Job Description

The accounting process, also known as the accounting cycle, is a structured series of steps used to record, classify, summarize, and analyze financial transactions. It involves identifying transactions, recording them in a journal, posting them to a ledger, preparing a trial balance, making adjustments, generating financial statements, and closing the books. Here's a more detailed breakdown of the accounting process:

1. Identifying and Analyzing Transactions:

This initial step involves recognizing and understanding the economic events that affect a business, such as sales, purchases, payments, etc.

2. Recording Journal Entries:

All identified transactions are recorded in a journal, which is a chronological record of business activities. Each transaction is recorded with a debit and a credit, ensuring that the accounting equation (Assets = Liabilities + Equity) remains balanced.

3. Posting to the General Ledger:

The journal entries are then transferred to the general ledger, which is a collection of all the accounts that the business uses.

4. Preparing a Trial Balance:

A trial balance is prepared to verify that the total debits equal the total credits in the ledger. This helps identify any errors in recording transactions.

5. Analyzing the Worksheet (if applicable):

A worksheet is a tool that helps organize and prepare adjusting entries and financial statements. It's often used for more complex accounting situations.

6. Making Adjustments:

Adjusting entries are made to ensure that financial statements accurately reflect the financial position of the business at the end of an accounting period, such as for accrued expenses, deferred revenues, or depreciation.

7. Generating Financial Statements:

Based on the adjusted trial balance, financial statements are prepared, including the income statement, balance sheet, and statement of cash flows.

8. Closing the Books:

After the financial statements are prepared, temporary accounts (like revenue and expense accounts) are closed to prepare for the next accounting period. The 8 Steps in the Accounting Cycle - InvestopediaWhat Is the Accounting Cycle? Step 1: Identifying Transactions. Step 2: Recording Journal Entries. Step 3: Posting to the General ...Investopedia What Is the Accounting Cycle? Steps and Definition - NetSuite27 Oct 2022 -- Below are the eight steps of the accounting cycle. Identify and analyze transactions. Record transactions in a jou...NetSuite Accounting Explained With Brief History and Modern Job ...Accounting is the process of recording financial transactions pertaining to a business or other large organization. The accounting...Investopedia Show all
Job Types: Full-time, Permanent

Pay: ?8,678.00 - ?15,000.00 per month

Benefits:

Health insurance Provident Fund
Schedule:

Day shift
Work Location: In person