The complete accounting cycle

What this note covers

1. Overview of the accounting cycle for a GST-registered sole trader
2. Step 1: Source documents — the foundation of every entry
3. Steps 2–3: Journalising and posting to the General Ledger
4. Step 4: Trial Balance — checking arithmetic accuracy
5. Step 5: Adjusting Entries — accrual accounting in action
6. Steps 6–7: Adjusted Trial Balance and Financial Statements
7. Steps 8: Closing Entries and the Post-Closing Trial Balance

7 sections · 14 key terms & formulas · 5 common mistakes