Year-End General Ledger Closing Procedures

Introduction:

This course focuses on the general ledger year-end closing process, highlighting essential aspects such as year-end closing, data entry, and portfolio management within the financial cycle. It covers the fundamentals of initializing general ledger accounts, processing transactions, and posting. The course also addresses key functions including account balancing, budgeting, allocations, and the procedures for period-end and year-end financial statement closings, ensuring accurate summary and reporting of financial information.

Objectives:

By the end of this course, participants will be able to:

• Capture and configure General Ledger parameters.
• Set up and manage a chart of accounts, including posting, unit, and allocation accounts.
• Record and post transactions using both transactional and batch methods.
• Perform detailed inquiries on the General Ledger and generate relevant reports.
• Accurately log General Ledger transactions in a timely manner.
• Automate the production of financial and managerial reports.
• Execute period-end and year-end closing procedures effectively.

Training Methodology:

• Case Studies
• Workshops
• Simulations
• Group Discussions
• Real-World Scenarios

Course Outline:

Unit 1: Overview and Setup

• Features and Benefits
• General Ledger Setup
• Account Categories
• Posting Account Setup
• Unit Account Setup
• Fixed and Variable Allocation Setup
• Table of Account Segment Setup
• Mass Modifications of the Chart of Accounts
• Nature of Account Retained Earnings
• Budget Creation and Management
• Quick Journal Setup
• Transaction Matching Setup
• Entering Beginning Balances

Unit 2: Daily Procedures

• Batch Entry
• Transaction Initiation
• Tax Assessment in Ledger Systems
• Clearing Transaction Entries
• International Budgeting Transactions
• Rapid Transaction Entry
• Linking Transactions
• Batch Recovery

Unit 3: Additional Functionality

• Multidimensional Analysis Groups and Codes
• Specifying Relationships Between Companies
• Entering Intercompany Transactions
• Organizational Structures Setup
• Defining Hierarchical Relationships
• Assigning User Classes and Users
• Account Declaration Security System

Unit 4: Maintaining Records

• Correcting Posted Transactions
• Changing, Inactivating, and Deleting Account Records
• Reconciling Reports
• History Removal and Archival Storage
• Account Rollups
• Using Inquiries and Reporting Options
• Report Group Consolidation
• Electronic Reporting

Unit 5: Period-End Closing

• Close-Out Procedures
• Year-End Closing Process Overview
• Financial Statements Printout Structure
• Complex Financial Analysis

Conclusion:

Participants will gain the skills necessary for accurate recording of general ledger entries and complete year-end closing procedures. This training will enhance their competence in financial management, equipping them to effectively handle period-end and year-end closing activities within their organizations.