The typical business needs a system of policies and procedures in order to reduce errors, minimize fraud, and maintain tight control over its operations. TheAccounting Procedures Guidebookcontains the detailed procedures and forms needed for every accounting system, from accounts payable to treasury, as well as for such operational areas as order entry, shipping, purchasing, and receiving. Procedures are separately stated for manual and computerized accounting systems. The course also addresses how to create and enforce procedures, as well as when to update them. In short, this course provides the baseline policy and procedure information needed to enhance the operations of any business.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Specify the situations in which procedures should or should not be employed, and the best procedure format to use. Also note the constituencies most interested in the development of procedures.
Specify the uses of order forms and return merchandise authorizations, and the application of verification techniques in the order entry process flow.
Identify the clauses and documents used in a credit review, as well as the triggering events for credit changes.
Specify the documents required in the shipping process flow.
Specify the flow of documents required to produce a customer invoice.
Specify the uses to which a credit memo can be put, and the positions involved in the collection process.
Identify the steps in the cash receipts process flow.
State the authorizing documents used to order goods and services, as well as the steps in the purchasing process.
Specify the control points in the analysis and processing of procurement card statements.
Identify allowable items to include in an expense report and situations in which per diem payments are made.
Recognize the situations in which the petty cash amount should be altered, and actions to take if a variance is found.
Recognize the documents used to control the inflow of goods to a business, and the contents of inventory tags.
Specify the reasons for using three-way matching and the variations on this concept to improve the processing of payables, as well as the use of adjustment letters.
Identify the reasons for verifying count tags and the uses to which a cycle counting report can be put.
State the differences between a timesheet and timecard, and note the contents of an employee record. Also recognize the types of employee pay deductions.
Specify the reasons for using a capital request form, the steps required to dispose of a fixed asset, and whether to engage in a post installation review.
Identify how investable cash is calculated, the use of a cash concentration account, and when to distribute inter-company cash.
Identify the situations in which subsidiary ledgers are closed, when approvals are needed before financial statements can be issued, and the approval process for EDGARizing financial statements.
Major Topics
Overview of Accounting Procedures
Order Entry Procedures
Credit Procedures
Shipping Procedures
Customer Billing Procedures
Collection Procedures
Cash Receipts Procedures
Purchasing Procedures
Procurement Card Procedures
Expense Report Procedures
Petty Cash Procedures
Receiving Procedures
Accounts Payable Procedures
Inventory Procedures
Payroll Procedures
Fixed Asset Procedures
Treasury Procedures
Closing the Books Procedures
