General Accounting - Fundamentals

This course is designed to help people without an accounting background to easily learn and understand accounting concepts.

Upon successful completion of this course, the participant should be able to:

• Understand fundamental accounting concepts and their importance for Luxembourg entities.
• Master the mechanics of double-entry bookkeeping, classification of accounts, and be familiar with the Standard Chart of Accounts (SCA).
• Overview in VAT principles, LuxGAAP standards, and closing procedures.
• Prepare and understand the components of annual accounts, including the balance sheet, profit & loss statement, and notes to accounts.
• Comply with Luxembourg's legal obligations, including filing requirements and preparation of management and audit reports.
• Consolidate knowledge through practical exercises.

Day 1: Introduction to Accounting

• Overview of accounting importance and basics
• Double-entry bookkeeping principles
• Balance sheet and profit & loss classification

Day 2: Accounting Mechanisms

• Detailed explanation of the components of the balance sheet and profit & loss statement.
• Exploration of journals, general ledgers, and trial balances.
• Coherence between Chart of Account with Balance-sheet and P&L presentation.
• Become familiar with Standard Chart of Accounts (SCA)

Day 3: Key Accounting Concepts and Applications

• VAT concepts and their practical application.
• Debtors, creditors, and provisions
• The concept of accrued and deferred items Day 4: Advanced Accounting – Part 1
• LuxGAAP policies and compliance.
• Foreign exchange rules under LuxGAAP.
• Fixed assets valuation and depreciation methods Day 5: Advanced Accounting – Part 2
• The adjustments and closing entries
• Identification and correction of accounting errors

Day 6: Financial information

• Components of annual accounts (balance sheet, P&L, notes)
• Legal obligations for filing and management reports
• Audit process
• Penalties for non-compliance

Day 7: Consolidation and Practice

• Review and integration of all topics covered
• Hands-on exercises for practical reinforcement

At the end of the training, the participants will receive a certificate of participation delivered by the House of Training.