Steps of Accounting Cycle

The accounting cycle is a complex process that consists of a set of steps occurred in the accounting period. It is called a cycle because the accounting workflow is circular: after execution one accounting period consisting of a sequence of steps of accounting cycle, starts the next accounting period.

The steps of accounting cycle include the processes of identifying, collecting, analyzing documents, recording transactions, classifying, summarizing, posting, and preparing trial balance, making journal entries, closing the books and final reporting financial information of an organization.

Steps of Accounting Cycle

Sample 1. Steps of Accounting Cycle

The execution of the eight basic steps of accounting cycle leads to success work of your organization.

ConceptDraw DIAGRAM v12 diagramming and vector drawing software extended with Accounting Flowcharts Solution provides the Accounting Flowcharts library with predesigned vector shapes, variety of templates and samples to help you easily show the steps of accounting cycle and quickly design the accounting flowcharts.

Accounting Flowcharts – Purchasing Flowchart

Sample 2. Accounting Flowcharts – Purchasing Flowchart

This sample was created in ConceptDraw DIAGRAM v12 using the Accounting Flowcharts library from the Accounting Flowcharts Solution and shows the purchasing process flow. An experienced user spent 10 minutes creating this sample.

Use the ConceptDraw DIAGRAM v12 with Accounting Flowcharts Solution to create your own professional Accounting Flowcharts of any complexity quick and easy.

The Accounting Flowcharts produced with ConceptDraw DIAGRAM v12 are vector graphic documents and are available for reviewing, modifying, and converting to a variety of formats (image, HTML, PDF file, MS PowerPoint Presentation, Adobe Flash or MS Visio).






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