Closing the books

At the end of an accounting period, controllers are responsible for closing the books to support an organization's financial and management reporting. Meeting this important responsibility requires establishing a detailed close-to-report process, using supporting systems and tools, and employing the appropriate accounting and technical skills.

The first step you can take to simplify this common practice is to streamline your process by identifying the common issues that a controller encounters during closing and reporting. Next, try using some tools to simplify the close process, such as a close checklist to identify key activities. You can also use an income statement and a balance sheet, which are the two most visible products of the close process and which, consequently, receive the most attention from management. Finally, Microsoft Office Excel 2003 training provides the information that you need to get the most out of these tools and applications.

  • Streamline the close process (Article)
    Learn the concepts that can help you take your close-to-report cycle to a higher level.
  • Close process checklist (Template)
    Use this checklist to track key activities at the end of the accounting period so that you can ensure a complete and timely close process.
  • Income statement (Template)
    Use this template to report operating results in an income statement, which is the most visible output from the close process.
  • Balance sheet with ratios and working capital (Template)
    Use this template to create a balance sheet, which is the second most visible output from the close process.
  • So that's how! Great Excel features (Training)
    Learn how to use Excel to increase your skills and get the most out of the program.
Applies to:
Excel 2003