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Bank Reconciliations & Cash Internal Controls (Udemy.com)

Mastering Internal Controls and Cash Management: Safeguarding Business Assets and Ensuring Financial Accuracy

Created by: Robert (Bob) Steele

Last updated July 2022

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What you will learn

  • Analyze the significance of internal controls in accounting: components, segregation of duties, authorization procedures, and physical safeguards.
  • Evaluate the effectiveness of cash receipts internal controls by examining procedures for recording, documenting, and safeguarding cash inflows.
  • Assess cash disbursements internal controls in mitigating risks, including purchase order systems, approval processes, and vendor payment verification
  • Perform a comprehensive bank reconciliation to identify and resolve discrepancies between the bank statement and cash records.
  • Develop and implement procedures for efficient petty cash management, including reimbursement, documentation, and periodic reconciliation.
  • Explain the impact of the accounting cycle on cash management, including the interrelationships between cash transactions and other accounting processes.

How it compares

Against the other 376 rated Udemy courses in Finance & Accounting on CourseDuck:

  • Rating4.6 out of 5higher than 68% of them
  • Reviews1,555#89 of 377 by number of reviews
  • Length9.4 hourslonger than 72% of them
  • Last updatedJuly 2022earlier than 80% of them

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Course Description

Welcome to our comprehensive course on Internal Controls and Cash Management. In today's business world, having robust internal controls is not merely an option, but a necessity. It is integral to the mitigation of risks, ensuring accuracy in record-keeping, and promoting operational efficiency. With an understanding of internal controls, you can better protect your organization's assets and maintain the integrity of your financial information.

This course takes a deep dive into the topic of internal controls, explaining what they are, their significance, and the objectives they serve. The course is structured to provide learners with a robust comprehension of the subject, starting with the fundamentals and gradually moving towards complex concepts.

We will then specifically focus on cash-related internal controls, a critical area that ensures accuracy and transparency in an organization's cash inflow and outflow. You will learn how these controls are vital in safeguarding your company's most liquid asset.

Bank reconciliations, an integral part of these controls, is another key focus of this course. This is a crucial process for businesses of all sizes and is one of the most significant internal controls. You'll learn how to compare your bank statement with your cash book balance at a specific point in time, identifying and rectifying any discrepancies. By mastering bank reconciliation, you will increase the accuracy of your cash account and gain better assurance over various other accounting processes that involve cash.

Additionally, we delve into setting up and recording a petty cash account - a process that often seems straightforward but can be quite complex. We will discuss the intricacies of managing petty cash and how to account for it correctly.

In addition to the instructional videos, the course offers numerous resources to enhance your learning, including downloadable PDF files, Excel practice files, multiple choice practice questions, short calculation practice questions, and discussion questions. These resources will allow you to apply the knowledge you gain and interact with your peers and instructor, further enriching your learning experience.

Learning from a professional with hands-on experience in accounting and software like QuickBooks, combined with teaching expertise and curriculum development skills, will help you grasp these technical topics effectively. The instructor, a Certified Public Accountant, Chartered Global Management Accountant, and Certified Post-Secondary Instructor with a Master of Science in Taxation, has spent years dealing with complex accounting issues and teaching a variety of accounting, business, and business applications classes.

Whether you are an accounting student, an aspiring professional, a business owner looking to get a grip on your finances, or a professional preparing for the CPA exam, this course offers the knowledge and skills you need to strengthen your understanding of internal controls and cash management. Enroll now and take your first step towards mastering these essential accounting principles.

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Instructor Details

Robert (Bob) Steele

Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.    

Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).    

Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.    

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Reviews

4.6

1,555 ratings on Udemy

Select a bar to show only those reviews.Select the bar again to show every rating.

By Carolyn McEwen on 5/8/2026

I appreciated the opportunity to learn terms with which I was unfamiliar. I am able to apply things I learned to my own work setting to improve controls. My learning experience was better when I could actually work along in the worksheets instead of just listening and watching. I found the "person" pop ups to be distracting and sometimes blocking info on the screen. Apart from that, things moved along at a good pace and I liked the review questions at the end.

By Gloria Silva on 3/19/2026

Although I had already managed petty cash in some of my jobs, knowing how it is handled in this company reminded me of small important details in addition to the bank reconciliations that were already seen previously, and that even though materiality may not be a high percentage, there should be control and transparency in the recording as well as in the administration of petty cash.

By Kim Huang on 3/16/2026

The content is good, but the animations are distracting and gets in the way of the information. The random girls popping up on screen are unnecessary and takes away from the content.

By Joeford Kolao on 4/25/2025

Very informative class, I am currently doing my CPA and this topic really helped to fully understand internal control. Learned some new information especially about how fraud is likely to happen due to the 3 factors. 1. Opportunity - staff get comfortable in on position easily find loop hole to steal / commit fraud 2. Pressure - Finally stress on staff push stuff to steal or miss use company asset 3. Rationalization - staff caught stealing but never deal with criminal case, other staff continue with stealing

By Helen Sumalee A Barroga on 9/26/2024

Yes, because it enlightens me that there must be a particular personnel assigned at a particular job to prevent theft and fraud. This can't be prevented if there is collusion or connivance between two personnel. The best thing to do is to hire better people, responsible enough to handle their jobs efficiently

By Alena Latysheva on 3/8/2023

This is a very good and interactive course! The instructor goes over everything in great detail to really allow you to harness your understanding.

By Joanna Genavia on 12/31/2022

I'm enjoying the course so far - 5 stars! But, maybe go easy on the animations, I sometimes get distracted especially by the guy with the guitar, haha! Other than that, I'm loving this course and how it is being presented.

By Nadzeya Lawson on 4/28/2021

I'm greatful for all the detailed lessons with practical presentations of all financial processes. The course helped me put in order all I learnt earlier and received during the course information. Great course! Valuable lessons! Highly suggest to take this course!

By David 008 on 3/26/2020

This course has been a good refresher for me. The step by step explanation of the bank reconciliation, I found to be very helpful, as were the practice examples (work along examples). I find the way Bob presents the information is conducive to my learning style, each subject is clearly explained and presented. This is the sort of course you can come back to, again and again.

By Ivana Bunjevacki on 10/17/2018

Another great course by Bob! Above all, it's down-to-earth and applicable to real life business situations. The explanations are simple and clear and easy to follow along. Although I do have previous accounting experience, I learnt a lot of new things about the "background mechanism" of accounting processes, such as what steps are required to take place before a transaction can be recorded, what accompanying documents are needed and what the principles and methods of cash controls are. Additionally, Bob is very responsive and always willing to help with detailed explanations.

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Overall Score : 92 / 100