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# Accounting Month End Close Procedures Checklist: A Comprehensive Analysis
Author: Amelia Hernandez, CPA, CMA
Amelia Hernandez is a Certified Public Accountant (CPA) and Certified Management Accountant (CMA) with over 15 years of experience in financial management, specializing in accounting processes and controls. Her expertise includes designing and implementing efficient month-end close procedures for diverse industries, ranging from small businesses to multinational corporations. She has presented at numerous accounting conferences and published several articles on improving accounting efficiency.
Publisher: Financial Management Institute (FMI)
The Financial Management Institute (FMI) is a leading provider of financial education and resources. FMI publishes authoritative guides, white papers, and training materials on various aspects of finance and accounting, including best practices for month-end close procedures. Their publications are widely respected within the accounting profession for their accuracy and depth of analysis.
Editor: David Chen, MBA, CPA
David Chen holds an MBA and is a Certified Public Accountant with 20 years of experience in public accounting and financial consulting. His editorial oversight ensures the accuracy, clarity, and relevance of the published materials. His experience in reviewing and editing financial documents adds a significant layer of credibility to the article.
The Historical Context of the Accounting Month End Close Procedures Checklist
The accounting month-end close process has evolved significantly over time. In the early days of accounting, the process was largely manual, relying heavily on paper-based ledgers and calculations. The entire process was time-consuming and prone to errors. The development of the first accounting month end close procedures checklist was a rudimentary affair, often a simple list of tasks handwritten by the bookkeeper.
With the advent of computers and accounting software in the mid-20th century, the process became more efficient. However, the core principles remained the same: ensuring the accuracy of financial records and generating timely financial reports. The introduction of spreadsheet software allowed for more sophisticated calculations and data analysis, leading to the development of more detailed accounting month end close procedures checklists.
Today, the accounting month end close procedures checklist is an essential tool for any organization, regardless of size. The integration of enterprise resource planning (ERP) systems has further automated many aspects of the process, leading to significant improvements in speed and accuracy. However, the underlying principles of careful review, reconciliation, and adherence to Generally Accepted Accounting Principles (GAAP) remain crucial. The checklist itself has become more sophisticated, incorporating risk management considerations and internal control measures.
Current Relevance of the Accounting Month End Close Procedures Checklist
The accounting month end close procedures checklist remains highly relevant in the modern business environment due to several factors:
Regulatory Compliance: Companies must adhere to strict accounting standards and regulatory requirements. A comprehensive checklist ensures compliance and minimizes the risk of penalties.
Financial Reporting Accuracy: Accurate and timely financial reports are crucial for decision-making. The checklist helps maintain the integrity of the financial data.
Fraud Prevention: A well-designed checklist can help prevent fraud by identifying potential weaknesses in the accounting system.
Improved Efficiency: A standardized checklist streamlines the month-end close process, reducing the time and resources required.
Enhanced Internal Controls: The checklist serves as a documented record of the steps taken, supporting strong internal controls.
Risk Mitigation: Identifying and mitigating potential risks early in the process is crucial to financial stability. The checklist is a tool to achieve this.
Components of a Comprehensive Accounting Month End Close Procedures Checklist
A comprehensive accounting month end close procedures checklist typically includes the following components:
1. Revenue Recognition: Verify that all revenue is properly recognized and recorded in accordance with GAAP.
2. Expense Accruals: Accrue all expenses incurred but not yet paid, ensuring all costs are reflected in the period they were incurred.
3. Balance Sheet Reconciliation: Reconcile all balance sheet accounts, such as cash, accounts receivable, accounts payable, and inventory.
4. Bank Reconciliation: Reconcile bank statements with internal records to identify discrepancies and ensure accuracy.
5. Fixed Asset Management: Review and update fixed asset records, ensuring proper depreciation calculations.
6. Payroll Processing: Verify the accuracy of payroll calculations and ensure timely payment to employees.
7. Inventory Management: Reconcile inventory records with physical counts and adjust for any discrepancies.
8. Intercompany Reconciliations: If applicable, reconcile accounts and transactions between different entities within the organization.
9. Financial Statement Preparation: Prepare the financial statements (income statement, balance sheet, statement of cash flows) and review them for accuracy.
10. Management Review: Key personnel review the compiled information before final approval and dissemination.
11. Archiving: Store the supporting documentation for audit trail purposes.
This list is not exhaustive; individual checklists will need to be tailored to meet specific business needs.
Summary
The accounting month end close procedures checklist has evolved from a simple list of tasks to a sophisticated tool for ensuring accurate financial reporting, regulatory compliance, and risk mitigation. Its current relevance is undeniable, as it remains crucial for maintaining the integrity of financial information, improving efficiency, and strengthening internal controls within organizations of all sizes. A comprehensive checklist guides accounting personnel through a systematic process, minimizing errors, and allowing for timely and accurate financial reporting. Utilizing a well-designed checklist remains an essential part of modern accounting best practices.
FAQs
1. What is the purpose of an accounting month-end close procedures checklist? Its purpose is to streamline the month-end closing process, ensuring accuracy, compliance, and efficiency in financial reporting.
2. Who is responsible for creating and maintaining the checklist? Usually, the controller or a senior accountant is responsible for creating and maintaining the checklist.
3. How often should the checklist be reviewed and updated? At least annually, or more frequently if there are significant changes in the company's operations or accounting systems.
4. What software can help automate the month-end close process? Many ERP systems and accounting software packages offer features to automate various aspects of the month-end close, reducing manual effort.
