Accounting Cycle Steps in the Accounting Process 1

Hello, in this presentation, we’re going to be talking about the accounting cycle or the accounting process, that process that the accounting department will go through on a systematic basis over and over and over again, typically thought of as a monthly process. Although it could be thought of as a yearly process or some other process in terms of the amount of time that will pass. But these are going to be the steps that we’ll be going through in terms of the accounting process, always keeping in mind that in goal of financial accounting, which are the financial statements, some texts will have more steps than five as we have here. Some texts will have less than five steps. But the goal here is to really have a broad picture big picture, so that when we think about the accounting process, we can break down that that big picture view, five is a pretty good number for us to be able to memorize and keep in our mind if we have more than that, it can start to kind of muddy the picture. So once we get into each of these individual steps, we want to get into more detail, obviously.

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General Ledger 245

Hello, in this presentation we will discuss the general ledger. At the end of this, we will be able to define what the general ledger is. We’ll list components of the general ledger and explain how the general ledger is used. When looking at transactions in terms of journal entries and posting those journal entries in track prior presentations, we were posting those journal entries mainly to a worksheet in order to see a quick computation over the beginning balance and what is happening to that balance, posting it to a format of a trial balance than an adjusting column and then an adjusted trial balance. Note, however, that we typically think of the journal entries being posted to a general ledger. The general ledger can be very complex when we look at it which is why it is often useful to not look at it when we first start posting the transactions but to see that how those transactions affect interest Visual accounts.

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Accounts Receivable Journal Entries 230

Hello in this presentation we will be recording that journal entries for business transactions related to accounts receivable otherwise known as the revenue cycle. We will be recording these using debits and credits. At the end of this we will be able to list transactions involving accounts receivable record transactions involving accounts receivable using debits and credits and explain the effect of transactions on assets liabilities, equity, revenue, expenses and net income. We’re going to be recording these transactions up here on the left hand side constructing those journal entries in accordance with our thought process our list of questions to most efficiently construct the journal entries.

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Trial Balance 220

Hello in this presentation we will be discussing a trial balance objectives at the end of this, we will be able to define a trial balance list components of a trial balance and explain how a trial balance is used. When considering the trial balance, we first want to think about where the trial balance falls within the construction of the financial statements. In other words, what processes go before the trial balance, what goes after the trial balance, where’s the trial balance fit into our process? Remember, the ending goal, the ending process of the accounting been to compile the data in such a way to create the finance financial statements. Those financial statements have been the end product. Typically if we’re thinking about a linear process, then we’re thinking about all the transactions that would happen during the month.

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Journal Report & Financial Statements 10.57

 

This presentation and we’re going to take a look at our reports our financial statement reports and journal entry reports. After we have entered the adjusting entries, we’ll take a look at the familiar balance sheet and income statement. We’ll also take a look at a journal entry report. That’s going to be a very useful report when we enter adjusting journal entries because it will reflect those adjusting journal entries. Let’s get into it with Intuit QuickBooks Online.

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