2.0 CPE 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
- The Controllership Series: The Controller Function - Elevating the Role
- The Controllership Series: The Controller Function - Strategic and Annual Planning
- GAAP Principles, Assumptions and Considerations
- The Treasury Function Part 1: Cash, Liquidity and Investments
- The Controllership Series: The Controller Function - Cash and Investments
- ASC 842 Accounting for Leases - Deep Dive
- Revenue Recognition (ASC Topic 606) Standard Overview
- The Controllership Series: The Controller Function - Inventory Part 1
- The Controllership Series: The Controller Function - Inventory Part 2 - Inventory Valuation, Physical Inventory Methods and Inventory fraud
- The Controllership Series: Overhead, Direct and Indirect Costs and Allocation Methods
- The Controllership Series: Financial Statement Preparation and Presentation
- Analyzing Financial Ratios - Leverage
- Analyzing Financial Ratios - Performance And Efficiency
- The Controllership Series: The Controllers Role in Data Analytics and Big Data
- The Controllership Series: The Financial Close Process
- The Controllership Series: Managerial Accounting Basics and Cost Principles
- The Controllership Series: Sales, Collections and Customer Credit
- Tools for The Controllership Series Certificate
105 Reviews (597 ratings)
Reviews
Anonymous
(Sr. Controller)
good overview and summary of effective monthly close processes and planning procedures to incorporate.
Anonymous
(Accountant)
Great course, clear and concise, would recommend others to take this course
Kirk Valencia
(Director, Administration at Hampton Roads Church)
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.
Nicol Coxon
( at Sax Capital Advisors)
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:)
Robert Webb
(Controller at Highland Electric Fleets)
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.
Anonymous
(Accounting Manager)
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.
Anonymous
()
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.
Anonymous
(controller)
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
Anonymous
(Snr Accounting Consultant, CPA)
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.
Anonymous
(Consultant)
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.
JIN ZOU
(Senior Accountant at STS Traders)
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.
Anonymous
(Manager)
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
Lawrence Hirsch
(Controller at Builders design)
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
Anonymous
(CFO)
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.
Anonymous
()
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.
Inna Shmukler
(Controller at Fornetix LLC)
Good introductory information. Probably, not for a Controller. Was expecting something a little bit more advanced, but, nevertheless, a well-presented course.
Anonymous
(Finance Consultant)
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.
Anonymous
()
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.
Anonymous
(Controller)
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.
Derek Ettinger
( at GP Fund Solutions, LLC)
Very useful course for not only internal accountants, but also external auditors. Provides good background on the various phases of the close process.
Anonymous
(Private Equity Accountant)
Classes was very straight to the point and educational. The professor quickly gave the information out in a concise matter. Very helpful class.
Anonymous
(Internal Auditor)
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.
Scott Anderton
( at HCA)
I am currently a CFO but skipped the Controller role. This was helpful in learning and reminding the basics of a thorough close process
John Austin
( at Meal Ticket)
This course did a very good job at making the whole close process understandable and simplified. All the pieces and parts work together.
Wes Nichols
(Accounting Director at Brookfield Properties)
The course provided a general overview of the accounting close process, catered to someone who is not involved in the close process.
Anonymous
()
Great refresher on month-end close processes. After year's of industry specific costing an overall understanding is good to have.
Anonymous
(Sr. Accounting Manager)
This a good CPE course. very effective learning and the quiz and exam are feasible. The power point slides can be more creative.
Anonymous
(Consultant)
The presentation seemed to cover all the basics of a financial close at different time periods which was a good review.
Anonymous
()
Detail discussion of the 9 step accounting cycle. Informative and practical to implement during in the corporate world.
Peter Dovey
(Assistant Controller at DLC Group)
This course was very basic accounting close process principles. A good refresher I guess, but seemed extremely basic.
Anonymous
()
This course properly reviewed the learning objectives, but could be updated to further describe elimination entries.
Katherine Maline
( at IntraFi Network, LLC)
This course was concise and clear in the delivery of materials. It was organized in a way that made sense as well.
Anonymous
(Accountant)
Very detailed and informative layout of the month and year end close processes. Thank you for the great material!
Anonymous
()
Great overview of the close process. This would be a good course for all involved in the close process to take.
Sean Flynn
(Accounting Manager at Rosemawr Management)
Good course as part of the Controllership series, it goes over the close process and what it takes to complete.
Anonymous
(Finance Manager)
This was a helpful course with an appropriate amount of time allotted to meet the stated learning objectives.
Anonymous
(Vice President)
Great course with tons of content and learning material. The material was all straightforward in my opinion.
Marc Nakashian
( at iconectiv)
Having a quiz is helpful, so you can go back to review any areas of weakness prior to taking the final exam.
Anonymous
(Consultant)
Great course, I like the instructor. She makes the material easy to follow which prepares you for the exam.
Anonymous
(Corporate Controller)
Lynn does such a great job with her trainings. They are engaging and relevant. I found this to be useful.
Anonymous
(Controller)
This course covered the objectives but only gives you a high level "list" to complete the close process.
Hyung Rim
( at Citi)
This course was very helpful and provided a good refresher. I highly recommend this course to other CPAs!
Megan Deutschman
( at Midcontinent Media)
Good knowledge that applies directly to my job and the processes that we follow monthly and at year end.
Anonymous
()
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DEBORAH CAYLOR
(Accounting Manager at self)
Very clear and easy to follow. Even though I am responsible for this monthly I learned a few things.
Anonymous
(Program Manager - Net Revenue)
Very basic for a controller level course... No one in an actual controller role would need this info
Nick Roberts
(Accounting & Finance Consult.. at DLC Group)
I liked it. Good basis for an accounting close. It's nice to have a refresher every once in awhile.
Anonymous
(Partner)
This course was very informative and helps to review the basic concepts of the accounting process.
Andrew DeLorme
( at Allscripts)
Good course. Reviewed basics and had some good points on preparation process pre-close activities.
Anonymous
()
Really great course. Very helpful for someone like me that does not deal with bookkeeping very much
Anonymous
()
Very basic information for the new accountant. May be too low-level for a Controller position.
Anonymous
()
Overall this was a good review of the closing process. I would recommend to new accountants.
Anonymous
(Controller)
This course provided good framework for the financial close process and related activities.
Ryan Thessing
( at Alaris Litigation Services)
The slides had a few typos and the final exam questions didn't seem very clearly written.
Anonymous
(Senior Accountant)
I enjoyed this overview of the Close Process and tips as to areas to keep an eye out for
Anonymous
(Controller)
This course was very informative and reinforced important financial close information.
Anonymous
(Senior Accountant)
Good overview, at an intro level, of the financial close process and what it entails.
Anonymous
(Owner)
I thoroughly enjoyed this course and would recommend it to any business professional.
Anonymous
(Director)
This was a good course that gave a vast refresher of the month end close process.
Anonymous
()
Good review of step by step process for closing and reminders of what to look for.
Rachel Fischer
(CFO at Odney)
I think this was a great refresher course explaining the financial close process.
Anonymous
(-)
Good overview of the financial close concepts. Basic, yet helpful in many ways.
Anonymous
(Accounting Manager)
Great overview of the steps involved in closing the books monthly and annually.
Anonymous
(AR specialist)
I really enjoyed the course. I only missed one question. would highly recommend
Anonymous
()
Good overview of the close process with helpful tips on the steps to close.
jonathan reda
(Finance Manager at Cisco Systems Inc.- FCRM)
Helpful overview of the close process with enough detail to make a difference.
Anonymous
(Director Finance)
Good overview of the accounting process and the steps needed to be effective.
Anonymous
(CEO)
course presents an efficient summary of the closing process - good overview
brad dauplaise
(VP Treasury & Capital Markets at Holiday Inn Club Vacations)
fun. It was a good refresher on the close process. Slides were perfect.
Michael DeVito
( at Dassualt Falcon Jet)
Good course on closing activities. Was informational and a good refresher.
Nicholas Pierce
( at self)
this was a good reminder of the basics of accounting and the close process
Anonymous
()
Basic outline of the financial close process for month-end and year-end.
Denise Cutrone
( at Denise Cutrone Advisors)
Great course ! Structured in a manner that it is very easy to understand
Dhaval Doshi
( at JCI)
Good overview of financial close process and tips to make more effective
Anonymous
()
Overall great course. So far enjoying this series for future Controllers.
Anonymous
(Chief of Operations)
This was a good, quick summary of the close process. A nice refresher.
Anonymous
(accountant)
Great course. Very Helpful. Instructor relayed information effectively.
Anonymous
(Director)
Detailed course covering the close process, recommended for beginners.
Thomas Simkiss
(Director of Cloud Solutions at Creoal Consulting)
Concise, direct and well-prepared. This was a great entry-level course
Anonymous
(Controller)
This is a pretty basic course, was hoping for more useful information.
Anonymous
(Senior Accountant)
This is a wonderful training that helps speed up the financial close.
Anonymous
()
Good basic overview of a financial close. Pretty generic but helpful.
Anonymous
()
Good test to check the basic knowledge about accounting book closure.
Anonymous
()
Easy to understand and very thorough. I highly recommend this course.
Anonymous
()
This course was a helpful overview of the close process - thank you
Anisha Gomes
(Managing Director at CNM LLP)
The course provides a good overview of the financial close process.
Eric Wolniak
( at sennder)
Great review course on the financial close process. Would recommend
Lisa Lavery
(Close & Consolidations Senior Manage.. at Cisco Systems)
good overview of the accounting close process for new accountants
Anonymous
(Controller)
Provides beginner level steps to ensure a timely month-end close.
Anonymous
(Finance & Accounting Consultant)
Overall a good refresher course on the financial close process.
Anonymous
(Accountant)
This was a very nice discussion of the close the books process.
Mark Quinn
(CFO at MultiFlow)
terrific review of the accounting close cycle a high level.
David Fisher
( at Toledo Zoological Society)
Nice course. Source material was clear and laid out well.
Lorene Johnson
( at SeaOne Holdings)
Really enjoyed the class, clear on information presented.
Anonymous
(Head of Controlling)
Short but good overview over the general closing process.
Anonymous
()
This course was good, but more basic than I was expecting.
Syed Kazmi
(Controller at Encompass Capital Advisors LLC)
Easy subject nicely explained for students understanding.
Anonymous
(CPA)
Good examination of the closing process for a business.
Sharon King
(Contractor at Self employed)
Great refresher course on the month end close process.
Anonymous
(Senior Revenue Manager)
I enjoyed the course, and I found it very informative.
Anonymous
(Internal Audit Manager)
Overall, good refresher course on the close process.
Anonymous
(Director)
Very helpful content, easy to understand and follow.
Kevin Murray
(Controller at DA Collins)
This course is a good summary of the close process.
Anonymous
(Head of FP&A)
helpful fresher on a critical piece of the process
Anonymous
(Manager)
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
.
Lynn FountainCPA, CGMA, CRMA, MBA, Consultant, Author, Trainer
About Illumeo
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- Phone: 408-400-3993
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