5. What are the consequences of not having a proper checklist? Potential consequences include inaccurate financial reporting, non-compliance, increased risk of fraud, and wasted time and resources.
6. How can I ensure my checklist is comprehensive? Consult industry best practices, accounting standards, and involve key personnel in the creation and review process.
7. What are some key performance indicators (KPIs) to track for the month-end close process? KPIs might include time taken to complete the close, number of errors identified, and cost of the close.
8. How can I improve the efficiency of my month-end close process? Automate tasks where possible, standardize procedures, and provide ongoing training for staff.
9. What are the legal implications of inaccurate month-end closing procedures? Inaccurate financial statements can lead to legal and regulatory penalties, potential lawsuits, and damage to the company's reputation.
Related Articles
1. Optimizing Your Accounting Month-End Close: Best Practices for Efficiency: This article explores advanced techniques and strategies to streamline the month-end close process.
2. Implementing Internal Controls in Your Month-End Close Procedures: Focuses on designing robust internal controls to prevent errors and fraud.
3. The Role of Technology in Modernizing the Month-End Close: Examines how technology like ERP systems and cloud-based solutions can automate and improve the process.
4. Reconciling Key Accounts: A Deep Dive into Month-End Procedures: Provides detailed guidance on specific account reconciliation processes.
5. GAAP Compliance in Month-End Closing: Key Considerations: Covers the specific GAAP requirements related to the month-end close.
6. Developing a Robust Audit Trail for Your Month-End Close: Discusses the importance of maintaining a complete audit trail for compliance and internal review.
7. Month-End Close Procedures for Small Businesses: Tailored specifically to the needs of smaller companies with limited resources.
8. Addressing Common Challenges in Month-End Closing: Identifies common problems and offers practical solutions.
9. The Importance of Timely Month-End Closing: Highlights the impact of timely financial reporting on business decision-making and investor confidence.
Accounting Month-End Close Procedures Checklist: A Comprehensive Guide
Author: Eleanor Vance, CPA, CGMA. Eleanor is a seasoned accounting professional with over 15 years of experience in public accounting and corporate finance. She holds a Master's degree in Accounting and is a Certified Public Accountant (CPA) and Chartered Global Management Accountant (CGMA). Her expertise lies in financial reporting, internal controls, and streamlining accounting processes, particularly month-end close procedures.
Publisher: Financial Insights Publishing, a leading publisher of accounting and finance textbooks and professional resources. Financial Insights Publishing is known for its accurate, up-to-date, and practical guidance for accounting professionals of all levels.
Editor: David Miller, CA. David is a Chartered Accountant with 20 years of experience in financial management and auditing. He has a proven track record of editing and refining complex financial information for a broad audience.
Keywords: accounting month-end close procedures checklist, month-end close, accounting close process, financial close, accounting procedures, month-end checklist, accounting controls, financial reporting, reconciliation, general ledger.
Summary: This comprehensive guide provides a detailed accounting month-end close procedures checklist, outlining various methodologies and best practices for efficient and accurate financial reporting. It covers key steps, potential pitfalls, and strategies for optimizing the month-end close process, focusing on improving accuracy, efficiency, and compliance.
The Importance of a Robust Accounting Month-End Close Procedures Checklist
The accounting month-end close process is a critical component of a company's financial reporting system. A well-defined accounting month-end close procedures checklist ensures accuracy, timeliness, and compliance with accounting standards. A disorganized or incomplete process can lead to inaccurate financial statements, missed deadlines, and potential regulatory issues. This article will provide a detailed checklist and explore various methodologies to streamline this crucial process.
Phase 1: Pre-Close Activities – Your Accounting Month-End Close Procedures Checklist Begins Here
Before the actual close begins, several preparatory steps are essential. These pre-close activities form the foundation of an efficient accounting month-end close procedures checklist:
Review of the Month's Transactions: Thoroughly review all transactions for accuracy and completeness. This includes verifying that all invoices have been recorded, payments have been processed, and bank reconciliations are up-to-date.
Reconciliations: Perform bank reconciliations, credit card reconciliations, and other relevant account reconciliations to identify any discrepancies. Addressing these discrepancies early prevents delays during the close.
Intercompany Reconciliations: If your company operates with multiple entities, ensure all intercompany transactions are properly recorded and reconciled.
Review of Fixed Assets: Review additions, disposals, and depreciation calculations for fixed assets.
Inventory Count (if applicable): Conduct a physical inventory count if necessary, and reconcile the count with inventory records.
Cut-off Procedures: Establish clear cut-off procedures to ensure that transactions are recorded in the correct accounting period.
Phase 2: The Close Process – Utilizing Your Accounting Month-End Close Procedures Checklist
This phase focuses on the core activities of the close:
Revenue Recognition: Ensure revenue is recognized according to the appropriate accounting standards (e.g., ASC 606). Review contracts, invoices, and payments to confirm accurate revenue recognition.
Expense Accruals: Accrue expenses that have been incurred but not yet paid, such as salaries, rent, and utilities.
Journal Entries: Prepare and post necessary journal entries to adjust accounts and record accruals.
General Ledger Review: Review the general ledger for accuracy and completeness. Identify and investigate any unusual fluctuations or discrepancies.
Financial Statement Preparation: Prepare the trial balance and generate the financial statements (income statement, balance sheet, cash flow statement).
Variance Analysis: Analyze variances between actual results and budget or forecast. Investigate significant variances and identify potential issues.
