Accounting Policies and Procedures
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Accounting Policies and Procedures Course
Introduction:
Accounting policies and procedures serve as highly efficient tools for implementing effective internal controls across an organization. They play a crucial role in various business cycles, including the purchase and payment cycle, inventory and production, HR and payroll, fixed assets and capitalization of costs, as well as the sales and collection cycle.
The implementation of accounting policies and procedures enables the board of directors and senior management to clearly communicate the limitations and authorities granted to different managers and employees throughout the organization. Additionally, these policies and procedures facilitate the organization's financial reporting and ensure compliance with external regulatory requirements.
In this course, participants will be encouraged to adopt a risk-based approach in developing and implementing operational policies and procedures. They will learn how to assign tasks to different personnel based on the principles of proper segregation of duties. Furthermore, participants will gain knowledge on utilizing software tools to efficiently implement and manage these controls.
By the end of the course, participants will have a comprehensive understanding of the importance of accounting policies and procedures in establishing robust internal controls. They will possess the skills to develop risk-based processes, allocate responsibilities effectively, and leverage software solutions to ensure the efficient implementation and maintenance of these controls.
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.