Introduction:
This general ledger year-end closing process accounting course delves into the intricacies of the accounting cycle and the requisite procedures for inputting financial information into accounting systems. It encompasses the essentials of initializing general ledger accounts, processing general ledger transactions, and posting them. It elaborates on critical functions such as account reconciliation, budgeting, allocations, and period-end and finance year-end closing procedures.
Year-End Closing in Accounting:
Year-end closing is a vital accounting process that involves reconciling accounts, posting adjusting entries, and preparing financial statements at the end of the accounting period. This procedure ensures that the financial records accurately reflect the company's financial status at year-end. In the general ledger year-end closing process accounting course, we will explore the year-end closing accounting process, emphasizing the significance of closing general ledger entries and their impact on financial reports.
Targeted Groups:
- CEOs.
- Consultants.
- Accountants.
- Administrators.
Course Objectives:
By the conclusion of this general ledger year-end closing process accounting course, participants will be equipped to:
- Customize General Ledger settings.
- Configure a chart of accounts, including posting, unit, and allocation accounts.
- Record and post transactions employing either transactional or batch posting methods.
- Execute essential inquiries and generate reports pertinent to the General Ledger.
- Preserve and maintain accurate records within the General Ledger.
- Produce financial statements and other fundamental reports instrumental in business management.
- Finalize procedures relevant to both period closure and finance year-end closing.
Targeted Competencies:
Participants competencies in this general ledger year-end closing process accounting training will:
- Overview and Setup.
- Daily Procedures.
- Additional Functionality.
- Maintaining Records.
- Period-End and Year-End Closing Processes.
Course Content:
Unit 1: Overview and Setup:
- Features and Benefits.
- General Ledger Setup.
- Account Categories.
- Posting Account Setup.
- Unit Account Setup.
- Fixed Allocation Account Setup.
- Variable Allocation Account Setup.
- Account Segment Setup.
- Mass Modify Chart of Accounts.
- Define the Retained Earnings Account.
- Set Up Budgets.
- Budget Maintenance.
- Combining Budgets.
- Quick Journal Setup.
- Transaction Matching Setup.
- Entering Beginning Balances.
Unit 2: Daily Procedures:
- Batch Entry.
- Transaction Entry.
- Calculate Taxes in General Ledger.
- Clearing Transaction Entry.
- Budget Transaction Entry.
- Quick Journal Entry.
- Linking Transactions.
- Batch Recovery.
Unit 3: Additional Functionality:
- Multidimensional Analysis Groups and Codes.
- Assign Analysis Groups to Accounts.
- Multidimensional Analysis Transactions.
- Define Intercompany Relationships.
- Entering Intercompany Transactions.
- Organizational Structures Setup.
- Define Organizational Relationships.
- Assign User Classes to the Organizational Structure.
- Assign Users to the Organizational Structure.
- Assign a Range of Accounts to the Organizational Structure.
- Assign an Individual Account to the Organizational Structure.
- Activating Account Security.
Unit 4: Maintaining Records:
- Correcting a Posted Transaction.
- Change, Inactivate, and Delete Account Records.
- Reconcile.
- Reconcile to GL.
- Remove History.
- Archive Matched Transactions.
- Account Rollups.
- Using Inquiries.
- Report Options and Printing.
- Report Groups.
- Report List.
Unit 5: Period-End Closing:
- Period-End Closing Procedures.
- The Year-End Closing Process: What Is the Year-End Closing Process?
- Quick Financial Statements.
- Printing Financial Statements.Structure
- Advanced Financial Analysis.
Conclusion:
Through comprehensive coverage of the year-end closing process in accounting and mastery of closing entries within the general ledger, participants will gain critical insights and the competencies required to close financial periods efficiently and contribute to their organizations' robust financial governance.
