The Year-End Closing Process


August 26, 2020
9:00 AM - 11:30 AM
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This program provides a basic overview of the year-end closing process for governmental entities and what it takes to close the books successfully each year in preparation for your audit. The program will address the definition of significant deficiency and material weakness in internal control. It will help you learn what is expected of the finance staff vs. what the auditors can help with and when they can help. In addition, it will discuss some best practices that you can practically apply to improve your close process.  The session will also cover key GASBs that impact year end closing (GASB 54, 68, 75, 84).  Here are some of the topics that will be covered:

  • Terminology
  • Bank reconciliations and related adjustments
  • Investments adjustment to fair value
  • Setting up accounts payable
  • Accruals - explanations, definitions, calculation and recording:

o   Revenue; Payroll; Interest receivable/payable;Compensated absences; Self-insuranceliabilities; Lawsuits or general liability claims

  • Due to’s/from’s and Transfers In/Out
  • Capital assets and depreciation
  • Balance sheet analysis
  • Revenue and expenditure analysis
  • Analysis of budget v actual
  • Grant revenue recognitions (GASB 33)
  • GASB 34 Fund / Adjustments
  • GASB’s 54, 68, 75, 84
  • AJE’s and Reversing AJE’s
  • Planning for the audit
  • Building blocks throughout the year