Your bread and butter, something that tells you which accounting entry you’ve decided to be most appropriate for specific transactions, which documents are obtained and where they are stored etc. 

It’s these few things and pretty much whatever else you decide to be relevant for your everyday accounting entries and accounting itself – where the entries are made (is it a system or on paper), where are documents stored, if any backups are made of information and documents, in which format documents are to be collected – digital or on paper etc., which accounting framework is to be used, if there are any extra regulations relevant to your company’s accounts that should be mentioned and followed regularly to ensure compliance etc. and also all relevant control procedures you’ve got in place – confirmations, stock counts and so on, whichever you’ve seen fit and most appropriate for each relevant account or group of accounts.

Internal accounting rules are all that – it’s writing down your own guidelines how your company’s accounts and all the accompanying should be done and kept. It’s your bread and butter in your everyday accounting that has some structure and some sort of information definitely expected, however the contents and the majority of it is entirely up to you. Remember, it’s there to help you and nobody else. In the nutshell someone else reading it should understand completely how in your accounting all most common transactions are done – where they’re accounted on, which documents are used, which controls are applied if applicable and so on.