Month-End Closing Procedures

What You Will Learn

• 1 Learn the purpose and phases of the month-end close cycle.
• 2 Understand how to build a closing schedule and assign responsibilities.
• 3 Apply revenue recognition principles and reconcile accounts receivable.
• 4 Implement inventory valuation methods and calculate cost of goods sold.
• 5 Process vendor invoices and manage accruals and prepayments.
• 6 Record payroll entries and handle employee benefits accounting.
• 7 Account for fixed assets, depreciation, and capital versus expense.
• 8 Handle intercompany transactions and consolidation adjustments.
• 9 Perform reconciliations and variance analysis to ensure accuracy.
• 10 Finalize the close and prepare financial statements for reporting.