The 14 important steps in the Accounting Cycle
1. Identification and analysis of transactions from source documents.
2. Journalizing accounting entries.
3. Posting of entries to the ledger.
4. Preparation of the trial balance.
5. Adjusting journal entries.
6. Posting of adjusting entries.
7. Preparation of the adjusted trial balance.
8. Preparation of the financial statements.
9. Closing journal entries.
10. Posting of closing entries.
12. Preparation of trial balance after closing entries.
13. Reversal entries (optional).
14. Rewarding oneself! optional too 😉
GVA & Co., CPAs 