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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 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.

Steps of Accounting Cycle *

Sample 2. Accounting Flowcharts – Purchasing Flowchart

This sample was created in ConceptDraw DIAGRAM 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 with Accounting Flowcharts Solution to create your own professional Accounting Flowcharts of any complexity quick and easy.

The Accounting Flowcharts produced with ConceptDraw DIAGRAM 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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Chart Audit →

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Data processing can be very complex sometimes. If you are interested in facilitating your work with data, it’s time to learn how to draw flowcharts with special software or using just a piece of paper. The list of flowchart basic symbols includes rectangles, diamond, ellipses etc. and is used to represent processes, actions, decisions or data processing. A well-done flowchart bring the clearness of the sequence of a process stages. There are number of symbols that can be used in flow charts to show various sorts of steps. The basic flowchart can be created using a few of them: Process, Decision, Start/Finish. A basic element of a flowchart represents a simple action and looks like a box, that contains a description of the action. The depicting of actions sequence is made with arrows between corresponding action boxes, as you can see on the sample diagram. Also it shows the symbols for flowchart start and finish steps. ConceptDraw Flowcharts solution provides the ability to build basic flow charts as well as the ones of any size and complexity with a minimum of actions.How to Draw a Flowchart *
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Why is it important to have a formal purchasing process? →

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