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Accounting Training Guide A 35 page accounting training guide explains the basic concepts of accounting and bookkeeping, its structure, standards and definitions. 6. “How To” Policy and Procedure Manual Preparation A 41 page Procedure writing guide provides guidance on turning a policy manual template into your company’s Accounting Policies and Procedures manual. 7. Accounting Manual Keyword Index Easily find what you are looking for inside the Accounting Policy Manual using the 24 page accounting and bookkeeping Keyword Index. How to Create an SOP Standard Operating Procedure Template “I found the Bizmanualz Accounting Policies and Procedures manual to be an efficient way to build my new organization’s accounting manual in a short time. Adapting the specific policies and procedures to our needs was quite simple, and I saved a great deal of valuable time better spent elsewhere.” Bob Dodd, CPA, Controller Global Development Network Download the Accounting Policies and Procedures Manual Template Are you tasked with writing or updating your company’s Accounting Policies and Procedures Manual. Writing an accounting policy manual is easy with accounting standard operating procedure (SOP) templates from Bizmanualz. This download only product contains accounting policy examples in easily editable Microsoft Word Templates to make accounting policy template creation a quick, simple process. That’s right, customizing the content is really that easy (they are MS Office Word document template examples). And, best of all, you don’t have to start from scratch. Altogether the accounting procedure manual is comprised of over 720 Microsoft Word pages of example accounting policies written by knowledgeable CPA’s, bookkeepers, and technical writers, and reviewed by experts in the field. Looking for more? We also offer policies and procedures manual for accounting and financial control. Save 35% by purchasing all 5 included manuals.
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The Introduction alone is worth the price. The 26 page summary of basic accounting theory and concepts is the best concisely written description of an accounting system I have ever seen. If a company CEO can understand the material covered in that 26 page Introduction, then they will be able to discuss accounting issues as if they had a formal accounting education. The documents were clear and detailed, and yet still vague enough to allow tailoring to our individual company. However, I would liked to have seen something more from the visio flow diagrams. I felt that they could have reflected the overall processses more clearly.The documents were clear and detailed, and yet still vague enough to allow tailoring to our individual company. However, I would liked to have seen something more from the Visio flow diagrams. I felt that they could have reflected the overall processes more clearly.Adapting the specific policies and procedures to our needs was quite simple, and I saved a great deal of valuable time better spent elsewhere. I was able to write policies and procedures for the company without excuses. Easy to follow and straight forward guidelines. Add a review Cancel reply Your email address will not be published. The Importance of an Updated Fire Safety Manual In Any Workplace How To Run a Successful Business with Remote Employees What Is a Policies and Procedures Manual. What are SOX Accounting Policies and Procedures. What Systems Does a Business Need. REPORTS A) Board Reports 13 B) Internal Reports 14 C) Funding Sources Report 15 D) Cash Flow Reports 16 E) Tax Reports 17 IV. CASH A) Cash Receipts 18 B) Petty Cash 20 C) Bank Account Reconciliations 23 V. ACCOUNTS RECEIVABLE A) Invoice Billing and Accounts Receivables 24 VI. PAYROLL A) Payroll Processing, New Hires and Terminated Employees 46 B) Timesheets 48 C) Administrative Salaries Allocation Procedures 49 VIII.
COST ALLOCATION PLAN A) Direct Expense 49 B) Indirect Expense 51 September, 2013, As Modified In 2014 Page 2 of 70 ATTACHMENTS A) Attachment (1) - Asset Disposition Form 68 September, 2013, As Modified In 2014 Page 3 of 70 To provide a planned guidance for the expenditures of funds. This procedure applies to all divisions in the organization. Thereafter, the school superintendent will present the FSP budget to the school s Education Committee for approval. Annually in June, the Board s Education Committee chairman will present the FSP budget to the Board for approval, or as may otherwise be established by the Board. 3.0 After the Programs have completed their individual budgets, the CFO, Controller, and respective program directors will present the budget to the President and CEO for approval. The target date for the completion of No. 3.0 is June of each year. 4.0 The CFO will provide the Finance Committee with the Consolidated budget for the upcoming fiscal year. The target date for completing No. 5.0 is July of each year, or as may otherwise be established by the Board. 6.0 Budgets will be entered into the system no later than 30-days after they have been approved by the Board. 7.0 As necessary, budget amendments will be presented to the Board for approval and once approved, entered into the system within 30-days. 8.0 Monthly, a comparison of budget versus actual results will be communicated to the Board as part of AAMA s financial statements. September, 2013, As Modified In 2014 Page 4 of 70 To provide the method for assignment and maintenance of the organization's chart of accounts. This procedure applies to all ledger accounts used in the accounting department. Chart of Accounts - A listing of all the account titles and numbers being used by an organization is called a chart of accounts. Procedure: 1.0 DESIGN OF ACCOUNTS 1.1 Accounts have titles and numbers that indicate specific ledger accounts such as Cash in Checking, Furniture, Accounts Payable-Trade, etc.
1.2 Accounts are arranged in the same sequence in which they appear in the financial statements, that is, asset accounts should be numbered first, followed by liability accounts, owner's equity accounts, revenue accounts and expense accounts as follows: Asset Accounts Liability Accounts Net Assets Accounts Revenue Accounts Expense Accounts Non-Operation Prior Year A sub-division among the balance sheet accounts is also designated by short term to long term, (i.e. current assets precede long term assets and current debt precedes long-term debt accounts). Further, accounts are numbered so that expense amounts are recorded according to the department that is accountable for the cost and the nature of the cost. Unassigned number sequences should be left open within each group of accounts to provide for additional accounts which may be added later. 1.3 Accounts are numbered using a two digit sequence for fund, a three digit sequence for program and a five digit sequence for general ledger account. Below is a general description of the meaning of the numbers in the organization's chart of accounts. 2.0 DESCRIPTION AND DEFINITION OF ACCOUNTS September, 2013, As Modified In 2014 Page 5 of 70 Definitions are concise and meaningful. ASSETS The definition tells the user what can be recorded in a specific numbered account. Since the definitions are reference sources, they are developed for quick and easy lookup. The account number and name are on one line. Definitions are as follows: CASH AND MARKETABLE SECURITIES ACCOUNTS Petty Cash Includes the petty cash fund held by the custodians. This account is used only when a new fund is initiated or an existing fund is terminated Cash in Checking Includes all cash held in the operating bank account. All withdrawals by check and deposits are recorded here.
The reported balances are supported by a bank reconciliation prepared monthly Marketable Securities Include debt securities such as government and corporate bonds and equity securities such as common and preferred stock acquired with cash that is not immediately needed in operations RECEIVABLES Accounts Receivable Short-term receivables generated from services and other activities Inter-company Transfers Accounts Receivable Other Allowances for Uncollected Accounts The estimated accrual for bad debts that will result from the current period's activities PREPAID EXPENSE ACCOUNTS Prepaid Insurance The current portion of insurance premiums paid by the organization to cover for future periods. September, 2013, As Modified In 2014 Page 6 of 70. LIABILITY ACCOUNTS CURRENT LIABILITY ACCOUNTS Accounts Payable Balances owed to others for goods, supplies and services purchased on open accounts Notes Payable Short Term September, 2013, As Modified In 2014 Page 7 of 70 Also, the portion of the principal of long-term debt that will be repaid during the next year Payroll Taxes Payable Represents the amount of employees payroll taxes withheld and employer's taxes due on employees payroll that have not yet been deposited Wages and Salaries Payable The amount of wages or salaries earned for time worked but not yet paid as of the period being reported LONG-TERM LIABILITY ACCOUNTS 2310 Bank Loan Represents the amount of debt principal that is to be repaid after the next twelve month period. NET ASSETS ACCOUNTS Net Assets Represents the organization s cumulative net increases and decreases to date REVENUE ACCOUNTS Revenue from services performed EXPENSE ACCOUNTS Cost of goods and services. (See INTRANET for Chart of Accounts) September, 2013, As Modified In 2014 Page 8 of 70 To record, adjust and correct transactions to maintain the accuracy of the general ledger and ensure the reliability of the organization s financial statements.
