This module is the first of the four building blocks of financial management. Every organization must keep an accurate and complete record of all financial transactions that take place so they can show how funds have been used. Accounting records include both the physical paperwork (such as receipts and invoices) and the books of account where the transactions are recorded and summarized. In this module, you will learn :

• Why accounting records are needed and how they underpin all of the other building blocks of financial control in your organization.
• Two methods of keeping track of financial transactions, cash-based and accruals-based accounting, and when they are appropriate.
• How the chart of accounts serves as an organizing tool, including details such as cost centers and account codes, which are how you can sort financial transactions and keep them organized.
• The importance of supporting documents and books of account, including receipts and other source documents that provide the evidence or proof of each transaction.
• What the procurement process looks like, including the 3 Ps of procurement, steps in the procurement process, and how they relate to setting up accounting records.

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