The Accoutning Cycle
8 Steps To Accounting
Step 1:Analyze Transactions- Collecting and analyzing data from transactions and events
Step 2: Journalize Transactions-Putting transactions into the general journal
Step 3: Post Transaction-Posting entries to the general ledger
Step 4: Prepare Work Sheet-Preparing an unadjusted trial balance
Prepare financial statements
Preparing an adjusted trial balance
Journalize adjusting and closing entries
Organizing the accounts into the financial statements.
Post adjusting and closing entries
Closing the books.