The Accounting Policies and Procedures Manual comes with 38 prewritten procedures, 54 forms, a sample accounting manual, and a free Embezzlement Prevention Guide. Altogether over 580 pages of content written by knowledgeable CPA's and technical writers, and reviewed by experts in the field. FINANCIAL POLICIES AND PROCEDURES RELATIONSHIP TO BY-LAWS These financial policies and procedures shall be implemented at all times consistently with the organization’s by-laws. FISCAL YEAR The fiscal year of the organization is July 1 through June 30. Budget Calendar. Key Differences Between Policies and Procedures. The difference between policies and procedures in management are explained clearly in the following points: Policies are those terms and conditions which direct the company in making a decision. Procedures are the sequential steps which direct the people for any activity. Accounting Policy Manual Table of Contents. The Accounting Policy Manual includes high-level policies and procedures to ensure that financial activity is recorded accurately and consistently across organizations, so that government-wide financial statements will comply with authoritative Governmental Accounting Standards Board (GASB) and legislative standards. All (Organization)’s staff with a role in the management of fiscal and accounting operations are expected to comply with the policies and procedures in this manual. These policies will be reviewed annually and revised as needed by the staff and approved by the Executive Director and Finance Committee of the Board of Directors.
Accounting Policies and Procedures Manual Introduction Issued: 13 -Feb-99 Page 1.3 Appmintr.doc 1.1 Purpose of the Manual 1.1.1.1 The purpose of this Manual is to set out the detailed policies and procedures to be used in accounting for the Government of Pakistan’s financial transactions.
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Updated September 26, 2017
Accounting policies and procedures are not one and the same thing, though workers in an office often confuse the two. Accounting policies represent the guidelines or rules that define what the accounting department expects in a given situation. By creating policies, the accounting department ensures that company rules and standards are maintained and adhered to in a consistent manner by all those affected. The procedure represents the how-side of the equation by defining the individual steps that ensure the company's accounting policies are maintained and internal controls are in place.
Define the Policy
When coming up with the accounting policy and procedure handbook used by accountants and others in the company, you must first define each rule or guideline as an individual policy that you want people to follow. Do not mix policies together, because it is too confusing. Accounting departments create cash-flow policies, travel reimbursement policies, petty cash policies, account payable policies or billing policies, just to name a few. The policy should define the rule -- known as the what -- and include who must adhere to it and why it must be adhered to. Policies and procedures are maintained as separate documents.
Write the Overview
Each policy must include an overview or summary of the guideline or rule. The overview comes first, with detailed information that includes the specifics. For instance, an accounting department might have a petty cash fund policy that details how much money will be made available for petty cash, the type of purchases it covers and the title of the person who is responsible for ensuring it is maintained properly. The policy doesn't list people's names, but rather the title or position in the company responsible for it.
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Outline the Procedures
Procedures are the step-by-step process by which individuals adhere to the company policy. For instance, an accounting department may set a cash-flow policy that specifies how much operating cash should be available at all times and what must occur if it is not available. But to ensure the policy is maintained, someone in the accounting department must complete bank account reconciliations. The bank reconciliation process has detailed steps on how to do the bank reconciliation to ensure the cash-flow policy is adhered to. To write the procedure, outline each step that must take place, including the titles of people who complete each step and what happens in the subsequent steps.
Number the Steps
Camera controller software. Write procedures in the order that the steps must occur. For example, using the bank reconciliation process, start with the first thing that needs to occur, such as: bank statements are to be given unopened to the accounting manager. Include the steps the accounting manager must perform before passing the actual reconciliation work to someone else in accounting. This could include such things as a quick review for check inconsistencies, payee names and more.
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Include a list of the titles in the accounting department with brief descriptions of the duties performed by each position in the company at the front of the policy and procedure manual. This helps create internal controls while ensuring separation of duties. Write policies on individual pages, creating a new page or set of pages for each policy. Each policy receives its own heading and title in the table of contents to make it easy for people to look them up. After the policy, include all the procedures on their own pages as backup. The table of contents may include the 'Cash Flow Policy,' as a main title with subheadings and their own pages that include 'Bank Reconciliations,' 'General Ledger Bank Account Reconciliations,' or any other procedures that apply to that specific policy.
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