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Financial Statement Analysis
For
Small Businesses
A Resource Guide
Provided By
Virginia Small Business Development Center Network
(Revised for the VSBDC by Henry Reeves 3/22/2011)
Contents
Topic
Page
Introduction
3
Importance of Financial Statements
4
Collecting and Managing Data
5
The Income Statement
7
The Balance Sheet
9
Reconciliation of Equity or Statement of Changes in Stockholder Equity
12
Statement of Cash Flows
12
Notes to Financial Statements
13
Financial Ratios – Explanation
13
Key Terms and Concepts
20
Financial Statements as a Management Tool
24
Three Case Studies
32
Figure 1: Summary Table of Financial Ratios
36
Figure 2: K-L Fashions, Inc. Financial Statements
38
Figure 3: Breakeven Analysis
46
Figure 4. - Sample Cash Flow Statement (without numbers):
47
Conclusion
48
Sources of Financial Analysis Information
49
Introduction
Financial statements provide small business owners with the basic tools for determining how well their operations perform at all times. Many entrepreneurs do not realize that financial statements have a value that goes beyond their use as supporting documents to loan applications and tax returns.
These statements are concise reports designed to summarize financial activities for specific periods. Owners and managers can use financial statement analysis to evaluate the past and current financial condition of their business, diagnose any existing financial problems, and forecast future trends in the firm’s financial position.
Evaluation pinpoints, in financial terms, where the firm has been and where it is today. Diagnosis determines the causes of the financial problems that statement analysis uncovers and suggests solutions for them.
Forecasts are valuable in statement analysis for two reasons: You can prepare forecasts that assume that the basic financial facts about a company will remain the same for a specified period in the future. These forecasts will illustrate where you're likely to stand if the status quo is maintained. Or, you can gain insights into the impact of certain business decisions by calculating the answers to “what if” questions. When you test the consequences of changes you’re contemplating, or that may occur because of changing market conditions or customer tastes, for example, you achieve a greater understanding about the financial interrelationships at work in a business.
The two key reports for all sizes and categories of business are the Balance Sheet and the Income Statement. The Balance Sheet is an itemized statement that lists the total assets and the total liabilities of a business, and gives its net worth on a certain date (such as the end of a month, quarter, or year). The Income Statement records revenue versus expenses for a given period of time.
Regular preparation and analysis of financial statement information helps business managers and owners detect the problems that experts continue to see as the chief causes of small busi ...
An Insight to Bank Reconciliation & Its SignificanceCogneesol
Finding reconciliation of accounts a tough job? Get in touch with Cogneesol today as we can help you reconcile your accounts in a far better organized, and inexpensive manner.
Financial Statement Analysis
For
Small Businesses
A Resource Guide
Provided By
Virginia Small Business Development Center Network
(Revised for the VSBDC by Henry Reeves 3/22/2011)
Contents
Topic
Page
Introduction
3
Importance of Financial Statements
4
Collecting and Managing Data
5
The Income Statement
7
The Balance Sheet
9
Reconciliation of Equity or Statement of Changes in Stockholder Equity
12
Statement of Cash Flows
12
Notes to Financial Statements
13
Financial Ratios – Explanation
13
Key Terms and Concepts
20
Financial Statements as a Management Tool
24
Three Case Studies
32
Figure 1: Summary Table of Financial Ratios
36
Figure 2: K-L Fashions, Inc. Financial Statements
38
Figure 3: Breakeven Analysis
46
Figure 4. - Sample Cash Flow Statement (without numbers):
47
Conclusion
48
Sources of Financial Analysis Information
49
Introduction
Financial statements provide small business owners with the basic tools for determining how well their operations perform at all times. Many entrepreneurs do not realize that financial statements have a value that goes beyond their use as supporting documents to loan applications and tax returns.
These statements are concise reports designed to summarize financial activities for specific periods. Owners and managers can use financial statement analysis to evaluate the past and current financial condition of their business, diagnose any existing financial problems, and forecast future trends in the firm’s financial position.
Evaluation pinpoints, in financial terms, where the firm has been and where it is today. Diagnosis determines the causes of the financial problems that statement analysis uncovers and suggests solutions for them.
Forecasts are valuable in statement analysis for two reasons: You can prepare forecasts that assume that the basic financial facts about a company will remain the same for a specified period in the future. These forecasts will illustrate where you're likely to stand if the status quo is maintained. Or, you can gain insights into the impact of certain business decisions by calculating the answers to “what if” questions. When you test the consequences of changes you’re contemplating, or that may occur because of changing market conditions or customer tastes, for example, you achieve a greater understanding about the financial interrelationships at work in a business.
