Instructor for this course
more

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:

17 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. Analyzing Financial Ratios - Solvency, Liquidity and Debt
  15. The Controllership Series: The Financial Close Process
  16. The Controllership Series: Managerial Accounting Basics and Cost Principles
  17. Tools for The Controllership Series Certificate

26 Reviews (152 ratings)Reviews

5
Anonymous Author
This was a good, quick summary of the close process. A nice refresher.
5
Anonymous Author
Provides beginner level steps to ensure a timely month-end close.
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.
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
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
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
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
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.
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
Great course, I like the instructor. She makes the material easy to follow which prepares you for the exam.
5
Member's Profile
Very clear and easy to follow. Even though I am responsible for this monthly I learned a few things.
5
Anonymous Author
Overall this was a good review of the closing process. I would recommend to new accountants.
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
Great overview of the steps involved in closing the books monthly and annually.
5
Anonymous Author
course presents an efficient summary of the closing process - good overview
5
Anonymous Author
Basic outline of the financial close process for month-end and year-end.
5
Anonymous Author
Detailed course covering the close process, recommended for beginners.
4
Anonymous Author
This is a pretty basic course, was hoping for more useful information.
5
Member's Profile
terrific review of the accounting close cycle a high level.
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.
5
Member's Profile
Great refresher course on the month end close process.

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 .
Course Syllabus
INTRODUCTION AND OVERVIEW
  2:45Introduction to The Financial Close Process
  7:11Definition and Purpose of Close the Books
  16:58Preparing to Close the Books
  13:42Monthly Close Steps
  13:02Year End Accounting
  15:12Year End Accounting Cont'd
  6:16Consolidation
  1:02Summary
CONTINUOUS PLAY
  1:16:08The Controllership Series: The Financial Close Process
SUPPORTING MATERIAL
  PDFSlides: The Controllership Series: The Financial Close Process
  PDFThe Controllership Series: The Financial Close Process Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM