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The Controllership Series - The Financial Close Process
Total Credits: 1.5 including 1 Accounting - Technical, .5 Auditing- Technical
- Average Rating:
- 11
- Categories:
- ACPEN Industry Institute | Accounting and Auditing | Personal Development
- Faculty:
- Lynn Fountain
- Course Levels:
- Basic
- Duration:
- 1.5 Hours
- License:
- Product Setting: Expires 90 day(s) after program date.
Description
A common challenge for the controller role is in closing the month-end and period-end books in preparation to issue financial statements. This duty requires precision, timing and efficiency.
In today’s digital world, many organizations have access to financial accounting software that will assist with the steps in the financial close. However, even with this aid it is critical the accountant understand the various steps for the close process and how they inter-relate to other accounting processes. This course gives you an insight into the inter-relationships between many processes that impact the financial close.
The closing process has traditionally been a slow one with many companies taking two weeks to close its subsidiary’s books and another two to three weeks to roll up and consolidated the results. With the introduction of technology much has been done to help accelerate that process with integrated enterprise resource planning systems and general ledger and consolidate software.
Within this segment we will discuss the elements of the financial close and also important concepts to assist the controller in accelerating their close timeline. This includes addressing all functional areas of the close including payroll, invoicing, payables, inventory, cash, and the general ledger. We will also discuss important concepts of ensuring your financial close is accurate by discussing bank reconciliations, overhead allocations, bad debt reserves, unpaid wages and accruals for vacation time, account reconciliations, deprecation and overall financial statement review.
Note: This course does not address utilizing technology in the financial close. Its focus is to understand the varied procedures involved in the financial close whether or not technology is utilized.
Basic Course Information
Learning Objectives- Analysis of business transactions
- Creating journal entries
- Post to Ledger Accounts
- Prepare trial balance
- Make adjusting entrie
- Prepare adjusted trial balance
- Prepare financial statements
- Close accounts
- Prepare post-closing trial balance
Major Subjects
- Accounting
- Finance
- Financial Statements
Course Materials
| Important CPE Credit Instructions_READ BEFORE WEBCAST UPDATED (442.7 KB) | Available after Purchase | ||
| The Financial Close Process Handout (2.2 MB) | Available after Purchase | ||
| The Financial Close Process Terms (20.3 KB) | Available after Purchase | ||
Faculty
Lynn Fountain Related Seminars and Products
Lynn Fountain has over 45 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.
Dates
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Thu, Jan 02, 2025 - 01:00pm to 02:22pm CST
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Fri, Jan 17, 2025 - 03:00pm to 04:22pm CST
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Thu, Feb 13, 2025 - 06:00pm to 07:22pm CST
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Thu, Feb 27, 2025 - 11:00am to 12:22pm CST
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Tue, Mar 04, 2025 - 01:00pm to 02:22pm CST
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Mon, Mar 17, 2025 - 03:00pm to 04:22pm CDT
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Fri, Apr 11, 2025 - 09:00am to 10:22am CDT
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Thu, Apr 24, 2025 - 11:00am to 12:22pm CDT
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Fri, May 02, 2025 - 01:00pm to 02:22pm CDT
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Sat, May 10, 2025 - 10:00am to 11:22am CDT
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Mon, May 12, 2025 - 03:00pm to 04:22pm CDT
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Tue, Jun 10, 2025 - 06:00pm to 07:22pm CDT
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Fri, Jun 27, 2025 - 11:00am to 12:22pm CDT
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Sat, Feb 21, 2026 - 10:00am to 11:22am CST
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Additional Info
Basic Course Information
Prerequisites NoneAdvanced Preparation None
Designed For Controllers, Accountants, Finance Professionals, Auditors
Original Recording Date 01/01/2024
Course Developer Lynn Fountain
Date Added to Catalog 02/14/2024
Yellow Book No
Additional Information
Complaint Resolution PolicyPlease contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).
Official Registry Statement
Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org
Instructional Delivery Method
Group Internet Based
Course Registration Requirements
Online Registration
Refund/Cancellation Policy
Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.
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