Period-End Closing And Analysis is a process that is used to close out an accounting period or fiscal year, and prepare financial statements for reporting. It also involves the review and analysis of financial and operational data to ensure accuracy and completeness in financial data and the ability to make informed business decisions. The key steps in period-end closing and analysis are: 1. Account reconciliation: This involves the reconciliation of accounts in the general ledger with their corresponding sub-ledger accounts, including fixed assets, accounts receivable, accounts payable, and inventory. 2. Accruals and deferrals: Accruals and deferrals are used to record transactions that have not yet been invoiced or received. 3. Preparation of financial statements: Financial statements are prepared to summarize the company's financial position and performance. 4. Analysis of financial statements: This involves the review and analysis of financial statements to identify trends and anomalies. 5. Variance analysis: This involves the comparison of actual results to budgeted or prior-period results in order to identify any discrepancies. 6. Closing of the books: The books are closed by recording all transactions, adjusting entries, and adjusting the balance sheet and income statement accounts. There are two main types of period-end closing and analysis: internal and external. Internal period-end closing and analysis is conducted by the company's internal staff and is used to ensure accuracy and completeness of the company's financial data. External period-end closing and analysis is conducted by external auditors and is used to provide assurance of the accuracy and completeness of the company's financial statements.
Period-End Closing And Analysis
State:
Multi-State
Control #:
US-3280SB
Format:
Word;
Rich Text
Instant download
Description
Using this form can increase the level of accuracy and integrity of the financial statements and general ledger. This form is used to ensure that all month-end tasks have been completed and reviewed.
Period-End Closing And Analysis is a process that is used to close out an accounting period or fiscal year, and prepare financial statements for reporting. It also involves the review and analysis of financial and operational data to ensure accuracy and completeness in financial data and the ability to make informed business decisions. The key steps in period-end closing and analysis are: 1. Account reconciliation: This involves the reconciliation of accounts in the general ledger with their corresponding sub-ledger accounts, including fixed assets, accounts receivable, accounts payable, and inventory. 2. Accruals and deferrals: Accruals and deferrals are used to record transactions that have not yet been invoiced or received. 3. Preparation of financial statements: Financial statements are prepared to summarize the company's financial position and performance. 4. Analysis of financial statements: This involves the review and analysis of financial statements to identify trends and anomalies. 5. Variance analysis: This involves the comparison of actual results to budgeted or prior-period results in order to identify any discrepancies. 6. Closing of the books: The books are closed by recording all transactions, adjusting entries, and adjusting the balance sheet and income statement accounts. There are two main types of period-end closing and analysis: internal and external. Internal period-end closing and analysis is conducted by the company's internal staff and is used to ensure accuracy and completeness of the company's financial data. External period-end closing and analysis is conducted by external auditors and is used to provide assurance of the accuracy and completeness of the company's financial statements.
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