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The accounting process or accounting cycle consists of activities that are performed in three phases. Each phase is performed over certain time periods.
Phase 1
The activities in the first phase are performed daily:
- Analyze transactions that occur
- Enter transactions into the journal
- Post the journal entries to the ledger accounts
Phase 2
The activities in the second phase are performed periodically depending on how a company's accounting department is structured. They may be performed weekly, monthly, quarterly, or annually:
- Prepare trial balances
- Enter adjusting entries into the journal and post to ledger accounts
- Prepare an adjusted trial balance
Phase 3
These activities are performed by the company annually at the end of a fiscal year:
- Prepare financial statements
- Make closing entries in the journal and post to ledger accounts
- Prepare a post-closing trial balance
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