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Institute For Oil & Gas Training
OGI-1177 New

Month-End Close Process Design: Accruals & Reconciliations Training Course

Duration
5 days
CPD hours
15
Language
English
Next date
12 Oct 2026
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Overview

The Month-End Close process is a critical financial control cycle for oil and gas organisations, and the Month-End Close Process Design: Accruals & Reconciliations Training Course from Institute For Oil & Gas Training develops the practical capability required to manage accurate, controlled and efficient financial close activities. The course focuses on close calendar design, accrual accounting, general ledger reconciliation, journal entry controls, intercompany balances, sub-ledger to ledger tie-out, cut-off procedures and close checklist management within complex oil and gas finance environments.

Oil and gas businesses operate across multiple entities, assets, projects, joint ventures, production activities, supply chains and geographical locations. These structures create significant volumes of financial transactions that must be captured, reviewed, reconciled and reported within a controlled Month-End Close cycle. Weak close processes create unresolved reconciling items, inaccurate accruals, duplicated entries, delayed reporting and increased pressure on finance teams. A disciplined close framework provides stronger control over the integrity of financial information and supports timely management reporting.

This training course addresses the practical skills required to design and operate a structured financial close process. It examines how finance professionals establish an effective close calendar, allocate responsibilities, control journal entries, validate accruals, perform general ledger reconciliation and maintain a reliable audit trail. Particular attention is given to the relationship between operational activity and financial accounting, ensuring that costs, revenues, liabilities and assets are recognised in the appropriate reporting period.

The course places strong emphasis on accrual accounting because oil and gas organisations routinely incur costs before invoices are received or processed. Drilling services, maintenance, engineering, transportation, logistics, professional services, utilities, production costs and contractor charges all require appropriate period-end assessment. Effective accrual processes ensure that financial records reflect obligations relating to the reporting period and that subsequent invoices are appropriately compared with recorded estimates.

Participants also examine reconciliation disciplines across the financial reporting environment. General ledger reconciliation provides a structured process for identifying differences between accounting records and supporting documentation. Sub-ledger to ledger tie-out procedures strengthen confidence that accounts payable, accounts receivable, fixed assets, inventory and other supporting systems agree with the general ledger. These controls are particularly important where finance functions rely on multiple enterprise systems and operational data sources.

Journal entry controls form another important element of the programme. Participants learn how to establish appropriate preparation, review, approval and posting controls while maintaining clear supporting evidence. The course also addresses recurring journals, manual adjustments, reversal entries, unusual transactions and period-end adjustments. These activities are considered within the broader framework of financial close governance rather than as isolated accounting tasks.

Intercompany balances require particular attention in oil and gas groups operating through multiple legal entities. Transactions involving shared services, asset transfers, financing, management charges, procurement arrangements and cost allocations can create differences between counterparties. The course examines processes for identifying, investigating and resolving intercompany differences before reporting deadlines.

Cut-off procedures are also examined in detail. Participants learn how to establish practical controls for determining whether transactions belong in the current reporting period or the subsequent period. This includes consideration of goods and services received, supplier invoices, revenue transactions, operating costs, project expenditure and other period-end activity.

The course is designed for organisations seeking a more consistent and controlled Month-End Close environment. It supports finance teams in moving from reactive period-end processing towards a documented, accountable and repeatable close process. The approach integrates accounting discipline, operational coordination, reconciliation controls and management oversight.

Institute For Oil & Gas Training delivers the programme for finance professionals who need to strengthen close process design and execution within corporate oil and gas environments. The content is structured around realistic business scenarios and practical finance workflows, enabling participants to connect accounting principles with the operational demands of petroleum accounting.

Objectives

  • Design a structured Month-End Close process suited to oil and gas finance operations

  • Develop an effective close calendar with clear activities, ownership and reporting deadlines

  • Apply accrual accounting principles to period-end transactions and obligations

  • Strengthen general ledger reconciliation procedures and account review disciplines

  • Perform effective sub-ledger to ledger tie-out procedures

  • Establish robust journal entry controls for manual, recurring and adjustment entries

  • Improve the identification, investigation and resolution of reconciliation differences

  • Strengthen the management of intercompany balances across group entities

  • Apply appropriate cut-off procedures to period-end transactions

  • Develop practical close checklists that support consistent execution

  • Improve documentation and evidence supporting period-end accounting decisions

  • Establish stronger controls over late invoices, estimates, reversals and adjustments

  • Improve coordination between finance and operational departments during close

  • Identify process bottlenecks that contribute to delayed financial close activities

  • Strengthen the consistency and accountability of period-end financial reporting

  • Develop practical approaches for monitoring unresolved close issues

  • Improve the quality of management information generated from the close process

  • Apply recognised accounting and internal control principles to close activities

  • Establish repeatable procedures for reviewing high-risk and high-value accounts

  • Support a controlled transition from transaction processing to financial reporting

Training methodology

Institute For Oil & Gas Training uses a practical corporate delivery model focused on the actual activities performed during a Month-End Close cycle. The programme combines technical explanations with case studies, practical exercises, financial scenarios, group discussions and process simulations.

