The close the books process primarily covers the accounting activities surrounding the closing of the general ledger and all associated ledgers for each accounting period. Activities for closing the books vary significantly from one company to the next. This particular sample shows the close the books process organized by day-to-day activities.
This document can be used as a general guide to understand and review the close the books processes. Organizations should continuously update and monitor the processes included in this document to ensure that it reflects business operations.
Processes in this sample 15 day process flow include:
- PCard Excel spreadsheet submitted to field locations
- Revenue accruals are booked in accounting system
- Completed PCard Excel spreadsheet due back at corporate
- Petty cash batches and bank statements due by noon to corporate
- All payables batches are posted to accounting system by end of day