This policy applies to all accounting personnel with involvement in recording accounting transactions. Procedure: 1.0 POSTING TRANSACTIONS AND JOURNALS 1.1 The computerized accounting system aids in the maintenance of journals and posting of transactions to general ledger accounts. The following functions are performed on a monthly basis to update the general ledger for the month's activities: a. All transactions are required to have proper coding at minimum to the individual fund, program, grant and general ledger codes. All check requests must be on the proper division coding sheets. Return any incorrectly coded check requests to the originator. b. All activities recorded in journals will be posted to the general ledger using the computerized posting feature. These journals include: Cash Journal Revenue Journal Expenditure Journal c. The recurring adjusting journal entries will be posted via Journal Vouchers. Recurring journal entries will be established for adjustments that occur equally each monthly accounting period. Recurring journal entries can include the following: Amortization of prepaid expenses Depreciation of Fixed Assets Recurring journal entries are reviewed monthly and adjusted accordingly. d. Adjusting journal entries are prepared for transactions that have not been recorded in other journals or to correctly restate account balances to accurate amounts. The need to make adjusting journal entries may be due to any of the following: Accrual of income and expense items Correction of errors Recording of non-cash transactions September, 2013, As Modified In 2014 Page 9 of 70. Adequate supporting documentation will be prepared and maintained for each journal entry. 2.0 TRIAL BALANCE 2.1 After posting all journals and adjusting entries, a trial balance is printed. The trial balance is reviewed to ensure that the general ledger is in balance. Next, all control accounts in the general ledger are reconciled to subsidiary ledgers.
September, 2013, As Modified In 2014 Page 10 of 70 To describe the process and requirements for preparing journal entries. All journal entries made to general ledger system. Procedure: This policy assures that all journal entries are properly prepared, reviewed, authorized, and posted. This policy requires: 1. All journal entries are to be signed by both the preparer and reviewer prior to posting. 2. Person(s) preparing a journal entry cannot approve the same journal entry. 3. All journal entries should have supporting documentation and a description that fully explains the nature of the entry and amounts being recorded. 4. All journal entries have to be properly processed prior to closing the accounting period. 5. All posted journal entries and related documentation should be maintained in an accessible file for review by management and external auditors, if necessary. 1.0 JOURNAL ENTRY PREPARATION, REVIEW, AND PROCESSING 1.1 The person preparing a journal entry is responsible for reviewing all detailed supporting documents and ensuring they are accurate prior to preparation. 1.2 The person preparing a journal entry is responsible for explaining the reason to justify the journal entry and the basis used in preparing the journalentry. This includes ensuring that the debits and credits on the journal entry are in balance. The system will not allow one sided entries. 1.3 Before any journal entry is processed in the accounting system, a Journal Entry Form must be filled out completely and conform to the following requirements: All fields must be filled out completely. Entry type must be specified. The Period section must be completed. The preparer must initial in the Entered By section. The preparer must date the journal entry form. The journal entry number must be filled out in order to process the journal entry through the accounting system.
September, 2013, As Modified In 2014 Page 11 of 70 Documentation must be attached to the Journal Entry to support the entry being made. 1.4 Once the Journal Entry Form has been completed and supporting documents attached, the preparer will record the journal entry in the accounting system. The Unposted General Ledger Transaction Report will be printed and attached to the journal entry. 1.5 The journal entry will be submitted for review and approval. 2.0 JOURNAL ENTRY REVIEW AND APPROVAL 2.1 Approval of journal entries is limited to an accounting department staff that is at least one level higher in the organization than the preparer. September, 2013, As Modified In 2014 Page 12 of 70 To describe the process for preparing the necessary board reports. Reports presented to the Board of Directors. Procedure: 1.0 DESCRIPTION OF REQUIRED REPORTS 1.1 Financial Summary Reports consists of Summary Income Statements, including review of revenues and expenses. 1.2 Cash, Accounts Receivable and Accounts Payable Snapshot Report consists of summary data noting Cash balances, Accounts Receivable and Accounts Payable for each program and on a consolidated basis. 1.3 Budget Variance Report consists of variance analysis of each program s actual revenue and expenses compared to budgeted revenue and expenses including a brief explanation for cause of variance. 1.4 Reports requiring Board approval are recorded in the Board minutes. Final Audit reports will be presented to the Board by the Audit firm partner and finance committee for review and approval. Audit will conform to GAAP guidelines and requirements by grant or government funding sources. IRS 990 will be presented to the Board for review before final submission to the IRS. 2.0 TIMING OF REPORTS 2.1 Board reports must be available for the monthly Board of Directors meeting held on the first Friday of each month.
To ensure that the monthly financial statements are timely, it is essential that they be completed and issued by the 6 th work day of each month for all months except August. For the month of August, we leave the books open for an additional two (2) work days. September, 2013, As Modified In 2014 Page 13 of 70 To describe the process for preparing the necessary accounting and other internal reports. Reports that provide the framework to ensure all transactions have been posted with considerable accuracy. Procedure: 1.0 DESCRIPTION OF REQUIRED REPORTS 1.1 Trial Balance 1.2 General Ledger 2.0 TIMING OF REPORTS 2.1 These reports must be prepared prior to beginning the work on the Board reports. Thus, these reports must be completed by the 6 th business day of the month. There will be exceptions to this deadline if information from the different departments is not submitted to accounting by the 2 nd work day of the month and at the end of the fiscal year to ensure accuracy of the financial data at yearend. September, 2013, As Modified In 2014 Page 14 of 70 To describe the process for preparing the necessary reports required by the organization's funding sources. Reports that are required by the funding sources. It is essential that the accounting staff verify the required due dates and ensure that these reports are submitted timely. September, 2013, As Modified In 2014 Page 15 of 70 To describe the process for ensuring that adequate cash flow is on hand. Reports that analyze the receipts and disbursement aspects of the organization. Procedure: 1.0 DESCRIPTION OF REQUIRED REPORTS 1.1 Cash and Cash Equivalents Schedule 2.0 TIMING OF REPORTS 2.1 This report is produced monthly. September, 2013, As Modified In 2014 Page 16 of 70 To describe the process for ensuring that the required tax reports are submitted timely.
Reports that provide the federal and state governments with the required information on the organization s tax withholding and payments and other pertinent information. Procedure: 1.0 DESCRIPTION OF REQUIRED REPORTS 1.1 Form 941 Quarterly Payroll Tax Reports 1.2 Annual Form 990 Tax Return This report will be presented to the Board for review before submitting to IRS. 1.3 Annual Form W-2 and Form 1099 submissions 1.4 TWC State Reports 1.5 Form TIMING OF REPORTS 2.1 Tax reports have different due dates and cycles. September, 2013, As Modified In 2014 Page 17 of 70 Cash deposits are made within twenty four hours of receipt. To establish the procedures according to generally accepted accounting principles to be followed for separation of duties regarding the receiving, documenting, applying and depositing of Federal, State, County and Local cash receipts. This procedure applies to all cash receipts received by the organization. Procedure: 1.0 RECEIVING 1.1 The mail clerks open and review contents in the envelopes for their records. The mail clerk will then hand carry the envelopes to the accounting department. 1.2 The accounting department totals daily cash receipts and count the number of checks. There should always be backup documentation for all checks and should be stapled to the checks and the envelopes should be discarded. No check should be withheld from daily deposit unless it is legally imperfect. The Financial Analyst gathers endorsed checks and prepares deposit slips to be taken and deposited to the organization s authorized bank by the Accounts Receivable Clerk. 2.3 Accounts Receivable uses the photocopy of the checks and customer remittance to apply the cash to the corresponding grants and the payments to the Accounts Receivable ledger.