Month End Close Procedures October 2024
Available from
24 October, 2024
CPD
2
Course Category:
Financial Reporting
Level:
Moderate
To equip accountants and bookkeepers with a clear understanding of the month-end close procedures, ensuring accuracy and efficiency in financial reporting. October 2024
Category: Financial Accounting
R 0 VAT Incl.
Product Information
What you will learn
Attending this webinar will equip you with the following skills:
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- Overview of Month-End Close Process
- Understanding the importance of an organized and structured month-end close process.
- Key objectives and outcomes of the month-end close for financial reporting.
Reconciliations
- Steps to reconcile bank accounts, accounts payable, accounts receivable, and other key balance sheet accounts.
- Identifying and resolving discrepancies in financial records.
Accruals and Adjustments
- How to manage accruals for expenses and revenue recognition to ensure accuracy.
- Making appropriate adjusting journal entries for prepayments, deferred income, and other adjustments.
Review of Financial Statements
- Best practices for reviewing the trial balance, income statement, and balance sheet for accuracy.
- Common mistakes to look out for during the review process.
Month-End Documentation and Working Papers
- Compiling and organizing working papers that support financial entries and adjustments.
- Ensuring proper documentation for audit and compliance purposes.
- Overview of Month-End Close Process
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Information
Format: Recording of Online Live Streamed event
Recording: Loaded to your CIBA Academy profile
Description
Join us for a fun, interactive webinar that will transform your month-end close process from stressful to seamless! Whether you’re an accountant or bookkeeper, you’ll learn the tips, tricks, and insider secrets to breeze through reconciliations, adjustments, and financial reviews with confidence. We’ll break down complex concepts into simple, practical steps and share time-saving strategies to help you close the books faster and more accurately. Plus, you’ll walk away with a powerful checklist and best practices that will make your next month-end close smoother than ever. Don’t miss out—register now to take your financial game to the next level!
Price
This event is free.
Content
The webinar will cover the following topics:
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- Welcome and Introduction (5 minutes)
- Overview of the session
- Importance of efficient month-end close processes
- Understanding the Month-End Close Process (10 minutes)
- Key objectives and goals of the month-end close
- Overview of essential tasks and responsibilities
- Account Reconciliation Best Practices (10 minutes)
- Bank reconciliations, accounts payable, and receivable
- Identifying and resolving discrepancies
- Managing Accruals and Adjustments (10 minutes)
- Accruals for expenses and revenue recognition
- Adjusting entries and handling common errors
- Fixed Asset Registers and Depreciation (10 minutes)
- Maintaining accurate fixed asset registers
- Recording depreciation and compliance requirements
- Financial Review and Reporting (10 minutes)
- Reviewing financial statements for accuracy
- Common mistakes and how to avoid them
- Streamlining the Month-End Close Process (10 minutes)
- Time-saving strategies and tips
- Using checklists to improve efficiency and accuracy
- Q&A and Wrap-Up (5 minutes)
- Open floor for questions
- Key takeaways and next steps
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Certificate
The following CPD is awarded 2 Units Financial Reporting.
Requirements
There are no preconditions for this course.
Moderate level.
Recorded webinar made available on a specified date.
Presenter
Leana van der Merwe
Leana van der Merwe is a Chartered Accountant and Registered Auditor with over 18 years of experience in business accounting, auditing, and corporate governance. She has held key leadership roles throughout her career, including as an Audit Director at RSM South Africa and as a Technical and Standards Executive within the professional body space at SAIPA. At RSM, Leana played a crucial role in driving audit excellence and managing international engagements across various sectors, while at SAIPA, she was instrumental in guiding over 14,000 members through complex regulatory environments and leading significant industry initiatives.
Leana’s expertise extends to her active participation in several prestigious committees, such as the PAFA Technical Advisory Group, the IFAC Anti-Money Laundering Committee, and the IFRS Foundation’s SME Implementation Group, where she has significantly influenced legislative commentary and stakeholder engagement on both local and international stages.
Currently, Leana serves as an Independent Contractor, engaged by the Chartered Institute of Business Accountants (CIBA) in their Technical, Education, and Professional Development units. In this role, she continues to drive innovation and excellence, providing critical support and insights to professionals in the accounting sector. Leana is a sought-after speaker and thought leader, recognized for her strategic vision, transformative leadership, and commitment to advancing the profession.
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