Phase 3: Post-Close Activities – Completing Your Accounting Month-End Close Procedures Checklist
Post-close activities are crucial for ensuring the accuracy and integrity of the financial statements:
Financial Statement Review: A final review of the financial statements by a senior accountant or manager is essential before distribution.
Management Reporting: Prepare management reports summarizing key financial performance indicators.
Regulatory Reporting: Prepare any regulatory reports required (e.g., tax returns).
Archiving: Archive all relevant documents and supporting information securely.
Process Evaluation: Regularly evaluate the month-end close process to identify areas for improvement and efficiency gains.
Methodologies and Approaches for Streamlining the Accounting Month-End Close Procedures Checklist
Several methodologies can streamline the month-end close process. These include:
Automation: Utilizing accounting software and automation tools can significantly reduce manual effort and improve accuracy.
Centralization: Centralizing the close process can improve control and coordination.
Standardization: Implementing standardized procedures and templates can ensure consistency and reduce errors.
Continuous Improvement: Regularly review and refine the accounting month-end close procedures checklist based on lessons learned and feedback.
Potential Pitfalls and Solutions in your Accounting Month-End Close Procedures Checklist
Common pitfalls include:
Lack of Clear Procedures: Ambiguous procedures can lead to inconsistencies and errors. Solution: Develop clear, detailed, and documented procedures.
Inadequate Controls: Weak internal controls can increase the risk of errors and fraud. Solution: Implement robust internal controls, including segregation of duties and regular reviews.
Lack of Training: Insufficient training for accounting staff can result in errors and delays. Solution: Provide thorough training on the month-end close process.
Data Integrity Issues: Poor data quality can lead to inaccurate financial statements. Solution: Implement data validation procedures and regularly cleanse the data.
Conclusion
A well-defined accounting month-end close procedures checklist is essential for accurate and timely financial reporting. By implementing the methodologies and best practices discussed in this article, businesses can streamline their close process, reduce errors, and improve the overall efficiency of their financial operations. Regular review and improvement of the checklist are crucial to adapting to changes in business needs and accounting standards.
FAQs
1. What software can help automate the accounting month-end close procedures checklist? Many ERP systems (e.g., SAP, Oracle) and accounting software (e.g., Xero, QuickBooks) offer automation features.
2. How often should the accounting month-end close procedures checklist be reviewed? Ideally, at least annually, or more frequently if significant changes occur in the business or accounting standards.
3. What are the key performance indicators (KPIs) for measuring the efficiency of the month-end close? Key KPIs include the time taken to complete the close, the number of errors identified, and the cost of the close.
4. How can I ensure compliance with accounting standards during the month-end close? Stay updated on relevant accounting standards and ensure your procedures reflect these standards.
5. What is the role of internal controls in the accounting month-end close procedures checklist? Internal controls ensure accuracy, prevent fraud, and promote compliance.
6. How can I improve collaboration during the month-end close process? Utilize project management tools and regular communication to foster collaboration.
7. What are some common errors made during the month-end close? Common errors include mismatched accruals, incorrect journal entries, and incomplete reconciliations.
8. How can I train my staff on the accounting month-end close procedures checklist? Provide comprehensive training materials, including written procedures, tutorials, and hands-on practice.
9. What happens if the month-end close is delayed? Delayed closes can lead to inaccurate reporting, missed deadlines, and potential regulatory issues.
Related Articles
1. Optimizing Your Month-End Close Process with Automation: This article delves into specific software solutions and automation techniques to streamline your month-end close.
2. Best Practices for Bank Reconciliation in the Month-End Close: Focuses on efficient and accurate bank reconciliation procedures within the context of the overall close.
3. Implementing Robust Internal Controls for a Secure Month-End Close: Explores the implementation and maintenance of strong internal controls to minimize errors and fraud.
4. The Impact of ASC 606 on the Month-End Close Process: Discusses the implications of the new revenue recognition standard on the month-end close procedures.
5. Troubleshooting Common Issues in the Month-End Close: Provides practical solutions for resolving common problems encountered during the close process.
6. Developing a Comprehensive Accounting Month-End Close Policy: Explains how to create a formal policy that outlines responsibilities, timelines, and procedures.
7. The Role of Data Analytics in Improving Month-End Close Efficiency: Explores the use of data analytics to identify trends, predict issues, and enhance the close process.
8. Month-End Close Best Practices for Small Businesses: Tailors the month-end close process advice specifically for small business owners.
9. Integrating Budgeting and Forecasting into the Month-End Close Cycle: Explores how to integrate these crucial processes to provide more valuable financial insights.
