What are the nine steps for basic bookkeeping?

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What are the nine steps for basic bookkeeping?
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• The accounting cycle is a bookkeeping process
  that every organization uses, whether it is a
  small business or a large corporation. Each debit
  and credit transaction that occurs has to be
  transformed into an overall financial statement.
  When you put these accounting principles into
  practice, all financial activities can be
  recorded well. When you hire bookkeeping services
  in Adelaide, it follows nine fundamental steps in
  the process.

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1 Indentify all business transactions

• It is important to identify all business
  transactions first. It brings the highest level
  of accuracy to the system, and you do not lose
  anything.

2 Record each transaction

• Next important thing is to record the
  transaction. If each transaction is recorded in
  chronological order, then it aligns with the
  principle of accrual accounting. Either the
  affected accounts can be notated in a general
  record or several discrete records.

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3 Resolve anomalies

• In a double-entry system, every transaction is
  recorded twice, as debit and credit. This type of
  accounting makes things easier. It is because
  closing entries of the accounting cycle becomes
  easy.

4 Posting entry to the general ledger

• Every entry is posted to a ledger account that
  encompasses everything, the credit and debit
  balance. Ledger keeps every transaction in a
  single place, and it gives easy reference.
  A bookkeeping Adelaide agency maintains the
  ledger in a clean and systematic manner.

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5 Calculate the unadjusted trial balance

• Your general ledger gives you the unadjusted
  trial balance when you input all the relevant
  information from the accounting process.

6 Resolve miscalculations if any

• You should review the ledger and journal entries
  line by line to check for errors. When you adjust
  journal entries, it is necessary to  generate an
  adjusted trial balance.

7 Consider extenuating circumstances

• The final balance has to consider tax deductions
  like depreciation, deferrals, and so on.

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8 Create a financial statement.

• You are supposed to prepare a financial statement
  at the end of the accounting period. It should
  include adjusted trial balance and other relevant
  individual income statements, balance sheets, and
  other cash inflow systems. Hire an expert
  bookkeeping services in Adelaide if you are not
  confident.

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9 Book closing

• The last step of the nine-steps of basic
  bookkeeping would be closing the books. It is
  done after arriving at the post-closing trial
  balance. You will take time to transfer the
  information from the temporary accounts to
  permanent accounts.  At this point, the
  accounting cycle ends only to begin with the next
  accounting period again.
• These are the nine steps of bookkeeping.

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