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For hundreds of years, accounting has been performed the same way. There are ten steps to get to the end result, a financial statement that balances. Technology is becoming an ever-more important part of accounting today. The above process needs to be updated to better serve those who use it. Instead of thinking of automation as just transferring all the steps into a computer, there needs to be a shift in thinking.
As mentioned earlier, there are many steps in the accounting cycle and one of those steps will be discussed here, step ten, reversing journal entries. This is done to “reverse adjusting entries made at the end of one period and prepare the accounting records for normal processing of business events in the new period. (Moscove, Simkin, and Bagranoff, 2003, p.94) A Journal can be defined as “a chronological listing of the firm’s transactions, including the amounts, accounts that are affected, and in which direction the accounts are affected.” (Journal......

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Approximate Pages: 3 (250 words per double-spaced page)

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