
<p class="wp-block-paragraph"> Hello Dear CA Students,</p>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<p class="wp-block-paragraph"><em>We are Sharing With You to Learn Accounting Closing Procedure in 16 Steps Only . So kindly Check Out our www.castudynotes.com website and ALL the Best for Your upcoming Exams.</em></p>
<cite>CA STUDY NOTES</cite></blockquote>


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<h2 class="wp-block-heading"><strong><em>Accounting Closing Procedure – 16 Steps</em></strong></h2>



<h2 class="wp-block-heading has-highlight-color has-text-color has-link-color wp-elements-dec7d6dedb2fa79a5921a1330e21f746"><strong><span style="text-decoration: underline;">Balance Sheet Side</span></strong> </h2>



<p class="wp-block-paragraph"><strong>Step # 1</strong> Bank Reconciliation </p>



<p class="wp-block-paragraph">Ø ;If possible do it on a weekly basis. </p>



<p class="wp-block-paragraph"><strong>Step # 2</strong> Accounts Receivable </p>



<p class="wp-block-paragraph">Ø ;Purpose: To Ensure Completeness. </p>



<p class="wp-block-paragraph">Ø ;Month over month customer Analysis </p>



<p class="wp-block-paragraph">Ø ;Reconcile to the sub-ledger.</p>



<p class="wp-block-paragraph"> Ø ;Examine Accounts Receivable Aging </p>



<p class="wp-block-paragraph"><strong>Step # 3</strong> Reconcile Prepaid Expenses </p>



<p class="wp-block-paragraph">Ø ;Prepare Excel file for your prepaid expenses’ recognitions. </p>



<p class="wp-block-paragraph">Ø ;Amortize the prepaid expenses at the time of Actual transactions happened or required to booked, </p>



<p class="wp-block-paragraph"><strong>Step # 4</strong> Inventories </p>



<p class="wp-block-paragraph">Ø ;Perform month-end reconciliation between books and the warehouse report. </p>



<p class="wp-block-paragraph">Ø ;Review for obsoletes and expired Inventories. </p>



<p class="wp-block-paragraph"><strong>Step # 5</strong> PP&;E (Property, Plant &; Equipment) </p>



<p class="wp-block-paragraph">Ø ;Review for large purchase </p>



<p class="wp-block-paragraph">Ø ;Run Depreciation </p>



<p class="wp-block-paragraph">Ø ;Review for obsolete items for possible write off. </p>



<p class="wp-block-paragraph"><strong>Step # 6</strong> Accounts Payable</p>



<p class="wp-block-paragraph"> Ø ;Ensure all vendors Invoices are Received and recorded properly. </p>



<p class="wp-block-paragraph">Ø ;Reconciliation Trial Balance to Sub ledger </p>



<p class="wp-block-paragraph">Ø ;Review AP aging report </p>



<p class="wp-block-paragraph"><strong>Step # 7</strong> Credit Card Reconciliations</p>



<p class="wp-block-paragraph"> Ø ;Reconcile the balance on the books to the credit card statement.</p>



<p class="wp-block-paragraph"> Ø ;If possible, reconcile the transactions on monthly basis. </p>



<p class="wp-block-paragraph"><strong>Step # 8</strong> Accrued Expenses </p>



<p class="wp-block-paragraph">Ø ;Maintain an Excel file for your Accrued expenses. </p>



<p class="wp-block-paragraph">Ø ;Check whether past accruals should be reversed. (If vendor Invoice was received) </p>



<p class="wp-block-paragraph"><strong>Step # 9</strong> Unearned Revenue</p>



<p class="wp-block-paragraph"> Ø ;Maintain an Excel table showing Breakdown by customer. </p>



<p class="wp-block-paragraph">Ø ;Review table on a monthly Basis. </p>



<p class="wp-block-paragraph"><strong>Step # 10</strong> Long Term Debt </p>



<p class="wp-block-paragraph">Ø ;Maintain an Excel table showing loans outstanding &; reconcile it to lender statement. </p>



<p class="wp-block-paragraph">Ø ;Check to see if you need to Accrue the Interest you owe. </p>



<h2 class="wp-block-heading has-highlight-color has-text-color has-link-color wp-elements-f36a376d3735855b97c68cea38f936d9"><strong><span style="text-decoration: underline;">Profit &; Loss Side</span></strong> </h2>



<p class="wp-block-paragraph"><strong>Step # 11</strong> Revenue Accrual </p>



<p class="wp-block-paragraph">Ø ;Download revenue by customer. Examine whether adjustments are needed. </p>



<p class="wp-block-paragraph"><strong>Step # 12</strong> Expense Accrual </p>



<p class="wp-block-paragraph">Ø ;Review a list of Expense GL Accounts and look for account Types that might require An accrual adjustment. </p>



<p class="wp-block-paragraph"><strong>Step # 13</strong> Review Open Purchase Orders (PO) </p>



<p class="wp-block-paragraph"><strong>Step # 14</strong> Actual Vs. Budget </p>



<p class="wp-block-paragraph"><strong>Step # 15</strong> Period over Period comparison </p>



<p class="wp-block-paragraph"><strong>Step # 16</strong> Lock the period.</p>



<p class="wp-block-paragraph"></p>


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