Participants work through realistic period-end situations involving incomplete documentation, late invoices, outstanding purchase orders, accrual estimates, reconciliation differences, intercompany mismatches and journal adjustments. These scenarios demonstrate how individual accounting issues affect the wider close process.

A simulated close environment enables participants to work through a structured close calendar and close checklist. They assess dependencies, establish responsibilities, identify critical deadlines and determine the appropriate sequence for completing close activities.

Practical exercises focus on accrual accounting and the evaluation of supporting information. Participants review transaction evidence, identify required accruals, assess reversals and consider how subsequent invoices affect previously recorded estimates.

Reconciliation exercises address general ledger reconciliation and sub-ledger to ledger tie-out procedures. Participants examine account balances, investigate differences and establish appropriate resolution actions. The exercises reinforce the importance of evidence, ownership and documented review.

Journal entry exercises examine preparation, review and approval controls. Participants assess supporting documentation, identify control weaknesses and establish a structured process for manual and recurring journal entries.

Intercompany scenarios address differences between related entities and demonstrate practical approaches to balance confirmation, transaction matching, currency considerations and discrepancy resolution.

The delivery approach also incorporates group exercises that encourage finance professionals to compare existing processes and identify opportunities for stronger governance. Real-world oil and gas scenarios provide the operational context required to understand how financial close activities interact with procurement, operations, projects, production, commercial teams and corporate finance.

Organisational impact

A well-designed Month-End Close process provides management with a more structured financial reporting environment. Institute For Oil & Gas Training helps sponsoring organisations strengthen the controls, workflows and responsibilities that support period-end reporting.

A documented close calendar establishes a common timetable for finance and operational teams. Clear ownership reduces uncertainty over outstanding activities and provides management with greater visibility over close progress.

Improved accrual accounting supports more complete recognition of period-related costs and obligations. This is particularly important in oil and gas operations where services and project activities often span reporting periods and invoices are not always available at the point of close.

Stronger general ledger reconciliation reduces the risk of unexplained balances remaining unresolved. A disciplined reconciliation process establishes accountability for investigating differences and documenting appropriate resolutions.

Improved sub-ledger to ledger tie-out procedures strengthen the connection between detailed transaction systems and the general ledger. This supports greater confidence in account balances and provides a structured basis for identifying system, processing or posting differences.

Effective journal entry controls strengthen the governance surrounding manual adjustments. Organisations gain clearer procedures for preparation, review, approval, supporting documentation and posting.

Better management of intercompany balances helps group finance teams address differences before they affect reporting deadlines. Structured matching and confirmation processes improve visibility over unresolved intercompany items.

Effective cut-off procedures strengthen period-end transaction recognition. Finance teams gain a clearer process for assessing whether costs, revenues and other transactions belong to the current or subsequent reporting period.

A standardised close checklist creates consistency across reporting cycles. It also supports management review by providing a documented view of completed, outstanding and escalated activities.

The programme supports improved collaboration between finance, procurement, operations, projects, commercial teams and shared services. Better coordination reduces the risk that finance teams operate without the operational information needed to complete accurate period-end accounting.

Organisations also gain stronger process documentation. This creates a more repeatable operating model and reduces dependence on individual employees holding undocumented knowledge about critical close activities.

Personal impact

Participants develop practical capability in managing and improving Month-End Close activities within a corporate oil and gas environment. The course strengthens both technical accounting knowledge and process management capability.

Finance professionals gain a structured approach to building and maintaining a close calendar. They learn how to organise activities, identify dependencies and establish clear ownership across the close cycle.

Participants strengthen their understanding of accrual accounting and gain practical skills for assessing period-end obligations. They develop greater confidence in reviewing estimates, supporting evidence, reversals and subsequent transactions.

The course develops stronger general ledger reconciliation capability. Participants learn how to investigate differences systematically rather than simply carrying unresolved items forward between reporting periods.

Sub-ledger to ledger tie-out exercises strengthen participants ability to connect detailed accounting records with general ledger balances. This supports more effective account ownership and review.

