Objectives:
By the end of the program, participants will be able to:
- Design and produce the Accounting and Finance Manual.
- Plan the required resources needed for the department.
- Establish authorities and duties in the department for maximizing efficiency and effectiveness.
- Achieve segregation of duties and internal controls in the department.
- Set comprehensive policies and procedures to streamline accounting operations.
- Acquire a reference explaining essential accounting assumptions and their application.
- Answer the questions: “who does what?” and “how to do it?” by formulating standard and reliable accounting processes.
The Content:
Designing the Accounting Manual
- Purpose of the Accounting Manual
- Authorities Assigned to Accounting Personnel
- Organization of the Accounting Manual
Accounting Department Setup Planning
- Planning for Proper Reporting
- Planning for Human Resources versus Software – HRVSS
Accounting Concepts and their Application
- Underlying Accounting Assumptions
- Accrual Basis of Accounting versus Cash Basis
- Going Concern Assumption
- System and Reliability of Measurement
- General Concepts of Assets, Liabilities, Income and Expense
Accounting Procedures General
- Setting Chart of Accounts
- Accounting Structure
- Exchange Rate Differences
- Accounts and Cost Centers
- Prepaid and Accrual Concepts and Treatments
Fixed Assets and Capitalization of Costs
- Treatment and Recording of Fixed Assets
- Depreciation of Fixed Assets
- Disposal of Fixed Assets
- Reports on Fixed Assets
Accounts Payables Policies
- Approving Suppliers for Purchases
- Receiving Invoices and Inventory
- Reports on Payables Due
- Payment Orders Processing
Production and Inventory Processing
- Recording of Production Costs
- Interdepartmental Transfers of Material
- Issuing Finished 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
- Essential Budgeting Policies
- Financial Statements Issuance Steps
- Financial Analysis and Comparisons to Budgets
