Accounting Books
What is accounting cycle? How the accounting transactions pass through various books of accounts before?
What is accounting cycle ? How the accounting transactions pass through various books of accounts before they get reflected in the final accounts ?
It probably starts with you placing an order for some goods. When the goods arrive, you need to pass a journal entry in the purchases journal to record the purchase of merchandise inventory. This will find its way subsequently into the general ledger (GL). In the course of business, you’d need to make payments to other vendors and employees. These entries will be in the cash book and subsequently into the GL. When you make a sale, you need to pass journal entries too. These will be in the sales journal which will again find their way into the GL. When your customers pay you, these are again cash book entries, again ending up in the GL. From the GL you extract your trial balance, then pass adjusting journal entries, then you’ll have your adjusted TB from which you can prepare your income statement and balance sheet. This is as brief as I can make it.
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