The Accounting Procedures Guidebook

Upon successful completion of this course, participants will be able to:

• Specify the situations in which procedures should or should not be employed, and the best procedure format to use. Also note the constituencies most interested in the development of procedures.
• Specify the uses of order forms and return merchandise authorizations, and the application of verification techniques in the order entry process flow.
• Identify the clauses and documents used in a credit review, as well as the triggering events for credit changes.
• Specify the documents required in the shipping process flow.
• Specify the flow of documents required to produce a customer invoice.
• Specify the uses to which a credit memo can be put, and the positions involved in the collection process.
• Identify the steps in the cash receipts process flow.
• State the authorizing documents used to order goods and services, as well as the steps in the purchasing process.
• Specify the control points in the analysis and processing of procurement card statements.
• Identify allowable items to include in an expense report and situations in which per diem payments are made.
• Recognize the situations in which the petty cash amount should be altered, and actions to take if a variance is found.
• Recognize the documents used to control the inflow of goods to a business, and the contents of inventory tags.
• Specify the reasons for using three-way matching and the variations on this concept to improve the processing of payables, as well as the use of adjustment letters.
• Identify the reasons for verifying count tags and the uses to which a cycle counting report can be put.
• State the differences between a timesheet and timecard, and note the contents of an employee record. Also recognize the types of employee pay deductions.
• Specify the reasons for using a capital request form, the steps required to dispose of a fixed asset, and whether to engage in a post installation review.
• Identify how investable cash is calculated, the use of a cash concentration account, and when to distribute inter-company cash.
• Identify the situations in which subsidiary ledgers are closed, when approvals are needed before financial statements can be issued, and the approval process for EDGARizing financial statements.