| accounting month end close procedures checklist: Fast Close Steven M. Bragg, 2009-03-16 Praise for Fast Close: A Guide to Closing the Books Quickly Steve captures the essence of the problems affecting the financial close process within corporations of all sizes; from the period close of subledgers and general ledger through financial reporting, and the relationship and interdependencies of governance, people and technology. A must-read for the corporate controller. —David Taylor, ACMA, MBA, VP Strategy, Trintech Inc. Fast Close: A Guide to Closing the Books Quickly, Second Edition is a must-read for today's busy controllers. Steven Bragg points out everything that can be done outside the close that you just never realized didn't actually have to be part of the month-end close process! Very commonsensical approach! —Kathleen Schneibel, mba, cpa, Controller/CFO for Hire, KMAS Consulting LLC A well-executed 'fast close' can bring many valuable benefits to any company, from improving organizational performance to transforming accounting executives from financial historians to trusted advisors. In Fast Close, Second Edition, Steve systematically breaks down the steps required to achieve a fast close in both public and private companies, providing financial executives with tips, checklists, and a cost-effective road map to implement fast close procedures in virtually any company. —Matthew Posta, Esq., CPA, Vice President of Finance, Key Air, LLC FROM THE FIRST EDITION This is an outstanding book in which Steve reveals his secrets to a fast close. Having personally experienced his (one-day) fast close for years and enjoyed the beneficial impact on my company, I highly recommend this book for all financial officers who desire to have a large, favorable impact on their company. —Richard V. Souders, President and CEO, Kaba Workforce Solutions |
| accounting month end close procedures checklist: The Ultimate Accountants' Reference Steven M. Bragg, 2006-11-28 The Ultimate Accountants’ Reference Including GAAP, IRS & SEC Regulations, Leases, and More, Second Edition updates you on the latest accounting regulations for all aspects of the financial statements, accounting management reports, and management of the accounting department including best practices, control systems, and the fast close. This is the perfect daily answer book for the practicing accountant. |
| accounting month end close procedures checklist: The Fast Close Toolkit Christine H. Doxey, 2019-12-24 This publication focuses on the critical methods that can be used to dramatically improve the fiscal closing process. The Record to Report (R2R) or Fiscal Closing Process is at the core of the controllership function. The process includes transaction processing, internal and external reporting, and the internal controls—the people, processes, and technology—that constitute the corporate organizational hierarchy. CFOs, controllers, and corporate finance departments require timely, accurate, and consistent data to make appropriate operational and strategic decisions and fulfill statutory, regulatory, and compliance requirements with accurate and timely data. The Fast Close Toolkit offers both strategic and tactical suggestions that can significantly improve the fiscal closing process and provides guidance on new legislation requirements, systems and best practice processes. Checklists, templates, process narratives, and sample policies are provided for every component of the fiscal close. Investors and shareholders expect fast and easy access to the data created by current business activities in the information-driven digital age. The Fast Close Toolkit provides the necessary tools and expert advice to improve the fiscal closing process. Authoritative and up to date, this book: Identifies the bottlenecks that can impact the and improvethe fiscal close process and provides best practices to help alleviate these challenges Defines the Record to Report (R2R) and recommends the roles and responsibilities for fiscal close processes flow Offers the internal controls to use for the end-to-end fiscal close process Describes approaches for risk management, R2R, and fiscal close benchmarking Identifies KPIs for all aspects of the R2R process Provides the mechanism for developing a financial close scorecard Recommends leading practices for both external and internal reporting Provides guidance on how strategic planning, the budget and forecast processes can be streamlined to enhance the fiscal close and internal reporting results Written by a respected expert on internal controls and the fiscal closing process, The Fast Close Toolkit is a valuable source of information for professionals involved in controllership and have responsibility for the fiscal close. |
| accounting month end close procedures checklist: The New Accounts Payable Toolkit Christine H. Doxey, 2021-04-13 THE NEW ACCOUNTS PAYABLE TOOLKIT In The New Accounts Payable Toolkit, accomplished entrepreneur, consultant, and finance expert Christine H. Doxey delivers a unique and powerful approach to the accounts payable process and discusses the impact of the automation of the Procure to Pay (P2P) process. The toolkit explores all aspects of the accounts payable process, from the establishment of the contract and the purchase order to the supplier validation process, invoice processing and payment, accounting, and fiscal close. You’ll learn the key metrics and analytics needed for the accounts payable process. This comprehensive toolkit provides the best practices, tools, and internal controls that can help safeguard your company’s cash and other assets. You’ll obtain a variety of tools to create the foundation required for current internal controls and compliance to ensure that suppliers are correctly validated in the supplier master file to maintain regulatory compliance. Avoid paying fraudulent or inaccurate invoices and avoid paying a supplier’s invoice more than once. Be certain that all supplier invoices are properly accounted for to ensure an accurate fiscal close. Finally, stay up to date with all current and coming trends in the accounts payable process, including eInvoicing, ePayment, Robotic Process Automation (RPA), Artificial Intelligence (AI), Machine Learning, and eAccounting. The New Accounts Payable Toolkit provides guidance for the implementation of AP automation solutions that can streamline and modernize your own systems and processes to take advantage of new digital developments. Perfect for controllers, chief financial officers, and finance managers, The New Accounts Payable Toolkit will also earn a place in the libraries of students and professionals who seek to better understand the components of an optimal accounts payable. UNCOVER A UNIQUE AND POWERFUL NEW APPROACH TO ACCOUNTS PAYABLE PROCESSES The New Accounts Payable Toolkit offers readers a comprehensive and timely new way of handling their accounts payable systems and processes. You’ll discover how to implement new digital technologies in every aspect of the accounts payable process, from the establishment of the initial contract and purchase order to the supplier validation process, invoice processing and payment, accounting, and fiscal close. You’ll learn to validate suppliers in the master list to ensure regulatory compliance, prevent multiple payments for a single invoice, keep from paying fraudulent, inaccurate, or incomplete invoices, and apply best practices to help safeguard your company’s assets. You’ll also discover how to measure and record key metrics and analytics to maintain an effective accounts payable process. Finally, you’ll read about new and upcoming trends in accounts payable, like artificial intelligence, machine learning, and robotic process automation that you can implement today to realize new efficiencies and savings. Ideal for chief financial officers, finance managers, and controllers, The New Accounts Payable Toolkit is an invaluable guide to modernizing and optimizing your own company’s accounts payable processes and systems. |
