Record to Report

Last updated: June 20, 2026

The accounting cycle: the journey every period runs, from the day's transactions to the signed-off financial statements. It is mostly Finance, but everything you do all month feeds it.

TXJournalsRCReconcileADAdjustCLCloseFRStatementsEvery module's documents post here; the close is where it all comes together.
Every module's documents post here; the close is where it all comes together. simplified mockup
What you will learn
  • The five stages of the period, from posting to statements
  • Why reconciliation and adjustments come before the close
  • What closing a period locks, and what year-end transfers

The journey, step by step

1

Transactions post all month Finance

Every document, a sale, a bill, a payment, a payslip, writes a balanced journal to the general ledger as it is confirmed. Nothing is entered twice.

Reference: Journal Entry →

2

Reconcile Finance

Match the books to the bank statement, catching missing entries, duplicates and stray fees before anything is locked.

Reference: Reconciliation →

3

Adjust Finance

Post the accruals, provisions and corrections so the period reflects economic reality, not just cash movements.

Reference: Accruals & Provisions →

4

Close the period Finance

Lock the period so its numbers can no longer drift; a year-end close also rolls the profit into retained earnings.

Reference: Accounting Periods →

5

Read the statements Finance

The trial balance, profit and loss, balance sheet and cash flow, live to the date you choose and backed by the detailed ledgers.

Reference: Financial Reports →

Where it crosses modules

  • Every module feeds Finance – sales, purchase, inventory and payroll documents all post journals here, so the close consolidates the whole business.
  • Tax and multi-currency – the close also revalues foreign balances and surfaces the figures behind the tax return.

Common variations

  • Interim versus year-end – lock months as you go; reserve the year-end close for the profit-to-equity transfer.
  • Prior-period corrections – handled with a dated adjusting entry in an open period, never by reopening history.
  • Multi-currency – period-end revaluation posts unrealised FX gains and losses.

Related

Want to do it, not just understand it? Each step links to its reference page; for click-by-click steps, follow the How To guides.