Collect all financial records: invoices, receipts, bank statements, payroll records, etc.
Ensure all transactions are recorded in the accounting system.
2. Record Transactions (Journal Entries)
Use double-entry bookkeeping to record all financial transactions.
Classify entries appropriately (assets, liabilities, equity, income, expenses).
3. Post to the General Ledger
Transfer journal entries to the general ledger.
Review ledger accounts for completeness and accuracy.
4. Adjusting Entries
Make necessary adjustments for:
Accrued revenues and expenses
Depreciation
Prepaid items
Inventory counts
5. Trial Balance
Prepare a trial balance to ensure debits = credits.
Identify and correct any errors or imbalances.
6. Prepare Financial Statements
Income Statement:
Summarize revenues and expenses to determine net profit/loss.
Balance Sheet:
List assets, liabilities, and equity based on adjusted trial balance.
Cash Flow Statement:
Classify and summarize cash activities using either the direct or indirect method.
Statement of Changes in Equity:
Detail retained earnings, new equity contributions, dividends, etc.
7. Review & Finalize
Analyze financial ratios for insights.
Confirm compliance with accounting standards (e.g., GAAP or IFRS).
Have financials reviewed or audited (if required).
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