Month End Close Procedures

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

2 CPD units 2 December 2024 1 presenter

What will set you apart

By completing this course you will gain the following competencies

Understanding the importance of an organized and structured month-end close process.
Key objectives and outcomes of the month-end close for financial reporting.
Steps to reconcile bank accounts, accounts payable, accounts receivable, and other key balance sheet accounts.
Identifying and resolving discrepancies in financial records.
How to manage accruals for expenses and revenue recognition to ensure accuracy.
Making appropriate adjusting journal entries for prepayments, deferred income, and other adjustments.
Best practices for reviewing the trial balance, income statement, and balance sheet for accuracy.
Common mistakes to look out for during the review process.
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

Category: Financial ReportingType: CPD CourseCPD category: Financial Reporting

Description

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

Presenters

Leana van der Merwe — Leana van der Merwe is a Chartered Accountant and Registered Auditor with over 18 years of experience in business accounting, audit and corporate governance. A former Audit Director and professional-body Technical and Standards Executive, she has guided more than 14,000 professionals through complex regulatory matters. Leana also serves on the PAFA Technical Advisory Group, the IFAC Anti-Money Laundering Committee and the IFRS Foundation SME Implementation Group.

You will earn a certificate

On successful completion you will receive a certificate for 2 CPD units in Financial Reporting.

Requirements

Laptop, desktop, or mobile device with internet access
Microsoft Edge, Google Chrome, Safari, or Firefox browser