Preparing for the Year-End Close - Government

This 4-day course (3 mornings only and 1 full day – 20 CE) is geared primarily toward accountants for governmental units who already have a basic knowledge of introductory accounting principles.  It focuses on preparing for the year-end close in the governmental funds, specifically, the General Fund.  Participants will gain an understanding of the procedures required at year-end to analyze and “close” the books.  The course begins with an unadjusted trial balance and works through reconciliations, analysis of standard deferrals and accruals, and the preparation of the financial statements.  Note:  This course “builds” from each day to the next.  Participants should plan to attend the entire course or risk becoming lost because they have skipped a session.

What You Will Learn

After successful completion of this course, participants should be able to:

• Understand why adjusting entries are needed and identify the major types of adjusting entries.
• Prepare adjusting entries for prepayments and accruals.
• Perform period-end reconciliations and prepare necessary correcting entries.
• Analyze and prepare entries for interfund transactions, investments, and bad debts.
• Use an adjusted trial balance to prepare financial statements.
• Close the books.
• Understand common financial ratios used in evaluating governmental financial performance.
• Understand basic concepts of internal control as they apply to the accounting cycle and good accounting practice.

Who Should Attend

This course is designed for accounting personnel from central government finance departments and agencies, and component units.

Health & Safety Protocols

For all on-site training in the insular areas, the Graduate School USA's Pacific and Virgin Islands Training Initiatives (PITI-VITI) works closely with local training hosts to ensure that participants, instructors, and training support staff enjoy a safe learning experience. Please note the following:

• Full details of PITI-VITI's health and safety guidelines are available here.
• Local health and safety guidelines for the government of US Virgin Islands, which will be hosting this training, is available at https://www.covid19usvi.com/.
• Please contact PITI-VITI Admin at [email protected] with any questions or concerns.

Tuition Fees

With funding support from the United States Department of the Interior, Office of Insular Affairs, courses are available free of charge for government accountability professionals within the insular areas. The course fee is waived and there is no cost to register and attend, Professionals who do not meet the above criteria, please contact [email protected].