Participants also improve their understanding of journal entry controls. They learn how to establish appropriate evidence, review procedures, approval requirements and documentation for period-end adjustments.

The programme strengthens intercompany accounting capability by providing structured approaches to matching balances, investigating discrepancies and coordinating resolutions between group entities.

Participants gain practical knowledge of cut-off procedures and their importance to accurate period-end reporting. They become better equipped to identify transactions requiring review before financial statements and management reports are finalised.

The course also strengthens problem-solving and communication skills. Participants learn how to escalate unresolved issues, coordinate with operational teams and communicate close status clearly to finance management.

For finance managers and team leaders, the programme provides a framework for evaluating existing close processes, identifying control gaps and improving workflow efficiency. For accountants and analysts, it provides practical tools for executing close activities consistently and documenting decisions effectively.

Who should attend

Financial Controllers

Designed for professionals responsible for financial close governance, account integrity, reporting quality and finance control frameworks.

Finance Managers

Relevant for managers overseeing period-end reporting, finance operations, accounting teams and close performance.

Management Accountants

Provides practical techniques for accrual accounting, reconciliations, journal controls and management reporting.

Financial Accountants

Strengthens practical capability in general ledger reconciliation, period-end journals, cut-off procedures and account review.

Petroleum Accountants

Supports professionals managing accounting processes connected with oil and gas operations, projects, assets and operating expenditure.

General Ledger Accountants

Focuses directly on account reconciliation, journal processing, ledger integrity and close checklist execution.

Accounts Payable Professionals

Helps professionals understand the relationship between supplier transactions, accruals, invoice processing and period-end cut-off.

Accounts Receivable Professionals

Supports professionals responsible for revenue-related balances, reconciliations, transaction completeness and reporting-period controls.

Intercompany Accountants

Provides structured techniques for managing intercompany balances, matching transactions and resolving differences between group entities.

Finance Team Leaders

Supports supervisors responsible for coordinating close activities, reviewing work and managing outstanding reconciliation items.

Internal Control Professionals

Provides practical insight into journal entry controls, reconciliation processes, close governance and financial control documentation.

Internal Audit Professionals

Strengthens understanding of the controls and process activities used to support reliable period-end accounting.

Finance Business Partners

Helps professionals understand the accounting implications of operational activity and improve coordination between finance and business functions.

Course outline

This module establishes the architecture of an effective Month-End Close process. It examines how finance teams structure close activities, define responsibilities, sequence dependencies and establish a close calendar that supports consistent reporting. Participants examine close checklist design, escalation procedures, status reporting and management oversight.

The module also addresses the relationship between finance and operational functions during period-end. Participants assess how procurement, projects, operations, commercial teams and shared services contribute information required for an accurate close.

  1. COSO Internal Control Framework

    • Provides a recognised framework for designing and evaluating internal control systems.

    • Supports structured consideration of control activities, responsibilities, monitoring and information flows.

    • Provides useful principles for strengthening governance around financial close processes.

    • Helps organisations establish consistent control responsibilities across finance activities.

    Learning Outcomes

    • Design a structured Month-End Close workflow

    • Develop a practical close calendar

    • Establish a comprehensive close checklist

    • Define ownership for key close activities

    • Identify dependencies and potential process bottlenecks

    • Establish appropriate escalation and review procedures

    • Strengthen coordination between finance and operational teams

This module focuses on accrual accounting and the practical assessment of costs and obligations at period end. Participants examine how finance teams identify transactions relating to the reporting period when supporting invoices or final documentation are not yet available.

The module addresses accrual estimates, supporting evidence, recurring accruals, reversals, subsequent invoices and review controls. Oil and gas examples cover contractor services, maintenance, engineering activities, logistics, utilities, project expenditure and operating costs.

  1. IAS 37 Provisions

    • Establishes accounting requirements for provisions and related obligations.

    • Provides principles relevant to assessing present obligations and estimating amounts where appropriate.

    • Supports disciplined evaluation of evidence when determining appropriate accounting treatment.

    • Reinforces the importance of consistent assessment and documentation.

    Learning Outcomes

    • Apply accrual accounting principles to period-end transactions

    • Identify costs requiring accrual assessment

    • Evaluate supporting information for accrual estimates

    • Establish controlled accrual and reversal procedures

    • Review subsequent invoices against recorded accruals

    • Improve documentation supporting accounting judgements

    • Strengthen controls over period-end adjustment journals

This module develops practical capability in general ledger reconciliation and sub-ledger to ledger tie-out. Participants examine how account owners confirm balances, investigate differences and document resolutions.