| accounting month end close procedures checklist: Church Accounting Lisa London, 2020-11 The must-have reference guide for small and growing churches to understand church accounting basics in a reader-friendly format has been updated and expanded!CPA Lisa London and premier church accounting blogger, Vickey Richardson, help you understand what you need to know to manage the finances and keep your religious organization out of trouble with the IRS.Topics include how to:?Meet the IRS definition of a church?Determine whether to file for a 501c3 or not?Organize and retain accounting records?Establish controls to keep the money safe and guard against errors?Record and acknowledge donations of cash, stock, vehicles, in-kind, and more?Setup and maintain a benevolence fund?Create an accountable reimbursement plan?Handle mortgage payments?Calculate and file payroll?Structure pastor payroll and housing allowances?Budget for the next year?Recognize if you owe Unrelated Business Income Tax (UBIT) ?How to fill out the 990N and 990EZ,?And so much more.Lisa London CPA is the author of The Accountant Beside You series of resources for the non-accountants in nonprofits, religious organizations, and small businesses to understand their accounting needs. She has decades of experience in auditing and consulting large and small organizations.Vickey Richardson is the founder and manager of Vickey's Bookkeeping, Inc., an accounting firm specializing in assisting churches. She is best known for her popular website, FreeChurchAccounting.com. |
| accounting month end close procedures checklist: Accounting Policies and Procedures Manual Steven M. Bragg, 2012-06-19 Now in a fifth edition, Accounting Policies and Procedures Manual: A Blueprint for Running an Effective and Efficient Department is a how-to guide on creating an effective and efficient accounting department policies and procedures manual. Written by Steven Bragg, the foremost authority in accounting and controllership issues, the new edition includes: A new, complimentary Web site providing readers with the foundation for creating or enhancing their accounting department policies and procedures manual More coverage of accounting procedures including inventory, billing, cash receipts, pricing, order entry, credit, collections, sales returns, capital budgeting, cash forecasting, payroll, and closing the books Accounting Policies and Procedures Manual is the tool every accounting department needs to regularize and systematize its procedures to match the best in the industry. |
| accounting month end close procedures checklist: Tax Calendar for Small Businesses , 2001 |
| accounting month end close procedures checklist: Core financial system requirements checklist for reviewing systems under the Federal Financial Management Improvement Act. United States. Government Accountability Office, 2004 The BiblioGov Project is an effort to expand awareness of the public documents and records of the U.S. Government via print publications. In broadening the public understanding of government and its work, an enlightened democracy can grow and prosper. Ranging from historic Congressional Bills to the most recent Budget of the United States Government, the BiblioGov Project spans a wealth of government information. These works are now made available through an environmentally friendly, print-on-demand basis, using only what is necessary to meet the required demands of an interested public. We invite you to learn of the records of the U.S. Government, heightening the knowledge and debate that can lead from such publications. |
| accounting month end close procedures checklist: Using Simply Accounting 2004 Mary Purbhoo, 2005 |
| accounting month end close procedures checklist: Sage 50 Accounts For Dummies Jane Kelly, 2012-03-20 Get to grips with Sage 50 Accounts in simple steps This comprehensive guide walks you through every aspect of setting up and using Sage 50 Accounts, from installing the software to running VAT returns and producing monthly and yearly accounts. Inside you′ll discover the quickest way to complete tasks and how to customise Sage to suit your specific business needs. Packed with step-by-step instructions and fully illustrated with screenshots, this book is the easiest way to get the most from Sage 50 Accounts and take control of your business finances. Completely up-to-date for the 2014 edition of Sage 50 software Set up and start using Sage 50 Accounts with minimum fuss Fully illustrated with the latest screenshots to help you every step of the way Guidance on going mobile - with the new Sage 50 app Details on the new Sage Quicksearch feature |
| accounting month end close procedures checklist: Bookkeeping Essentials Steven M. Bragg, 2011-03-16 The handy problem-solver with helpful information for today's busy bookkeepers Bookkeeping Essentials: How to Succeed as a Bookkeeper is the handy problem-solver that gives today's busy bookkeepers and accountants the helpful information they need in a quick-reference format. Whether in public practice or private industry, professionals will always have this reliable reference tool at their fingertips. Packed with practical techniques and rules of thumb for analyzing, evaluating, and solving the day-to-day problems every accountant faces Helps bookkeepers and accountants quickly pinpoint what to look for, what to watch out for, what to do, and how to do it Offers hundreds of explanations supported by a multitude of examples, tables, charts, and ratios Filled with dozens of accounting best practices, Bookkeeping Essentials is a powerful companion for the ever-changing world of today's accountant and bookkeeper. |
