Course Objectives
- Design and produce a model accounting manual
- Plan the required resources needed for the department
- Apply accounting concepts and International Financial Reporting Standards
- Set the chart of accounts in details to suit the business model
- Create comprehensive policies and procedures to streamline accounting for fixed assets
- Develop policies and processes for current assets and current liabilities
- Formulate reporting requirements as per International Financial Reporting Standards
Course Outlines
Day 1
Designing accounting manual
- Manual purpose and organization
- Financial authorities and responsibilities
- Process mapping chart: basic Icons
Accounting department setup
- Planning for proper reporting
- Planning for Human Resources Versus Software – HRVSS
Day 2
Accounting concepts and their application
- Underlying accounting assumptions
- Accrual basis versus cash basis
- System and reliability of measurement
- Concepts of assets, liabilities, income, and expense
Chart of accounts
- Setting up a chart of accounts
- Accounts and cost centers
- System structure
- Exchange rate differences
- Prepaid and accrual concepts and treatments
Day 3
Long term assets
- Assets capitalization costs
- Depreciation, amortization, and depletion
- Impairment of assets
- Disposal of assets
Liabilities
- Approving suppliers for purchases
- Receiving invoices and inventory
- Accruals
- Dividends payable
- Payment orders processing
Day 4
Accounts receivables policies
- Approving clients
- Bank or other guarantees
- Recording invoices
- Collections
- Allowance for doubtful debts
Other accounting policies
- Debit and credit notes
- Payroll recording and reporting
Day 5
Reporting
- Essential budgeting policies
- Financial statements process
- Financial analysis
