A common challenge for the controller role is in closing the month-end and period-end books in preparation to issue financial statements. This duty requires precision, timing and efficiency.

The closing process has traditionally been a slow one with many companies taking two weeks to close its subsidiary’s books and another two to three weeks to roll up and consolidated the results. In today’s face paced digital world, much has been done to help accelerate that process with integrated enterprise resource planning systems and general ledger and consolidate software.

Within this session we will discuss the many facts involved in closing the books and provide insights into expediting the process in order to be able to create more timely financial statements. Typical steps in the accounting close process include:

  • Analysis of business transactions
  • Make JE’s
  • Post to Ledger Accounts
  • Prepare trial balance
  • Make adjusting entries
  • Prepare adjusted trial balance
  • Prepare financial statements
  • Close accounts
  • Prepare post-closing trial balance

 

Within this segment we will discuss the elements of the financial close and also important concepts to assist the controller in accelerating their close timeline. This includes address all functional areas of the close including payroll, invoicing, payables, inventory, cash, and the general ledger. We will also discuss important concepts of ensuring your financial close is accurate by discussing bank reconciliations, overhead allocations, bad debt reserves, unpaid wages and accruals for vacation time, account reconciliations, deprecation and overall financial statement review.

Learning Objectives
  • Discover and discuss the many facts involved in closing the books and provide insights into expediting the process in order to be able to create more timely financial statements.
  • Explore the elements of the financial close and also important concepts to assist the controller in accelerating their close timeline.
  • Discover the important concepts of ensuring your financial close is accurate by discussing bank reconciliations, overhead allocations, bad debt reserves, unpaid wages and accruals for vacation time, account reconciliations, deprecation and overall financial statement review.
Last updated/reviewed: May 4, 2022

Included In Certifications

This course is included in the following Certification Programs:

18 CoursesThe Controllership Series Certification

  1. The Controllership Series: The Controller Function - Elevating the Role
  2. The Controllership Series: The Controller Function - Strategic and Annual Planning
  3. GAAP Principles, Assumptions and Considerations
  4. The Treasury Function Part 1: Cash, Liquidity and Investments
  5. The Controllership Series: The Controller Function - Cash and Investments
  6. ASC 842 Accounting for Leases - Deep Dive
  7. Revenue Recognition (ASC Topic 606) Standard Overview
  8. The Controllership Series: The Controller Function - Inventory Part 1
  9. The Controllership Series: The Controller Function - Inventory Part 2 - Inventory Valuation, Physical Inventory Methods and Inventory fraud
  10. The Controllership Series: Overhead, Direct and Indirect Costs and Allocation Methods
  11. The Controllership Series: Financial Statement Preparation and Presentation
  12. Analyzing Financial Ratios - Leverage
  13. Analyzing Financial Ratios - Performance And Efficiency
  14. The Controllership Series: The Controllers Role in Data Analytics and Big Data
  15. The Controllership Series: The Financial Close Process
  16. The Controllership Series: Managerial Accounting Basics and Cost Principles
  17. The Controllership Series: Sales, Collections and Customer Credit
  18. Tools for The Controllership Series Certificate
105 Reviews (597 ratings)

Reviews

5
Anonymous Author
good overview and summary of effective monthly close processes and planning procedures to incorporate.

5
Anonymous Author
Great course, clear and concise, would recommend others to take this course

5
Member's Profile
Solid refresher on the accounting cycle, particularly the reasons behind the purpose of closing the books correctly which may seem obvious to a seasoned accountant but a good reminder on the importance of the fundamentals especially when it comes to accrued accounts.

5
Member's Profile
I'm renewing my license after a very long hiatus, but fortunately all the material in this course still is familiar and seems like common sense. This would be a good overview for someone moving from, say, AR or AP to Controller (hence the name of the series:)

3
Member's Profile
I appreciate the fact that this was a refresher of the basics of the financial close process, but it was extremely elementary and this shouldn't be included in a "controllership" series targeted at controllers or those aspiring to be controllers.

5
Anonymous Author
This was an excellent course that gave an overview of the month end close process. I liked that the instructor differentiated between the process of a monthly close and an annual close because there are some extra steps with the annual close.

5
Anonymous Author
Loving the Illumeo platform. There is a variety of content. I'm not as involved in the close process as I have been in the past, this was a very useful reminder of key considerations as I reflect on how it affects my responsibilities.

4
Anonymous Author
overall a good course but highly simplistic and not going into any details on the myriad of issues that surround the close process, especially the judgement involved in ensuring balances are fairly stated with a deadlines for close

5
Anonymous Author
Professor Lynn - another great course. This is a great refresher course on closing the books, paying attention to ensure that certain steps are carried out before closing the books whether monthly, quarterly or annually.

