The following steps summarize the general accounting cycle:
Transactions are first recorded in journals. The process of recording transactions into journals is called journalizing. Each transaction is recorded as a journal entry.
Journal entries are posted to the general ledger. This process is called posting .
Adjusting entries are made (journalized) and posted to the general ledger.
A trial balance can now be created, which shows all accounts and their up-to-date
A trial balance is not the same as a
balance sheet
, which is a
Formalized financial statements are written.
Closing journal entries are made (journalized) and posted to the ledger. Often, another trial balance, called the "after-closing" or "post-closing" trial balance, is prepared with closing journal entries.
The goal of the accounting cycle is to reflect the true financial condition and transactions of a company. These goals are met through the creation of the following formalized reports:
Balance Sheet:
Displays the assets of a company, balanced with the sum of liabilities and
This report is sometimes known as a Statement of Financial Position.
Income Statement: Displays a summary of revenue and expenses of a company for a defined period of time. This statement does not report net income or net loss for the defined period.
This report is sometimes known as a Statement of Earnings or Statement of Operations.
Statement of Changes in Owners' Equity: Displays the capital invested in the business by the owners and the profit earned by and retained in the business.
Statement of Cash Flows: Displays the cash flows obtained from operating, investing, and financing activities.
+ (add), 188
, (comma), 189
{ } (curly brackets), 188
/ (divide), 188
@ (formula), 189
* (multiply), 188
? (parameter), 189
( ) (parentheses), 188
. (period), 188
"" (quotation marks), 189
# (running total), 189
% (SQL expression), 189
[ ] (square brackets), 188
– (subtract), 188
∑ (summary), 189
accessing,
data, 9–12, 22–23, 37
database fields, 6, 41–44
formula fields, 41, 186
parameter fields, 41, 210
running total fields, 41, 161–164
special fields, 41, 88–90
summary total fields, 154–156
accounting,
asset accounts, 382
basic principles, 381
cycle, 385
liabilities, 383
recording transactions, 384
ACT! 3.0 node, 20
activating Field Explorer, 40
ActiveX Data Objects (ADO) node, 21
Add Command to Report dialog box, 269
adding,
database objects to reports, 42, 61–64
formulas, 190–199
group name fields, 144–145
links to tables, 114
maps, 231
multiple filters to reports, 129
parameter fields, 206–217
running totals, 161
single filters to reports, 126
space to sections, 47–53
special fields, 88
subreports, 242–253
summary reports, 165
summary totals, 146–147
tables to reports, 118
text objects, 75
additional functions, 362–374
ADO (ActiveX Data Objects) node, 21
Advanced Edition Crystal Reports, 255
advantages,
data charting tools, xvii–xiii
exporting functionality, xv
Formula Workshop, xvi–xvii
report wizards, xv–xvi
reporting templates, xiv
alert functions, 362
application
application
Expert Tools, 32–34
Formatting, 29–30
Insert Tools, 30–32
Standard, 27–28
applications
Advanced Edition Crystal Reports, 255
Adobe Acrobat Reader, 256
Crystal Enterprise, 256
Crystal Infoview, 21
Developer Edition Crystal Reports, 255
Microsoft Access, 7, 21, 107
Microsoft Excel, xv, xix, 256–257
Microsoft Outlook, 21, 256–257
Microsoft SQL Server, 107
Microsoft Word, xv, xix, 17, 256–257
Oracle, xiii, 7, 107
Paradox, 7
PeopleSoft, xiii
Report Application Server (RAS), 256
SAP, xiii
Standard Edition Crystal Reports, 256
applying
formatting to report objects, 77
templates, 69
arithmetic
financial functions, 317–336
formula operators, 188
math functions, 307–308
array functions, 362