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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: August 04, 2021

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 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

1 Review (10 ratings)Reviews

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

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