5
Anonymous Author
This overview of the close process was a nice refresher on what to gather and what order to review/reconciled before preparing the financials statements. Could make a good checkoff list from this process.

5
Member's Profile
This course was informative. It provided a review for the knowledge I learned in college. I think if more detailed material, such as accrual for A/R and A/P, prepaid are included will be more beneficial.

5
Anonymous Author
Another great course. I really like the structure of the slides, and relevance of mc questions. The material is just a review for me at this point to maintain the license. Thank you

5
Member's Profile
Lynn, I was happy to take this course in the Controllership series. It reinforced my knowledge and showed me that I know a thing or two about closing the books :). Larry

5
Anonymous Author
Excellent course detailing the financial close process and the importance to the company of having a timely and accurate closing and preparation of financial statements.

5
Anonymous Author
Good overview of the fundamentals of periodic close, course invluded good reminders of process to complete to ensure an efficient and accurate periodic close process.

4
Member's Profile
Good introductory information. Probably, not for a Controller. Was expecting something a little bit more advanced, but, nevertheless, a well-presented course.

5
Anonymous Author
A solid close process is a critical part of any business; I like how this course goes into detail in outlining what should be done to prepare for the close.

4
Anonymous Author
This was a helpful course if you are interested in learning about controllership and the close process. It was dry at times but the information is useful.

5
Anonymous Author
The format of this course made it really easy to understand the concepts. The material was well organized and summarized in a clear and succinct manner.

5
Member's Profile
Very useful course for not only internal accountants, but also external auditors. Provides good background on the various phases of the close process.

5
Anonymous Author
Classes was very straight to the point and educational. The professor quickly gave the information out in a concise matter. Very helpful class.

5
Anonymous Author
We are victims of our imagination in everything and almost always: it is in a hurry to cover the slightest ray of truth with its mottled veil.

5
Member's Profile
I am currently a CFO but skipped the Controller role. This was helpful in learning and reminding the basics of a thorough close process

5
Member's Profile
This course did a very good job at making the whole close process understandable and simplified. All the pieces and parts work together.

4
Member's Profile
The course provided a general overview of the accounting close process, catered to someone who is not involved in the close process.

5
Anonymous Author
Great refresher on month-end close processes. After year's of industry specific costing an overall understanding is good to have.

4
Anonymous Author
This a good CPE course. very effective learning and the quiz and exam are feasible. The power point slides can be more creative.

5
Anonymous Author
The presentation seemed to cover all the basics of a financial close at different time periods which was a good review.

5
Anonymous Author
Detail discussion of the 9 step accounting cycle. Informative and practical to implement during in the corporate world.

3
Member's Profile
This course was very basic accounting close process principles. A good refresher I guess, but seemed extremely basic.

4
Anonymous Author
This course properly reviewed the learning objectives, but could be updated to further describe elimination entries.

5
Member's Profile
This course was concise and clear in the delivery of materials. It was organized in a way that made sense as well.

5
Anonymous Author
Very detailed and informative layout of the month and year end close processes. Thank you for the great material!

4
Anonymous Author
Great overview of the close process. This would be a good course for all involved in the close process to take.

5
Member's Profile
Good course as part of the Controllership series, it goes over the close process and what it takes to complete.

5
Anonymous Author
This was a helpful course with an appropriate amount of time allotted to meet the stated learning objectives.

5
Anonymous Author
Great course with tons of content and learning material. The material was all straightforward in my opinion.

5
Member's Profile
Having a quiz is helpful, so you can go back to review any areas of weakness prior to taking the final exam.

5
Anonymous Author
Great course, I like the instructor. She makes the material easy to follow which prepares you for the exam.

5
Anonymous Author
Lynn does such a great job with her trainings. They are engaging and relevant. I found this to be useful.

5
Anonymous Author
This course covered the objectives but only gives you a high level "list" to complete the close process.

5
Member's Profile
This course was very helpful and provided a good refresher. I highly recommend this course to other CPAs!

5
Member's Profile
Good knowledge that applies directly to my job and the processes that we follow monthly and at year end.

5
Anonymous Author
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5
Member's Profile
Very clear and easy to follow. Even though I am responsible for this monthly I learned a few things.

4
Anonymous Author
Very basic for a controller level course... No one in an actual controller role would need this info

5
Member's Profile
I liked it. Good basis for an accounting close. It's nice to have a refresher every once in awhile.

5
Anonymous Author
This course was very informative and helps to review the basic concepts of the accounting process.

4
Member's Profile
Good course. Reviewed basics and had some good points on preparation process pre-close activities.

5
Anonymous Author
Really great course. Very helpful for someone like me that does not deal with bookkeeping very much

5
Anonymous Author
Very basic information for the new accountant. May be too low-level for a Controller position.

5
Anonymous Author
Overall this was a good review of the closing process. I would recommend to new accountants.

5
Anonymous Author
This course provided good framework for the financial close process and related activities.

3
Member's Profile
The slides had a few typos and the final exam questions didn't seem very clearly written.

4
Anonymous Author
I enjoyed this overview of the Close Process and tips as to areas to keep an eye out for

5
Anonymous Author
This course was very informative and reinforced important financial close information.

4
Anonymous Author
Good overview, at an intro level, of the financial close process and what it entails.

4
Anonymous Author
I thoroughly enjoyed this course and would recommend it to any business professional.

4
Anonymous Author
This was a good course that gave a vast refresher of the month end close process.

5
Anonymous Author
Good review of step by step process for closing and reminders of what to look for.

5
Member's Profile
I think this was a great refresher course explaining the financial close process.

3
Anonymous Author
Good overview of the financial close concepts. Basic, yet helpful in many ways.

5
Anonymous Author
Great overview of the steps involved in closing the books monthly and annually.

5
Anonymous Author
I really enjoyed the course. I only missed one question. would highly recommend

5
Anonymous Author
Good overview of the close process with helpful tips on the steps to close.

5
Member's Profile
Helpful overview of the close process with enough detail to make a difference.

4
Anonymous Author
Good overview of the accounting process and the steps needed to be effective.

5
Anonymous Author
course presents an efficient summary of the closing process - good overview

5
Member's Profile
fun. It was a good refresher on the close process. Slides were perfect.

4
Member's Profile
Good course on closing activities. Was informational and a good refresher.

5
Member's Profile
this was a good reminder of the basics of accounting and the close process

5
Anonymous Author
Basic outline of the financial close process for month-end and year-end.

4
Member's Profile
Great course ! Structured in a manner that it is very easy to understand

4
Member's Profile
Good overview of financial close process and tips to make more effective

5
Anonymous Author
Overall great course. So far enjoying this series for future Controllers.

5
Anonymous Author
This was a good, quick summary of the close process. A nice refresher.

5
Anonymous Author
Great course. Very Helpful. Instructor relayed information effectively.

5
Anonymous Author
Detailed course covering the close process, recommended for beginners.

4
Member's Profile
Concise, direct and well-prepared. This was a great entry-level course

4
Anonymous Author
This is a pretty basic course, was hoping for more useful information.

5
Anonymous Author
This is a wonderful training that helps speed up the financial close.

5
Anonymous Author
Good basic overview of a financial close. Pretty generic but helpful.

5
Anonymous Author
Good test to check the basic knowledge about accounting book closure.

4
Anonymous Author
Easy to understand and very thorough. I highly recommend this course.

5
Anonymous Author
This course was a helpful overview of the close process - thank you

5
Member's Profile
The course provides a good overview of the financial close process.

5
Member's Profile
Great review course on the financial close process. Would recommend

5
Member's Profile
good overview of the accounting close process for new accountants

5
Anonymous Author
Provides beginner level steps to ensure a timely month-end close.

4
Anonymous Author
Overall a good refresher course on the financial close process.

5
Anonymous Author
This was a very nice discussion of the close the books process.

5
Member's Profile
terrific review of the accounting close cycle a high level.

5
Member's Profile
Nice course. Source material was clear and laid out well.

5
Member's Profile
Really enjoyed the class, clear on information presented.

5
Anonymous Author
Short but good overview over the general closing process.

3
Anonymous Author
This course was good, but more basic than I was expecting.

4
Member's Profile
Easy subject nicely explained for students understanding.

4
Anonymous Author
Good examination of the closing process for a business.

5
Member's Profile
Great refresher course on the month end close process.

5
Anonymous Author
I enjoyed the course, and I found it very informative.

4
Anonymous Author
Overall, good refresher course on the close process.

5
Anonymous Author
Very helpful content, easy to understand and follow.

4
Member's Profile
This course is a good summary of the close process.

4
Anonymous Author
helpful fresher on a critical piece of the process

5
Anonymous Author
Course was good, learned a lot. Quite informative

Prerequisites
Course Complexity: Foundational

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to The Financial Close Process2:45
  Definition and Purpose of Close the Books7:11
  Preparing to Close the Books16:58
  Monthly Close Steps13:42
  Year End Accounting13:02
  Year End Accounting Cont'd15:12
  Consolidation6:09
  Summary1:02
CONTINUOUS PLAY
  The Controllership Series: The Financial Close Process1:16:02
SUPPORTING MATERIAL
  Slides: The Controllership Series: The Financial Close ProcessPDF
  The Controllership Series: The Financial Close Process Glossary/ IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam