Essay Example on Financial information is entered into the accounting System

Finance Department Financial information is entered into the accounting system so the company keeps safe all the necessary several types of information so as balanced sheets that summarizes the company's assets what it owns and owes and balance sheet reconciliation that give veracity to the report moving away from it any type of vices and giving clarity to the process As is a big company runs a lot of money through it and credit is part of it that's why credit checks are fully analyzed and carried by the finance operators so the company's credit history is benefiting further loans as the company frames a highly public record with any evictions reported bankruptcies tax liens or any judgements against it In accounting the monthly close is the processing of transactions journal entries and financial statements at the end of each month Under the accrual method of accounting it is imperative that the financial statements reflect only the transactions and journal entries having relevance to the current month s revenues and expenses and end of the month assets and liabilities 

Expressed another way the monthly close must achieve a proper cut off of each month s financial activities To ensure that the monthly financial statements are accurate and timely companies will use standard journal entries recurring journal entries and checklists for the tasks that must be completed If a company has inventories its monthly close will be more challenging as it will have to be certain that the costs are recorded in the same month as the goods are added to the inventories In short the accrual of expenses becomes immensely important when goods are received and are sold Another key step in the monthly close is to compare the amounts and percentages on the current financial statements to those of earlier months For example if the current income statement shows the cost of goods sold as 88 instead of the typical 81 the current month s amounts need to be reviewed before releasing the financial statements Often the comparison of the balance sheet amounts to those of earlier months will provide insight as to unusual amounts shown on the income statement Process Record daily operational financial transactions Reconciliation of accounting system modules subsidiary ledgers Record monthly journal entries Review of Revenue Expense Accounts Prepare Financial Statements Management review Close accounting systems for the month Entering Information its just to put the information into company system with The Source Documents General Journal General Ledger Trial Balance Source documents are the business forms that document all financial transactions of a business from buying a chair to selling a pencil Business forms include purchase orders receipts and invoices The actual specifics of business forms used by companies vary greatly Some companies require an unnecessary amount of paperwork to document a simple purchase order 

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