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What are cycles of GL, AP, and AR?

April 26, 2017AP ar Cycles GL

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What are cycles of GL, AP, and AR?

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GL Accounting cycle can be further elaborated like this… 1. Open Period. 2. Create Functional and foreign journal entries.(including the journal import from legacy systems and subledgers). 3. Reverse journal entries. 4. Post the journals. 5. Review and correct the balances. 6. Revalue foreign currency balances. 7. Translate foreign currency balances. 8. Consolidate set of books. 9. Run accounting reports. 10. Close the accounting periods.