Overview A monthly departmental expense variance to budget or forecast meeting with accounting, is a useful tool used to proactively control expenses and support department manager accountability. In a budget only setting, a review of department expense performance is scheduled as a part of the financial close. As a part of the closing process, preliminary…
Introduction The mention of purchase orders (PO’s) as part of a company’s internal control toolkit always evokes numerous complaints that using PO’s un-necessarily complicates the purchase and payment cycle. Back in the day when POs were manually processed, not integrated with the ERP or not supported with robust review, approval or workflow functionality, these points…
An organized and controlled GL period close is essential to the completion of accurate financial statements. Accurate statements are critical in expense control analysis and support informed financial decisions. An accounting year is based on a number of accounting periods. Monthly accounting periods are the norm. Monthly accounting periods do not need to be based…
An organized and controlled GL period close is essential to the completion of accurate financial statements. Accurate statements are critical in expense control analysis and support informed financial decisions. An accounting year is based on a number of accounting periods. Though monthly accounting periods are usually the norm, accounting periods do not need to be…
Overview General Ledger, journal entries (JE’s) are made for a variety of reasons. For example, JE’s are used to record GL adjustments, accruals and recurring entries (e.g. depreciation or expense allocations). If external systems are used and not integrated with the GL (e.g. Payroll), JE’s can be used to enter the external system’s transactions into…