| accounting month end close procedures checklist: Pareto's 80/20 Rule for Corporate Accountants David Parmenter, 2007-07-20 Learn the Secret to Success Using Pareto's 80/20 Rule for Corporate Accountants If you really want to change from being an overburdened data processor, into an effective value-adding financial analyst, you must read this book. Pareto's 80/20 Rule for Corporate Accountants shows you how to focus on the vital few activities that genuinely create and add value. —Harry Mills, author of The Rainmaker's Toolkit and The Streetsmart Negotiator Most finance managers know that 80 percent of value creation comes from 20 percent of products, orders, customers, measures, reports and so on. In this timely book, David Parmenter helps you to find the 'magic 20 percent' and transform not only your work (and career prospects!) but also the performance of the whole organization. —Jeremy Hope, cofounder and Director of the Beyond Budgeting Round Table, and author of Reinventing the CFO Using these innovative ideas and practical tools will provide the busy accountant with a great opportunity to add value to the business by the provision of more relevant and timely information. —Ken Lever, Chief Financial Officer, Tomkins plc You don't always need a grand plan or expensive new financial systems before you can significantly improve the performance of your finance function. Pareto's 80/20 Rule for Corporate Accountants is a box of practical tools and techniques that will achieve quick payback by helping you remove bottlenecks and boost quality. Just open the box and pick the ones that suit you best. —Ian Niven, Director, Business Symmetrics Ltd CFOs should make sure their direct reports have a copy of this book. —Wayne Morgan, CFO, management consultant, and troubleshooter |
| accounting month end close procedures checklist: Sage 50 Accounts For Dummies Jane E. Kelly, 2015-06-15 Sage 50 Accounts is one of the most popular small business accounting software packages available. With this comprehensive and friendly guide in hand, you'll discover how to set up and install this software, create a chart of accounts, invoice customers, run VAT returns and produce monthly accounts. |
| accounting month end close procedures checklist: Core Concepts of Accounting Information Systems Mark G. Simkin, Carolyn A. Strand Norman, Jacob M. Rose, 2014-12-08 Knowing how an accounting information systems gather and transform data into useful decision-making information is fundamental knowledge for accounting professionals. Mark Simkin, Jacob Rose, and Carolyn S. Norman's essential text, Core Concepts of Accounting Information Systems, 13th Edition helps students understand basic AIS concepts and provides instructors the flexibility to support how they want to teach the course. |
| accounting month end close procedures checklist: ProPack II Valerie Stetson, Susan Hahn, David Leege, Debbie Reynolds, Guy Sharrock, 2007-04-09 |
| accounting month end close procedures checklist: Accounting Reference Desktop Steven M. Bragg, 2002-10-16 Discusses issues not covered in other books, including bestpractices budgeting, closing the books, and control systems. Includes interest factor tables, sample forms for data entry,sample report formats for internal as well as externalreports. Features flowcharts and checklists for key control points inthe major accounting processes. |
| accounting month end close procedures checklist: QuickBooks for Churches and Other Religious Organizations Deep River Press, Inc., Lisa London, 2013-11 Bookkeeping for churches can be quite different than for-profit businesses, and the other guides available cover either QuickBooks or church accounting, not both. Lisa London, The Accountant Beside You, walks you through QuickBooks for your church from start to finish, always with examples, terminology, and understanding of what a busy church administrator needs to know in a clear, concise style. With her friendly easy-to-understand style and illustrative screenshots, Lisa guides new QuickBooks users every step of the way, while her tips for how to make QuickBooks work better for churches provides new insight and procedures for even the experienced bookkeeper. Not only does she step you through how to set up QuickBooks and utilize it more efficiently for your house of worship, but she also discusses everything you need to know to implement controls and procedures to ensure that your church's money is always protected. QuickBooks for Churches covers PC versions of QuickBooks from 2012 forward and even includes what's new in the 2014 version. Lisa offers sound accounting procedures for both large and small houses of worship, for bookkeepers with years of experience as well as those just starting out. Let The Accountant Beside You take one more worry off your crowded to-do list. |
| accounting month end close procedures checklist: Wiley GAAP Policies and Procedures Steven M. Bragg, 2008-01-28 Now fully updated and at your fingertips the most practical, authoritative guide to implementing GAAP Get the answers you need to prepare financial statements and keep up to date on the latest FASB requirements. Now fully revised and updated, Wiley GAAP Policies and Procedures, Second Edition is an ideal companion to the Wiley GAAP guide and provides the practical application information essential to ensuring that a company's accounting systems are fully capable of incorporating the most recent GAAP. A concise version of the more detailed GAAP found in the Wiley GAAP guides, Wiley GAAP Policies and Procedures, Second Edition features handy, illustrative decision trees showing how to determine which GAAP ruling to use in a variety of situations, eliminating hours of time wading through detailed GAAP rulings and presents: * New chapters on interim reporting, segment reporting, and accounting changes and correction of errors * Updated content on FAS No. 151, Inventory Costs, FAS No. 153, Exchanges of Non-monetary Assets, FAS No. 154, Accounting Changes and Error Correction, FAS No. 156, Servicing of Financial Assets * Implementation on nineteen newly issued EITFs * Specific accounting policies that comply with GAAP, especially in terms of creating controls that mesh with GAAP * The most common accounting transactions modified to work within GAAP restrictions * Specific controls that allow the maximum level of control over accounting systems while remaining in compliance with GAAP * Templates for forms and reports that can be used in a GAAP-compliant accounting system * Numerous examples of footnotes that can be used to describe GAAP-mandated financial disclosures * Hundreds of GAAP-compliant journal entries for most accounting transactions Wiley GAAP Policies and Procedures, Second Edition is a valuable tool for CFOs, controllers, accounting managers, and general ledger accountants who need to ensure that their company properly treats all types of accounting transactions in accordance with GAAP. |
