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This manual outlines the accounting policies and procedures for {{Company Name}}, effective February 26, 2025. It covers various topics including revenue recognition, expense policies, cash management, accounts receivable and payable, payroll, fixed assets, financial reporting, compliance, and document management. The manual is applicable to all financial transactions within the company and emphasizes adherence to Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS).

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alsadehsameer499
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© © All Rights Reserved
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29 views3 pages

Hgulg

This manual outlines the accounting policies and procedures for {{Company Name}}, effective February 26, 2025. It covers various topics including revenue recognition, expense policies, cash management, accounts receivable and payable, payroll, fixed assets, financial reporting, compliance, and document management. The manual is applicable to all financial transactions within the company and emphasizes adherence to Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS).

Uploaded by

alsadehsameer499
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 3

AND

PROCEDURES MANUAL
{{Company Name}}

Effective Date: February 26, 2025

Table of Contents

1. Introduction  Vendor Selection


 Purpose  Purchase Orders
 Scope  Invoice Processing
 Responsibility  Payment Procedures
2. General Accounting Policies 8. Payroll
 Accounting Principles  Employee Classification
 Fiscal Year  Timekeeping
 Internal Controls  Payroll Processing
3. Revenue Recognition  Payroll Taxes
 Sales Revenue 9. Fixed Assets
 Service Revenue  Capitalization Policy
 Other Income  Depreciation
4. Expense Policies  Asset Disposal
 Expense Recognition 10. Financial Reporting
 Expense Reporting  Monthly Reporting
 Approval Process  Year-End Reporting
5. Cash Management  Budgeting
 Cash Receipts 11. Compliance
 Cash Disbursements  Tax Compliance
 Petty Cash  Regulatory Compliance
6. Accounts Receivable  Audit Requirements
 Credit Policies 12. Document Management
 Invoicing  Record Keeping
 Collections  Document Retention
 Bad Debts  Document Disposal

7. Accounts Payable
1. Introduction
 Purpose: This manual provides guidelines for the accounting policies and procedures
of {{Company Name}}.
 Scope: Applicable to all financial transactions and activities within {{Company
Name}}.
 Responsibility: The {{Title, e.g., Chief Financial Officer] is responsible for ensuring
adherence to these policies and procedures.
2. General Accounting Policies
 Accounting Principles: {{Company Name}} follows Generally Accepted Accounting
Principles (GAAP) or International Financial Reporting Standards (IFRS).
 Fiscal Year: The fiscal year begins on {{Date}} and ends on {{Date}}.
 Internal Controls: Internal controls are established to ensure accuracy and reliability
of financial reporting.

3. Revenue Recognition
 Sales Revenue: Revenue from sales is recognized when goods are delivered, and the
risks and rewards of ownership have transferred to the customer.
 Service Revenue: Revenue from services is recognized when the services are
performed and completed.
 Other Income: Other income is recognized when earned, following the accrual basis
of accounting.

4. Expense Policies
 Expense Recognition: Expenses are recognized when incurred, following the matching
principle.
 Expense Reporting: All expenses must be documented with receipts and submitted using
the company’s expense reporting system.
 Approval Process: Expenses must be approved by the relevant department head before
payment is made.

5. Cash Management
 Cash Receipts: All cash receipts must be deposited into the company’s bank account
daily.
 Cash Disbursements: All cash disbursements must be made through checks or electronic
transfers.
 Petty Cash: Petty cash funds are maintained for minor expenses, and reconciliations are
conducted monthly.

6. Accounts Receivable
 Credit Policies: Credit is extended to customers based on creditworthiness.
 Invoicing: Invoices are issued promptly upon delivery of goods or completion of services.
 Collections: Outstanding invoices are monitored regularly, and collection efforts are
made for overdue accounts.
 Bad Debts: Bad debts are written off when deemed uncollectible, following approval
from management.

7. Accounts Payable
 Vendor Selection: Vendors are selected based on quality, price, and reliability.
 Purchase Orders: Purchase orders are issued for all purchases over [Amount].
 Invoice Processing: Invoices are matched with purchase orders and receiving reports
before payment.
 Payment Procedures: Payments are made according to the terms agreed with vendors.

8. Payroll
 Employee Classification: Employees are classified as full-time, part-time, or temporary.
 Timekeeping: Accurate records of hours worked are maintained for all employees.
 Payroll Processing: Payroll is processed bi-weekly or monthly, as per company policy.
 Payroll Taxes: Payroll taxes are withheld and remitted to the appropriate authorities.

9. Fixed Assets
 Capitalization Policy: Assets with a cost of [Amount] or more and a useful life of more
than one year are capitalized.
 Depreciation: Depreciation is calculated using the [Method] method over the asset’s
useful life.
 Asset Disposal: Disposals of fixed assets are documented, and any gains or losses are
recorded.

10. Financial Reporting


 Monthly Reporting: Financial statements are prepared and reviewed monthly.
 Year-End Reporting: Annual financial statements are prepared and audited.
 Budgeting: Budgets are prepared annually and reviewed regularly.

11. Compliance
 Tax Compliance: The company complies with all applicable tax laws and regulations.
 Regulatory Compliance: All financial activities adhere to relevant regulations and
standards.
 Audit Requirements: Internal and external audits are conducted periodically.

12. Document Management


 Record Keeping: Financial records are maintained accurately and securely.
 Document Retention: Documents are retained for a minimum of {{Years}} years, or as
required by law.
 Document Disposal: Outdated documents are disposed of securely.
NOTICE ALLBUSINESSTEMPLATES.COM
The information in this document is designed to provide an outline that you can follow when formulating business or personal plans.
Due to the variances of many local, city, county and state laws, we recommend considering professional legal counseling before entering into any
contract or agreement. AllBusinessTemplates.com herewith expressly rejects any liability incurred due to the use of any documents provided on
its website

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