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The Accounting Cycle

 

The accounting cycle is the process or sequence of accounting procedures that takes place during the accounting period, from the occurrence and recording of the business transaction to the preparation of the financial statements.
 
The primary purpose of the accounting cycle is to ensure that all transactions are properly and correctly recorded, and records maintained, so that the financial statements can be prepared at the end of each accounting period. The bookkeeper and accountant are primarily responsible for the accounting cycle. The accounting cycle is shown in the steps below.

1. Business Transaction Occurs

2. Source Document is Prepared

3. Transaction is recorded In Journal

4. Amounts posted to Ledger

5. Trial Balance Prepared

6. Financial Statements Prepared

Our dedicated team can assist you with any queries you may have about the Accounting Cycle, as well as assist with all your Bookkeeping needs. Complete and submit the Express Enquiry form on the top right hand side of this page and we will contact you to discuss your enquiry or call us on 1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange an appointment.