Accounting Cycle Paper
University of Phoenix
ACC421 / Intermediate Financial Accounting I
July 13, 2010
The accounting system cycle is the sequence of activities starting time with the event of a transaction. The steps to a standard accounting cycle are identify the transaction, analyze the transaction, journal entries, touch to ledger, mental testing balance, ad unlessing entries, adjusted trial balance, financial statements, closing entries and after-closing trial balance (Quick MBA Accounting, 1999-2010).
The key to a productive close is wholly people somewhat the society that routinely process transactions such as shipping, invoicing, cash receipts, accounts payable, blood receipts, and payroll. It is imperative that everyone stay current with their work and process everything out front the month end cut-off so that the ledger reflects complete, up-to-date information. once the ledger is closed (for Triconex that is done one week earlier year end) all account balances are reconciled, reviewed and adjusted as necessary to reflect all significant activity through the actual month end date (Invensys Inc. 2010).
Being a large international company, the most significant reward that necessitates the one week cut-off is the confirmation and reconciliation of intercompany account balances approximately the world. This process in itself requires strict discipline by all involved.
Maintenance of accurate contact information and timely communication theory is the key. Being a large, company, one of their challenges is polar locations using different general ledger software to maintain their accounting records. The company uses Hyperion software to ultimately collect the financial information from around the world in a consistent, uniform format. Numbers are reported in the US three business eld after the month end close with higher take analysis and financial forecasts following with a few age (Invensys Inc. 2010).
The accounting cycle at Triconex Systems, Inc. is just the history of the start of a transaction to the ending of...
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