Final Accounts: Fast Closing Monthly and Year-End Accounting

In the world of finance and accounting, the ability to efficiently close monthly and year-end accounts is a critical skill. Fast and accurate financial reporting is essential for decision-making, compliance, and maintaining a competitive edge in today's business environment. This course on Fast Closing Monthly and Year-End Accounting is aimed at equipping accounting professionals, financial managers, and business owners with the knowledge and skills needed to streamline the closing process and produce reliable financial statements.
To take participants through the nitty-gritty of preparing final accounts and other periodic (weekly, monthly, annual) financial statements.

CONTENT:

Accounting Process

• Recording Transactions
• Balancing the Accounts
• Preparing Trial Balance

Finalization of Accounts

• Journalizing adjustment entries
• Passing the closing or transfer entries
• Preparing Financial Statements

Reconciliation of Books

• Reasons for reconciling the books
• Procedure or steps for reconciliation

Inventory Accounting

• Inventory Accounting Systems
• Inventory Valuation Methods
• Inventory and its impact on Financial Statements

Depreciation Accounting

• The Methods of Depreciation
• Accounting for Depreciation
• Depreciation and its impact on Cash flow and income tax

Preparing Final Accounts

• The Profit and Loss Account
• The Income and Expenditure Account
• Graphic Illustrations i.e. Bar Chart, Pie Charts and Graphs

Preparation for the Auditor

• Incorporating Pre & Post Audit Adjustment
• Audit Committee Relationships
• Directors and Auditors Responsibilities
• Corporation Tax
• Adjusted Profits
• Tax Incentives
• Capital Allowance
• Basis periods for Continuing Business

FOR WHOM: Directors, Accountants, Auditors and others who perform related functions in the Public and Private Sectors.

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.