When it comes to Accounting there are nine steps that one must follow. The nine steps as followed in the accounting cycle are: 1. Analyze Transactions 2. Journalize Transactions 3. Post to Ledger Accounts 4. Prepare a Trail Balance 5. Journalize and Post Adjusting Entries 6. Prepare an Adjusted Trail Balance 7. Prepare Financial Statements 8. Journalize and Post Closing Entries 9. Prepare a Post Closing Trail Balance
In the first step of accounting the analyze transactions is something that is done daily to classify transactions according to the debit and credit.
Second is the journalize transactions which is where one will enter the transaction data in part of a recording process of recording the information. Third is the post to ledger accounts is the last phase of the recording process. The fourth step is to prepare an n adjusted trail balance which is where one would list the account titles with the balances in the same order that is listed in the ledger.
One will total the debits and the credits to prove it is equal before applying any adjustments.
The fifth step is the Journalize and post adjusting entries which is used to enter data using the J2 of the general journal. It also records the revenues earned and expenses incurred for the current accounting period that have not been recognized. The sixth step is to prepare an adjusted trail balance which is where all the account balances are entered. It helps proves the equality of total debits and total credits in the ledger.
The seventh step is to prepare financial statements which are to be preformed periodically.
The eighth step is to journalize and post closing entries which helps complete the J3 page of the general journal and the ruling of accounts. It is to be done at the end of the company’s annual accounting period. The ninth and final step is to prepare a post closing trial balance which is where one will list the permanent accounts and the balances after journalizing and posting closing entries.
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