Lesson 1Month-end and year-end closing list for accrual small business: reconciliations, cutoffs, deferred revenue, accrued liabilities, and fixed-asset updatesCovers steps for month-end and year-end closes in accrual small businesses, including reconciliations, cutoff checks, deferrals, accruals, and fixed-asset updates to ensure accurate statements and ready support for audits in Zambia.
Bank and credit card reconciliationsReview and adjustments for aged AR and APTesting cutoff for revenue and expensesEntries for deferred revenue and accrued expensesFixed-asset updates and checksClose list, approvals, and controlsLesson 2Fixed asset accounting for computer equipment and laptops: capitalisation limits, useful lives, depreciation (MACRS vs book), tagging assets and disposalDetails accounting for fixed assets like computers and laptops, covering capitalisation limits, useful lives, book vs MACRS depreciation, tagging, disposals, and keeping schedules that match the ledger, useful for Zambian firms.
Policy and limits for capitalisationFinding useful lives for equipmentBook vs MACRS tax depreciationSubledger and tagging for fixed assetsImpairments, disposals, and write-offsMatching fixed assets to the GLLesson 3Payroll accounting for California employees: gross to net payroll, employer taxes, payroll accruals, recording entries and benefitsFocuses on California payroll from gross to net, including employer taxes, required deductions, accruals, and recording payroll and benefits entries while meeting federal and state rules, relevant for Zambian businesses with U.S. ties.
Steps in gross-to-net payroll calculationFederal and California tax deductionsEmployer tax and benefit costsAccruals for payroll at month and year endRecording payroll and benefit entriesMatching payroll reports to the GLLesson 4Foreign contractor payments (India): recording cross-border payments, GST notes (if needed for records), and checking withholding needsHandles accounting for payments to Indian contractors, including cross-border payments, checking GST record needs, monitoring U.S. and Indian withholding, and managing exchange and bank records for Zambian operations.
Onboarding Indian contractors and checksMethods and timing for cross-border paymentsReviewing GST docs and invoicesChecks for U.S. and Indian withholdingExchange rates, remeasurement, and gainsBank records and compliance helpLesson 5Software subscriptions and cloud services: expense vs capital treatment, prepaid setups, amortisation of setup costsLooks at accounting for software subscriptions and cloud services, deciding expense vs capital, prepaid setups, and amortising setup costs under U.S. GAAP for growing tech service businesses in Zambia.
Spotting SaaS vs on-premise softwareAssessing expense vs capitalisationAccounting for prepaid subscriptionsAmortising implementation and setup costsReviewing vendor contracts and termsMaintaining subledger and schedulesLesson 6Accounting for independent contractors: 1099-eligible payments, accrual vs cash recognition, withholding exceptions, and classification recordsExplains accounting for contractors, spotting 1099 payments, accrual vs cash recognition, exceptions to withholding, and keeping records to back worker classification, key for Zambian U.S. dealings.
Classifying contractor vs employeeTracking 1099-eligible paymentsAccrual vs cash for expense recognitionBackup withholding and exceptionsCollecting W-9 and setting up vendorsYear-end 1099 review and filingLesson 7Loan accounting: recording bank loan funds, amortisation schedule, interest expense recognition, debt rules and classifying current vs long-term liabilitiesCovers loan accounting for bank debt, recording funds, making amortisation schedules, recognising interest, watching debt rules, and classifying balances as current or long-term on the balance sheet for Zambian entities.
Recording loan funds and feesBuilding amortisation scheduleInterest expense and effective rateClassifying current vs long-term debtMonitoring debt rulesLoan confirmations and reconciliationsLesson 8Accounts payable, accruals, and reconciliations: matching vendor invoices, month-end accruals for services, and foreign supplier paymentsFocuses on payables, accruals, and reconciliations, including matching invoices, month-end accruals for services, foreign supplier payments, and controls for full, accurate, and timely payouts in Zambia.
Three-way match and invoice approvalsAP ageing review and cutoffService accruals at month-endForeign vendor payments and exchange impactAP subledger to GL reconciliationsControls for payouts and changesLesson 9Recording service revenue from U.S. and foreign clients: invoicing, foreign currency invoicing and translation, revenue recognition with milestone vs. time-based billingExplains invoicing U.S. and foreign clients, handling foreign currency, and recognising revenue for milestone and time-based contracts, including records, timing, and common pitfalls for small Zambian businesses.
Workflows for standard and recurring invoicesForeign currency invoicing and exchange translationRevenue recognition by milestonesRevenue recognition by time and retainersHandling discounts, credits, refundsRevenue records and audit trailLesson 10Operating expenses: travel, client meals, and online advertising — proper records, per-diem and meal limits, allocation between marketing and client developmentHandles operating expenses for travel, client meals, online ads, stressing records, per-diem and meal limits, and allocating between marketing, client development, and admin for Zambian compliance.
Policies and approvals for travel expensesLimits for client meals and entertainmentPer-diem rules and proofTracking online ads and campaignsAllocating marketing vs client developmentExpense records and keeping
