In this course, the basic concepts of internal controls will be discussed, including the main objectives of controls.  Also, essentials for understanding bank reconciliations are presented along with examples of typical reconciling items and required adjusting journal entries.

Course Series

This course is included in the following series:

11 CoursesBack to the Basics: Accounting Fundamentals

  1. Accounting Review: The Basics of Debits and Credits
  2. Transaction Analysis, T-Accounts, Debits and Credits, and Trial Balances
  3. Accounting Review: Overview of Financial Statements; P&L, Balance Sheet, and Cash Flow
  4. The Accounting Equation and Financial Statements
  5. Bank Reconciliations, Cash, and Internal Controls
  6. Accounts Receivable Training: Bad Debts
  7. Equipment and Depreciation
  8. Inventory Costing
  9. Purchase and Sale of Inventory
  10. The Adjusting Process
  11. The Closing Process
Learning Objectives
  • Discover Internal Controls and their objectives
  • Recognize how to prepare a bank reconciliation
  • Prepare adjusting entries from a bank reconciliation
Last updated/reviewed: August 8, 2023
73 Reviews (337 ratings)

Reviews

2
Anonymous Author
As a professor, it would be encouraging to see a better presentation - legible and transparent. Generally I like your courses, but language, grammar and .. accurate Q&A make it more helpful. The quiz question did not include the bank fees and Q&A were ambiguous on this one. It doesn't need to be tricky to make it a worthwhile training.

4
Anonymous Author
course was basically a summary of cash vs. bank and how it impacts the BS / P&L at month end. I would suggest for a refresher if you have been out of cash/bank reconciliations for some time now. Improvements can be made to whats being projected, hand writing was not exactly 'readable'

5
Anonymous Author
Good course. Thorough and detailed instructor lecture. I could tell he was a professional who knew his stuff. I enjoyed the review and exam questions. They got me to think about bank reconciliations in a different way than I had before in my daily job at work.

4
Member's Profile
I liked the fact that the instructor went through exercises to demonstrate the principles taught in the course. A little hard to follow the handwritten sections at first but once we got into the course I realized why this method was so useful.

4
Anonymous Author
Very engaging course and instructor. I would recommend this course. It was thorough and detailed. The exam questions and practice are helpful. Given how important cash / bank reconciliations are, I would almost have preferred an hour long lecture

5
Anonymous Author
Great course that covers bank reconciliations from book and per bank. This course removes cobble webs from the mind and gives great examples and explanations on subject matter. Great job! The exam questions were a bit difficult.

3
Anonymous Author
While watching this course I felt like I understood the material but when I took the quiz and final exam I couldn't apply what I learned. I would have liked more examples in the course worded the same as in the tests.

3
Anonymous Author
Liked the deep dive in to bank reconciliations. However, the presentation style wasn't my cup of tea. The presenter was preparing the power point slide real time, while presenting. It made the course drag on.

4
Member's Profile
Very Informational. I appreciate how instructor kept it short, but explained it all very thoroughly. I appreciate that instructor provided the supporting materials for personal use/notes.

4
Member's Profile
This is course is good for someone who is new to accounting for cash. Instructor provides a good summary about month end close procedures for cash and also the internal controls for cash.

3
Member's Profile
This class was primarily focused on the monthly Bank Account Reconciliation process rather than actual cash control processes to implement. I suggest the class be renamed.

3
Anonymous Author
The course is a high level lesson on performing a simple bank recon. A higher degree of difficulty is required to fully grasp the possible complexity of a bank rec.

5
Member's Profile
Fairly elementary concepts but instructor did a good job of explaining how cash reconciliation supports a strong internal control environment over cash assets..

1
Anonymous Author
Slides should be prepared in advance, no slide materials to retain and or review, and the exam questions were very poorly worded relative to answer choices.

5
Member's Profile
The fact that Cash is King, bank reconciliations are so critical to the operation of any company. Having clear internal controls on cash is important.

Anonymous Author
great review of internal controls and how to properly do a bank reconciliation. Would like to know which answer was incorrect on the final exam.

4
Member's Profile
Exam questions and answers are either worded in a very confusing manner or flat out wrong. Please review these questions and the correct answers.

3
Member's Profile
I agree with the other reviews that the course was too basic. I felt the wording used to describe adjustments to and from were very confusing.

5
Member's Profile
Good overview of the bank reconciliation process. Good examples of common situations. Presentation could be improved and more engaging.

5
Member's Profile
Another foundational course of the cash process of a company. Foundational, would be better for a junior staff but good non the less.

5
Member's Profile
This is a very concise overview of how to prepare bank reconciliations. It also provides a clear example during the short course.

5
Anonymous Author
If you want to see if you fully understand the relationship between the bank balance and your books, this is a good place to start.

