The British Academy for Training and Development presents this training program in "Monthly and Year-End Accounts Closing", designed to equip participants with practical knowledge and skills to perform accurate and efficient financial closing processes, both on a monthly and annual basis. The program focuses on proper accounting procedures, reviewing journal entries, analyzing accounts, and preparing financial reports, ensuring the reliability and consistency of financial data according to accounting standards.

This program provides participants with a comprehensive understanding of all aspects of financial closing, from handling daily entries to preparing final statements. It also offers tools and strategies to enhance financial performance, minimize errors, and improve decision-making based on accurate data. Through intensive training, participants will be able to organize the closing process efficiently, ensure compliance with legal and accounting standards, and strengthen the credibility of financial information to support strategic planning and decision-making within the organization.

Who should attend?

• Accountants and financial auditors seeking to enhance their financial closing skills.

• Accounting managers responsible for preparing monthly and annual financial statements.

• Financial planning and analysis specialists.

• Staff responsible for accounting operations and financial reporting.

Knowledge and Benefits:

After completing the program, participants will be able to master the following:

• Understand the procedures and steps required for monthly and year-end account closing.

• Develop skills to review journal entries, accounts, and financial data.

• Ensure the accuracy and reliability of financial statements and performance reports.

• Apply best accounting practices and international standards in preparing financial statements.

• Enhance the ability to plan and organize financial closing efficiently, reducing errors.

• Concept and Importance of Financial Closing

  • Definition and objectives of financial closing.

  • Difference between monthly and year-end closing.

  • Importance of accuracy and reliability in financial data.

• Preparation for Monthly Accounts Closing

  • Reviewing daily entries and financial transactions.

  • Ensuring all transactions are properly recorded.

  • Preparing interim reports for financial performance review.

• Reviewing and Reconciling Accounts

  • Reconciling bank accounts, customer accounts, and supplier accounts.

  • Handling accruals, deferrals, and adjustments.

  • Correcting errors and making accounting adjustments.

• Preparing Month-End Closing Entries

  • Recording accruals and revenue/expense adjustments.

  • Making necessary entries to close temporary accounts.

  • Ensuring balance between debits and credits.

• Preparation of Monthly Financial Statements

  • Preparing the income statement and profit & loss accounts.

  • Preparing the balance sheet (statement of financial position).

  • Preparing the monthly cash flow statement.

• Analyzing Monthly Financial Data

  • Comparing results against budgets and forecasts.

  • Identifying variances and their causes.

  • Providing recommendations to improve financial performance.

• Preparation for Year-End Closing

  • Reviewing prior monthly closing entries and reports.

  • Preparing temporary accounts and reserves.

  • Reconciling assets and liabilities.

• Preparation of Final Year-End Financial Statements

  • Preparing the annual income statement and balance sheet.

  • Preparing the annual cash flow report.

  • Ensuring compliance with international accounting standards.

• Internal Audit of Financial Information

  • Reviewing final entries and statements.

  • Ensuring financial statements are error-free.

  • Documenting all transactions and reports.

• Financial Planning for the New Year

  • Analyzing financial performance of the past year.

  • Preparing forecasts and budgets for the new year.

  • Identifying measures to improve future closing processes.