The two key reports for all sizes and categories of business are the Balance Sheet and the Income Statement. The Balance Sheet is an itemized statement that lists the total assets and the total liabilities of a business, and gives its net worth on a certain date (such as the end of a month, quarter, or year). The Income Statement records revenue versus expenses for a given period of time.
Regular preparation and analysis of financial statement information helps business managers and owners detect the problems that experts continue to see as the chief causes of small busi ...
An Insight to Bank Reconciliation & Its SignificanceCogneesol
Finding reconciliation of accounts a tough job? Get in touch with Cogneesol today as we can help you reconcile your accounts in a far better organized, and inexpensive manner.
Want to take your business to the next level? #Outsourcing #BankReconciliation might be the answer! With reduced costs, improved accuracy, and more time on your hands, outsourcing reconciliation allows you to focus on achieving your business goals.
A bank account reconciliation statement makes a comparison between your company’s balance sheet and bank account. Generally, the cash balance mentioned on your balance sheet must be matched with the bank statement. If there are any differences, the bank account reconciliation process will make your cash records error-free. Now, the question arises, why there might be differences between bank statements and accounting records? Well, there can be various reasons why this happens, including:
• Your company has recorded cash and cheques but they are still in transit.
• Cheques have been deposited but they have not been processed yet.
• Interest has been paid by the bank into the bank account.
• Fraud or banking errors have been encountered.
• A client doesn’t have enough funds for their cheques to clear.
Specialized accounting software can be used to reduce the chances of facing these types of issues, but it is also a good idea to reconcile your bank accounts every now and then to maintain your business books.
chapter 4Cash, Receivables, and ControlsLearning Goals.docxrobertad6
chapter 4
Cash, Receivables, and Controls
Learning Goals
• Define cash and cash equivalents.
• Know cash control principles and concepts.
• Prepare the bank reconciliation and related adjusting entries.
• Know how to establish and control a petty cash system.
• Understand the accounting concepts and methods pertaining to receivables.
• Master basic calculations and accounting techniques for notes receivable.
Copyright Barbara Chase/Corbis/AP Images
waL80144_04_c04_089-110.indd 1 8/29/12 2:43 PM
90
CHAPTER 4Section 4.1 Concepts of Cash
Chapter Outline
4.1 Concepts of Cash
Cash Management and Control
4.2 Bank Reconciliations
4.3 Petty Cash Funds
4.4 Accounts Receivable
4.5 Direct Write-Off Method
Allowance Techniques for Uncollectible Accounts
Writing Off an Account Against an Allowance
Formalized Receivables and Notes
Credit and Debit Card Transactions
Cash is an interesting asset. It is usually not the most important asset a company pos-sesses, and it is not a very productive asset. However, try to operate without it, and
the results are usually and quickly fatal. It is the accepted medium of exchange and rep-
resents the “blood supply” to keep the business functioning. Therefore, proper cash man-
agement and control is highly important to business success.
4.1 Concepts of Cash
Cash includes currency, coins, bank demand deposits that can be freely withdrawn, undeposited checks from customers, and other items that are acceptable to a bank
for deposit. Some items may seem like cash but are not classified that way: certificates of
deposit, IOUs, stamps, and travel advances. These later items are reported as investments,
supplies, or other more descriptive classifications.
Some companies will expand their reporting of cash to include cash equivalents. These
are very short-term (usually interest-earning) financial instruments like government Trea-
sury bills. They are typically deemed secure and will convert back into cash within 90
days. They are close enough to cash that they are considered to be available to satisfy
obligations, and proper cash management strategies tend to discourage hoarding of large
pools of unproductive currency deposits.
Cash Management and Control
Cash management requires a proper balancing to maintain sufficient cash to meet obli-
gations as they come due and to make sure that idle cash is invested to generate returns
on business assets. Larger organizations may create the position of treasurer whose job
is to manage the business’s cash flows. This person may be responsible for preparing a
cash budget, which is a major component of the cash-planning system. It anticipates and
waL80144_04_c04_089-110.indd 2 8/29/12 2:43 PM
91
CHAPTER 4Section 4.1 Concepts of Cash
depicts cash inflows and outflows for a stated period of time. This tool helps identify and
adjust for anticipated periods of cash deficits or surpluses.
Based on advance knowledge gained via the cash-budge.
Chapter 3
The Accounting System
Learning Objectives
• Understand the need for and general characteristics of a proper accounting system.
• Understand accounts and how they are impacted by the debit/credit rules.
• Know how to prepare journal entries to describe the effects of transactions and events.
• Post accounts to the general ledger and prepare a trial balance.
• Apply features and tools that are used to enhance and improve accounting systems
and processes.
Martin Barraud/OJO Images/Getty Images
eps81189_03_c03.indd 37 12/20/13 8:49 AM
CHAPTER 3Section 3.1 Exploring Accounting Systems
Chapter Outline
Introduction
3.1 Exploring Accounting Systems
3.2 Chart of Accounts
3.3 Accounts and Debits/Credits
Debit and Credit Rules
T-Accounts
3.4 Transaction Analysis
Critical Thinking About Transaction Analysis
An Applied Example of Transaction Analysis
3.5 General Journal
Posting the General Ledger
Review of the Sequence of Transaction Recording
A Balanced Trial Balance: No Guarantee of Correctness
Special Journals
3.6 Source Documents
3.7 Thinking About Automation
3.8 Critical Thinking About Debits and Credits
Introduction
Exhibit 2.5 shows how transactions systematically impact the accounting equation and resulting financial statements. Although this system works fine as an introduction to
the accounting equation, it is not adequate for managing an actual business. Too many
transactions originate in too many places for a single tabulation to capture all business
activity reliably. Many small businesses have tried to use a simple schedule or spreadsheet
to record and process all their activities; however, chaos quickly rules. A more complete
and controlled accounting system is needed to manage today’s complex businesses. In
this chapter, we will explore the design and use of modern accounting practices.
3.1 Exploring Accounting Systems
Large and successful healthcare businesses have invariably developed robust account-ing information systems. This suggests that the pathway to business success entails
more than just providing excellent medical services. It also entails thoughtful develop-
ment of well-designed accounting information systems. It is far better to establish a proper
system at the outset of launching a healthcare business than to come back later and try to
repair an inadequate system. By the time a business discovers that its system is deficient,
it is often too late. The business may well have lost control of necessary information for
proper business management. The results are often disastrous.
eps81189_03_c03.indd 38 12/20/13 8:49 AM
CHAPTER 3Section 3.2 Chart of Accounts
This naturally leads you to wonder about the core elements of a proper system. Clearly,
the accounting system must provide a basis for preparing financial statements. This is the
end objective and reflects the aggregation of all activity. Thus, the goal of an accounting
system is to process transactions and events ...
chapter 8Responsibility Concepts and Sound Decision-Maki.docxchristinemaritza
chapter 8
Responsibility Concepts and Sound
Decision-Making Analytics
Learning Objectives
• Understand concepts in responsibility accounting.
• Be able to provide a framework for rational business decision making, and understand
how to apply these concepts for specific types of situations.
• Apply capital budgeting methods and discounted cash flow concepts.
• Know how to make proper long-term investment decisions.
istockphoto
waL80281_08_c08_189-212.indd 1 9/25/12 1:03 PM
CHAPTER 8Section 8.1 Responsibility Accounting Concepts
Chapter Outline
8.1 Responsibility Accounting Concepts
Accumulation of Information to Match Centers
Management by Exception
Rational Decision Making
Sunk Costs
8.2 A General Framework for Making Sound Business Decisions
Applying the General Framework to an Example: Bulk Orders
Applying the General Framework to an Example: Offshoring
8.3 Capital Expenditures
Future Value
Annuity
Present Value
8.4 Making Decisions About Long-Term Investments
Net Present Value
Internal Rate of Return
Simpler Capital Budgeting Methods
Recap of Using Capital Budgeting Tools for Decision Making
8.1 Responsibility Accounting Concepts
In general, managers should be held accountable for the results of their decisions and business execution. Without accountability based on performance-related feedback, the
business will not perform at its best, and areas in need of improvement may not be iden-
tified on a timely basis. Business feedback is often based on financial results. You have
already seen how budgets and variances are used to help identify areas for improvement.
Because managers are accountable for their decisions, actions, and outcomes, their perfor-
mance measures should align around the department, product, division, or other business
for which they are responsible. In other words, the attribution of responsibility tends to
follow the organizational structure of the business.
Sometimes, a business has a highly dispersed design, with decisions nested with lower
level managers. Other businesses generate decisions only at the upper levels, and
lower level personnel are basically charged with execution of defined actions. Proper
implementation of responsibility accounting concepts stipulates that performance mea-
sures be aligned with the business organization structure. In other words, accountability
should map to responsibility. Proper design of performance measurement systems there-
fore requires that the management accountant carefully consider the organizational struc-
ture. Sometimes performance measures are only appropriate on an aggregated basis, such
as where the organization is structured as a top–down, command-and-control, central-
ized decision-making entity. As lower level managers are given increased authority, so
too should the accountability system be modified to provide more disaggregated perfor-
mance measures. Although quite logical, this presents measurement challenges.
waL80281_ ...
Account Reconciliation Why is Matching Your Records Crucial.pdfKaranBhalla36
Businesses work best when their finances are in order. Account reconciliations are likely to be performed regularly, regardless of the size of your firm. Automation solutions can help to simplify this critical procedure. We’ll go through everything you need to know about account reconciliation, the reconciliation process, and the tips to speed up and automate the process.
B2B payments are rapidly changing. Find out the 5 key questions you need to be asking yourself to be sure you are mastering B2B payments today. Learn more at www.BlueSnap.com.
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
Want to take your business to the next level? #Outsourcing #BankReconciliation might be the answer! With reduced costs, improved accuracy, and more time on your hands, outsourcing reconciliation allows you to focus on achieving your business goals.
A bank account reconciliation statement makes a comparison between your company’s balance sheet and bank account. Generally, the cash balance mentioned on your balance sheet must be matched with the bank statement. If there are any differences, the bank account reconciliation process will make your cash records error-free. Now, the question arises, why there might be differences between bank statements and accounting records? Well, there can be various reasons why this happens, including:
• Your company has recorded cash and cheques but they are still in transit.
• Cheques have been deposited but they have not been processed yet.
• Interest has been paid by the bank into the bank account.
• Fraud or banking errors have been encountered.
• A client doesn’t have enough funds for their cheques to clear.
Specialized accounting software can be used to reduce the chances of facing these types of issues, but it is also a good idea to reconcile your bank accounts every now and then to maintain your business books.
chapter 4Cash, Receivables, and ControlsLearning Goals.docxrobertad6
chapter 4
Cash, Receivables, and Controls
Learning Goals
• Define cash and cash equivalents.
• Know cash control principles and concepts.
• Prepare the bank reconciliation and related adjusting entries.
• Know how to establish and control a petty cash system.
• Understand the accounting concepts and methods pertaining to receivables.
• Master basic calculations and accounting techniques for notes receivable.
Copyright Barbara Chase/Corbis/AP Images
waL80144_04_c04_089-110.indd 1 8/29/12 2:43 PM
90
CHAPTER 4Section 4.1 Concepts of Cash
Chapter Outline
4.1 Concepts of Cash
Cash Management and Control
4.2 Bank Reconciliations
4.3 Petty Cash Funds
4.4 Accounts Receivable
4.5 Direct Write-Off Method
Allowance Techniques for Uncollectible Accounts
Writing Off an Account Against an Allowance
Formalized Receivables and Notes
Credit and Debit Card Transactions
Cash is an interesting asset. It is usually not the most important asset a company pos-sesses, and it is not a very productive asset. However, try to operate without it, and
the results are usually and quickly fatal. It is the accepted medium of exchange and rep-
resents the “blood supply” to keep the business functioning. Therefore, proper cash man-
agement and control is highly important to business success.
4.1 Concepts of Cash
Cash includes currency, coins, bank demand deposits that can be freely withdrawn, undeposited checks from customers, and other items that are acceptable to a bank
for deposit. Some items may seem like cash but are not classified that way: certificates of
deposit, IOUs, stamps, and travel advances. These later items are reported as investments,
supplies, or other more descriptive classifications.
Some companies will expand their reporting of cash to include cash equivalents. These
are very short-term (usually interest-earning) financial instruments like government Trea-
sury bills. They are typically deemed secure and will convert back into cash within 90
days. They are close enough to cash that they are considered to be available to satisfy
obligations, and proper cash management strategies tend to discourage hoarding of large
pools of unproductive currency deposits.
Cash Management and Control
Cash management requires a proper balancing to maintain sufficient cash to meet obli-
gations as they come due and to make sure that idle cash is invested to generate returns
on business assets. Larger organizations may create the position of treasurer whose job
is to manage the business’s cash flows. This person may be responsible for preparing a
cash budget, which is a major component of the cash-planning system. It anticipates and
waL80144_04_c04_089-110.indd 2 8/29/12 2:43 PM
91
CHAPTER 4Section 4.1 Concepts of Cash
depicts cash inflows and outflows for a stated period of time. This tool helps identify and
adjust for anticipated periods of cash deficits or surpluses.
Based on advance knowledge gained via the cash-budge.
Chapter 3
The Accounting System
Learning Objectives
• Understand the need for and general characteristics of a proper accounting system.
• Understand accounts and how they are impacted by the debit/credit rules.
• Know how to prepare journal entries to describe the effects of transactions and events.
• Post accounts to the general ledger and prepare a trial balance.
• Apply features and tools that are used to enhance and improve accounting systems
and processes.
Martin Barraud/OJO Images/Getty Images
eps81189_03_c03.indd 37 12/20/13 8:49 AM
CHAPTER 3Section 3.1 Exploring Accounting Systems
Chapter Outline
Introduction
3.1 Exploring Accounting Systems
3.2 Chart of Accounts
3.3 Accounts and Debits/Credits
Debit and Credit Rules
T-Accounts
3.4 Transaction Analysis
Critical Thinking About Transaction Analysis
An Applied Example of Transaction Analysis
3.5 General Journal
Posting the General Ledger
Review of the Sequence of Transaction Recording
A Balanced Trial Balance: No Guarantee of Correctness
Special Journals
3.6 Source Documents
3.7 Thinking About Automation
3.8 Critical Thinking About Debits and Credits
Introduction
Exhibit 2.5 shows how transactions systematically impact the accounting equation and resulting financial statements. Although this system works fine as an introduction to
the accounting equation, it is not adequate for managing an actual business. Too many
transactions originate in too many places for a single tabulation to capture all business
activity reliably. Many small businesses have tried to use a simple schedule or spreadsheet
to record and process all their activities; however, chaos quickly rules. A more complete
and controlled accounting system is needed to manage today’s complex businesses. In
this chapter, we will explore the design and use of modern accounting practices.
3.1 Exploring Accounting Systems
Large and successful healthcare businesses have invariably developed robust account-ing information systems. This suggests that the pathway to business success entails
more than just providing excellent medical services. It also entails thoughtful develop-
ment of well-designed accounting information systems. It is far better to establish a proper
system at the outset of launching a healthcare business than to come back later and try to
repair an inadequate system. By the time a business discovers that its system is deficient,
it is often too late. The business may well have lost control of necessary information for
proper business management. The results are often disastrous.
eps81189_03_c03.indd 38 12/20/13 8:49 AM
CHAPTER 3Section 3.2 Chart of Accounts
This naturally leads you to wonder about the core elements of a proper system. Clearly,
the accounting system must provide a basis for preparing financial statements. This is the
end objective and reflects the aggregation of all activity. Thus, the goal of an accounting
system is to process transactions and events ...
chapter 8Responsibility Concepts and Sound Decision-Maki.docxchristinemaritza
chapter 8
Responsibility Concepts and Sound
Decision-Making Analytics
Learning Objectives
• Understand concepts in responsibility accounting.
• Be able to provide a framework for rational business decision making, and understand
how to apply these concepts for specific types of situations.
• Apply capital budgeting methods and discounted cash flow concepts.
• Know how to make proper long-term investment decisions.
istockphoto
waL80281_08_c08_189-212.indd 1 9/25/12 1:03 PM
CHAPTER 8Section 8.1 Responsibility Accounting Concepts
Chapter Outline
8.1 Responsibility Accounting Concepts
Accumulation of Information to Match Centers
Management by Exception
Rational Decision Making
Sunk Costs
8.2 A General Framework for Making Sound Business Decisions
Applying the General Framework to an Example: Bulk Orders
Applying the General Framework to an Example: Offshoring
8.3 Capital Expenditures
Future Value
Annuity
Present Value
8.4 Making Decisions About Long-Term Investments
Net Present Value
Internal Rate of Return
Simpler Capital Budgeting Methods
Recap of Using Capital Budgeting Tools for Decision Making
8.1 Responsibility Accounting Concepts
In general, managers should be held accountable for the results of their decisions and business execution. Without accountability based on performance-related feedback, the
business will not perform at its best, and areas in need of improvement may not be iden-
tified on a timely basis. Business feedback is often based on financial results. You have
already seen how budgets and variances are used to help identify areas for improvement.
Because managers are accountable for their decisions, actions, and outcomes, their perfor-
mance measures should align around the department, product, division, or other business
for which they are responsible. In other words, the attribution of responsibility tends to
follow the organizational structure of the business.
Sometimes, a business has a highly dispersed design, with decisions nested with lower
level managers. Other businesses generate decisions only at the upper levels, and
lower level personnel are basically charged with execution of defined actions. Proper
implementation of responsibility accounting concepts stipulates that performance mea-
sures be aligned with the business organization structure. In other words, accountability
should map to responsibility. Proper design of performance measurement systems there-
fore requires that the management accountant carefully consider the organizational struc-
ture. Sometimes performance measures are only appropriate on an aggregated basis, such
as where the organization is structured as a top–down, command-and-control, central-
ized decision-making entity. As lower level managers are given increased authority, so
too should the accountability system be modified to provide more disaggregated perfor-
mance measures. Although quite logical, this presents measurement challenges.
waL80281_ ...
Account Reconciliation Why is Matching Your Records Crucial.pdfKaranBhalla36
Businesses work best when their finances are in order. Account reconciliations are likely to be performed regularly, regardless of the size of your firm. Automation solutions can help to simplify this critical procedure. We’ll go through everything you need to know about account reconciliation, the reconciliation process, and the tips to speed up and automate the process.
B2B payments are rapidly changing. Find out the 5 key questions you need to be asking yourself to be sure you are mastering B2B payments today. Learn more at www.BlueSnap.com.
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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1. SAMPLE POLICY FROM THE CEO- COMPANY POLICIES AND PROCEDURES SERIES INCLUDES AN
EXAMPLE POLICY AND CONTENTS OF ALL NINE MANUALS.
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Sample from the CEO Series – Accounting Manual
Cash Management Section: Bank Account Reconciliations
Document ID
CSH107
Title
BANK ACCOUNT RECONCILIATIONS
Print Date
mm/dd/yyyy
Revision
0.0
Prepared By
(name, title)
Date Prepared
mm/dd/yyyy
Effective Date:
mm/dd/yyyy
Reviewed By
(name, title)
Date Reviewed
mm/dd/yyyy
Approved By
(name, title)
Date Approved
mm/dd/yyyy
Policy: To ensure the accuracy of the company’s bank account records by proving the monthly
balance shown in the bank’s Account Register.
Purpose: To outline the practices for preparation of a Monthly Bank Reconciliation
Scope: This applies to all bank accounts maintained by the company.
Responsibilities:
CFO is responsible for review and approval of all reconciliations.
Controller is responsible for reconciling all checking accounts.
2. SAMPLE POLICY FROM THE CEO- COMPANY POLICIES AND PROCEDURES SERIES INCLUDES AN
EXAMPLE POLICY AND CONTENTS OF ALL NINE MANUALS.
Background: Errors or omissions can be made to the company's bank account records due to the many
cash transactions that occur. Therefore, it is necessary to prove the monthly balance
shown in the bank account register. Cash on deposit with a bank is not available for
count and is therefore proved through the preparation of a reconciliation of the company's
record of cash in the bank and the bank's record of the company's cash that is on deposit.
Definitions: Batch. All of the day’s credit card transactions are collected into a “batch” of
transactions. The batch is closed, usually at the end of the day, and the result is submitted
to the merchant processor as a single “batch”.
Settlement. The processor clears the credit card transactions in the batch and the result is
“settled” to the designated bank account. Settlement varies by Credit Card Company but
usually occurs in 2-3 days after a batch is closed.
Processor. The processor is responsible for authorizing credit card transactions and
settling each batch. The processor is also the company that one must interface with on all
discrepancies or “chargebacks”.
Charge backs. A chargeback occurs when a customer (cardholder) disputes a charge that
appears on their monthly credit card statement. If the dispute is unable to be resolved
then the transaction is charged back to the merchant. The processor charges the merchant
and returns the cardholder’s money.
Procedure:
1.0 BANK STATEMENT PREPARATION
1.1 After receipt of the monthly bank statement, including cleared checks, deposit slips and any other
transactions; the Controller should prepare the monthly bank reconciliation and have it carefully
reviewed by the CFO. The CFO review is especially important if a bookkeeper is hired to
perform other cash drawer or cash posting transactions. To preserve proper segregation of duties,
no single employee, other than the owner, should perform both cash transaction functions and
bank account reconciliations.
1.2 Prior to preparing the bank reconciliation, the accountant should review the bank statement for
any interest credits, bank charges and other fees. These should all be posted to the checking
account before reconciling. Note: some accounting systems allow for the entry of interest credits,
bank charges and other fees during the reconciliation process.
2.0 COMPUTERIZED FORMAT
2.1 In the computerized environment, the accounting system may provide an automated bank
reconciliation task. This task is generally selected once a month in conjunction with
receiving the month end bank statement. Once selected, the screen shows a list of all
items that have been posted to the cash account and that have not been cleared from the
previous month's account reconciliation. The screen is usually divided into two
segments: one half is a list of all checks and other charges reducing cash, and the other
half is a list of all deposits and other items increasing cash. This screen would also have
a field for entering the proper month end date and the balance at month end, per the bank.
2.2 After the account-reconciling task is successfully completed, a report is provided which
shows the reconciliation process, including outstanding checks and deposits in transit.
The actual format will vary depending on the accounting system, but in general, will
3. SAMPLE POLICY FROM THE CEO- COMPANY POLICIES AND PROCEDURES SERIES INCLUDES AN
EXAMPLE POLICY AND CONTENTS OF ALL NINE MANUALS.
contain the same information as shown on the manually prepared report in CSH107 Ex1
SAMPLE BANK AND BOOK BALANCES RECONCILIATION TO CORRECTED
BALANCE.
Note: Print out the full (not a summary) report, staple it to the applicable bank statement, and file
the result as an important control feature. This will document that the bank statement has been
successfully reconciled.
