Accounting Policies and Procedures
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Accounting Policies and Procedures Course
Introduction:
Accounting policies and procedures are the most efficient way to implement company-wide effective internal control tools in any organization. They are part of every business cycle: purchase and payment cycle, inventory and production, HR (Human Resources) and payroll, fixed assets and capitalization of costs, and the sales and collection cycle.
Accounting policies and procedures are essential for the board of directors and senior management to communicate limitations and authorities given to different managers and employees throughout the organization. Moreover, their use is also extended to organize financial reporting and compliance with regulators outside the organization.
In this course, participants will be encouraged to think of risk-based processes to write and implement operational policies and procedures. They will learn to allocate tasks to different personnel based on proper segregation of duties and to use software to implement the controls efficiently.
Course Objectives:
At the end of this Accounting Policies and Procedures Course, learners will be able to do:
- Create and build the Accounting and Finance Manual.
- Plan the requested essential resources for the Department.
- Build Authorities and obligations in the Department for expanding productivity and viability
- Perform segregation of obligations and inward controls in the Department.
- Put complete policies and techniques to streamline accounting activities
- Obtain a reference clarifying basic accounting assumptions and their application
- Answer the inquiries: “Who does what?” and “How to do it?” by detailing standard and dependable accounting processes.
Who Should Attend?
This Accounting Policies and Procedures Course is ideal for:
- Professionals in accounting and finance
Course Outlines:
Designing the Accounting Manual
- Purpose of designing and developing Accounting Manual.
- Establish authorities and duties pointed to Accounting Personnel.
- Organization of the Accounting Manual.
Accounting Department Setup Planning
- Arranging an appropriate reporting
- arranging for Human Resources versus Software – HRVSS
Accounting Concepts and Their Application
- Implied accounting presumptions.
- Accrual Basis of Accounting versus Cash Basis.
- Going Concern Assumption.
- framework and Reliability of Measurement.
- Common concepts of Resources, Revenue, and Expenses.
Accounting Procedures General
- Setting Chart of Accounts.
- Accounting Structure.
- Exchange Rate Variations.
- Accounts and expense Centers.
- Prepaid and Accrual Concepts.
Fixed Assets and Capitalization of Costs
- Treatment and reporting of Fixed Assets.
- Devaluation of Fixed Assets.
- Disposal of Fixed Assets.
- Reports of Fixed Assets.
Accounts Payables Policies
- Accepting provider for Purchases.
- Getting invoices of sales and Inventory.
- Records on Payables Due.
- Payment Orders Processing.
Production and Inventory Processing
- Registration of Production Costs.
- Interdepartmental Transfers of Material.
- Issuing completed Goods.
Accounts Receivables Policies
- Approving Clients.
- Bank or Other Guarantees.
- Recording Invoices.
- Collection and Recording of Receipts.
Other Accounting Policies
- Debit and Credit Notes
- Payroll Recording and Reporting
- Reporting
- Fundamental Budgeting procedures.
- Financial Statements Issuance proceedings.
- Financial Analysis and Contrasts to Budgets.