| accounting month end close procedures checklist: IT Auditing and Application Controls for Small and Mid-Sized Enterprises Jason Wood, William Brown, Harry Howe, 2013-12-09 Essential guidance for the financial auditor in need of a working knowledge of IT If you're a financial auditor needing working knowledge of IT and application controls, Automated Auditing Financial Applications for Small and Mid-Sized Businesses provides you with the guidance you need. Conceptual overviews of key IT auditing issues are included, as well as concrete hands-on tips and techniques. Inside, you'll find background and guidance with appropriate reference to material published by ISACA, AICPA, organized to show the increasing complexity of systems, starting with general principles and progressing through greater levels of functionality. Provides straightforward IT guidance to financial auditors seeking to develop quality and efficacy of software controls Offers small- and middle-market business auditors relevant IT coverage Covers relevant applications, including MS Excel, Quickbooks, and report writers Written for financial auditors practicing in the small to midsized business space The largest market segment in the United States in quantity and scope is the small and middle market business, which continues to be the source of economic growth and expansion. Uniquely focused on the IT needs of auditors serving the small to medium sized business, Automated Auditing Financial Applications for Small and Mid-Sized Businesses delivers the kind of IT coverage you need for your organization. |
| accounting month end close procedures checklist: Accounting and Finance for Your Small Business Steven M. Bragg, Edwin T. Burton, 2006-03-31 Once again, Bragg has turned his discerning eye and formidable talents on a topic and the results are outstanding. Both those new to the business and the long-established entrepreneur will benefit greatly when he joins forces with E. James Burton to produce this outstanding work. —Mary S. Schaeffer, Editorial Director Accounts Payable Now & Tomorrow I use the tips and practices found in [this book] all through the year. They are clear, direct, and efficient-which, in turn, improves our company and our bottom line. I recommend [this book] to anyone wanting to improve their own bottom line. —D. R. Drum, CIO, CSO Engineering/Accounting, Dragon Moon Productions Eminently accessible, this book is a must-read for the entrepreneur, both new and established alike. Organizationally, the work flows smoothly and logically in a way that is valuable for the start-up as well as the veteran needing a refresher on specific aspects of the small business accounting/financing picture. I found particularly useful the rich resourcefulness that Messrs Burton and Bragg brought to the table in compiling the essential checklists for every conceivable corner of the entrepreneur's financial realm from fraud prevention to financing options. As a small business owner myself, I was well pleased with the real-world guidance and instant 'useability' this book offers. —David Struthers, JDFacilitator/Trial Lawyer This book is essential for any small business owner, manager, or accountant's business tool kit. This easy-to-read book distills complex subject matter into meaningful and understandable information and is a great refresher course for those deeply involved in the accounting and financial matters of a small business. The book contains many examples that can be used immediately in daily operations to improve the quality of information for better decision making. The book provides those involved in small business the framework to manage what they measure. —Jim Bologa, CFODaticon, Inc. |
| accounting month end close procedures checklist: Accounting Control Best Practices Steven M. Bragg, 2009-03-23 Accounting Control Best Practices, Second Edition Control systems are needed to ensure that a company's assets are used in the most productive manner and that they are not lost through fraudulent activities. However, an excessive use of controls can interfere with the efficient completion of activities within a company. Whether your company is in start-up mode, installing new systems, or simply dissatisfied with existing controls due to fraudulent losses, Accounting Control Best Practices, Second Edition is the reference handbook every accountant and systems analyst can use to ensure that their company has constructed a durable and efficient set of controls. This easy-to-use handbook clearly explains how to develop an effective system of accounting and operational controls and offers the best practices with pragmatic insights and proactive strategies to protect organizations from suffering further substantial losses of assets and reputation that occur from financial dishonesty within an organization. Author and renowned accounting expert Steven Bragg provides control flowcharts in every chapter for all major processes as well as a thorough set of corporate policies designed to support the system of controls. Now containing chapters on budgeting, collections, and acquisition integration, this valuable reference handbook offers essential information on control best practices for: Order entry, credit, and shipment Inventory management Billing Cash-handling Payroll Fixed assets Budgeting Financial reporting Just-in-time manufacturing Petty cash And many more Encompassing all of the major accounting and operational processes with nearly 500 controls presented in basic, intermediate, and advanced layers, from those needed for a very basic paper-based system, to computerized systems, to the use of advanced best practice enhancements in computerized systems, Accounting Control Best Practices, Second Edition is the only guidebook needed to devise a set of controls precisely tailored to every company's system. |
| accounting month end close procedures checklist: Using Peachtree Complete Accounting Version 6 Delicia Reynolds, John C. Taylor, 1993 |
| accounting month end close procedures checklist: Standard Finance System (STANFINS) U.S. Army Finance and Accounting Center, 1988 |
| accounting month end close procedures checklist: Fresh PerspectivesFinancial Accounting , 2007 |
| accounting month end close procedures checklist: The Ultimate Accountants' Reference Including GAAP, IRS & SEC Regulations, Leases, and More Steven M. Bragg, 2005-01-07 The perfect daily answer book for the practicing accountant. The Ultimate Accountants’ Reference offers a single-source tool of best practices and control systems related to accounting regulations for all aspects of financial statements, accounting management reports, and management of the accounting department. In addition, you'll gain insight into financing options, pension plans, risk management, mergers and acquisitions, and taxation topics. Order your copy today! |
| accounting month end close procedures checklist: Implementing Oracle Fusion General Ledger and Oracle Fusion Accounting Hub Anil Passi, Vladimir Ajvaz, Nivas Ramanathan, 2016-05-27 This Oracle Press guide shows how to implement key modules of Oracle Fusion Financials—General Ledger and Financials Accounting Hub—covering both the functional and technical aspects of this complete financial management solution. Implementing Oracle Fusion Applications General Ledger & Financials Accounting Hub covers the core Oracle Financials products and components. All Oracle Financials products use Financials Accounting Hub “under the hood”, and this topic is featured in detail. The author team uses a sample deployment to illustrate the best practices and common pain-points an internal staff or outside consultant would experience. They show multiple ways of leveraging this complex suite of products within the heterogeneous data environment of real-world companies. The team explains and demonstrates the key concepts at the right level to reach the broadest audience. Complete coverage of Oracle Fusion General Ledger and Accounting Hub Fills the gap in Oracle documentation for this product Explains how Oracle Fusion implementation will meet the needs and expectations of technical decision-makers and senior management Authors have years of practical experience with custom development on Oracle Fusion technology and teaching those skills to others |
