Accounting Cycle The sequence of activities beginning with the event of a transaction is known as the accounting cycle. 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. (2004, Quick MBA Accounting) The key to a successful close is all the people around the company that routinely process transactions such as shipping, invoicing, cash receipts, inventory receipts, accounts payable, 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 us 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. Being a large international company, the most significant issue that necessitates the one week......

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