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  • Posted By: jonescapital
  • Date Posted: 10/20/2010
  • Category: Others
  • Words: 1004
  • Pages: 5
  • Views: 1144
  • Rank: 114

ACCOUNTING CYCLE PAPER

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ACCOUNTING CYCLE PAPER

Accounting Cycle Paper


University of Phoenix



The accounting cycle is the sequence of activities beginning with the event of a transaction. The steps to a standard accounting cycle are identify the transaction, analyze the transaction, journal entries, post to ledger, trial balance, adjusting entries, adjusted trial balance, financial statements, closing entries and after-closing trial balance (Quick MBA Accounting, 1999-2010).


The key to a successful close is all people around the company that routinely process transactions such as shipping, invoicing, cash receipts, accounts payable, inventory receipts, and payroll. It is imperative that everyone stay current with their work and process everything before 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 before 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 issue that necessitates the one week cut-off is the confirmation and reconciliation of intercompany account balances around the world. This process in itself requires strict discipline by all involved. Maintenance of accurate contact information and timely communications is the key. Being a large, company, one of their challenges is different 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 days after the month end close with higher level analysis and financial forecasts following with a few days (Invensys Inc. 2010).


The accounting cycle at Triconex Systems, Inc. is just the history of the start of a transaction to the ending of the cycle. ...

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