are submitted on a monthly basis. Hence, your reporting period is monthly. The Salvation Army Policy on Signing of Checks: Related people should not sign the same check. How would that apply? For instance, you want to buy some equipment and you get the quote. You and your husband/wife mustn't sign together-in fact, not even your cousin. One of you will sign, requesting another signatory to sign..

Segregation of Duties Principle: The person who records sales or handles cash should not be authorized to record expenses and handle the cash register. Application: It is not advisable for the same salesperson to handle both sales and expenses. If you have only one employee, they should focus on sales, while you take charge of managing expenses. As your store grows, you can better allocate responsibilities, leading to more efficient management..

Module 3: Practical 1 - Recording of Donations & Introduction to Google Sheets.

Introduction to Google Sheets: Benefits of using Google Sheets over Excel..

The Salvation Army thrift store in Spanish Town opens its doors to welcome customers starting this month, November 1, 2024. On November 1, 2024, Mr. Jovenel Moise came into the store and made a donation of 50,000 JMD. On Saturday, November 5, 2024, Mrs. Mirlande Manigat donated one bag of clothes. The Officer sorted them out and found 10 pairs of pants, 15 blouses, and 5 dresses-all in very good condition. On the same day, Mr. Claude brought in a living room set with 3 sets, a table with 4 chairs, and a mattress-all of average quality. On November 7, 2024, Mrs. Joseph Lambert brought 3 boxes with a total of 24 drinking glasses and 15 glass plates all of good quality. On November 15, Mr. Andre Michel made a donation of 3 medium-sized Christmas trees and some ornaments all of good quality..

Chapter 1: recording of Donations. Easy Learning Nahomie Pierre.

Assignment. Check the assignment section. Easy Learning Nahomie Pierre.