| accounting month end close procedures checklist: Audit of a Small Business Canadian Institute of Chartered Accountants, 1988 |
| accounting month end close procedures checklist: The Leading-Edge Manager's Guide to Success David Parmenter, 2011-02-14 Practical, commonsense advice on becoming an effective leader Examining the baggage that most managers have and then helping them to understand the personal traits that can limit their potential, this book guides you through the pathway of self development, then takes you through management and leadership better practices, providing many implementation tools. All you need to know when getting prepared for a 'management role' How to develop 'conquest leadership' attributes Traits to make you a 'winning' CEO Latest thinking on KPIs, quarterly rolling planning, decision based reporting and performance related pay How to create Winning Management and Leadershp Habits Examines how to become More Financially Aware This book is a very practical guide with templates, 'how to do it tools', stories about gifted leaders, checklists and examples and is devoid of all intellectual arguments on management. With directional guidance on what managers need to know in order to be able to manage and lead others, The Leading-Edge Manager's Guide to Success helps managers and 'managers to be' as they climb the 'management mountain'. |
| accounting month end close procedures checklist: SAP Project Management syed sajid, |
| accounting month end close procedures checklist: Design of Enterprise Systems Ronald Giachetti, 2016-04-19 In practice, many different people with backgrounds in many different disciplines contribute to the design of an enterprise. Anyone who makes decisions to change the current enterprise to achieve some preferred structure is considered a designer. What is problematic is how to use the knowledge of separate aspects of the enterprise to achieve a globally optimized enterprise. The synthesis of knowledge from many disciplines to design an enterprise defines the field of enterprise engineering. Because enterprise systems are exceedingly complex, encompassing many independent domains of study, students must first be taught how to think about enterprise systems. Specifically written for advanced and intermediate courses and modules, Design of Enterprise Systems: Theory, Architecture, and Methods takes a system-theoretical perspective of the enterprise. It describes a systematic approach, called the enterprise design method, to design the enterprise. The design method demonstrates the principles, models, methods, and tools needed to design enterprise systems. The author uses the enterprise system design methodology to organize the chapters to mimic the completion of an actual project. Thus, the book details the enterprise engineering process from initial conceptualization of an enterprise to its final design. Pedagogical tools available include: For instructors: PowerPoint® slides for each chapter Project case studies that can be assigned as long-term projects to accompany the text Quiz questions for each chapter Business Process Analyzer software available for download For students: Templates, checklists, forms, and models to support enterprise engineering activities The book fills a need for greater design content in engineering curricula by describing how to design enterprise systems. Inclusion of design is also critical for business students, since they must realize the import their decisions may have on the long-term design of the enterprises they work with. The book’s practical focus and project-based approach coupled with the pedagogical tools gives students the knowledge and skills they need to lead enterprise engineering projects. |
| accounting month end close procedures checklist: Closing the Gaps Joan Gleich, 1991 |
| accounting month end close procedures checklist: FRS 102 , 2015 |
| accounting month end close procedures checklist: A Handbook for Coordinating Transportation Services , 1991 |
| accounting month end close procedures checklist: Create Value As a Finance Business Partner Anders Liu-Lindberg, Henriette Fynsk, 2018-11-25 |
| accounting month end close procedures checklist: Sage 50 Accounts For Dummies Jane E. Kelly, 2016-10-31 Make bookkeeping a breeze with Sage Sage 50 Accounts is a tremendously popular resource among accounting professionals, and exciting upgrades in version 22 make it even more useful. This book helps you use get started with installation as well as customisation, and in a short time you'll be running VAT returns and producing reports. Newer features help you store copies on the cloud, access data from anywhere and much more. Inside... Fully updated screenshots How to use Sage Drive A guide to key buttons New ways to access tasks Toolbar configuration tips Valuable window shortcuts How to process paperwork Project management help Tips on using mobile apps |
| accounting month end close procedures checklist: PC Mag , 1987-09-15 PCMag.com is a leading authority on technology, delivering Labs-based, independent reviews of the latest products and services. Our expert industry analysis and practical solutions help you make better buying decisions and get more from technology. |
| accounting month end close procedures checklist: Management Reporting Bank Administration Institute, 1989 |
| accounting month end close procedures checklist: ACCPAC for Windows : SB Series Software Brian Zwicker, 1999 |
| accounting month end close procedures checklist: Implementing SAP S/4HANA Finance Anup Maheshwari, 2016 Preparation -- Installation and upgrade -- Customizing for the general ledger -- Customizing for new asset accounting -- Customizing for controlling -- Migration of house bank accounts -- Data migration -- Post migration -- Testing and migration results -- New cash management -- Sap integrated business planning for finance -- SAP Fiori applications -- Impact on general ledger accounting -- Impact on new asset accounting -- Impact on controlling -- Impact on cost center accounting -- Impact on profit center accounting -- Impact on profitability analysis -- Impact on period end closing -- Impact on cash and bank management -- Appendix |
| accounting month end close procedures checklist: The Greenhouse Gas Protocol , 2004 The GHG Protocol Corporate Accounting and Reporting Standard helps companies and other organizations to identify, calculate, and report GHG emissions. It is designed to set the standard for accurate, complete, consistent, relevant and transparent accounting and reporting of GHG emissions. |
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