4
Anonymous Author
Good refresh on bank recons and internal controls. Helpful for entry level staff, but helpful for all handling the bank recons.

4
Anonymous Author
Great instructor with good notes. Most bank reconciliations are not completed by hand like this, but good information to know.

5
Anonymous Author
Quick and to the point. Very helpful and clear as I just completed a control related to bank reconciliations for my company.

5
Member's Profile
Great part of the entire package. I haven't completed a bank reconciliation in a while. This was an excellent refresher.

4
Member's Profile
Very basic info. Enroll to the course only if you do not know the basics of internal control and bank reconciliation.

5
Anonymous Author
Nice review of the bank reconciliation and the accompanying journal entries needed to adjust the accounting records.

4
Anonymous Author
You'll be able to grasp the basics of accounting. This is a great starter for those new to the accounting world

3
Member's Profile
Very basic information. I'm not sure who this course was intended for, but it wasn't geared towards CPAs.

3
Anonymous Author
great class, felt like i was in college all over again, like how examples were given to help understand

4
Anonymous Author
Presented very well and examples are easy to follow. I would prefer slides for more time efficiency.

4
Member's Profile
Great presentation of some basic accounting concepts, that all Accountants should be familiar with.

5
Anonymous Author
This course was a refresher. The instructor was very effective in presenting the course materials.

4
Member's Profile
This course is a good review for the basics of bank reconciliation process. Good examples used.

3
Anonymous Author
This was an okay course; however, it greatly emphasized the bank recon over internal controls.

5
Member's Profile
Great overview of the banking recons and cash controls. Very useful reminder of key concepts.

4
Member's Profile
Very basic, but a good review for someone who hasn't done a bank reconciliation for a while.

4
Member's Profile
Basic, straightforward info. Didn't particularly like the "whiteboard" type of presentation

4
Member's Profile
good review of bank reconciliation items. Internal controls related to cash were emphasized

5
Anonymous Author
Good review of bank rec topic from small business point of view. Thanks to the presenter.

5
Anonymous Author
It was axtually the best shortest explabation of cash reconciliation i have ever studied.

Member's Profile
Very process oriented. Would like more discussion of the internal control implications.

5
Member's Profile
very brief and useful overview of bank reconciliations and internal controls over cash

3
Member's Profile
Different presentation style that lends itself to basic understanding of Bank Recs.

5
Member's Profile
Great course to get better understanding of the importance of bank reconciliations.

4
Anonymous Author
This review was concise and straight to the point. Highly recommend this course.

4
Anonymous Author
nice course . hoghly recommend. nice refresher of important subject matter area

4
Member's Profile
I found this course a little more challenging than some of the other courses.

5
Anonymous Author
very well done course on how bamk reconciliations work throughout our system

5
Member's Profile
Erik is a great instructor and his course on bank reconciliations was great!

5
Anonymous Author
Nice intro to bank reconciliations as an example of internal controls

4
Member's Profile
Interesting explanation of a bank rec. liked the white board diagram

4
Anonymous Author
Good overview with practical examples, concise and to the point.

5
Member's Profile
Clear introductory explanation of purpose of internal controls

5
Anonymous Author
Good course, makes you think and analyze. Good anytime review.

4
Anonymous Author
Helpful to go through examples. Handwriting difficult to read

4
Member's Profile
Geeat intro course for those without an accounting background

3
Anonymous Author
Course was generic on topics covered during the presentation.

4
Member's Profile
thanks - this was a good refresher and helpful for reviewers

4
Anonymous Author
Very basic; be good for someone with no bank recon experience

2
Anonymous Author
I was not a fan of the font. It was sometimes hard to read.

1
Member's Profile
very poorly written exam questions, extremely confusing.

4
Member's Profile
This course was a good overview of a basic cash rec.

4
Member's Profile
Short course, but worth the time as a quick review.

5
Anonymous Author
a good example of a bank reconciliation worked out.

5
Anonymous Author
Well organized. Easy to follow. Practical examples.

4
Anonymous Author
Bank reconciliation examples excellent.

5
Anonymous Author
very easy to follow

5
Member's Profile
Good job. Thanks!

4
Member's Profile
Good

4
Member's Profile
good

5
Member's Profile
na

Prerequisites
Course Complexity: Foundational

No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to Internal Controls5:07
Cash and Internal Controls
  Bank Reconciliation 4:40
  Comparing Unadjusted Balances 6:56
CONCLUSION
  Example: Internal Controls11:33
Continuous Play
  Core Financial Accounting: Cash and Internal Controls28:16
SUPPORTING MATERIALS
  Notes Template: Cash and Internal ControlsPDF
  Workbook: Cash and Internal ControlsPDF
REVIEW & TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam