I am having a question to you Sir. Q1.Totally how many days will take for books closing on monthly basis? Q2.Day 1,2,3,4,5 etc., what are the journal entries and other operations we need to do on respective day wise? Q3. At the end of last working day of books closing, what is the procedure and how to get confirmation whether our books are closed or not. How we know and who will confirm to us?
1. Its depend the policy, team size and volume but not more than 5 working days. 2. Its not a thumbh rule but yes if we planned our checklist we can. Once all subledger closed and data moved to GL we have to start the GL analysis and we have to take all the pending and necessary journal entries e.g. GIT, provisions, reclassification etc. 3. Once we done with all the entries we have to prepare reports thats either MIS or any reporting sort of entity or P&L Balance sheet and cashflow with schedules and we have to do analysis to get the comfort on the numbers. Thanks
We are extremely sorry to say that we don't have access of SAP but would like to inform that the process for prepaid, Reconciliation and BRS are same only the report changed as per accounting software.
@@lavatheethira6871 would request to pls drop an email on our email id to connect with you. Email address added in the about section. Will wait for your email.
Sorry for delay. You can search in RU-vid that activity name and accounts gurukul you will get the video and nor there and let us know will create for that. E.g. month end journal entries accounts gurukul you will get video. Refer below one for reference. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-AVRqBbaRCBY.html Thanks a lot.
AP is much easier to begin with because in the P2P process mostly you don't need to know the JE because the system process automatically at the backend, secondly, in big MNC /companies, there will be different users processing different business transactions, for example, the buyer processes PO, plant staff processes GRN ( goods received or inventory-related transactions) , AP processes vendor invoices/credit memos and someone else will process the vendor payment, etc. It's good to know the accounting fundamentals however it's not necessary to know actual JE. On the other hand, R2R is more logical because you need to understand the reason behind accrual, reversal, reclassification, correcting JE, etc.. you need to understand the accounting practices... AP job is the more transactional base so I feel it's really easy and R2R is more logical /needs to understand Accounting concepts. Once you understand the basic of accounting then R2R is easy too. In R2R you need to be good with Microsoft excel too.