3.0 MANUAL PREPARATION AND RECONCILING ITEMS
3.1 A monthly bank reconciliation starts with the ending bank statement balance. List any deposits in
transit that were made but were not yet recorded by the bank and add to the bank balance. Then,
list any checks that were written on the account prior to month-end, but which have not yet
cleared the bank and deducted from the bank balance. The ending balance should agree with the
balance "per books", i.e.: the balance recorded in the checking account.
3.2 Now perform the same process with the monthly reconciliation of the ending balance per the
company's books.
Total deposits and total disbursements should be reconciled to the bank statement, then
adjustments such as any interest or any other bank credit items should be listed and added to the
balance. Then, any bank charges, transfer fees, etc. should be listed and deducted from the
balance.
From these steps, the "corrected" ending “book” balance is derived and should equal the
"corrected" bank balance from the previous step.
3.3 Any discrepancies between the derived balance and the checkbook balance will require
research to determine the cause, such as recording errors, omissions, incorrect postings,
etc. In some cases, the discrepancy can be caused by not accurately entering all bank
generated credits and charges; such as fees, interest, etc. If the balances still do not equal,
the bank statement should be carefully reviewed for possible errors; such as, checks or
deposits clearing for amounts that do not agree with those posted to the store's checking
account.
4.0 COMPUTERIZED PREPARATION AND RECONCILING ITEMS
4.1 The same procedures as the manual tasks described above are followed in a computerized
environment. The primary difference is in the ease of preparation. All transactions, which were
not already cleared in the prior month’s reconciliation, are listed.
4.2 Start by checking or clicking off with the mouse or keyboard those transactions, (mainly checks
and other debit memos, and deposits and other credit memos) that agree with the bank statement.
Once all bank statement items have been found and clicked off on the screen, the remaining "un-
cleared" entries on the screen are, in effect, the list of outstanding checks and deposits in transit.
Furthermore, the screen typically provides a continually updating reconciled cash amount that
should agree to the ending bank balance amount once all items are correctly accounted for and
cleared. Usually the accounting system does the math and the screen displays both the ending
bank balance and the reconciled cash amount with the remaining difference, if any.
4.3 Investigate all differences and enter any adjustments to the reconciliation or post to the cash
account in order to ensure an accurate bank balance.
4. SAMPLE POLICY FROM THE CEO- COMPANY POLICIES AND PROCEDURES SERIES INCLUDES AN
EXAMPLE POLICY AND CONTENTS OF ALL NINE MANUALS.
5.0 ADJUSTMENTS AND OTHER TROUBLESHOOTING
5.1 In spite of the best of efforts, the reconciliation result may not agree with the bank
balance. The obvious first step is to make sure that all checks and deposits on the bank
statement agree with the entries in the cash account. Discrepancies of this type are
usually rare in computerized environments but may be caused by improperly recording
manual checks or credit card deposits and fees.
Checks are generally posted and printed simultaneously so that what shows up in the accounting
system will always agree to what was processed through the bank. Deposits are another matter.
The bank might group deposited checks differently than they were in the accounting system. As
explained in more detail in procedure CSH101 CASH DRAWERS AND CREDIT CARDS.
To simplify the month end reconciliation, receipts should be batched in a total deposit amount
that agrees to both the accounting system and the bank. Make sure to print a totaled deposit report
when daily receipts of checks and cash are batched for deposit. After making the bank deposit,
staple the validated bank deposit slip to the deposit report. This will document the two events: 1)
what was deposited per the accounting system, and 2) what was actually deposited in the bank.
These two amounts must agree. This helps eliminate deposit errors for check and cash receipts.
5.2 A more difficult reconciling task is in obtaining agreement of all credit card receipts. The
difficulty results from three unique situations. First, there is a time lag of several days between
the time the credit card transaction occurred in the store and the time it is settled or deposited to
the store's bank account. Second, depending on the type of credit card and/or the merchant
provider, the fee charged (typically 1% to 4%) on each transaction may be automatically
deducted from the deposit before it shows up on the bank statement. And third, “chargebacks”
are usually deducted immediately by the processor and only reversed if the dispute is resolved in
the company’s favor. This may even occur before the chargeback notice has arrived in the mail.
Consequently, the deposit on the bank statement may not agree with the daily credit card
batch (receipts). In the face of these difficulties, the CFO and Controller should
thoroughly understand the particular credit card daily closing procedures. An end of day
report for each credit card closing should be printed and saved as a reference for the
month end reconciliation process.
Alternatively, the credit card processor will provide a month-end statement listing each
credit card “batch” submitted each day. This report can be used to reconcile the credit
card batches to the settlement deposits.
