General Accounting - Fundamentals

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.