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Accounting Policies and Procedures Manual Template

 

All templates are delivered via download in MS Word and Excel format. 

Accounting Policies and Procedures Manual Template

The Copedia framework will help you satisfy standard requirements that you have documented financial policies and procedures, an internal control system, and a risk management framework.  The Copedia templates and internal control evaluation tools, policy and procedures, and checklists provide the tools you need to develop your accounting manual.

 

Some of the areas covered include:

Board Governance Policies
Accounting Policies and Procedures
Internal Controls
Segregation/Division of Duties
Flowcharts of your accounting system for visuals
Business and Strategic Planning
Records Management Policies and Procedures
Risk Management Framework
Purchasing
Financial Reporting

Benchmarking and Best Practices
 

The following is a partial list to give you a feel for some of the topics covered.  These are the types of documented accounting policies and procedures included in an accounting manual.  Our accounting policy manual templates are organized into sub-manuals:

Revenue

Credit and Accounts Receivable

Accounts Payable and Cash Disbursements

Payroll

Assets

Liabilities

Equity, Warrants, and Options

Financial Reporting

Purchasing

The following is a partial alphabetical list of rough policy and procedure outlines for your manuals:

Accounting for Assets

Purpose

Discussion

Asset Categorization

Asset Valuation

Historical Cost

Replacement or Current Cost

Fair Market Value

Net Realizable Value

Present Value (includes a table)

Records Management

Detailed Steps


Accounting for Expenses

Purpose

Discussion

Expenses Analysis (include a table)


Accounting for Liabilities

Purpose

Discussion

Valuation

Book Value

Net Settlement Value

Present Value (include a table)


Accounting for Revenue

Purpose

Discussion

Operating Revenue

Non-operating Revenue

External Sources of Revenue (include a table)

General Ledger Accounts for Recording Revenue (include a table)


Accounting Process – Debits & Credits

Purpose

Accrual Basis of Accounting

Debits and Credits

Revenue

Expenses

Assets

Liabilities

Owners Equity (include a table)

Accounting Process – manual systems

Financial Statements (Income Statement and Balance Sheet)


Accounts Payable Policy

Purpose and Scope

Discussion

Applicable Laws

Generally Accepted Accounting Principles (GAAP)

Moral and Ethical Standards

Kickbacks an Gratuities

Loyalty

Timeliness


Accounts Payable Procedures

Overview

Segregation of Duties

Approval Authority

Expense Types – Categories (include a table)

Interim – Manual/Hand Checks

New Vendors

Setting up and maintaining Vendors in the Computer

Receipt of Invoices

By Mail

Hand Delivery

Matching Purchase Orders with Invoices

Subcontract Pay Requests

Employee Expense Reimbursement

Entertainment Reimbursement

Non Employee Expense Reimbursement

Coding and Entering Invoices

Payment

Scheduled Payments

The automatic check signer will sign all computer checks

The Controller will review all void checks

Check Stock and Check Signer Security


Accounts Receivable Collections Procedure

Overview

Discussion

Understand the Payment Process for your particular Industry

Watch out for Red Flags (Red Flags include)

Making Collection Calls

Communication Skills (Tone, Courtesy, Listening)

Speak to the person In charge of Accounts Payable

Follow-up

Identify Slow Payer

When a slow payer is identified follow these steps

Turn up the Heat

Problem Accounts

The account is now a Legal Issue


Accounts Receivable Credit Procedure

Overview

Discussion (Sales, Contract Sales, Inventory Sales)

Extending Credit

The Credit Application

Ask the following questions of trade references

Verify all trade information requested on the form

Ask the following of bank references

Credit Assessment

4C’s Analysis

Public Records Analysis

Financial Analysis

Establish a Credit Limit

Multiply the capacity by the score to establish the limit

Formalize the Credit Approval

Rechecking Credit

Setting up New Customers

Billing and Invoicing

Review of the A/R Aging Report

Calculate the DSO Monthly


Accounts Receivable Policy

Purpose

Administration


Administrative Procedures

General Organization

Etiquette (dress, attitude, food and lunch room, gossip, visitors, introductions, personal habits)

Ethics

Communications (telephone, correspondence, faxing, mail)

Computers, E-mail, and the Internet

Forms

Records Keeping (Filing, Alphabetic Filing, Numeric or Sequential Filing, Alpha-Numeric Filling, Subject Filing, Security of records)

Meeting Procedures

Security of Facility

Security of Equipment

Terminology


A/R Lost Payments Procedure

Purpose/Discussion

Detailed Steps for Resolution


Archive Policy

Purpose

Discussion


Archive Procedure

Purpose

Discussion

Develop a Record Schedule

Example Records Schedule

Packing the Records in Boxes

Related Documents
 

Cash Management

Overview

Division of Duties

End of Year

Cash Receipts

Over the Counter Cash

Cash by Mail

Cash Disbursements

Petty Cash

Cash Flow Forecast


Claim Outline

Purpose and Scope

Discussion

Introduction

Statement of Facts

Contract Analysis

Financial Analysis

Schedule Analysis

Legal Analysis

Conclusion

Exhibits


Code of Ethics Policy

Overview

Discussion

Applicable Laws

Generally Accepted Accounting Principles (GAAP)

Moral and Ethical Standards

Loyalty

Kickbacks and Gratuities

Conflicts of Interest

Improper Influence of Conduct of Audits

Employee Privacy

Insider Trading

Computing Resources

Email and the Internet

Political Activities

Safety and the Environment

Anti Trust, Timeliness

Compliance Procedures

Document Control

Revision Information


Contract Changes and Claims

Purpose

Management Responsibilities

Educate field personnel about the contract requirements for changes

Types of Changes

Extras

Change Orders

Claims

Delays


Crisis Management

Purpose

Team Leader

Spokesperson

Safety Coordinator

Manager

Team Secretary

Financial Counsel

Legal Counsel

Governmental Liaison
 

Delegated Authority Policy

Overview

Discussion

Assignments

Bank Signatories

Bids

Bonds – Contract Bonds Surety

Payment and Performance Bonds

Warranty Bonds

Bonds – Non-Contract Surety

Capital Expenditures

Claims

Change Orders

Contracts


Division of Duties

Overview (include a table)


Financial Analysis

Overview

Dollar and Percentage Changes

Component Percentages

Ratios

Benchmarking

Financial Ratio Analysis

Liquidity Ratios

Leverage Ratios

Activity Ratios

Direct Cost Ratios

Overhead Ratios

Profitability Ratios

Summary


Financial Reporting Policy

Overview

Accounting Software Reports

Labor Hours Report

Payroll and Labor Reports

Projected Income Statement

Billing Report

Income Statement

Balance Sheet Accounts Receivable Ageing

Cash Flow Forecast

Backlog Report

Bank Loan Report

Surety Report

Summary of Contracts

Job Cost Reports

Financial Ratios

Capex Capital Expenditure Budget

Safety Report

Material/Inventory Report

Monthly Report Binder


Fraud and Embezzlement Policy

Purpose

Discussion


Internal Control – Cash

Purpose

Check List


Internal Control Safety

Internal Controls – Safety


Internal Control Accounts Payable

Purpose/ Discussion

Purchasing

Receiving

Payments to Individuals

Accounts Payable


Accounts Receivable Internal Control Procedures

Discussion

Bad Debt write-off


Internal Control Job Costing

Overview

Checklist

Absorption Rates – Overhead and Burden


Internal Control Payroll and HR

Purpose

Payroll and Human Resource Internal Controls


Internal Control Policy

Purpose

Control Framework

Control environment

Risk Assessment

Control Activities

Information and Communication

Monitoring

Management Controls

Accounting Controls

Communication

Internal Control Checklists

Employee Rotation

Vacations

Financial Forecasting

External and Internal Auditing

Risk Assessment and Mitigation

Company Mail

Check Stock

Blank Checks

Bank Signatories

Spoiled Checks

Monthly Bank Statements

Fidelity Bonds

Company Transactions

Asset Accounting and Custody

Related Transactions

Documentary Evidence

Serially Numbered Documents

Employee, Vendor, Customer Setup

Control Modification

Quarterly Review

Annual Review


Internal Control – Project Management

Purpose/Discussion

Project Management Controls


Internal Control Purchasing

Overview

Checklist


Internal Control Receiving and Warehousing

Purpose

Checklist

Asset Protection and division of Duties

Receiving of Goods


Internal Control Sales and Estimating

Purpose

Summary Information

Detail information

Sales Analysis

Forecasting


Internal Controls Retail

Checklist


Inventory Management and Control

Overview

Discussion

Security

Division of Duties

Receiving

Valuation

Physical Inventory

Coding

Procedures (includes a table)


Journal voucher / Entry Procedure

Purpose/Discussion

Documentation Required

Approval Authority and Date


Mechanics Lien Procedure

Mechanics Liens are an important collection tool.

Determine if it’s Legal for you to file a Mechanics Lien

File a Notice of your intent to Lien

File the Mechanic’s Lien


Office Task List – Person(s) Responsible

Activity

Payroll and H/R

Accounts Payable

Accounts Receivable

Job Costing

General Ledger

Tax Reporting

Business Development

Operations

Inventory

Safety & Environment

Other


Order and Contract Management

Overview

Discussion

Order/Contract Administrator

Receiving Orders

Deposits

Order Processing

Order Changes

Order Fulfillment

Shipping

Billing and Invoicing


Project Estimating and Budgeting

Overview

Discussion


Purchasing Material s and Renting Equipment

Equipment Rental Policy

Short Term Rentals

Long Term Rentals

Purchase Order Authority Policy

Purchases

Purchase Orders and Approval

Small Tools

Tools Rental

Purchasing Small Tools


Records Management Policy

Purpose

Discussion

Responsibilities

Creation

Maintenance

Disposition and Archive


Risk Management Policy

Overview

Discussion

Risk Identification

Risk Assessment

Risk Mitigation


Risk Analysis Procedure (a table and spreadsheet)


Strategic Planning

Purpose

Definitions and assumptions

Perform SWOT Analysis

Develop Specific and Measurable Objectives (table)

Strategic Management Process


Telephone Answering Procedures

Protocol

Normal Office Hours

When an employee is not available

When an employee is available – politely screen the call

If you need to transfer a call, follow these procedures

Phones