Month End Close Procedures – December 2024

To equip accountants and bookkeepers with a clear understanding of the month-end close procedures, ensuring accuracy and efficiency in financial reporting.

Date:

2 December, 2024

Time:

Available from 08:00

Hours:

1 hour

CPD Units:

Category:

Financial Reporting

Group:

Channel 0: Foundation, Channel 1: Compliance

Format:

Webinar

Product Information

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

What will set you apart

Attending this webinar will equip you with the following skills:

Overview of Month-End Close Process

Understanding the importance of an organized and structured month-end close process.
Key objectives and outcomes of the month-end close for financial reporting.

Reconciliations

Steps to reconcile bank accounts, accounts payable, accounts receivable, and other key balance sheet accounts.
Identifying and resolving discrepancies in financial records.

Accruals and Adjustments

How to manage accruals for expenses and revenue recognition to ensure accuracy.
Making appropriate adjusting journal entries for prepayments, deferred income, and other adjustments.

Review of Financial Statements

Best practices for reviewing the trial balance, income statement, and balance sheet for accuracy.
Common mistakes to look out for during the review process.

Month-End Documentation and Working Papers

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

Certificate

The following CPD is awarded 2 Units Business Education – Financial Reporting.

1 unit for 1-hour CPD webinar

1 unit for assessment completed

Presenter/s

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.