Month End Close Procedures
To equip accountants and bookkeepers with a clear understanding of the month-end close procedures, ensuring accuracy and efficiency in financial reporting.
2 CPD units December 2, 2024 1 presenter
What will set you apart
By completing this course you will gain the following competencies
- Understanding the importance of an organized and structured month-end close process.
- Key objectives and outcomes of the month-end close for financial reporting.
- Steps to reconcile bank accounts, accounts payable, accounts receivable, and other key balance sheet accounts.
- Identifying and resolving discrepancies in financial records.
- How to manage accruals for expenses and revenue recognition to ensure accuracy.
- Making appropriate adjusting journal entries for prepayments, deferred income, and other adjustments.
- Best practices for reviewing the trial balance, income statement, and balance sheet for accuracy.
- Common mistakes to look out for during the review process.
- Compiling and organizing working papers that support financial entries and adjustments.
- Ensuring proper documentation for audit and compliance purposes.
Event breakdown
- Welcome and Introduction (5 minutes)
- Overview of the session
- Importance of efficient month-end close processes
- Understanding the Month-End Close Process (10 minutes)
- Key objectives and goals of the month-end close
- Overview of essential tasks and responsibilities
- Account Reconciliation Best Practices (10 minutes)
- Bank reconciliations, accounts payable, and receivable
- Identifying and resolving discrepancies
- Managing Accruals and Adjustments (10 minutes)
- Accruals for expenses and revenue recognition
- Adjusting entries and handling common errors
- Fixed Asset Registers and Depreciation (10 minutes)
- Maintaining accurate fixed asset registers
- Recording depreciation and compliance requirements
- Financial Review and Reporting (10 minutes)
- Reviewing financial statements for accuracy
- Common mistakes and how to avoid them
- Streamlining the Month-End Close Process (10 minutes)
- Time-saving strategies and tips
- Using checklists to improve efficiency and accuracy
- Q&A and Wrap-Up (5 minutes)
- Open floor for questions
- Key takeaways and next steps
Category: Financial ReportingType: CPD CourseCPD category: Financial Reporting
Description
The purpose of this webinar is to equip accountants and bookkeepers with a clear understanding of the month-end close procedures, ensuring accuracy and efficiency in financial reporting. Attendees will learn the key steps involved in preparing and finalising month-end financials, including reconciliations, accruals, adjustments, and financial review processes. By the end of the session, participants will have practical insights into how to streamline their month-end close activities, identify common challenges, and ensure compliance with relevant accounting standards, leading to more effective and timely reporting for their clients or organisations
Presenters
Leana van der Merwe — Leana: Leana van der Merwe, with 18+ years in accounting and corporate governance, Leana leads technical support at CIBA and is a recognized thought leader in regulatory compliance.
You will earn a certificate
On successful completion you will receive a certificate for 2 CPD units in Financial Reporting.
Requirements
- Laptop, desktop, or mobile device with internet access
- Microsoft Edge, Google Chrome, Safari, or Firefox browser