Accounting Cycle Research Paper

Accounting Cycle Paper
Abstract
The purpose is to discuss the accounting cycle in my organization. Describe the accounting cycle from identifying the transaction to the after-closing trial balance.
Identify the Transactions Accounts Payable receives invoices from various sources including the inter-office mail, U.S. mail, facsimile, etc. A review is made of each invoice to identify the invoice number, purchase order number, date of invoice, amount of invoice, and whether taxable or non-taxable. While reviewing the invoice, circling the above items provides ease of locating the items for future use. An invoice batch is made from invoices contain the same number accompanying pages. The next step is to image or scan the invoices. A software package named Acenza distributed by FileNet, scans the invoice to enable an invoice image to
Using Acenza to retrieve the invoice image and querying the appropriate database begins the analyzing process. A processor is a person performing the analyzing and providing the final approval of the invoice before payment. The processor responsibility is to verify the vendor name, and remit to address are correct by comparing the invoice and database. There are two kinds of purchase order invoices. One is the purchase of product and the other is the purchase of services. An invoice with a product purchased requires the receiving of the product at the dock. The processor may match the invoice without the parts received and after receiving the parts, the invoice will continue through the system for payment. A service type invoice requires the approval of the requestor. The Acenza program is able to send the invoice to the requestor for approval. Completing the matching process to the invoice will not allow the invoice to progress until receiving the signature or approval.
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