This fast-track course is intended to provide a complete insight to FP7 and Horizon 2020 financial issues through a mix of presentations and hands-on workshops:The day will start with an extended presentation covering from A to Z all of the issues of FP7 & Horizon 2020 financial issues.After this, you will go through Europa Media's famous financial reporting workshop to simulate financial reporting under FP7/H2020: together with your group mates, you will fill in an actual financial statement for an FP7/H2020 project using custom-made documentation including timesheets, salary slips and invoices.After introducing the possible solutions of the workshop, the day will close with conclusions and recommendations with respect to EC financial audits.