There are no prerequisites

Course Description

A business needs a set of well-designed procedures to ensure that its transactions are completed in a uniform manner. These procedures can eliminate inefficiencies, reduce the possibility of fraud, and decrease the number of transaction errors. This course will help you establish effective systems and improve accounting controls. You'll learn about the procedures and forms needed for all of the major accounting and other functional areas of a business, including order entry, shipping, billing, cash receipts, accounts payable, payroll, and more.


Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast.

Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with Deloitte & Touche. He holds an MBA from Babson College, a Master of Finance from Bentley College, and a BA from the University of Maine (summa cum laude).

Course Specifics

Aug 8, 2018
There are no prerequisites

Compliance Information

Qualifies for CA Fraud: No

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Cite the situations in which procedures should or should not be employed, and the best procedure format to use. Also note the constituencies most interested in the development of procedures.

Chapter 2

  • Specify the uses of order forms and return merchandise authorizations, and the application of verification techniques in the order entry process flow.

Chapter 3

  • Identify the clauses and documents used in a credit review, as well as the triggering events for credit changes.

Chapter 4

  • Specify the documents required in the shipping process flow.

Chapter 5

  • Cite the flow of documents required to produce a customer invoice.

Chapter 6

  • Specify the uses to which a credit memo can be put, and the positions involved in the collection process.

Chapter 7

  • Identify the steps in the cash receipts process flow.

Chapter 8

  • State the authorizing documents used to order goods and services, as well as the steps in the purchasing process.

Chapter 9

  • Specify the control points in the analysis and processing of procurement card statements.

Chapter 10

  • Identify allowable items to include in an expense report and situations in which per diem payments are made.

Chapter 11

  • Recognize the situations in which the petty cash amount should be altered, and actions to take if a variance is found.

Chapter 12

  • Recognize the documents used to control the inflow of goods to a business, and the contents of inventory tags.

Chapter 13

  • Specify the reasons for using three-way matching and the variations on this concept to improve the processing of payables, as well as the use of adjustment letters.

Chapter 14

  • Identify the reasons for verifying count tags and the uses to which a cycle counting report can be put.

Chapter 15

  • State the differences between a timesheet and timecard and note the contents of an employee record. Also recognize the types of employee pay deductions.

Chapter 16

  • Cite the reasons for using a capital request form, the steps required to dispose of a fixed asset, and whether to engage in a post installation review.

Chapter 17

  • Identify how investable cash is calculated, the use of a cash concentration account, and when to distribute inter-company cash.

Chapter 18

  • Identify the situations in which subsidiary ledgers are closed, when approvals are needed before financial statements can be issued, and the approval process for EDGARizing financial statements.


Table of Contents

Chapter 1 – Overview of Accounting Procedures

Learning Objectives


The Nature of a Procedure

The Need for Procedures

The Number of Procedures to Develop

Obtaining Buy-In

The Mechanics of Procedure Production

Procedure Production Steps

Formatting Steps

Procedure Design Tips

Dissemination of Procedures

Retrieval of Procedures

Procedural Updates

Enforcement of Procedures

“Carrot” Activities

“Stick” Activities

Deviations from Procedures

The Procedure Writer

The Need for Policies

Subsequent Chapters

Chapter 1 – Review Questions

Chapter 2 – Order Entry Procedures

Learning Objectives


Forms: Sales Order Form

Forms: Return Merchandise Authorization

The Order Entry Procedure (Manual System)

The Order Entry Procedure (Integrated System)

The Granting of Return Merchandise Authorizations


Chapter 2 – Review Questions

Chapter 3 – Credit Procedures

Learning Objectives


Forms: Sales Order Form

Forms: Credit Application

The Credit Examination Procedure (Manual System)

The Credit Examination Procedure (Integrated System)


Chapter 3 – Review Questions

Chapter 4 – Shipping Procedures

Learning Objectives


Forms: Sales Order Form

Forms: Pick List

Forms: Packing Slip

The Shipping Procedure (Manual System)

The Shipping Procedure (Integrated System)

The Drop Shipping Procedure


Chapter 4 – Review Questions

Chapter 5 – Customer Billing Procedures

Learning Objectives


Forms: The Invoice

Forms: The Credit Memo

Forms: The Statement of Account

The Billing Procedure

Additional Manual Billing Steps

Variations on the Billing Procedure

The Credit Memo Procedure

The Statement of Account Procedure

Cash Sales


Chapter 5 – Review Questions

Chapter 6 – Collection Procedures

Learning Objectives


Forms: The Credit Memo Approval Form

The Collection Procedure

The Credit Memo Request Procedure

The Allowance for Doubtful Accounts Calculation Procedure


Chapter 6 – Review Questions

Chapter 7 – Cash Receipts Procedures

Learning Objectives


Forms: Sales Receipt

Forms: Mailroom Check Receipts List

The Cash Receipts Processing Procedure

The Check Receipts Processing Procedure

The Process Credit Card Receipts Procedure

The Process Lockbox Receipts Procedure

The Remote Deposit Capture Procedure


Chapter 7 – Review Questions

Chapter 8 – Purchasing Procedures

Learning Objectives


Forms: Purchase Requisition

Forms: Purchase Order

Forms: Blanket Purchase Order Release

The Purchase Requisition Procedure

The Purchasing Procedure

Variations on the Purchasing Procedure

The Bidding Procedure


Chapter 8 – Review Questions

Chapter 9 – Procurement Card Procedures

Learning Objectives


Forms: Reconciliation Checklist

Forms: Missing Receipts Form

Forms: Disputed Expenditure Form

Forms: Lost Card Notification Form

The Card Reconciliation Procedure

The Lost Card Procedure


Chapter 9 – Review Questions

Chapter 10 – Expense Report Procedures

Learning Objectives


Forms: Expense Report Form

The Expense Report Submission Procedure (Manual System)

The On-Line Expense Report Submission Procedure

The Expense Report Review Procedure


Chapter 10 – Review Questions

Chapter 11 – Petty Cash Procedures

Learning Objectives


Forms: Petty Cash Transfer Form

Forms: Petty Cash Voucher

Forms: Petty Cash Book

Forms: Petty Cash Reconciliation

The Petty Cash Funding Procedure

The Petty Cash Disbursement Procedure

The Petty Cash Review Procedure


Chapter 11 – Review Questions

Chapter 12 – Receiving Procedures

Learning Objectives


Forms: Receiving Report

Forms: Return Merchandise Authorization

Forms: RMA Receipt Notification

The Receiving Procedure (Manual System)

The Receiving Procedure (Computerized System)

The Receiving Returned Goods Procedure


Chapter 12 – Review Questions

Chapter 13 – Accounts Payable Procedures

Learning Objectives


Forms: Check Request Form

Forms: Adjustment Letter

The Supplier Invoice Processing Procedure (Manual System)

The Supplier Invoice Processing Procedure (Integrated System)

Accounts Payable Credits Processing Procedure

The Evaluated Receipts Processing Procedure

The Check Payment Issuance Procedure

Payment Alternatives

The Void Checks Procedure


Chapter 13 – Review Questions

Chapter 14 – Inventory Procedures

Learning Objectives


Forms: Inventory Count Tag

The Physical Inventory Count Procedure

The Cycle Counting Procedure

The Obsolete Inventory Investigation Procedure

The Inventory Valuation Procedure


Chapter 14 – Review Questions

Chapter 15 – Payroll Procedures

Learning Objectives


Forms: For the New Hire

Forms: The Timecard

Forms: The Paycheck and Remittance Advice

The Adding an Employee Procedure

The Timecard Data Collection Procedure

The Commission Calculation Procedure

The Payroll Processing Procedure

The Employee Payment Procedure


Chapter 15 – Review Questions

Chapter 16 – Fixed Asset Procedures

Learning Objectives


Forms: Capital Request Form

Forms: Asset Disposal Form

The Capital Request Form Completion Procedure

The Capital Request Form Analysis Procedure

The Post Installation Review Procedure

The Asset Recognition Procedure

The Interest Capitalization Procedure

The Fixed Asset Record Creation Procedure

The Asset Revaluation Procedure

The Asset Exchange Procedure

The Depreciation Procedure

The Impairment Analysis Procedure

The Asset Retirement Obligation Procedure

The Intangible Asset Analysis Procedure

The Asset Tracking Procedure

The Asset Disposal Procedure


Chapter 16 – Review Questions

Chapter 17 – Treasury Procedures

Learning Objectives


Forms: Cash Forecast

Forms: Investment Quote Sheet

Forms: Drawdown/Repayment Form

The Cash Forecasting Procedure

The Funds Investment Procedure

The Cash Concentration Procedure

The Line of Credit Borrowing Procedure

The Foreign Exchange Hedging Procedure


Chapter 17 – Review Questions

Chapter 18 – Closing the Books Procedures

Learning Objectives


Closing the Books – Private Company

Closing the Books Procedure – Public Company


Chapter 18 – Review Questions

Review Question Answers and Rationales



Final Examination

Answer Sheet

Course Evaluation


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