Objectives:

By the end of the program, participants will be able to:

• Design and produce the Accounting and Finance Manual.
• Plan the required resources needed for the department.
• Establish authorities and duties in the department for maximizing efficiency and effectiveness.
• Achieve segregation of duties and internal controls in the department.
• Set comprehensive policies and procedures to streamline accounting operations.
• Acquire a reference explaining essential accounting assumptions and their application.
• Answer the questions: “who does what?” and “how to do it?” by formulating standard and reliable accounting processes.

The Content:

Designing the Accounting Manual

• Purpose of the Accounting Manual
• Authorities Assigned to Accounting Personnel
• Organization of the Accounting Manual

Accounting Department Setup Planning

• Planning for Proper Reporting
• Planning for Human Resources versus Software – HRVSS

Accounting Concepts and their Application

• Underlying Accounting Assumptions
• Accrual Basis of Accounting versus Cash Basis
• Going Concern Assumption
• System and Reliability of Measurement
• General Concepts of Assets, Liabilities, Income and Expense

Accounting Procedures General

• Setting Chart of Accounts
• Accounting Structure
• Exchange Rate Differences
• Accounts and Cost Centers
• Prepaid and Accrual Concepts and Treatments

Fixed Assets and Capitalization of Costs

• Treatment and Recording of Fixed Assets
• Depreciation of Fixed Assets
• Disposal of Fixed Assets
• Reports on Fixed Assets

Accounts Payables Policies

• Approving Suppliers for Purchases
• Receiving Invoices and Inventory
• Reports on Payables Due
• Payment Orders Processing

Production and Inventory Processing

• Recording of Production Costs
• Interdepartmental Transfers of Material
• Issuing Finished Goods

Accounts Receivables Policies

• Approving Clients
• Bank or Other Guarantees
• Recording Invoices
• Collection and Recording of Receipts

Other Accounting Policies

• Debit and Credit Notes
• Payroll Recording and Reporting

Reporting

• Essential Budgeting Policies
• Financial Statements Issuance Steps
• Financial Analysis and Comparisons to Budgets