The module covers reconciliation procedures for key finance areas and examines the importance of supporting schedules, transaction listings, account analysis and review evidence. Participants also assess how reconciliation issues should be categorised, prioritised and escalated.

  1. IAS 1 Presentation

    • Establishes principles for the presentation of financial statements.

    • Supports disciplined consideration of the completeness and appropriate presentation of financial information.

    • Provides an important financial reporting context for account reconciliation activities.

    • Reinforces the importance of reliable information supporting reported balances.

    Learning Outcomes

    • Perform structured general ledger reconciliation

    • Complete effective sub-ledger to ledger tie-out procedures

    • Identify and investigate reconciling items

    • Establish supporting evidence for account balances

    • Prioritise unresolved reconciliation differences

    • Improve reconciliation review and approval controls

    • Develop consistent account ownership practices

This module examines two critical areas of close governance: journal entry controls and intercompany accounting. Participants assess the controls required for manual journals, recurring journals, adjustments and reversal entries.

The intercompany component addresses transaction matching, balance confirmation, differences between counterparties, cost allocations and other group transactions. Participants examine how finance teams identify differences early and coordinate their resolution before reporting deadlines.

  1. IAS 21

    • Provides accounting principles relating to foreign currency transactions and the effects of changes in exchange rates.

    • Is particularly relevant to intercompany balances involving entities operating in different currencies.

    • Supports consistent consideration of exchange differences within group accounting.

    • Provides an important framework for understanding currency-related intercompany balances.

    Learning Outcomes

    • Strengthen journal entry controls

    • Establish appropriate preparation and approval procedures

    • Improve supporting documentation for manual journals

    • Manage recurring and reversal entries systematically

    • Identify intercompany balance differences

    • Improve transaction matching between group entities

    • Strengthen processes for resolving intercompany discrepancies

This module brings the close process together through structured cut-off procedures, final account review and continuous improvement. Participants examine how finance teams determine whether transactions belong to the current reporting period and how close quality is assessed before reporting is finalised.

The module also focuses on late invoices, goods and services received, project expenditure, revenue transactions and other period-end activity. Participants use close review techniques to identify unresolved issues and establish improvements for subsequent reporting cycles.

  1. IFRS 15 Revenue

    • Establishes principles for recognising revenue from contracts with customers.

    • Provides a recognised framework for considering the timing of revenue recognition.

    • Supports disciplined review of revenue transactions around reporting cut-off.

    • Provides relevant guidance for assessing whether revenue is recognised in the appropriate reporting period.

    Learning Outcomes

    • Apply structured cut-off procedures

    • Identify transactions requiring period-end cut-off review

    • Assess late invoices and outstanding operational information

    • Strengthen revenue cut-off controls

    • Review project and operating expenditure for completeness

    • Identify unresolved close issues before reporting completion

    • Establish continuous improvement actions for future close cycles

    • Integrate close calendar, reconciliation, accrual and review activities into a controlled process

Certificate

Attendees receive a Certificate of Completion from Institute For Oil & Gas Training upon finishing the course.

The certificate is provided to participants who complete the course in accordance with the attendance requirement established by Institute For Oil & Gas Training. Full participation throughout the scheduled programme is required for completion recognition.

Course dates

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £4,500

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £4,500

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £4,500

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £4,500

Fees include tuition, course materials and refreshments. Need different dates or a different city? Ask about your preferred date.

Frequently asked questions

What does the Month-End Close training course cover?

The course covers Month-End Close process design, close calendars, accrual accounting, general ledger reconciliation, journal entry controls, intercompany balances, sub-ledger to ledger tie-out, cut-off procedures and close checklists.

Who is this course designed for?

The programme is designed for finance managers, financial accountants, petroleum accountants, financial controllers, general ledger professionals, intercompany accountants, finance team leaders and internal control professionals working in or supporting oil and gas organisations.

How is the course delivered?

Institute For Oil & Gas Training uses practical corporate training methods including case studies, financial scenarios, process simulations, group exercises and practical close process activities based on real-world oil and gas finance environments.

What skills will participants gain?

Participants develop practical skills in designing a close calendar, managing accrual accounting, performing general ledger reconciliation, completing sub-ledger to ledger tie-out, controlling journal entries, managing intercompany balances and applying cut-off procedures.

Do attendees receive a certificate?

Yes. Attendees receive a Certificate of Completion from Institute For Oil & Gas Training upon finishing the course, subject to meeting the required attendance requirement.

Next: 12 Oct 2026

4 dates available

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