5.3 After reconciling checks and deposits, the next area to reconcile are bank generated Credit and
Debit memos. These can result from various events including, returned checks, returned check
charges, monthly bank activity charges, credit card merchant fees, charges from the use of debit
cards, interest income and other service charges. The CFO may not know many of these until the
bank statement is received. Each one of these entries must be entered and distributed to the
proper income or expense account. Whatever the accounting system, its reconciling program
usually provides a routine for entering these “end of month” bank credits and charges.
5.4 After agreeing all checks and deposits and entering all other bank credits and charges, the balance
per accounting system and reconciled bank balance should agree. Any remaining difference must
be investigated. If there is no other explanation, an adjustment should be made. This would be
entered as a bank charge or credit and posted to a miscellaneous account.
5. SAMPLE POLICY FROM THE CEO- COMPANY POLICIES AND PROCEDURES SERIES INCLUDES AN
EXAMPLE POLICY AND CONTENTS OF ALL NINE MANUALS.
5.5 Any outstanding checks or deposits in transit over six months old should be reviewed for
disposition including write-off by a journal entry.
Revision History:
Revision Date Description of changes Requested By
0 mm/dd/yy Initial Release
6. SAMPLE POLICY FROM THE CEO- COMPANY POLICIES AND PROCEDURES SERIES INCLUDES AN
EXAMPLE POLICY AND CONTENTS OF ALL NINE MANUALS.
7. SAMPLE POLICY FROM THE CEO- COMPANY POLICIES AND PROCEDURES SERIES INCLUDES AN
EXAMPLE POLICY AND CONTENTS OF ALL NINE MANUALS.
8. SAMPLE POLICY FROM THE CEO- COMPANY POLICIES AND PROCEDURES SERIES INCLUDES AN
EXAMPLE POLICY AND CONTENTS OF ALL NINE MANUALS.
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9. SAMPLE POLICY FROM THE CEO- COMPANY POLICIES AND PROCEDURES SERIES INCLUDES AN
EXAMPLE POLICY AND CONTENTS OF ALL NINE MANUALS.
10. SAMPLE POLICY FROM THE CEO- COMPANY POLICIES AND PROCEDURES SERIES INCLUDES AN
EXAMPLE POLICY AND CONTENTS OF ALL NINE MANUALS.
11. SAMPLE POLICY FROM THE CEO- COMPANY POLICIES AND PROCEDURES SERIES INCLUDES AN
EXAMPLE POLICY AND CONTENTS OF ALL NINE MANUALS.
12. SAMPLE POLICY FROM THE CEO- COMPANY POLICIES AND PROCEDURES SERIES INCLUDES AN
EXAMPLE POLICY AND CONTENTS OF ALL NINE MANUALS.
13. SAMPLE POLICY FROM THE CEO- COMPANY POLICIES AND PROCEDURES SERIES INCLUDES AN
EXAMPLE POLICY AND CONTENTS OF ALL NINE MANUALS.
14. SAMPLE POLICY FROM THE CEO- COMPANY POLICIES AND PROCEDURES SERIES INCLUDES AN
EXAMPLE POLICY AND CONTENTS OF ALL NINE MANUALS.
15. SAMPLE POLICY FROM THE CEO- COMPANY POLICIES AND PROCEDURES SERIES INCLUDES AN
EXAMPLE POLICY AND CONTENTS OF ALL NINE MANUALS.
16. SAMPLE POLICY FROM THE CEO- COMPANY POLICIES AND PROCEDURES SERIES INCLUDES AN
EXAMPLE POLICY AND CONTENTS OF ALL NINE MANUALS.
17. SAMPLE POLICY FROM THE CEO- COMPANY POLICIES AND PROCEDURES SERIES INCLUDES AN
EXAMPLE POLICY AND CONTENTS OF ALL NINE MANUALS.
18. SAMPLE POLICY FROM THE CEO- COMPANY POLICIES AND PROCEDURES SERIES INCLUDES AN
EXAMPLE POLICY AND CONTENTS OF ALL NINE MANUALS.
19. SAMPLE POLICY FROM THE CEO- COMPANY POLICIES AND PROCEDURES SERIES INCLUDES AN
EXAMPLE POLICY AND CONTENTS OF ALL NINE MANUALS.
20. SAMPLE POLICY FROM THE CEO- COMPANY POLICIES AND PROCEDURES SERIES INCLUDES AN
EXAMPLE POLICY AND CONTENTS OF ALL NINE MANUALS.
21. SAMPLE POLICY FROM THE CEO- COMPANY POLICIES AND PROCEDURES SERIES INCLUDES AN
EXAMPLE POLICY AND CONTENTS OF ALL NINE MANUALS.